Document:

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                                                                    EXHIBIT 4.12

                            MONOCACY BANCSHARES, INC.
                  1997 INDEPENDENT DIRECTORS' STOCK OPTION PLAN

1.      PURPOSE. The purpose of this Stock Option Plan (the "Plan") is to
        advance the development, growth and financial condition of Monocacy
        Bancshares, Inc. and its subsidiaries (the "Corporation"), by providing
        incentives through participation in the appreciation of capital stock of
        the Corporation so as to secure, retain and motivate members of the
        Corporation's Board of Directors (the "Board") who are not officers and
        employees of the Corporation or any subsidiary thereof ("non-employee
        directors"). This Plan shall be interpreted and implemented in a manner
        so that non-employee directors will not fail, by reason of this Plan or
        their participation in it, to be "disinterested persons" within the
        meaning of Rule 16b-3 under the Securities Exchange Act of 1934, as
        amended ("Exchange Act") as to any employee benefit plan of the
        Corporation or its affiliates.

2.      TERM. The Plan shall become effective as of the date the Corporation's
        stockholders duly approved the Plan (the "Effective Date"). If the Plan
        is so approved, it shall continue in effect until any stock options
        granted under the Plan either have lapsed or been exercised, satisfied
        or canceled according to their terms under the Plan.

3.      STOCK. The shares of stock that may be issued under the Plan shall not
        exceed, in the aggregate, sixty thousand (60,000) shares of the
        Corporation's common stock, par value $5.00 per share (the "Stock"). The
        aggregate amount of Stock under the Plan may be adjusted pursuant to
        paragraph 10. Such shares of Stock may be either authorized and unissued
        shares of Stock, or authorized shares of Stock issued by the Corporation
        and subsequently reacquired by it as treasury stock. Under no
        circumstances shall any fractional shares of Stock be issued under the
        Plan. The Corporation shall reserve and keep available, and shall duly
        apply for any requisite governmental authority to grant the stock
        options under this Plan, and issue or sell the number of shares of Stock
        needed to satisfy the requirements of the Plan while in effect. The
        Corporation's failure to obtain any such governmental authority deemed
        necessary by the Corporation's legal counsel for the proper grant of the
        stock options under this Plan and/or the issuance and sale of Stock
        under the Plan shall relieve the Corporation of any duty, or liability
        for the failure to grant the stock options under this Plan and/or issue
        or sell the Stock as to which such authority has not been obtained.

4.      STOCK OPTIONS. Stock options shall be granted under the Plan to all
        current non-employee directors of the Corporation, and any non-employee
        director, other than current or prior members of the Board, who become a
        member of the Board at any time within a five (5) year period after the
        Effective Date (such directors shall be referred to under this Plan as a
        "Director"). Every stock option granted to a Director shall be
        exercisable during his or her lifetime only by the Director, and shall
        not be salable, transferable or assignable by the Director except by his
        or her Will or pursuant to applicable laws of descent and distribution.
        Commencing on the Effective Date, or in the case of a Director, who
        becomes a member of the Board at any time within a five (5) year period
        after the Effective Date, commencing on the date he or she is elected or
        appointed to the Board, a Director shall be granted a stock option to
        purchase five thousand (5,000) shares of Stock (the "Stock Option")
        under the following terms and conditions:

                (a) The time period during which any Stock Option is exercisable
        shall be ten (10) years after the date the Stock Option is granted to
        the Director. However, no option may be exercised after the expiration
        of its term or after the date set forth in subsections (b), (c) or (d)
        below, if earlier. Options are exercisable only to the extent they are
        vested.

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                (b) If the Optionee ceases to be a Director after attaining
        mandatory retirement age (as defined in the Corporation's By-Laws) or on
        account of death or disability, all outstanding options granted to such
        Optionee shall vest and the Optionee (or the Optionee's legatees or
        distributees or the personal representative of the Director's estate, in
        the event of the Optionee's death) may exercise the Optionee's
        outstanding options at any time until the first of the following to
        occur (1) that date that is two years after the date on which the
        Optionee ceases to be a Director or (2) the date on which such
        outstanding options expire according to their terms.

