Document:

EXHIBIT 10.40

                 AMENDMENT NO. 9, WAIVER, CONSENT AND STANDSTILL

                           Dated as of March 31, 2000

                                       to

                   THIRD AMENDED AND RESTATED CREDIT AGREEMENT

                          Dated as of October 17, 1997

                  This Amendment No. 9, Waiver, Consent and Standstill (the
"Amendment") dated as of March 31, 2000 is entered into among AVIATION SALES
DISTRIBUTION SERVICES COMPANY, a Delaware corporation ("ASOC"), AEROCELL
STRUCTURES, INC., an Arkansas corporation ("Aerocell"), AVS/KRATZ-WILDE MACHINE
COMPANY, a Delaware corporation ("Kratz-Wilde"), WHITEHALL CORPORATION, a
Delaware corporation ("Whitehall"), TRIAD INTERNATIONAL MAINTENANCE CORPORATION,
a Delaware corporation ("TIMCO"), APEX MANUFACTURING, INC., an Arizona
corporation ("Apex"), CARIBE AVIATION, INC., a Florida corporation ("Caribe"),
AIRCRAFT INTERIOR DESIGN, INC., a Florida corporation ("Design"), AVIATION SALES
LEASING COMPANY, a Delaware corporation ("Leasing"), TIMCO ENGINE CENTER, INC.,
a Delaware corporation ("TIMCO Engine"), AVIATION SALES COMPANY, a Delaware
corporation ("Parent"), and the "Lenders" (as defined in the Credit Agreement
identified below) a party hereto. Capitalized terms used herein without
definition are used herein as defined in the Credit Agreement.

                             PRELIMINARY STATEMENT:

                  WHEREAS, ASOC, Aerocell, Kratz-Wilde, Whitehall, TIMCO, Apex,
Caribe, Design,, Leasing and TIMCO Engine, as Borrowers, Parent, Citicorp USA,
Inc., as Agent, and certain financial institutions, as Lenders and Issuing
Banks, are parties to that certain Third Amended and Restated Credit Agreement
dated as of October 17, 1997, as heretofore amended (the "Credit Agreement");

                  WHEREAS, the Borrowers and Lenders have entered into a certain
Standstill Letter dated January 31, 2000, the agreements under which expire by
their terms on March 31, 2000 and the Borrowers and Parent have requested that
the Lenders continue, beyond March 31, 2000, to provide Revolving Loans, the
Issuing Bank continue, beyond March 31, 2000, to provide Letters of Credit, and
the Lenders and Issuing Bank continue to forbear beyond March 31, 2000 from
exercising their rights and remedies under the Credit Agreement with respect to
certain Events of Default which have heretofore occurred, are continuing, and
are identified on SCHEDULE 1 attached hereto and made a part hereof (the
"Continuing Defaults");

                  WHEREAS, the Borrowers and Lenders have agreed to amend the
definition of Borrowing Base for determination of availability of Revolving
Loans and Letters of Credit under the Revolving Credit Commitments from and
after the date hereof;

<PAGE>

                  WHEREAS, the Lenders have agreed to continue providing
Revolving Loans, the Issuing Bank has agreed to continue providing Letters of
Credit and the Lenders and Issuing Banks have agreed to continue to forbear from
exercising or waive, as specified herein, their rights and remedies under the
Credit Agreement with respect to certain Events of Default and amend the
Borrowing Base as aforesaid, subject to the terms and conditions set forth
below;

                  WHEREAS, due to increased costs related to the construction of
improvements on the real property which is the subject of the TROL Lease, the
principal amount of Indebtedness with respect to Series A Notes guaranteed under
the TROL Guaranties will increase from $36,252,056 to $37,840,000, with a
concurrent increase in the obligations under the TROL Lease guaranteed under the
TROL Guaranties, and the consent of the Requisite Lenders is required to permit
such increase and any Restricted Junior Payments required to be made in
connection therewith; and

                  WHEREAS, the parties hereto have agreed to amend the Credit
Agreement as set forth below in SECTION 1, subject to the terms and conditions
stated in this Amendment;

                  NOW, THEREFORE, the parties hereto hereby agree as follows:

                  SECTION 1. AMENDMENTS TO THE CREDIT AGREEMENT. Effective as of
March 31, 2000, subject to the satisfaction of the conditions precedent set
forth in SECTION 3 hereof, SECTION 1.01 of the Credit Agreement is hereby
amended to add the following provision at the end of the definition of
"Borrowing Base" included therein:

         For purposes of this definition during the period April 1, 2000 through
         May 31, 2000, (A) the provisions of CLAUSE (V)(B)(2) shall not be
         applicable to the calculation of the Borrowing Base and (B) the
         Borrowing Base calculated in accordance with the foregoing shall be
         reduced at all times by $12,000,000.

                  SECTION 2. WAIVER, CONSENT AND STANDSTILL.

