Document:

EXHIBIT 10.17

                                December 1, 2000

Kellstrom Industries, Inc.
1100 International Parkway
Sunrise, Florida 33323

Gentlemen:

         Reference is made to that certain Lease dated December 1, 2000 (the
"Real Property Lease"), between Kellstrom Industries, Inc. ("Kellstrom") and
Aviation Sales Distribution Services Company ("ASDSC"), covering the real
property and improvements commonly known as 3702 Knapp Road, Pearland, Brazoria
County, Texas, and being more particularly described in the Real Property Lease
(the "Property").

         Prior to the execution of the Real Property Lease, Kellstrom, ASDSC and
Aviation Sales Company ("AVS"), the parent company of ASDSC, entered into that
certain Asset Purchase Agreement dated September 20, 2000 (as amended, the
"Asset Purchase Agreement"), pursuant to which ASDSC agreed to sell or lease to
Kellstrom substantially all of its assets, including the lease of the Property,
but specifically excluding ASDSC's aircraft spare parts inventory. In connection
with Kellstrom's lease of the Property and in addition to the agreements
contained in the Real Property Lease, both Kellstrom and ASDSC have agreed to
enter into this letter agreement (the "Letter Agreement") to memorialize certain
rights and options to extend the term of the Real Property Lease and to purchase
and sell the Property, all pursuant to the provisions contained herein.
Capitalized terms used herein but not otherwise defined herein shall have the
meanings given to them in the Real Property Lease or the Terms and Conditions
(as defined below).

         Accordingly, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Kellstrom and ASDSC hereby agree as
follows:

         1. Notwithstanding anything to the contrary contained in the Real
         Property Lease, Kellstrom and ASDSC shall have the following rights and
         options (each, an "Option," and collectively, the "Options"):

                  (a) From and after the expiration of the Term of the Real
                      Property Lease (including any extensions thereof pursuant
                      to the terms of the Real Property Lease or pursuant to
                      this Letter Agreement, as set forth below), and for a
                      period of sixty (60) days thereafter, ASDSC shall have the
                      right and option to require Kellstrom to purchase the
                      Property from ASDSC subject to and in accordance with this
                      Letter Agreement and the terms and conditions attached
                      hereto as Schedule 1 and incorporated herein by reference
                      (the "Terms and Conditions); and

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                  (b) At any time during the Term of the Real Property Lease and
                      for a period of sixty (60) days after the expiration or
                      earlier termination of the Term of the Real Property Lease
                      (including any extensions thereof pursuant to the terms of
                      the Real Property Lease or this Letter Agreement),
                      Kellstrom shall have the right and option to require ASDSC
                      to sell the Property subject to and in accordance with
                      this Letter Agreement and the Terms and Conditions.

         For purposes of computing the time in which either party may exercise
         the Option (but not for any other purpose under the Real Property
         Lease), the expiration of the Term of the Real Property Lease shall not
         be deemed to have occurred until both (i) the Termination Date has
         occurred in accordance with the Real Property Lease, as modified
         hereby, and (ii) the earlier of the Closing or twenty (20) days after
         either party hereto has notified the other party in accordance with
         Section 32(a) of the Real Property Lease that the Termination Date (as
         modified) has occurred.

         2. In the event that either party desires to exercise its Option, such
         party (the "Obligating Party") shall notify the other party (the
         "Obligated Party") in accordance with Section 12 of the Terms and
         Conditions in writing of its exercise of its Option (an "Exercise
         Notice"). Following such notice, the Obligated Party shall complete the
         purchase and sale of the Property (the "Closing") within thirty (30)
         days after the date of the Exercise Notice (the "Closing Date") at
         Kellstrom's offices, 3701 Flamingo Road, Miramar, Florida, or at such
         other location mutually acceptable to the parties. Notwithstanding the
         exercise of the Option, Kellstrom shall be obligated to continue making
         the applicable rental payments to ASDSC under the Real Property Lease
         until the Closing. In the event the Closing does not occur because of
         the action or inaction of Kellstrom, ASDSC shall be entitled to all
         remedies provided for in the Terms and Conditions, including, without
         limitation, the right of specific performance.

         3. ASDSC's Representations. ASDSC, as of the date hereof, represents
         and warrants to Kellstrom and agrees with Kellstrom as follows in
         connection with the Property:

                  (a) The Other Contracts and any matters identified in the
                      Title Commitment are the only contracts, agreements or
                      encumbrances affecting the Property;

                  (b) To the extent required, a certificate of occupancy has
                      been issued and is in effect for all improvements on the
                      Property. ASDSC has all licenses and permits required to
                      occupy and operate the Property. There are no: (i) to
                      ASDSC's knowledge, pending improvement liens to be made by
                      any governmental authority with respect to the Property,
                      (ii) violations of building codes and/or zoning ordinances
                      or other governmental regulations with respect to the
                      Property, (iii) pending or, to ASDSC's knowledge,
                      threatened lawsuits with respect to the Property, (iv)
                      pending or, to ASDSC's knowledge, threatened condemnation
                      proceedings with respect to the Property, or (v) defects
                      or inadequacies in the Property

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                      which would adversely affect the insurability of the
                      Property or increase the cost thereof. All notices of
                      violations of law or municipal ordinances, orders or
                      requirements noted in or issued at any time prior to
                      Closing by a governmental entity, agency or authority
                      having jurisdiction over or affecting the Property shall
                      be complied with or cured by ASDSC at ASDSC's expense
                      prior to Closing;