                (c) If an Optionee ceases to be a Director for any reason other
        than described in subsection (b) above, the Director may exercise his or
        her outstanding options to the extent vested at any time (subject to the
        limitations of subsection (f) below) until the first of the following to
        occur (1) the date that is three months after the date on which the
        Optionee ceases to be a Director or (2) the date on which such
        outstanding options expire according to their terms.

                (d) If an Optionee dies after the Optionee ceases to be a
        Director, but within the time period during which his or her outstanding
        Options are still exercisable, the Optionee's outstanding Options may be
        exercised by his or her legatees or distributees or the personal
        representative of his or her estate. Such outstanding Options may be
        exercised at any time (subject to the limitations of subsection (f)
        below) until the first of the following to occur (1) the date that is
        two years after the date on which the Optionee ceases to be a Director
        or (2) the date on which such outstanding Options expire according to
        their terms.

                (e) The purchase price of a share of Stock subject to a Stock
        Option shall be the fair market value of the Stock as determined under
        paragraph 6 hereof.

                (f) Options are exercisable only to the extent they are vested,
        and no option may be exercised during the first six months after the
        Option Grant Date, unless the Optionee dies or becomes disabled (as
        determined under Title II of the Social Security Act, 42 U.S.C. Section
        301 ET SEQ.) before the expiration of the six-month period. The Stock
        Option shall be made by a written agreement attached hereto as Exhibit
        "1", which written agreement contains the vesting schedule of the Stock
        Option, as follows:

                Period From Option                  Vested         Number of
                Grant Date                        Percentage     Shares Vested
                -----------------------------     ----------     -------------
                Less Than 1 Year                          25%        1,250
                1 Year But Less Than 2 Years              50%        2,500
                2 Years But Less Than 3 Years             75%        3,750
                3 or More Years                          100%        5,000

5.      EXERCISE. Except as otherwise provided in the Plan, the Stock Option may
        be exercised in whole or in part by giving written notice thereof to the
        Secretary of the Corporation, or his or her designee, identifying the
        Stock Option being exercised, the number of shares of Stock with respect
        thereto, and other information pertinent to the exercise of the Stock
        Option. The purchase price of the shares of Stock with respect to which
        a Stock Option is exercised shall be paid with the written notice of
        exercise, either in cash or in Stock which has been held by the Director
        for at least six (6) months at its then current fair market value, or in
        any combination thereof. Funds received by the Corporation from the
        exercise of any Stock Option shall be used for its general corporate
        purposes. The number of shares of Stock subject to a Stock Option shall
        be reduced by the number of shares of Stock with respect to which the
        Director has exercised rights under the Stock Option.

                If the Corporation or its stockholders execute an agreement to
        dispose of all or substantially all of the Corporation's assets or
        capital stock by means of sale, merger, consolidation, reorganization,
        liquidation or otherwise, as a result of which the Corporation's
        stockholders as of immediately before such transaction will not own at
        least fifty percent (50%) of the total combined voting power of all
        classes of voting capital stock of the surviving entity (be it

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        the Corporation or otherwise) immediately after the consummation of such
        transaction, thereupon any and all Stock Options with the Director would
        be entitled to receive under the Plan shall be immediately granted to
        the Director until the consummation of such transaction, or if not
        consummated, until the agreement therefore expires or is terminated, in
        which case thereafter all Stock Options shall be treated as if said
        agreement never had been executed. If during any period of two (2)
        consecutive years, the individuals who at the beginning of such period
        constituted the Board, cease for any reason to constitute at least a
        majority of the Board, unless the election of each director of the
        Board, who was not a director of the Board at the beginning of such
        period, was approved by a vote of at least two-thirds of the directors
        then still in office who were directors at the beginning of such period,
        thereupon any and all Stock Options which the Director would be entitled
        to receive under the Plan shall be immediately granted to the Director.
        If there is an actual, attempted or threatened change in the ownership
        of at least twenty-five percent (25%) of any classes of voting capital
        stock of the Corporation through the acquisition of, or an offer to
        acquire such percentage of the Corporation's voting capital stock by a
        person or entity, or persons or entities acting in concert or as a
        group, and such acquisition or offer has not been duly approved by the
        Board, thereupon any and all Stock Options which the Director would be
        entitled to receive under the Plan shall be immediately granted.