                  2.1 The Issuing Bank and Lenders hereby waive the rights and
remedies afforded them under the Credit Agreement arising as a result of the
Borrowers' failure to make payments required under Section 2.02(a)(ii) and
Section 4.01(b)(iii) of the Credit Agreement during the period May 20, 1999
through March 31, 2000 and the Change of Control arising by virtue of the sole
Director of ASOC being Dale S. Baker.

                  2.2 The Lenders hereby consent to the increase to $37,840,000
of the principal amount of the Indebtedness evidenced by the Series A Notes
issued by First Security Bank, National Association, as trustee under Aviation
Sales Trust 1998-1, a trust formed under the laws of the State of Florida
guaranteed pursuant to the terms of the TROL Guaranties and the concurrent
increase in obligations under the TROL Lease guaranteed pursuant to the terms of
the TROL Guaranties, and any increased Restricted Junior Payments required to be
made in connection therewith as more particularly described in Section 10.06(d).

                  2.3 The Lenders hereby agree, notwithstanding the existence of
the Continuing Defaults, to (a) make Revolving Loans as and when provided in
SECTION 2.02(A)(II) of the Credit Agreement from the date of this Amendment
through May 31, 2000 and (b) forbear from

                                       2

<PAGE>

exercising any rights and remedies with respect to the Continuing Defaults
during the period commencing on the date of this Amendment through May 31, 2000,
in each instance, subject to the conditions set forth in SECTION 3 below.

                  2.4 The Issuing Bank hereby agrees, notwithstanding the
existence of the Continuing Defaults, to (a) issue Letters of Credit as and when
provided in SECTION 3.01 of the Credit Agreement from the date of this Amendment
through May 31, 2000 and (b) forbear from exercising any rights and remedies
with respect to the Continuing Defaults during the period commencing on the date
of this Amendment through May 31, 2000, in each instance, subject to the
conditions set forth in SECTION 3 below.

                  2.5 The Lenders and Issuing Bank hereby acknowledge and agree
that the Guaranty dated February 18, 2000 with respect to the Supplemental Term
Loan may be amended to add TIMCO Engineered Systems, Inc. as a guarantor
thereunder and that Liens may be granted to the Agent against the Capital Stock
and assets of such Subsidiary as security for the Supplemental Term Loan,
subordinated to the same extent provided in that certain Collateral Documents
Amendment attached as part of Exhibit A to Amendment No. 8 and Waiver to the
Credit Agreement dated as of February 18, 2000 ("Amendment No. 8").

                  2.6 Notwithstanding any agreement to the contrary in Amendment
No. 8, in the event any Net Cash Proceeds of Sale of the property identified on
Exhibit B to Amendment No. 8 is received on or before May 31, 2000, such Net
Cash Proceeds of Sale in the amount by which the Borrowing Base is reduced by
virtue of the related sale, transfer or other disposition shall thereupon be
applied to the Revolving Loans then outstanding as a Designated Prepayment
thereof and the balance, if any, of such Net Cash Proceeds of Sale shall be
remitted to the Agent to be held, in escrow until June 1, 2000, for application
on such date in accordance with the provisions of Section 2 of Amendment No. 8.

                  SECTION 3. CONDITIONS PRECEDENT.

                  3.1 This Amendment shall become effective as of March 31,
2000, if, and only if (1) the Agent shall have received:

         (a) a facsimile or original executed copy of this Amendment executed by
         the Parent, each Borrower, the Issuing Bank and Lenders;

         (b) a plan and financial forecast consisting of a balance sheet, income
         statement and statement of cash flows by month for the Fiscal Year
         ending December 31, 2000, accompanied by a discussion of the underlying
         assumptions with respect to each of the business segments referred to
         as "Distribution", "Dixie Aerospace", "Aerocell", "Caribe", "Airframe
         Maintenance/Engine Overhaul", "Apex", "Kratz-Wilde", and "Leasing"
         prepared by Parent and the Borrowers, in form and substance
         satisfactory to the Agent and Lenders;

         (c) a plan and financial forecast for each of the Fiscal Years ending
         December 31, 2001 and December 31, 2002, including forecasted
         consolidated balance sheet, income statement, and statement of cash
         flow for the Parent and its Subsidiaries for each such Fiscal Year;

                                       3
<PAGE>

         (d) projected cash flow statements of Parent and its Subsidiaries, by
         week, for the period March 31 - May 31, 2000;

         (e) an agreement executed and delivered by the respective parties to
         the TROL Documents pursuant to which all events of default and defaults
         under the TROL Documents and the rights and remedies of the parties
         thereunder arising with respect thereto have been waived or an
         agreement in form and substance satisfactory to the Agent with respect
         to forbearance from exercising such rights and remedies (either such
         agreement being referred to as the "TROL Standstill");