                  (c) To the best of ASDSC's knowledge, the Property has direct,
                      uninterrupted access for pedestrian and vehicular traffic
                      to a publicly dedicated road. ASDSC has no notice or
                      knowledge of any fact or condition which would result in
                      the termination or impairment of any vehicular or
                      pedestrian access to the Property. ASDSC has no notice or
                      knowledge of any fact or condition which would result in
                      the discontinuation of water, sewage, electric, telephone,
                      drainage or other utilities or services to the Property
                      which are necessary and required for the use and operation
                      of the Property. All impact fees have been completely and
                      fully paid for by ASDSC. There shall not be any additional
                      fees imposed as a result of ASDSC's conveyance of the
                      Property to Kellstrom and Kellstrom's subsequent use of
                      the Property;

                  (d) ASDSC has no notice or knowledge of any condition which
                      would interfere with Kellstrom's use and occupancy of the
                      Property as it is presently used;

                  (e) To ASDSC's knowledge, there are no latent defects in the
                      structural elements or roof of the improvements on the
                      Property and to the ASDSC's knowledge, all of the
                      structural elements and roof of the Property are in good
                      working order and condition and are not in need of repair
                      or replacement, ordinary wear and tear and routine
                      maintenance excepted;

                  (f) ASDSC is vested with good, indefeasible and insurable fee
                      simple title to the Realty, subject only to the Permitted
                      Exceptions as provided herein, and there are no
                      encroachments across the boundary lines of the Realty
                      except as shown on that certain survey of the Property
                      dated September 25, 2000, and prepared by C.L. Davis (the
                      "Survey"). ASDSC is vested with good and marketable title
                      to all fixtures, equipment, furnishings and items of
                      personal property referred to in Section 1 above free of
                      all financing and other liens or encumbrances;

                  (g) ASDSC is now in compliance with and shall comply prior to
                      Closing with all laws, rules, regulations, and ordinances
                      of all governmental authorities having jurisdiction over
                      the Property;

                  (h) Prior to Closing, no portion of the Property or any
                      interest therein shall be further (after the date hereof)
                      alienated, encumbered, conveyed or otherwise transferred;

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                  (i) This Letter Agreement and the consummation of the
                      transaction contemplated hereby do not and will not
                      contravene any provision of any existing law or
                      regulation, order, decree, writ, injunction or recorded
                      restriction;

                  (j) ASDSC is not a "foreign person" within the meaning of the
                      United States tax laws and to which reference is made in
                      Internal Revenue Code Section 1445(b)(2). At Closing,
                      ASDSC shall deliver to Kellstrom an affidavit to such
                      effect, and also stating ASDSC's employer identification
                      number and the State within the United States under which
                      ASDSC was organized and exists. ASDSC acknowledges and
                      agrees that Kellstrom shall be entitled to fully comply
                      with Internal Revenue code Section 1445 and all related
                      sections and regulations, as same may be modified and
                      amended from time to time, and ASDSC shall act in
                      accordance with all reasonable requirements of Kellstrom
                      to effect such full compliance by Kellstrom;

                  (k) To the extent in ASDSC's or ASDSC's agent's or
                      contractor's possession, ASDSC shall provide Kellstrom
                      with (i) all environmental audits, assessments or
                      occupational health studies undertaken during the prior
                      five years by any Governmental Authority, ASDSC or its
                      agents or representatives, or any third party, relating to
                      or affecting the Property; (ii) all ground water, soil,
                      air or asbestos monitoring undertaken by ASDSC or its
                      agents or representatives or undertaken by any
                      Governmental Authority or any third party, relating to or
                      affecting the Property; (iii) all written communications
                      between ASDSC, on the one hand, and any Governmental
                      Authority, on the other hand, arising under or relative to
                      Environmental Laws, including, but not limited to, all
                      notices issued to ASDSC and pertaining to the Property;
                      and (iv) all outstanding citations issued under OSHA, or
                      similar state or local statutes, laws, ordinances, codes,
                      rules, regulations, orders, rulings or decrees, relating
                      to or affecting the Property. For purposes hereof,
                      "Environmental Laws" means all federal, state, regional or
                      local statutes, laws rules, regulations, codes,
                      ordinances, orders or licenses, whether currently in
                      existence or hereafter enacted, any of which govern or
                      relate to pollution, protection of the environment, public
                      health and safety, air emissions, water discharges, waste
                      disposal, hazardous or toxic substances, solid or
                      hazardous waste, occupational, health and safety;

                  (l) ASDSC has no knowledge of any, and there is no basis for
                      any, pending or threatened litigation which would affect
                      any of the Property;

                  (m) There are no commissions, or compensation agreements of
                      any kind due in connection with the Property, and any
                      commissions or compensation by reason of agreements
                      entered into by ASDSC or ASDSC's predecessors in
                      connection with the Property shall be paid by ASDSC; and

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                  (n) The Property constitutes all of the real property owned
                      and used by ASDSC in connection with the operation of the
                      improvements constituting a portion of the Property, and
                      ASDSC has entered into no agreement giving the ASDSC the
                      right to acquire additional real property for use in
                      connection with the Property.