6.      VALUE. Where used in the Plan, the "fair market value" of Stock shall
        mean and be determined as follows (i) in the event that the Stock is
        listed on an established exchange, the closing price of the Stock on the
        date when the Stock Option is granted to the Director (the "Relevant
        Date") or, if no trade did occur on that day, on the next preceding day
        on which a trade occurred; or (ii) in the event that the Stock is not
        listed on an established exchange, but is then quoted on the National
        Association of Security Dealers Automated Quotation System ("NASDAQ"),
        the average of the average of the closing bid and asked quotations of
        the Stock for the five (5) trading days immediately preceding the
        Relevant Date. In either case, in the event that no closing bid or asked
        quotation is available on one (1) or more of such trading days, the fair
        market value shall be determined by reference to the five (5) trading
        days immediately preceding the Relevant Date on which closing bid and
        asked quotations are available.

7.      CONTINUED RELATIONSHIP. Nothing in the Plan or any Stock Option shall
        confer upon any Directors or any right to continue his or her
        relationship with the Corporation as a director, or limit or affect any
        rights, powers or privileges that the Corporation or it affiliates may
        have to supervise, discipline and terminate such Director, and the
        relationships thereof.

8.      GENERAL RESTRICTIONS. Each Stock Option shall be subject to the
        requirement and provision that if at any time the Board determines it
        necessary or desirable as a condition of or in consideration of making
        such Stock Option, or the purchase or issuance or Stock thereunder, (a)
        the listing, registration or qualification of the Stock subject to the
        Stock Option, or the Stock Option itself, upon any securities exchange
        or under any federal or state securities or other laws, (b) the approval
        of any governmental authority, or (c) an agreement by the Director with
        respect to disposition of any Stock (including without limitation that
        at the time of the Director's exercise of the Stock Option, any Stock
        thereby acquired is being and will be acquired solely for investment
        purposes and without any intention to sell or distribute such Stock),
        then such Stock Option shall not be consummated in whole or in part
        unless such listing, registration, qualification, approval or agreement
        shall have been appropriately effected or obtained to the satisfaction
        of the Board and legal counsel for the Corporation. Notwithstanding
        anything to the contrary herein, a Director shall not sell, transfer or
        otherwise dispose of any shares of Stock acquired pursuant to a Stock
        Option unless at least six (6) months have elapsed from the date the
        Stock Option was granted, the election of such transaction is made at
        least six months following the date of the Director's most recent
        "opposite-way election" under any plan of the Corporation or the
        transaction is otherwise made in accordance with Section 16 of the
        Exchange Act, as the same may be amended, if at the time of such
        disposition the Director is subject to Section 16 of the Exchange Act.

9.      RIGHTS. Except as otherwise provided in the Plan, the Director shall
        have the rights as a holder of the Stock subject thereto unless and
        until one or more certificates for the shares of such Stock

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        are issued and delivered to the Director. No adjustments shall be made
        for dividends, either ordinary or extraordinary, or any other
        distributions with respect to Stock, whether made in cash, securities or
        other property, or any rights with respect thereto, for which the record
        date is prior to the date that any certificates for Stock subject to a
        Stock Option are issued to the Director pursuant to his or her exercise
        thereof. No Stock Option, or the grant thereof, shall limit or affect
        the right or power of the Corporation or its affiliates to adjust,
        reclassify, recapitalize, reorganize or otherwise change its or their
        capital or business structure, or to merge, consolidate, dissolve,
        liquidate or sell any or all of its or their business, property or
        assets.

10.     ADJUSTMENTS. In the event that the shares of Common Stock of the
        Corporation, as presently constituted, shall be changed into or
        exchanged for a different number or kind of shares of stock or other
        securities of the Corporation or of other securities of the Corporation
        or of another corporation (whether by reason of merger, consolidation,
        recapitalization, reclassification, split-up, combination of shares or
        otherwise) or if the number of such shares of stock shall be increased
        through the payment of a stock dividend, then, there shall be
        substituted for or added to each share of stock of the Corporation which
        was theretofore appropriated, or which thereafter may become subject to
        an option under the Plan, the number and kind of shares of stock or
        other securities into which each outstanding share of the stock of the
        Corporation shall be so changed or for which each such share shall be
        exchanged or to which each such shares shall be entitled, as the case
        may be. Outstanding Options shall also be appropriately amended as to
        price and other terms, as may be necessary to reflect the foregoing
        events. If there shall be any other change in the number or kind of the
        outstanding shares of the stock of the Corporation, or of any stock or
        other securities in which such stock shall have been changed, or for
        which it shall have been exchanged, and if a majority of the
        disinterested members of the Board shall, in its sole discretion,
        determine that such change equitably requires an adjustment in any
        Option which was theretofore granted or which may thereafter be granted
        under the Plan, then such adjustment shall be made in accordance with
        such determination.