         (f) an agreement executed and delivered by the parties to that certain
         Term Loan Agreement dated June 5, 1998 among Norlease, Inc., Aviation
         Sales SPS I, Inc., and Aviation Sales Company (the "Norlease
         Agreement") pursuant to which all events of default thereunder and the
         rights and remedies of the parties thereunder arising with respect
         thereto have been waived or an agreement in form and substance
         satisfactory to the Agent with respect to forbearance from exercising
         such rights and remedies (either such agreement being referred to as
         the "Norlease Standstill")

         (g) guaranty and security agreements, UCC financing statements and
         other instruments and documents executed by TIMCO Engineered Systems,
         Inc., a newly formed Subsidiary of TIMCO in form and substance
         satisfactory to the Agent, reaffirmation agreements from all
         Guarantors, and an amended and restated contribution agreement among
         the Guarantors in substantially the form heretofore entered into by and
         among the Guarantors;

         (h) an opinion of counsel to the Borrowers and Parent with respect to
         non-contravention of the TROL Documents and agreements under which the
         Senior Subordinated Notes have been issued, this Amendment and the
         instruments and documents executed by the Borrowers and Guarantors in
         connection herewith;

         (i) corporate resolutions of the Parent, Borrowers and Guarantors
         authorizing the execution and delivery of this Amendment and all
         instruments and documents required to be executed and delivered in
         connection herewith;

         (j) a Borrowing Base Certificate dated as of March 24, 2000, but giving
         effect to the amendment attendant thereto set forth in Section 1 of
         this Amendment;

         (k) all instruments and agreements required to perfect Liens against
         all Property included on the March 24, 2000 Borrowing Base Certificate,
         in proper form for recordation, signed by the appropriate Borrower, and

         (l) the acknowledgement and agreement of Citicorp USA, Inc., as obligee
         with respect to the Supplemental Term Loan, to the terms set forth in
         Section 2.6 above.

(2) no "Event of Default" shall have occurred and be continuing under the terms
of the Indenture under which the Senior Subordinated Notes have been issued, as
supplemented through the date of this Amendment, and (3) no "Change of Control"
(as defined in such Indenture) shall have occurred.

                                       4
<PAGE>

                  3.2 The agreements of the Lenders and Issuing Bank set forth
in Sections 2.3 and 2.4 above shall be subject to each of the following
conditions:

         (a) no Event of Default other than the Continuing Defaults shall exist
         on the date of this Amendment and no Potential Event of Default or
         Event of Default, other than the Continuing Defaults, shall occur on or
         after the date hereof;

         (b) on the date hereof, the Borrowers pay to the Agent, for the benefit
         of the Lenders, a fee in consideration of their executing and
         delivering this letter, in the amount of one-quarter of one percent
         (0.25%) of the Revolving Credit Commitments in effect on the date
         hereof, which fee shall be shared by the Lenders in accordance with
         their respective Pro Rata Shares;

         (c) on the date hereof, the Borrowers reimburse the Agent for the
         expenses identified on SCHEDULE 2 attached hereto and made a part
         hereof;

         (d) for so long as the Continuing Defaults continue unwaived, the
         Borrowers pay interest on the Obligations at the rate applicable
         pursuant to Section 5.01(c) of the Credit Agreement;

         (e) from and after the date of this Amendment, Parent and the Borrowers
         continue to use their best efforts, in good faith, to either (a)
         provide the Agent and Lenders with results of due diligence sufficient
         to permit an amendment of the Credit Agreement and continued provision
         of financial accommodations thereunder or (b) refinance or restructure
         the Obligations by May 31, 2000;

         (f) the Borrowers continue provision of weekly cash flow projections to
         the Agent and Lenders on Friday of each calendar week from and after
         the date of this Amendment through May 26, 2000;

         (g) no events of default or defaults under the TROL Documents or
         Norlease Agreement in addition to those described in and subject to the
         agreements set forth in the TROL Standstill and Norlease Standstill,
         respectively, shall occur on or after the date of this Amendment;

         (h) no "Event of Default" shall have occurred and be continuing under
         the terms of the Indenture under which the Senior Subordinated Notes
         have been issued, as supplemented through the date of this letter, and
         no "Change of Control" (as defined in such Indenture) shall have
         occurred;

         (i) the Financial Statements described in SECTION 8.01(C) for the
         Fiscal Year ending December 31, 1999 together with the report of Arthur
         Andersen LLP on such Financial Statements, which report shall not be
         materially different, as determined by the Agent, from that represented
         to be expected by the Parent and Borrowers to the Agent and Lenders at
         the meeting held in New York, New York on March 17, 2000 shall have
         been delivered to the Agent and Lenders by no later than April 15, 2000
         or the Requisite Lenders shall have agreed in writing to an extension
         of such delivery date;

                                       5
<PAGE>

         (j) by no later than April 15, 2000, all Collection Account Agreements
         and landlord/bailee/consignee letters required by the Agent shall have
         been executed and delivered to the Agent and an insurance report and
         off-site inventory report reflecting the information required by
         SECTION 8.06 and SECTION 8.02, respectively, as of April 15, 2000 shall
         have been delivered to the Agent; and

         (k) the Borrowers and their Subsidiaries shall not have made Capital
         Expenditures during the period (i) March 31 - May 31, 2000, in excess
         of $2,500,000 in the aggregate or (ii) January 1 - May 31, 200, in
         excess of $10,070,000 in the aggregate.