                  KELLSTROM ACKNOWLEDGES, UNDERSTANDS AND AGREES THAT KELLSTROM
                  WILL BE AND IS BEING GIVEN THE OPPORTUNITY TO MAKE FULL AND
                  COMPLETE INSPECTIONS OF THE PROPERTY TO KELLSTROM'S
                  SATISFACTION AS PROVIDED FOR HEREIN. KELLSTROM IS RELYING
                  SOLELY ON KELLSTROM'S OWN INVESTIGATIONS OF THE PROPERTY AND
                  NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY ASDSC, OR
                  ANY AGENT, REPRESENTATIVE OR OTHER PARTY ACTING ON BEHALF OF
                  ASDSC. EXCEPT AS TO THE REPRESENTATIONS AND WARRANTIES SET
                  FORTH HEREIN, IT IS THE UNDERSTANDING AND INTENTION OF THE
                  PARTIES THAT THE SALE OF THE PROPERTY FROM ASDSC TO KELLSTROM
                  IS MADE ON AN "AS IS, WHERE IS" BASIS AND WITH ALL FAULTS.
                  ACCORDINGLY, EXCEPT AS EXPRESSLY PROVIDED FOR HEREIN,
                  KELLSTROM ACKNOWLEDGES THAT ASDSC HAS NOT MADE, DOES NOT MAKE,
                  AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS,
                  WARRANTIES, PROMISES, AGREEMENTS OR GUARANTIES OF ANY KIND OR
                  CHARACTER WHATSOEVER, EXPRESS OR IMPLIED, ORAL OR WRITTEN,
                  RELATING TO, CONCERNING OR WITH RESPECT TO (I) THE VALUE,
                  NATURE, QUALITY OR CONDITION OF THE PROPERTY, (II) THE
                  COMPLIANCE OF OR BY THE PROPERTY WITH ANY LAWS, RULES,
                  REGULATIONS, STATUTES OR ORDINANCES OF ANY APPLICABLE
                  GOVERNMENTAL AUTHORITY OR BODY, (III) THE LIABILITY,
                  MERCHANTABILITY, MARKETABILITY, OR PROFITABILITY, SUITABILITY
                  OR FITNESS FOR A PARTICULAR USE OR PURPOSE OF THE PROPERTY, OR
                  (IV) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY.
                  SPECIFICALLY, KELLSTROM ACKNOWLEDGES THAT, EXCEPT AS OTHERWISE
                  EXPRESSLY SET OUT HEREIN AND THE ASSET PURCHASE AGREEMENT,
                  ASDSC HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY NEGATES AND
                  DISCLAIMS ANY REPRESENTATIONS OR WARRANTIES REGARDING
                  COMPLIANCE OF THE PROPERTY WITH ANY ENVIRONMENTAL PROTECTION
                  OR LAND USE LAWS, RULES OR REGULATIONS, ORDERS OR
                  REQUIREMENTS. KELLSTROM REPRESENTS TO ASDSC THAT KELLSTROM
                  SHALL RELY SOLELY UPON ITS OWN INVESTIGATIONS, INSPECTIONS AND
                  STUDIES OF THE PROPERTY, AND NOT ON ANY INFORMATION PROVIDED
                  OR TO BE PROVIDED BY ASDSC, ASDSC'S AGENTS OR CONTRACTORS OR
                  OTHERWISE GENERATED FROM THIRD PARTY SOURCES. ASDSC SHALL NOT
                  BE LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL

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                  OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION
                  PERTAINING TO THE PROPERTY OR THE OPERATION THEREOF FURNISHED
                  BY ANY PARTY PURPORTING TO ACT ON BEHALF OF ASDSC. THE
                  STATEMENTS AND DISCLAIMERS MADE UNDER THIS PARAGRAPH SHALL
                  EXPRESSLY SURVIVE THE CLOSING.

         4. The parties hereby agree as follows with respect to the extension of
         the Term of the Real Property Lease:

                  (a) The term of the Real Property Lease may be extended by
                      Kellstrom for up to six-one month periods in the event and
                      for so long as Kellstrom does not have sufficient
                      Availability (as defined in the Senior Loan Agreement,
                      hereafter defined) under the terms of the Senior Loan
                      Agreement to permit the purchase of the Property in
                      accordance with this Letter Agreement.

                  (b) For purposes hereof, the term "Senior Loan Agreement"
                      means that certain Amended and Restated Loan and Security
                      Agreement dated as of December 14, 1998 among Kellstrom
                      and certain subsidiaries of Kellstrom, as borrowers, and
                      Bank of America, N.A., certain other lenders and other
                      parties thereto, as amended through the date hereof.

                  (c) In the event Kellstrom desires to extend the Real Property
                      Lease beyond the initial twelve (12) month term contained
                      therein, Kellstrom may do so for one month at a time upon
                      providing notice to ASDSC at least five (5) days prior to
                      what would otherwise be the Termination Date, along with a
                      schedule certified by the Chief Financial Officer of
                      Kellstrom setting forth the Availability of Kellstrom
                      under the Senior Loan Agreement.

                  (d) During each month after the initial twelve (12) month Term
                      in which the Real Property Lease continues, Kellstrom
                      agrees to pay to ASDSC Rent for the Property in an amount
                      equal to $20,329.81 per month.

                  (e) If Kellstrom shall elect to purchase the Property from
                      ASDSC pursuant to this Letter Agreement, then,
                      notwithstanding the provisions of the Real Property Lease
                      to the contrary, following the expiration of the Term, the
                      Real Property Lease shall not be considered terminated and
                      all provisions of the Real Property Lease shall remain in
                      full force and effect until the Property has been
                      purchased pursuant to this Letter Agreement and all
                      payments due under the Real Property Lease (other than
                      Minimum Rental accruing after the date of such purchase)
                      have been received in full by ASDSC.

                  (f) Upon the occurrence of an event of default under the Real
                      Property Lease by Kellstrom, ASDSC may at its option
                      trigger the Option under this Letter Agreement.