                The grant of an Option pursuant to the Plan shall not affect in
        any way the right or power of the Corporation to make adjustments,
        reclassifications, reorganizations or changes of its capital or business
        structure, to merge, to consolidate, to dissolve, to liquidate or to
        sell or transfer all or any part of its business or assets.

                A dissolution or liquidation of the Corporation, or a merger or
        consolidation in which the Corporation is not the surviving Corporation,
        shall cause each outstanding Option to terminate, except to the extent
        that another corporation may and does in the transaction assume and
        continue to the Option or substitute its own options.

                Fractional shares resulting from any adjustment in Options
        pursuant to this Article 10 may be settled as a majority of the
        disinterested members of the Board or the Committee (as the case may be)
        shall determine.

                To the extent that the foregoing adjustments relate to stock or
        securities of the Corporation, such adjustments shall be made by a
        majority of the disinterested members of the Board, whose determination
        in that respect shall be final, binding and conclusive. Notice of any
        adjustments shall be given by the Corporation to each holder of an
        Option which shall be so adjusted.

11.     FORFEITURE. Notwithstanding anything to the contrary in this Plan, if
        the involved Director has been engaged in fraud, embezzlement, theft,
        commission of a felony, or dishonesty in the course of his or her
        relationship with the Corporation or its affiliates that has damaged
        them, or that the Director has disclosed trade secrets of the
        Corporation or its affiliates, the Director shall forfeit all rights
        under and to all unexercised Stock Options, and all exercised Stock
        Options under which the Corporation has not yet delivered certificates
        for shares of Stock (as the case may be), and all rights to receive
        Stock Options shall be automatically canceled.

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12.     MISCELLANEOUS. Any reference contained in this Plan to a particular
        section or provision of law, rule or regulation, including but not
        limited to the Internal Revenue Code of 1986 and the Exchange Act, both
        as amended, shall include any subsequently enacted or promulgated
        section or provision of law, rule or regulation, as the case may be, of
        similar import. With respect to persons subject to Section 16 of the
        Exchange Act, transactions under this Plan are intended to comply with
        all applicable conditions of Rule 16b-3 or any successor rule that may
        be promulgated by the Securities and Exchange Commission. To the extent
        any provision of this Plan fails to so comply, it shall be deemed null
        and void, to the extent permitted by applicable law, subject to the
        provisions of paragraph 13 below. Where used in this Plan: the plural
        shall include the singular, and unless the context otherwise clearly
        requires, the singular shall include the plural; and, the term
        "affiliates" shall mean each and every subsidiary of the Corporation.
        The captions of the numbered paragraphs contained in this Plan are for
        convenience only, and shall not limit or affect the meaning,
        interpretation or construction of any of the provisions of the Plan.

13.     AMENDMENT. The Plan may not be amended, suspended or terminated except
        as may be provided for herein, or as may be required under the
        provisions of the Internal Revenue Code of 1986, as amended, and Section
        16 of the Exchange Act, and the rules and regulations thereunder. If any
        provision of the Plan would cause a non-employee director not to be a
        "disinterested person" within the meaning of Rule 16b-3 under the
        Exchange Act as then applicable to any employee benefit plan of the
        Corporation, such provision shall be construed or deemed amended to the
        extent necessary to preserve such non-employee director's status as a
        "disinterested person".

14.     TAXES. The issuance of shares of Stock under the Plan shall be subject
        to any applicable taxes or other laws or regulations of the United
        States of America and any state or local authority having jurisdiction
        thereover.Form of 7 5/8% Senior Note due 2011 of Aviall, Inc.