                  SECTION 4. REPRESENTATIONS AND WARRANTIES; ACKNOWLEDGMENT. The
Borrowers hereby represent and warrant as follows:

                  4.1 This Amendment and the Credit Agreement as previously
executed and delivered and as amended hereby constitute legal, valid and binding
obligations of the Borrowers and are enforceable against the Borrowers in
accordance with their terms.

                  4.2 After giving effect to this Amendment, no Event of Default
or Potential Event of Default other than the Continuing Defaults exists or would
result from any of the transactions contemplated by this Amendment. No event of
default or default has occurred and is continuing under the terms of any of the
TROL Documents, except as described in the TROL Standstill, or under the terms
of the Norlease Agreement, except as described in the Norlease Standstill,
copies of which TROL Standstill and Norlease Standstill are attached hereto as
EXHIBIT A and made a part hereof, or any of the agreements and documents
executed with respect to the Senior Subordinated Notes or under which the Senior
Subordinated Notes have been issued. The Borrowers hereby acknowledge that the
Agent, Lenders and Issuing Bank have reserved all rights with respect to the
Continuing Defaults, subject only to the agreement of the Lenders and Issuing
Bank to continue providing financing accommodations under the Credit Agreement
during the period and on the conditions set forth in this Amendment.

                  4.3 Upon the effectiveness of this Amendment and subject to
the existence of the Continuing Defaults, each Borrower hereby reaffirms all
covenants, representations and warranties made by it in the Credit Agreement to
the extent the same are not amended hereby and agree that all such covenants,
representations and warranties shall be deemed to have been remade as of the
date this Amendment becomes effective (unless a representation and warranty is
stated to be given on and as of a specific date, in which case such
representation and warranty shall be true, correct and complete as of such
date).

                  SECTION 5.  REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT.

                  5.1 Upon the effectiveness of this Amendment, each reference
in the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or
words of like import shall mean and be a reference to the Credit Agreement, as
amended hereby, each reference to the Credit Agreement in any other document,
instrument or agreement executed and/or delivered in connection with the Credit
Agreement shall mean and be a reference to the Credit Agreement as amended
hereby.

                                       6
<PAGE>

                  5.2 Except as specifically amended or agreed above, the Credit
Agreement, the Notes and all other Loan Documents shall remain in full force and
effect and are hereby ratified and confirmed.

                  5.3 The execution, delivery and effectiveness of this
Amendment shall not operate as a waiver of any right, power or remedy of any
Lender or Issuing Bank or the Agent under the Credit Agreement, the Notes or any
of the other Loan Documents, nor constitute a waiver of any provision contained
therein, except as specifically set forth herein.

                  SECTION 6. EXECUTION IN COUNTERPARTS. This Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but
one and the same instrument. Delivery of an executed counterpart of this
Amendment by telecopier shall be effective as delivery of a manually executed
counterpart of this Amendment.

                                       7
<PAGE>

                  SECTION 7. GOVERNING LAW.  This Amendment shall be governed by
and construed in accordance with the laws of the State of New York.

                  SECTION 8. HEADINGS.  Section headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose.

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

CITICORP USA, INC.                          HELLER FINANCIAL, INC.
as Agent and Lender

__________________________                  By__________________________
  Name:                                       Name:
  Title:                                      Title:

NATIONAL CITY COMMERCIAL                    CITIBANK, N.A.
FINANCE, INC.                               as Issuing Bank

By____________________________              By__________________________
  Name:                                       Name:
  Title:                                      Title:

FIRST UNION COMMERCIAL                      SALOMON BROTHERS HOLDING
 CORPORATION                                COMPANY, INC.

By___________________________               By__________________________
  Name:                                       Name:
  Title:                                      Title:

                                       8
<PAGE>

IBJ WHITEHALL BUSINESS CREDIT               BANKBOSTON, N.A.
 CORPORATION

By__________________________                By__________________________
  Name:                                       Name:
  Title:                                      Title:

SUNTRUST BANK, MIAMI, N.A.                  BANKATLANTIC

By_________________________                 By_________________________
  Name:                                       Ana C. Bolduc
  Title:                                      Senior Vice President

THE INTERNATIONAL BANK OF                   NATIONAL BANK OF CANADA
 MIAMI, N.A.                                 A Canadian Chartered Bank

By_________________________                 By_________________________
  Caridad C. Errazquin                        Pat Cloninger
  Vice President                              Vice President
  Trade Finance Division

                                            By_________________________
                                              Michael S. Bloomenfeld
                                              Vice President & Manager