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                  (g) The definition of the word "Term" contained in the Real
                      Property Lease shall take into consideration any of the
                      six-one month extensions that are utilized in accordance
                      with this Letter Agreement.

         Kellstrom may assign its rights under this Letter Agreement including
(i) Kellstrom's right to exercise its Option, and (ii) any exercised Option,
provided that no such assignment shall release Kellstrom from any of its
obligations hereunder. ASDSC may collaterally assign any or all of its rights
under this Letter Agreement to and for the benefit of (i) its senior revolving
credit lenders and their agent (collectively, "Senior Lenders"), and (ii) the
holder of the Supplemental Term Loan Note (as defined in the Senior Lenders'
Credit Agreement) and its agent; provided that no such assignment shall release
ASDSC from its obligations hereunder or create any obligation on the part of the
Senior Lenders or the holder of the Supplemental Term Loan Note in respect
hereof.

         Please confirm your acknowledgment, agreement and acceptance of the
foregoing by signing where indicated below.

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                                             AVIATION SALES DISTRIBUTION
                                             SERVICES COMPANY

                                             By: /s/ Benito Quevedo
                                                --------------------------------
                                                Benito Quevedo, President

Acknowledged, Agreed and Accepted:

KELLSTROM INDUSTRIES, INC.

By: /s/ Zivi R. Nedivi
   ----------------------------------------
   Zivi R. Nedivi
   President and Chief Executive Officer

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                                   SCHEDULE 1

                              TERMS AND CONDITIONS

         Following the exercise of any Option in accordance with the terms of
the Letter Agreement, the following Terms and Conditions shall, along with the
terms and conditions set forth in the Letter Agreement, control in connection
with the purchase and sale of the Property:

         1. Purchase and Sale. ASDSC will sell to Kellstrom and Kellstrom will
purchase from ASDSC those certain parcels of real property located in Pearland,
Brazoria County, Texas including the land and all buildings, structures and
other improvements situated thereon, as more particularly described in Exhibit
"A" attached hereto (the "Realty"), together with the following:

                  (a) All strips and gores of land lying adjacent to the Realty
                      and owned by ASDSC, together with all easements,
                      privileges, rights-of-way, riparian and other water
                      rights, lands underlying any adjacent streets or roads,
                      and appurtenances pertaining to or accruing to the benefit
                      of the Realty;

                  (b) All of ASDSC's right, title and interest in and to
                      furniture, fixtures, equipment, machinery and personal
                      property used in connection with the operation of the
                      Realty whether or not located on the Realty, including,
                      without limitation, all attachments, appliances, fittings,
                      fixtures and other equipment (the "Equipment");

                  (c) To the extent assignable, ASDSC's right, title and
                      interest in and to any and all plans, drawings,
                      renderings, applications to governmental authorities and
                      all other work product made or produced in connection with
                      the Realty or any future development thereof (the
                      "Plans");

                  (d) To the extent assignable, all licenses and contract rights
                      pertaining to the ownership and/or operation of the
                      Realty; and

                  (e) All other similar assets and properties (whether personal
                      or real property) owned by ASDSC which are used or held
                      for use in connection with the Realty.

The personal property items and fixtures referred to in Sections 1(a) through
1(e) inclusive are hereinafter sometimes collectively called the "Included
Personal Property". The Realty and the Included Personal Property are
hereinafter collectively called the "Property".

         2. Purchase Price. The purchase price (the "Purchase Price") to be paid
by Kellstrom to ASDSC for the Property is One Million Six Hundred Twenty Six
Thousand Three Hundred Eighty Five and No/100 Dollars ($1,626,385.00).

<PAGE>

         3. Terms of Payment. At Closing, Kellstrom shall pay the Purchase
Price, subject to adjustments as provided herein, to ASDSC by wire transfer.

         4. Title and Survey.

                  (a) Within fifteen (15) business days after the Exercise
                      Notice, ASDSC shall cause Commonwealth Land Title Company,
                      5847 San Felipe, Suite 4000, Houston, Texas, Attn: Paige
                      Dunlap (the "Title Company"), to deliver to Kellstrom, at
                      ASDSC's expense, a current owner's title insurance
                      commitment (the "Commitment") naming Kellstrom as the
                      intended insured, which shall show ASDSC to be vested with
                      and ASDSC shall convey to Kellstrom, good, marketable and
                      insurable fee simple title to the Realty, free and clear
                      of all liens and encumbrances, except the following (the
                      "Permitted Exceptions"):

                      (i)   Ad valorem real estate taxes for 2000 and subsequent
                            years, which at the time of Closing shall not yet be
                            due and payable;

                      (ii)  All matters shown on Schedule B, Item 9 of the
                            Commonwealth Land Title Insurance Company Commitment
                            with an effective date of October 8, 2000 and G.F.
                            No. 0084136 (the "October Commitment");

                      (iii) Matters set forth in this Letter Agreement;

                      (iv)  Matters to be satisfied by ASDSC at or before the
                            Closing of this transaction; and

                      (v)   Any other matters acceptable to Kellstrom.

                  (b) Within fifteen (15) business days after the Exercise
                      Notice, Kellstrom may obtain, at Kellstrom's expense, an
                      update of the Survey of the Realty (the "Updated Survey").