 Exhibit 4.13 
  
 7 5/8% SENIOR NOTES DUE 2011 
  

	 	  	CUSIP 05366B AB 8
	No. [            ]	  	$                        

  
 AVIALL, INC.

  
 promises to pay to CEDE & CO., INC. or registered assigns, the
principal sum of                      Dollars
($                    ) on July 1, 2011. 
  
 Interest Payment Dates: January 1 and July 1, commencing January 1, 2004. 
  
 Record Dates: December 15 and June 15. 
  
 Dated:                  , 2003. 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly
authorized officer. 
  

	 AVIALL, INC.

		
	 By:
	 	  

	 	 	 Name:
 Title:

  
 This is one of the Global

 Notes referred to in the 
 within-mentioned Indenture:

  
 THE BANK OF NEW YORK 
 as Trustee 
  

	 By:
	 	  

	 	 	 Authorized Signatory

  
 Dated
            , 2003 

 7 5/8% SENIOR NOTES due 2011 
  
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
  
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS MAY
BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 Capitalized terms used herein shall have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated. 
  
 1.
Interest. Aviall, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note at 7 5/8% per annum until maturity. The Company shall pay interest semi-annually on January 1 and July 1 of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided,
however, that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be January 1, 2004. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time at a rate that is 1% per annum in excess of the interest rate then in effect under the Indenture and this Note; it shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest, if any (without regard to any applicable grace periods), from time to time at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

  
 2. Method of Payment. The Company shall
pay interest on the Notes (except defaulted interest) to the Persons in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the June 15 or December 15 next preceding the Interest Payment Date, even if
such Notes are cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes shall be payable as to principal, premium, if any, and
interest, if any, at the office or agency of the Company maintained for such purpose, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the 

 Security Register; provided, however, that payment by wire transfer of immediately available funds shall be
required with respect to principal of and interest, if any, and premium, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
  
 3. Paying Agent and Registrar. Initially, The Bank of New York, the Trustee under the Indenture, shall act as Paying Agent and Registrar.
The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
  
 4. Indenture. The Company issued the Notes under an Indenture dated as of June 30, 2003 (“Indenture”) among the
Company, the guarantors party thereto (the “Subsidiary Guarantors”) and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of
1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the
express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
  
 5. Optional Redemption. 
  
 (a) Except as set forth in clause (b) of this Paragraph 5, the Notes will not be redeemable at the option of the Company prior to July 1, 2007. Starting
on that date, the Company may redeem all or any portion of the Notes, at once or over time, after giving the required notice under the Indenture. The Notes may be redeemed at the redemption prices (expressed as percentages of principal amount) set
forth below, plus accrued and unpaid interest, if any, to the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date), if redeemed during the
twelve-month period commencing on July 1 of the years indicated below: 
  

	 Year

	  	Percentage

	 
	 2007
	  	103.813	%
	 2008
	  	101.906	%
	 2009 and thereafter
	  	100.000	%

  
 (b) At any time and
from time to time prior to July 1, 2006, the Company may redeem up to a maximum of 35% of the original aggregate principal amount of the Notes with the proceeds of one or more Equity Offerings at a redemption price (expressed as a percentage of
principal amount) equal to 107.625% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the
relevant Interest Payment Date); provided, however, that (i) after giving effect to any such redemption at least 65% of the aggregate principal amount of the Notes (excluding Notes held by the Company and its Subsidiaries) remains outstanding, and
(ii) any such redemption shall be made within 90 days of such Equity Offering upon not less than 30 nor more than 60 days’ prior notice. 
  
 (c) Any prepayment pursuant to this paragraph shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 
  
 6. Mandatory Redemption. Except as set forth in Sections 4.12
and 4.18 of the Indenture, the Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

 7. Repurchase at Option of Holder. 
  
 (a) Upon the occurrence of a Change of Control, each Holder shall have the
right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000) of such Holder’s Notes (a “Change of Control Offer”) at a purchase price in cash equal to 101% of the
aggregate principal amount of the Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to the purchase date (subject to the right of Holders of record on the relevant record date to receive interest to, but
excluding, the relevant Interest Payment Date; provided, however, that notwithstanding the occurrence of a Change of Control, the Company shall not be obligated to purchase the Notes pursuant to a Change of Control Offer in the event that, at
any time prior to the commencement of a Change of Control Offer, the Company shall have delivered to the Trustee an irrevocable notice of its exercise of its right to redeem all (but not less than all) of the Notes pursuant to Section 3.07 of the
Indenture). 
  