MERCANTILE BUSINESS CREDIT, INC.            CITIZENS BUSINESS CREDIT
                                             COMPANY

By_________________________                 By_________________________
  Steven C. Gonzalez                          John Atanasoff
  Assistant Vice President                    Vice President

AMSOUTH BANK                                PNC BANK NATIONAL ASSOCIATION

By__________________________                 By_________________________
  Name:                                        Name:
  Title:                                       Title:

                                       9
<PAGE>

AVIATION SALES DISTRIBUTION                 AEROCELL STRUCTURES, INC.
 SERVICES COMPANY

By___________________________               By________________________
  Name:                                       Name
  Title:                                      Title:

AVS/KRATZ-WILDE MACHINE COMPANY             WHITEHALL CORPORATION

By___________________________               By________________________
  Name:                                       Name
  Title:                                      Title:

TRIAD INTERNATIONAL MAINTENANCE             APEX MANUFACTURING, INC.
 CORPORATION

By___________________________               By________________________
  Name:                                       Name
  Title:                                      Title:

AIRCRAFT INTERIOR DESIGN, INC.              CARIBE AVIATION, INC.

By___________________________               By________________________
  Name:                                       Name
  Title:                                      Title:

                                       10
<PAGE>

AVIATION SALES COMPANY                      AVIATION SALES LEASING COMPANY

By__________________________                By________________________
  Name:                                       Name
  Title:                                      Title:

TIMCO ENGINE CENTER, INC.

By__________________________
  Name:
  Title:

                                       11EXHIBIT 10.41

                                   STANDSTILL
                                     LETTER

                                 March 31, 2000

Bank of America, N.A.                       First Security Bank, National Assoc.
One Financial Plaza                         79 South Main Street, 3rd Floor
Ft. Lauderdale, Florida  33394              Salt Lake City, Utah 84111-1921
Attention:  Alex Rody                       Attn:  Val T. Orton

         RE:      Participation Agreement, dated as of December 17, 1998, as
                  amended by Amendment No. 1 for Participation Agreement and
                  Certain Other Operative Agreements dated as of February 18,
                  2000 ("Amendment No. 1") (the "Participation Agreement") among
                  Aviation Sales Company, as Lessee/Construction Agent, First
                  Security Bank, National Association, as Owner Trustee ("Owner
                  Trustee") under the Aviation Sales Trust 1998-1, the Holders
                  party thereto, the Lenders parties thereto, and Bank of
                  America, N.A., d/b/a NationsBank, N.A., successor to
                  NationsBank, National Association, as administrative agent for
                  the Lenders ("Agent")

                  Lease Agreement dated as of December 17, 1998, as amended by
                  Amendment No. 1, ("Lease") between First Security Bank,
                  National Association, solely as Owner Trustee under the
                  Aviation Sales Trust 1998-1, as Lessor, and Aviation Sales
                  Company, as Lessee

Gentlemen:

         Reference is made to the Participation Agreement, to the Lease and to
the Operative Agreements executed and delivered in connection therewith.
Capitalized terms used herein but not otherwise defined herein shall have the
meanings set forth in the Participation Agreement.

         Aviation Sales Company ("AVS") confirms the following to the Agent and
the Owner Trustee:

         (A)      The lenders under the Aviation Sales Credit Agreement have
                  agreed, pursuant to the terms of Amendment No. 9, Wavier,
                  Consent and Standstill dated as of March 31, 2000 ("Amendment
                  No. 9"), to continue to make revolving loans under the
                  Aviation Sales Credit Agreement for a period through May 31,
                  2000 ("Existing Credit Facility Standstill Period") subject to
                  certain conditions and reserving all rights, and to

<PAGE>

                  continue to forbear through May 31, 2000 from exercising their
                  rights and remedies under the Aviation Sales Credit Agreement
                  with respect to certain events of default thereunder as
                  identified on Schedule 1 attached to Amendment No. 9 and
                  therefore, each such asserted default is potentially an
                  "Aviation Sales Credit Agreement Event of Default".

         (B)      AVS (i) has obtained, pursuant to the terms of Amendment No.
                  9, the consents from the Existing Credit Agent and required
                  lenders under the Aviation Sales Credit Agreement necessary
                  for the elimination of the Series A Guaranty Cap (as defined
                  in Amendment No. 1), (ii) hereby confirms toAgent and Owner
                  Lessor that the Series A. Guaranty Cap has been eliminated and
                  (iii) has delivered or caused the delivery of the required
                  Letter of Credit in the amount of $12,000,000.

         (C)      An agreement ("Norlease Standstill") has been executed and
                  delivered by the parties to that certain Term Loan Agreement
                  dated June 5, 1998, among Norlease, Inc., ("Norlease"),
                  Aviation Sales SPS I, Inc., and Aviation Sales Company (the
                  "Norlease Agreement") pursuant to which the lender thereunder
                  has agreed to forebear from exercising its rights and remedies
                  under the Norlease Agreement with respect thereto for a period
                  through May 31, 2000 ("Norlease Standstill Period").