         The Commitment to be delivered by the Title Company to Kellstrom shall
show title to the Realty to be vested in ASDSC subject only to the Permitted
Exceptions. If Kellstrom finds title to be defective (but only to the extent not
disclosed in the October Commitment) or if the Updated Survey discloses any
encroachment in the Realty or that improvements located on the Realty encroach
on setback lines, easements, lands of others or violate any restrictions,
provisions of this Letter Agreement or applicable governmental regulations (and
provided that the Title Company cannot provide affirmative insurance as to such
items; and provided further that such items were not disclosed on the Survey,
Kellstrom shall, within ten (10) days after Kellstrom's receipt of the
Commitment and Updated Survey, notify ASDSC in writing specifying the defect(s)
and ASDSC shall cause such defects to be cured by the Closing Date or at
Closing, including the bringing of lawsuits if necessary. ASDSC agrees to remove
by

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payment, bonding, or otherwise any lien against the Property capable of
removal by the payment of money or bonding. ASDSC shall execute appropriate
documents at Closing as required for "gap coverage" by the title insurer to the
extent the title insurer can provide such gap coverage.

         5. Deliveries. Within fifteen (15) business days after the Exercise
Notice, ASDSC shall deliver to Kellstrom or Kellstrom's agents, or make
available to Kellstrom or Kellstrom's agents at the office of ASDSC, true,
correct and complete copies of the following (collectively the "Documentation"),
but only to the extent such Documentation is in ASDSC's or ASDSC's agent's
possession or control:

                  (a) All contracts, arrangements, license agreements,
                      concession, easements, service arrangements, management
                      agreements, brokerage agreements, and any and all other
                      contracts or agreements, whether written or oral, if any,
                      which are unrecorded in the public records of the Counties
                      in which the Realty are located, and which may affect the
                      Property, or the use thereof from and after the Closing
                      Date (the "Other Contracts");

                  (b) All certificates of occupancy, permits, licenses,
                      authorizations or approvals (other than those which are no
                      longer in effect) in the custody of ASDSC which were
                      issued by any governmental body or agency having
                      jurisdiction over the Property and/or by any utility
                      company or authority, and which in any way are related to
                      the ownership, operation and/or use of the Property (the
                      "Licenses");

                  (c) All bills issued for the years 1999 and 2000 for real
                      estate and/or personal property taxes and any subsequently
                      issued notices pertaining to such real estate taxes or
                      assessments or personal property taxes applicable to the
                      Property, and evidence that those which are due and
                      payable have been paid in full;

                  (d) All warranties and guarantees of every kind and nature
                      pertaining to the Property, or any portion thereof, if
                      any, including, but not limited to, the roof
                      warranty(ies), the heating, ventilating and air
                      conditioning warranty(ies), warranty(ies) relating to wood
                      boring infestation and the general contractor's
                      warranty(ies) (the "Warranties") which are in ASDSC's
                      possession or control; and

                  (e) Any environmental studies, reports and notices relating to
                      the environmental condition of the Property within ASDSC's
                      possession or control or within the possession or control
                      of any of ASDSC's employees or agents;

         6. Kellstrom's Conditions Precedent. Without limiting any of the rights
of Kellstrom elsewhere provided or herein, it is agreed that the obligations of
Kellstrom hereunder shall be subject to the fulfillment of each of the
conditions set forth below:

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<PAGE>

                  (a) The warranties and representations made by ASDSC herein
                      and in the Letter Agreement shall be true, correct and
                      complete in all respects from and after the date of the
                      Letter Agreement through the Closing Date.

                  (b) ASDSC shall have timely performed all covenants,
                      undertakings and obligations and complied with all
                      conditions required hereunder to be performed or complied
                      with by ASDSC.

                  (c) ASDSC shall have delivered and made available to Kellstrom
                      all closing documents required by Section 14 hereof.

         In the event any of the conditions precedent set forth in this
subsection are not fulfilled as of Closing, then Kellstrom shall have the option
of waiving the unfulfilled conditions or canceling the Option without any
further liability.

         7. ASDSC's Conditions Precedent. Without limiting any of the rights of
ASDSC elsewhere provided for herein, it is agreed that the obligations of ASDSC
hereunder shall be subject to Kellstrom having timely performed all covenants,
undertakings and obligations and complied with all conditions required hereunder
to be performed or complied with by Kellstrom.

         8. Default Provisions. In the event Kellstrom defaults under this
Letter Agreement, ASDSC shall have all remedies allowed to ASDSC under the Asset
Purchase Agreement. If ASDSC defaults, Kellstrom shall have all remedies allowed
to Kellstrom under the Asset Purchase Agreement, and shall also have the right
to seek specific performance of this Letter Agreement in connection with
enforcing its rights under the Asset Purchase Agreement.

         9. Closing Costs. Kellstrom shall pay for the costs of all of its tests
and inspections, the cost of any owner's policy of title insurance issued in
connection with Kellstrom's purchase of the Property, the Survey and the cost of
recording of the Deed. ASDSC shall pay the amounts necessary to clear the
Property of monetary liens and encumbrances that are not Permitted Exceptions.
Each party shall bear its own attorney's fees relating to this transaction. All
certified, confirmed, or ratified and pending liens for governmental
improvements shall be paid in full by ASDSC.

         10. Closing. The Closing shall take place as provided in the Letter
Agreement. In any and all events, Kellstrom and ASDSC shall have right to waive
in writing any one or every condition precedent or contingency set forth herein
and compel the conveyance of title.