 (b) If either the Company or one of its Restricted
Subsidiaries consummates any Asset Sales, it shall apply any Net Available Cash in accordance with the Indenture. When the aggregate amount of Excess Proceeds from Asset Sales exceeds $10.0 million (taking into account income earned on such Excess
Proceeds, if any), the Company shall be required to make a Prepayment Offer for the Notes, which offer shall be in the amount of the Allocable Excess Proceeds, on a pro rata basis according to principal amount with other Senior Debt of the Company
or any Restricted Subsidiary that the Company elects to Repay; provided, however, that in connection with any such Repayment of Senior Debt, the Company or such Restricted Subsidiary shall permanently retire such Debt and shall cause the
related loan commitment (if any) to be permanently reduced in an amount equal to the principal amount so prepaid, repaid or purchased. In connection with any such Prepayment Offer, the Company shall purchase Notes tendered pursuant to such
Prepayment Offer (and such other Senior Debt) at a purchase price of 100% of their principal amount (or, in the event such other Senior Debt was issued with significant original issue discount, 100% of the accreted value thereof), without premium,
plus accrued but unpaid interest, if any, to the purchase date (subject to the right of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date) or, in respect of such other Senior Debt, such lesser
price, if any, as may be provided for by the terms of such Senior Debt, in accordance with the procedures set forth in Section 3.09 of the Indenture. If the aggregate principal amount of Notes surrendered by Holders thereof exceeds the amount of Net
Available Cash, the Trustee shall select the Notes to be purchased on a pro rata basis. 
  
 (c) Holders of Notes that are the subject of an Offer to Purchase will receive a Prepayment Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form
entitled “Option of Holder to Elect Purchase” on the reverse of the Notes. 
  
 8. Notice of Redemption. Notice of redemption shall be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered
address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or
portions thereof called for redemption. 
  
 9.
Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. This Note shall represent the aggregate principal amount of outstanding Notes from time to
time endorsed hereon and the aggregate principal amount of Notes represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. The transfer of Notes may be registered and Notes may be
exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law
or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange
or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

 10. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for
all purposes. 
  
 11. Amendment, Supplement and
Waiver. Subject to certain exceptions, the Company and the Trustee may amend or supplement the Indenture or the Notes with the consent of the Holders of a majority in principal amount of the then outstanding Notes, including
Additional Notes, if any, voting as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes), and, subject to Sections 6.04 and 6.07 of the Indenture, any existing Default or Event
of Default (except a continuing Default or Event of Default in the payment of principal, premium, if any, or interest, if any, on the Notes) or compliance with any provision of the Indenture or the Notes (except for certain covenants and provisions
of the Indenture which cannot be amended without the consent of each Holder) may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes, including Additional Notes, if any, then outstanding voting
as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes). Without the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to
(a) cure any ambiguity, omission, defect or inconsistency, (b) provide for the assumption by a Surviving Person of the obligations of the Company under the Indenture, (c) provide for uncertificated Notes in addition to or in place of certificated
Notes (provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code), (d) add additional
Guarantees with respect to the Notes or to release Subsidiary Guarantors from Subsidiary Guarantees as provided by the terms of the Indenture, (e) secure the Notes, to add to the covenants of the Company for the benefit of the Holders of the Notes
or to surrender any right or power conferred upon the Company, (f) make any change that does not adversely affect the rights of any Holder of the Notes, (g) comply with any requirement of the Commission in connection with the qualification of the
Indenture under the TIA, or (h) provide for the issuance of Additional Notes in accordance with the Indenture. 
  