         1. AVS requests that you agree that during the TROL Standstill Period
(defined below) you will not exercise your remedies with respect to any of the
events described in Items 1-9 listed in the chart below (the "Standstill
Events") as a result of any Default or Event of Default under the respective
provisions of the Lease and the Agency Agreement listed in the chart next to
such Standstill Event:

<TABLE>
<CAPTION>
                           STANDSTILL EVENT                                           SECTION
----------------------------------------------------------------------------------------------------------------------
<S>        <C>                                               <C>
1.         The Change of Control arising by virtue           Section 28.3(n) of the Lease.
           of the sole Director of Aviation Sales
           Operating Company being Dale S.
           Baker

                                        2

<PAGE>

2.         The $2,500,000 investment made by                 Section 28.1(b) and Section 28.3(d) of the
           Triad International Maintenance                   Lease.
           Corporation("TIMCO")in
           Hamilton/TIMCO Cargo Conversions, LLC
           under Section 2.7 of the Operating
           Agreement, dated September 10, 1999
           between TIMCO and Hamilton Aviation, Inc.
           ("Operating Agreement") and the $1,700,000
           investment subsequently made by TIMCO in
           Hamilton/TIMCO Cargo Conversions, LLC
           pursuant to Section 2.8 of the Operating
           Agreement, and the failure of AVS to give
           you timely notice thereof.

3.         The fact that the items listed in                 Section 17.1(n) of the Lease.
           Schedule 1 of Amendment 9, a copy of
           which is attached hereto as EXHIBIT A
           may or do constitute an Aviation Sales
           Credit Agreement Event of Default.

4.         The existence of a Material Adverse               Section 17.1(p)(i) of the Lease
           Change in the financial condition of
           Aviation Sales and its subsidiaries as of
           12/31/99 as presented by Aviation
           Sales to the Agent on March 21, 2000.

5.         The existence of the shareholder                  Section 28.1(b) and Section 28.1(c) of the
           litigation in the case styled Holmes v.           Lease
           Baker, et al, case no. 99-2560-Civ-
           Morena, U.S. Dist.Ct., So. Dist. Of
           Florida which may result in a Material
           Adverse Effect and the failure to give
           quarterly reports with respect thereto
           prior to the date hereof.

6.         Failure to comply with the financial              Sections 28.4(a)(b)(c)(d) and (e) of the Lease
           covenants set forth in the Lease for the
           period ending December 31, 1999.

7.         The approximately $33,033,000 in                  Section 28.1(b) and Section 28.4(e) of the
           capital expenditures for fiscal year              Lease.
           1999, and the failure of AVS to give
           you timely notice thereof.

                                        3

<PAGE>

8.         Failure to timely deliver, prior to the           Section 28.1(a)(ii)(iii)(iv) and (v) of the Lease.
           date hereof, the annual reports, the
           officer's certificates, the accountant's
           statement and privity letter for the fiscal
           year ending December 31, 1999 and the
           budgets, business plans and financial
           projections for the fiscal year ending
           December 31, 2000 required by the
           Lease.

9.         Cross-default arising with respect to             Section 17.1(f) and Section 28.1(b) of the
           the existence of a default under the              Lease
           Norlease Agreement as more
           particularly described in the Norlease
           Standstill, a copy of which is attached
           hereto as EXHIBIT B.
</TABLE>

PROVIDED that nothing contained herein shall preclude your exercise of remedies
after the TROL Standstill Period with respect to any Default or Event of Default
resulting from any Standstill Event.

         2. For the purposes of this Standstill, "TROL Standstill Period" shall
mean the period commencing upon the date hereof through the earlier of:

                  (w)      May 31, 2000;

                  (x) that date upon which the Aviation Sales Credit Agent or
         any lender under the Aviation Sales Credit Agreement declares in
         writing that the Existing Credit Facility Standstill Period has
         terminated, or exercises any remedy with respect to any default,
         prospective default or event of default under the Aviation Sales Credit
         Agreement; or

                  (y) that date upon which Norlease declares in writing that the
         Norlease Standstill Period has terminated, or exercises any remedy with
         respect to any default, prospective default or event of default under
         the Norlease Agreement; or

                  (z) the occurrence of any other Default or Event of Default
         under the Participation Agreement, the Lease or any other Operative
         Agreement.

         3. The Lenders and the Holders agree, notwithstanding the existence of
the Standstill Events and the failure of AVS to have the Defaults or Events of
Default referred to in the Standstill Letter dated February 18, 2000 (a copy of
which is attached as EXHIBIT C) permanently waived or cured as of the date
hereof, (a) the Total Commitment shall mean (i) with respect to the Series A
Loans, $37,840,000, and (ii) with respect to the Series B Loans, $3,870,000; and
(b) the Total Holder Commitment shall mean $1,290,000.