         At Closing, ASDSC shall execute and deliver to Kellstrom the following
closing documents:

                  (a) a Special Warranty Deed (the "Deed"), fully executed and
                      acknowledged by ASDSC, conveying to Kellstrom good,
                      marketable and insurable fee simple title to the Property
                      free and clear of all liens,

                                      -4-
<PAGE>

                      encumbrances, restrictions covenants and other matters,
                      except the Permitted Exceptions;

                  (b) an appropriate bills paid affidavit;

                  (c) an affidavit of exclusive possession;

                  (d) a non-foreign affidavit;

                  (e) an appropriate bill of sale with warranty of title for all
                      personal property included in this transaction;

                  (f) appropriate assignments of all deposits, licenses,
                      easements, rights-of-way, contract rights, guarantees and
                      warranties, intangible rights and other property and
                      rights included in this transaction, together with all
                      original Warranties;

                  (g) proof of payment of all real estate and personal property
                      taxes assessed against the Property through 2000;

                  (h) all original Licenses and certificates, if any;

                  (i) Affidavits required by the Title Company in order to cure
                      any defect in or objection or exception to title, in such
                      form and containing such statement as may be required by
                      such Title Company to cure any defect and eliminate all
                      objections and exceptions except the Permitted Exceptions;

                  (j) At Closing, ASDSC shall deliver to Kellstrom all keys,
                      combinations for any other locks and all instruments of
                      access to the Property;

                  (k) Such other documents as are required by this Letter
                      Agreement to be delivered to Kellstrom at Closing.

         At Closing, ASDSC and Kellstrom shall each execute counterpart closing
statements.

         11. Brokerage. The parties each represent and warrant to the other that
no realtor has been involved in the transfer of the Property. If a claim for
brokerage commissions or finder's fees in connection with this transaction is
made by any broker, salesman or finder claiming to have dealt through or on
behalf of one of the parties hereto, such party shall indemnify, defend and hold
harmless the other party hereunder, and such other party's officers, directors,
agents and representatives, from all liabilities, damages, claims, costs, fees
and expenses whatsoever (including reasonable attorney's fees and court costs)
with respect to said claim for brokerage. The provisions of this Section shall
survive the Closing and any cancellation or termination of this Letter
Agreement.

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<PAGE>

         12. Notices. All notices, requests, demands, claims, and other
communications hereunder shall be in writing and shall be deemed given if
delivered by certified or registered mail (first class postage prepaid),
guaranteed overnight delivery or facsimile transmission if such transmission is
confirmed by delivery by certified or registered mail (first class postage
prepaid) or guaranteed overnight delivery, to the following addresses and
telecopy numbers (or to such other addresses or telecopy numbers which any party
shall designate in writing to the other parties):

         If to Kellstrom at:

                  Kellstrom Industries, Inc.
                  3701 Flamingo Road
                  Miramar, Florida 33027
                  Attn:    Fred von Husen
                  Telecopy:  (954) 858-2449

         with a copy to:

                  Akerman Senterfitt & Eidson, P.A.
                  Las Olas Centre II, Suite 1600
                  350 East Las Olas Boulevard
                  Ft. Lauderdale, FL 33301-2229
                  Attn: Bruce I. March, Esq.
                  Telecopy:  (954) 463-2224

         If to ASDSC at:

                  Aviation Sales Company
                  3601 Flamingo Road
                  Miramar, Florida  33027
                  Attn:  Dale Baker, Chief Executive Officer
                  Telecopy:  (954) 538-6775

         with a copy to:

                  Boyar & Miller
                  4265 San Felipe, Suite 1200
                  Houston, Texas 77027
                  Attn: J. William Boyar
                  Telecopy: (713) 552-1758

Notices shall be deemed given when accepted or refused if delivered by hand or
by overnight delivery service, or on the third (3rd) day following the date
mailed, if mailed in accordance with the foregoing.

                                      -6-
<PAGE>

         13. Risk of Loss. In the event of any damage to the Property by fire or
other casualty, Kellstrom can elect to either cancel this Letter Agreement or
close with all proceeds of insurance and all claims relating to the casualty
assigned to Kellstrom at Closing.

         14. Indemnification. The terms of the Asset Purchase Agreement shall
control with respect to the indemnity obligations of ASDSC and Kellstrom.

         15. Duty of Confidentiality.

                  (a) Kellstrom agrees to keep all information and/or reports
                      obtained from ASDSC, and the results of all of Kellstrom's
                      tests and inspections, confidential and will not disclose
                      any such information to any person or entity, other than
                      to its employees, lawyers, accountants, consultants,
                      partners, investors, lenders and financial advisors,
                      without obtaining the prior written consent of ASDSC.

                  (b) Kellstrom and ASDSC each agree that, in addition to the
                      foregoing, the confidentiality provisions of the Asset
                      Purchase Agreement shall control as to this Letter
                      Agreement.

         16. Miscellaneous.

                  (a) In construing this Letter Agreement, the singular shall be
                      held to include the plural, the plural shall include the
                      singular, the use of any gender shall include every other
                      and all genders, and captions and paragraph headings shall
                      be disregarded.

                  (b) All of the exhibits attached to this Letter Agreement are
                      by reference thereto incorporated in, and made a part of,
                      this Letter Agreement.

                  (c) ASDSC agrees that at any time and from time to time,
                      before and after the Closing, to execute and deliver such
                      further documents and do such further acts and things
                      Kellstrom may reasonably request in order to fully
                      effectuate the purposes of this Letter Agreement.

                  (d) This Letter Agreement may be executed in two or more
                      counterparts, each of which shall be deemed an original,
                      but all of which together shall constitute one and the
                      same instrument.

                  (e) Time shall be considered of the essence with respect to
                      all of the provisions contained in this Letter Agreement.