 12. Defaults and Remedies. Each of the following is an Event of Default under the Indenture: (a) failure to make the payment of any interest
on the Notes when the same becomes due and payable, and such failure continues for a period of 30 days; (b) failure to make the payment of any principal of, or premium, if any, on, any of the Notes when the same becomes due and payable at its Stated
Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise; (c) failure to comply with Section 5.01 of the Indenture; (d) failure to comply with any other covenant or agreement in the Notes or in the Indenture
(other than a failure that is the subject of the foregoing clause (a), (b) or (c)) and such failure continues for 30 days after written notice is given to the Company as provided in the Indenture; (e) a default under any Debt by the Company or any
Restricted Subsidiary that results in acceleration of the maturity of such Debt, or failure to pay any such Debt at maturity, in an aggregate amount greater than $10.0 million or its foreign currency equivalent at the time; (f) any judgment or
judgments for the payment of money in an aggregate amount in excess of $10.0 million (or its foreign currency equivalent at the time) that shall be rendered against the Company or any Restricted Subsidiary and that shall not be waived, satisfied or
discharged (including acknowledged by a third party insurer to be its exclusive liability) for any period of 60 consecutive days during which a stay of enforcement shall not be in effect; (g) certain events involving bankruptcy, insolvency or
reorganization of the Company or any Significant Subsidiary or any group of Subsidiaries of the Company that, when taken together, would constitute a Significant Subsidiary; or (h) any Subsidiary Guaranty of a Significant Subsidiary ceases, or the
Subsidiary Guarantees of any group of Subsidiary Guarantors that, when taken together, would constitute a Significant Subsidiary cease, to be in full force and effect (other than in accordance with the terms of such Subsidiary Guaranty) or any
Subsidiary Guarantor that is a Significant Subsidiary denies or disaffirms its obligations under its Subsidiary Guaranty, or any group of Subsidiary Guarantors that, when taken together, would constitute a Significant Subsidiary, deny or disaffirm
their obligations under their Subsidiary Guarantees. 
  
 If any
Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of
Default arising from certain events of bankruptcy or insolvency described in the Indenture, all outstanding Notes shall become due and payable without further action or notice. Holders may 

 not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a
majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event
of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf
of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Company is
required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or
Event of Default. 
  
 13. Trustee Dealings with
Company. Subject to certain limitations, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have
if it were not Trustee. 
  
 14. No Recourse Against
Others. No past, present or future director, officer, employee, incorporator or stockholder of the Company or of any Subsidiary Guarantor, as such, shall have any liability for any obligations of the Company or any Subsidiary Guarantor under
the Indenture, the Notes, the Subsidiary Guaranties or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. 
  
 15. Authentication. This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating agent. 
  
 16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with
right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 17. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has
caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  
 The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: Aviall, Inc., 2750
Regent Boulevard, DFW Airport, Texas 75261, Attention: Shareholder Services. 
  
 18. Governing Law. The internal law of the State of New York shall govern and be used to construe this Note without giving effect to applicable principals of conflicts of law to the extent that the
application of the laws of another jurisdiction would be required thereby. 

 Option of Holder to Elect Purchase 
  
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.12 or 4.18 of the Indenture, check the box below:

  
  ̈        Section 4.12 
  
  ̈        Section 4.18 
  
 If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.12 or Section 4.18 of the Indenture, state the amount you elect to have purchased:
$                             
  

	 Date:
                                        
                    
	  	Your Signature:                                   
                                      
	 	  	(Sign exactly as your name appears on the Note)
		
	 	  	Tax Identification No.:
	 	  	

		
	 	  	SIGNATURE GUARANTEE:
		
	 	  	

		
	 	  	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 Assignment Form 
  
 To assign this Note, fill in the form below: 
  
 (I) or (we) assign and transfer this Note to 
  

	

	(Insert assignee’s social security or other tax I.D. no.)
	  

	
	

	
	

	
	

	(Print or type assignee’s name, address and zip code)

  
 and irrevocably appoint                                
                                        
                                        
                              as agent to transfer this Note on the books of the Company. The
agent may substitute another to act for him. 
  

		
	 Date:             
	  	Your
Signature:                                      
                                   
	 	  	(Sign exactly as your name appears on the face of this Note)
		
	 	  	Signature Guarantee:                                  
                             
		
	 	  	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
  
 The following exchanges of a part of this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

	 Date of Exchange

	 	 Amount of
decrease in
Principal Amount
of this Global Note

	 	 Amount of increase
in Principal Amount
of this Global Note

	  	Principal Amount
of this Global Note
following such
decrease (or
increase)

	  	Signature of
authorized signatory
of Trustee or
Note Custodian

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