                                        4

<PAGE>

         4. This Standstill shall become effective as of March 31, 2000, if and
only if, (i) the Agent shall have received:

                  (a) a facsimile or original executed copy of this Standstill
executed by AVS, the Guarantors, the Agent and the Owner Trustee.

                  (b) an agreement executed and delivered by the respective
parties to the Aviation Sales Credit Agreement pursuant to which all events of
default and defaults under the Aviation Sales Credit Agreement and the rights
and remedies of the parties thereunder arising with respect thereto have been
waived or an agreement in form and substance satisfactory to the Agent with
respect to the forbearance from exercising such rights and remedies (either such
agreement being referred to as the "Aviation Sales Credit Agreement
Standstill"), and the satisfaction of the conditions to the effectiveness of the
Aviation Sales Credit Agreement Standstill.

                  (c) an agreement executed and delivered by the respective
parties to the Norlease Agreement pursuant to which all events of default and
defaults under the Norlease Agreement and the rights and remedies of the parties
thereunder arising with respect thereto have been waived or an agreement in form
and substance satisfactory to the Agent with respect to the forbearance from
exercising such rights and remedies (either such agreement being referred to as
the "Norlease Standstill"), and the satisfaction of the conditions to the
effectiveness of the Norlease Standstill.

                  (d) A Guaranty Agreement (Series A Obligations) and a Guaranty
Agreement (Lessee Obligations) executed by TIMCO Engineered Systems, Inc., a
newly formed Subsidiary of TIMCO, together with the opinion of outside counsel
and the certificates and other documents required under Section 28.2 (i) of the
Lease.

                  (e) an opinion of outside counsel to AVS and the Guarantors
with respect to non-contravention of the Aviation Sales Credit Agreement, the
Norlease Agreement, and the agreements under which the Subordinated Notes have
been issued by this Standstill.

                  (f) corporate resolutions of AVS and the Guarantors
authorizing the execution and delivery of this Standstill and all instruments
and documents required to be executed in connection herewith.

(ii) no "Event of Default" shall have occurred and be continuing under the terms
of the Indenture under which the Subordinated Notes have been issued, as
supplemented through the date of this Standstill, and (iii) no "Change of
Control" (as defined in such Indenture) shall have occurred.

         5. The agreements of the Lenders and the Holders set forth in paragraph
2 above shall be further subject to each of the following conditions:

                  (a) no Default or Event of Default other than the Standstill
Events shall exist on the date of this Standstill;

                                        5

<PAGE>

                  (b) no events of default, defaults or prospective defaults
under the Aviation Sales Credit Agreement or the Norlease Agreement in addition
to those described in and subject to the agreements set forth in the 9th
Amendment and the Norlease Standstill, respectively, shall occur on or after the
date of this Standstill;

                  (c) no "Event of Default", default or prospective default
shall have occurred and be continuing under the terms of the Note Indenture
under which the Subordinated Notes have been issued, as supplemented through the
date of this Standstill, and no "Change of Control" (as defined in such Note
Indenture) shall have occurred;

                  (d) the Financial Statements described in Section 28.1(a) of
the Lease for the Fiscal Year ending December 31, 1999, together with the report
of Arthur Andersen LLP on such Financial Statements, which report shall not be
materially different, as determined by the Agent, from that represented to be
expected by AVS and the Guarantors to the Agent on March 21, 2000, shall have
been delivered to the Agent by no later than April 15, 2000 or the Agent shall
have agreed in writing to an extension of the delivery date; and

                  (e) on the date hereof, AVS shall reimburse the Agent for the
expenses identified on Schedule 1 attached hereto and made a part hereof, and,
on the date indicated below, AVS shall pay to the Agent a standstill fee in the
amount of $107,500 ("Standstill Fee") as consideration for Agent's forbearance
as set forth herein with respect to the exercise of Agent's rights and remedies
against AVS and the Guarantors under the Lease and other Operative Documents.
The Standstill Fee shall be earned on the date of this Standstill and shall be
due and payable on the earlier of two (2) days after the Property Completion
Date for the Property located in Miramar, Florida or May 29, 2000. In the event
payment is not received by the Agent on or before May 29, 2000, Agent is hereby
authorized to advance Loans and Holder Fundings under the Operative Agreements
to pay the Standstill Fee. Lessee agrees that neither Agent nor Owner Trustee
makes any representation or warranty with respect to the Lessee's accounting
treatment of such Standstill Fee.

         6. Each of the undersigned Guarantors has joined in the execution of
this Standstill for the purpose of (i) agreeing to the terms and conditions
contained herein and (ii) confirming its guarantee of payment of all Borrower's
Liabilities (as defined in the Series A Guaranty Agreement) and all Lessee's
Liabilities (as defined in the Lessee Guaranty Agreement).