                                      -7-
<PAGE>

                  (f) This Letter Agreement shall be assignable by Kellstrom
                      provided that no assignment by Kellstrom shall release it
                      of any of its obligations hereunder.

                  (g) If the transfer of the Realty by ASDSC to Kellstrom is
                      subject to compliance with any municipal, county or state
                      regulations concerning the subdivision of lands, ASDSC
                      shall be responsible for complying with all such
                      applicable regulations and obtaining all required permits,
                      plats, waiver of plats or other approvals from the
                      applicable governmental agency prior to Closing.

                  (h) This Letter Agreement, the Real Property Lease and the
                      related Asset Purchase Agreement and all exhibits attached
                      hereto and thereto constitute the entire agreement between
                      the parties and supersede any prior oral or written
                      agreements between the parties with respect to the subject
                      matter hereof. This Letter Agreement (including all
                      exhibits and addenda attached hereto) may not be changed,
                      altered or modified except by an instrument in writing
                      executed by all parties. This Letter Agreement (including
                      all exhibits attached hereto) shall be binding upon the
                      parties and their respective successors and assigns.
                      Notwithstanding the foregoing, all representations,
                      warranties and indemnities contained in the Asset Purchase
                      Agreement which are applicable to the Property, shall
                      survive the Closing of this transaction and shall be
                      applicable to the Property to the extent set forth in the
                      Asset Purchase Agreement and to the extent they do not
                      conflict with the indemnities set forth herein.

                  (i) The terms, provisions and conditions of this Letter
                      Agreement shall be governed by and construed in accordance
                      with the laws of the State of Texas.

                  (j) The Texas Real Estate License Act requires that ASDSC
                      notify Kellstrom that Kellstrom should either (i) have an
                      attorney examine an abstract of title to the Property, or
                      (ii) obtain a title insurance policy covering the
                      Property. Notice to that effect is, therefore, hereby
                      given to and acknowledged by Kellstrom.

                  (k) KELLSTROM HEREBY WAIVES ITS RIGHTS UNDER THE DECEPTIVE
                      TRADE PRACTICES - CONSUMER PROTECTION ACT, SECTION 17.41
                      ET SEQ. OF THE TEXAS BUSINESS & COMMERCE CODE, A LAW THAT
                      GIVES CONSUMERS SPECIAL RIGHTS AND PROTECTIONS. AFTER
                      CONSULTATION WITH AN ATTORNEY OF KELLSTROM'S OWN
                      SELECTION, KELLSTROM VOLUNTARILY CONSENTS TO THIS WAIVER.

                                      -8-EXHIBIT 10.18

                           CONSENT AND AMENDMENT NO. 3

November 28, 2000

Aviation Sales Company
and Subsidiaries
3701 Flamingo Road
Miramar, Florida  33027
Attn:  Chief Financial Officer

         Re:      Fourth Amended and Restated Credit Agreement dated as of May
                  31, 2000, as amended (the "Credit Agreement")

Gentlemen:

         Reference is made to the Credit Agreement and all capitalized terms
used herein which are defined in the Credit Agreement shall have the meanings
herein as therein assigned.

         You have informed the Lenders under the Credit Agreement and Citicorp
USA, Inc., in its capacity as Agent under the Credit Agreement and as holder of
the Supplemental Term Loan Note, of the desire of Aviation Sales Company ("AVS")
and its wholly-owned Subsidiary, Aviation Sales Distribution Services Company
("Distribution") to sell substantially all of Distribution's assets in a series
of transactions which are intended to constitute a single transaction and, in
connection with which:

                                  Joint Venture

         (i) AVS and Kellstrom Industries, Inc. ("Kellstrom") will organize a
Delaware limited liability company to be known as KAV Inventory, LLC ("KAV") and
each will make an initial contribution in the amount of $500 to the capital of
KAV (such Investment by AVS being referred to as the "AVS/KAV Joint Venture
Capital Investment") in return for a 50% equity interest therein as more
particularly described in that certain Operating Agreement dated as of September
20, 2000, a copy of which is attached hereto as Exhibit A and made a part hereof
(the "Operating Agreement"),

         (ii) AVS and Kellstrom will agree to make, on a pari passu basis,
certain loans to KAV to pay certain fees and expenses of KAV, as more
particularly described in the Operating Agreement (such loans from AVS being
collectively referred to as the "AVS/KAV Joint Venture Loans"), and

         (iii) a Letter of Credit will be required to be issued under the Credit
Agreement in the face amount of $8,500,000 naming the agent for lenders to KAV
as beneficiary (the "KAV Letter of Credit") as part of the credit support
required for KAV to be able to obtain certain financing to facilitate its
acquisition of certain of the assets of Distribution as more particularly
described below.