         7. Agent and Owner Trustee may grant the requested consents and
standstill agreements described herein by countersigning a copy of this letter.
Notwithstanding the execution and delivery of this letter by Agent and Owner
Trustee, nothing contained herein shall be deemed to waive, or release AVS or
any other Person from compliance with any other provision of any Operative
Agreement (including without limitation any financial covenant contained in
Section 28.4 of the Lease). In addition, Agent and Owner Trustee do not waive
any Default or Event of Default resulting from any Standstill Event.
Furthermore, Agent and Owner Trustee do not waive the application of any
provision of the Lease, the Agency Agreement or any other Operative Agreement
with respect to any other event or matter.

                                        6

<PAGE>

         8. The parties agree that during the TROL Standstill Period, each shall
endeavor to negotiate in good faith a mutually agreeable amendment to the
affirmative and negative covenants, financial covenants, pricing and other terms
of the Participation Agreement, the Lease and the Operative Documents.

         9. AVS represents and warrants that, after giving effect to this
Standstill and to the Standstill, Waiver and Consent Letter dated February 18,
2000, as well as to the waivers and consents dated ________ __, 1999, August 12,
1999 and June 11, 1999, no Default or Event of Default has occurred and is
continuing as of the date hereof (other than the Standstill Events), and that no
default, prospective default or event of default exists under the Aviation Sales
Credit Agreement (other than the Standstill Events).

         10. Except as consented to as expressly set forth above, (a) the
execution and delivery of this Standstill shall in no way affect any right,
power or remedy of the Agent, Lenders, Holders or Owner Trustee with respect to
any Default or Event of Default or constitute a waiver of any provision of the
Participation Agreement, the Lease or any of the other Operative Agreements and
(b) the Participation Agreement, the Lease and the other Operative Agreements,
and all other documents, instructions, and agreements executed and/or delivered
pursuant thereto and in connection therewith shall remain in full force and
effect and are hereby ratified and confirmed.

         11. This Standstill may be executed in one or more counterparts, each
of which shall constitute one and the same document. Delivery of an executed
counterpart by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof.

         12. This Standstill shall be governed by and construed in accordance
with the laws of the State of Florida.

                              [continued next page]

                                        7

<PAGE>

         IN WITNESS WHEREOF, this Standstill, Waiver and Consent has been duly
executed and delivered as of the day and year first above written.

                                            AVIATION SALES COMPANY,
                                            as Lessee and as Construction Agent

                                            By:_________________________________
                                            Name:_______________________________
                                            Title:______________________________

BANK OF AMERICA, N.A., as
Administrative Agent, as a Lender and as a
Holder

By:____________________________________
Name:__________________________________
Title:_________________________________

FIRST SECURITY BANK, NATIONAL
ASSOCIATION, not individually, but
solely as Owner Trustee under the Aviation
Sales Trust 1998-1, and as Lessor

By:____________________________________
Name:__________________________________
Title:_________________________________

          [Signatures of the Guarantors on the following pages 9 & 10]

                                        8

<PAGE>

                  IN WITNESS WHEREOF, each of the Guarantors joins in and
consent to the foregoing Standstill Letter as of the date first above written.

                          AVIATION SALES COMPANY
                          AVIATION SALES MANUFACTURING COMPANY
                          AVIATION SALES PROPERTY MANAGEMENT
                          CORP.
                          AVIATION SALES FINANCE COMPANY
                          TIMCO ENGINE CENTER, INC.
                          AVS/KRATZ-WILDE MACHINE COMPANY
                          APEX MANUFACTURING, INC.
                          AEROCELL STRUCTURES, INC.
                          AVIATION SALES DISTRIBUTION SERVICES
                          COMPANY
                          AVIATION SALES BEARINGS COMPANY
                          AVIATION SALES LEASING COMPANY
                          WHITEHALL CORPORATION
                          TRIAD INTERNATIONAL MAINTENANCE
                          CORPORATION (successor in interest to Aero
                          Corporation and Aero Corp. Macon, Inc.)
                          AVIATION SALES MAINTENANCE, REPAIR &
                          OVERHAUL COMPANY
                          CARIBE AVIATION, INC.
                          AIRCRAFT INTERIOR DESIGN, INC.
                          AERO HUSHKIT CORPORATION
                          HYDROSCIENCE, INC.
                          TIMCO ENGINEERED SYSTEMS, INC.

                          By:___________________________________________________
                          Name:_________________________________________________
                          Title: ___________ of each of the foregoing Guarantors

                          AVSRE, L.P.
                          By: Aviation Sales Property Management Corp., its
                          general partner

                          By: _____________________________________
                          Name: ___________________________________
                          Title: ____________________________________

                                        9

<PAGE>

               [Continuation Signature Page to Standstill Letter]

                          AVIATION SPS I, INC.

                          By:_____________________________________
                          Name: ___________________________________
                          Title: ____________________________________

                                       10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00007-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00007-of-00352.parquet"}]]