AVS Consent and Amendment
<PAGE>

                               Asset Dispositions

         (i) Caribe Aviation, Inc. ("Caribe") will transfer title to the
Inventory identified on Schedule 6.14(a) to the "Inventory Purchase Agreement"
(as defined below), included as part of Exhibit B attached hereto and made a
part hereof, to Distribution and Aerocell Structures, Inc. ("Aerocell") will
transfer title to the Inventory identified on Schedule 6.14(b) to the Inventory
Purchase Agreement included as part of Exhibit B to Distribution, in each
instance to enable Distribution to include the same as part of the Inventory
described in clause (ii) below which is to be sold to KAV under the Inventory
Purchase Agreement (such transfers of Inventory by Caribe and Aerocell to
Distribution being collectively referred to as the "Caribe/Aerocell Inventory
Transfers") and Aviation Sales Leasing Company ("Leasing") will transfer title
to the aircraft engines identified on Exhibit B to Distribution to enable
Distribution to include the same as part of the Inventory described in clause
(ii) below which is to be sold to KAV under the Inventory Purchase Agreement
(such transfer of engines by Leasing to Distribution being referred to as the
"Leasing Engine Transfer"),

         (ii) Distribution will sell to KAV pursuant to the terms of that
certain Inventory Purchase Agreement dated as of September 20, 2000, as amended
by a letter agreements dated November 14, 2000, November 17, 2000 and November
28, 2000 (the "Inventory Purchase Agreement") Distribution's inventory,
including, without limitation, the inventory of aircraft engines, aircraft parts
and aircraft engine parts set forth on Schedule 2.1(a) to the Inventory Purchase
Agreement included as part of Exhibit C wherever located and in existence on the
"Closing Date" (as defined in the Inventory Purchase Agreement) and all data,
records and other documentation in any media or medium relating to such
inventory, as more particularly described in the Inventory Purchase Agreement
for a purchase price equal to 89% of the "Adjusted Book Value" of the "Purchased
Inventory", as more particularly described below,

         (iii) AVS will grant to KAV, pursuant to the terms of that certain
License Agreement to be executed and delivered on the "Closing Date" (as defined
in the Kellstrom Purchase Agreement) (the "License Agreement"), a limited right
to use the mark "Aviation Sales" for a limited time and in a limited manner
following such Closing Date,

         (iv) Distribution will (a) sell to Kellstrom, pursuant to the terms of
that certain Asset Purchase Agreement dated as of September 20, 2000, as amended
by a letter agreements dated November 14, 2000, November 17, 2000 and November
28, 2000 (the "Kellstrom Purchase Agreement") all of Distribution's business,
operations, properties and assets of every kind and description, tangible or
intangible (including, without limitation, the KAV Senior Subordinated Note A
referenced under Purchase Price and Payment Terms below), wherever located on
the "Closing Date" (as defined in the Kellstrom Purchase Agreement) other than
(1) those assets described on Exhibit D attached hereto and made a part hereof,
(2) the inventory being sold to KAV under the Inventory Purchase Agreement, and
(3) the equipment described on Exhibit E attached hereto and made a part hereof
which is the subject of the equipment lease described in clause (b) below (the
assets described in (1), (2) and (3) being referred to as the "Kellstrom Sale
Excluded Assets") for a purchase price equal to the book value of such assets on
such Closing Date as more particularly described below, (b) lease to Kellstrom,
pursuant to the terms of that certain Equipment Lease Agreement and a certain
letter agreement to be dated the "Closing Date" (such Equipment Lease Agreement
and letter agreement being collectively

AVS Consent and Amendment                                                     2
<PAGE>

referred to as the "Equipment Lease"), all of Distribution's equipment and (c)
lease to Kellstrom, pursuant to the terms of a certain Lease and a certain
letter agreement to be dated the "Closing Date" (such Lease and letter agreement
being collectively referred to as the "Kellstrom Real Property Lease"), certain
parcels of real property located in Pearland, Brazoria County, Texas, including
the land and all buildings, structures and other improvements situated thereon
and property and interests in property attendant thereto, as more particularly
described and defined as the "Leased Premises" in Section 1 of the Kellstrom
Real Property Lease (the Equipment Lease and Kellstrom Real Property Lease being
collectively referred to as the "Kellstrom Fixed Assets Leases"), and

         (v) AVS will sublease a portion of the real property located at
Miramar, Florida and the improvements thereon which are the subject of the TROL
Lease, as more particularly described as the "Leased Premises" in that certain
Lease between AVS, as landlord, and Kellstrom, as tenant, to be dated the
"Closing Date" (the "Miramar Sublease") to Kellstrom for an initial term of
approximately five (5) years and, in connection therewith, inter alia, (a) the
rental payments thereunder (or a portion thereof) may be paid directly by
Kellstrom to the the holder of the mortgage on such premises and (b) the letter
of credit support for the transactions under the TROL Documents will be reduced
to $9,000,000.

         The sales of assets provided for under the Kellstrom Purchase Agreement
and the Inventory Purchase Agreement are hereinafter collectively referred to as
the "Distribution Asset Sales". The leases of assets provided for under the
Kellstrom Fixed Asset Lease (including, without limitation, any purchase of the
subject leased assets on the terms provided therein) are hereinafter referred to
as the "Distribution Asset Lease". The sublease of such "Leased Premises" and
the assignment by AVS of the Miramar Sublease to First Security Bank, N.A., as
owner trustee, and to Bank of America, N.A., as agent for itself and for the
lenders and holders under the TROL Documents, are hereinafter referred to as the
"Miramar Transaction". The assets transferred as contemplated by the
Caribe/Aerocell Inventory Transfers, the Leasing Engine Transfer, and under the
terms of the Kellstrom Purchase Agreement and the Inventory Purchase Agreement
are hereinafter referred to collectively as the "Transferred Assets".

                        Purchase Price and Payment Terms

         The Caribe/Aerocell Inventory Transfers and Leasing Engine Transfer
will be reflected on the books and records of the respective parties to such
transfers and consideration therefor will be entered at book value.

         The purchase price and payment terms thereof for each of the
Distribution Asset Sales are as follows:

         (a) The purchase price under the Kellstrom Purchase Agreement is cash
and assumption of certain liabilities of Distribution and the cash portion
thereof is estimated to be approximately $21,800,000 (subject to adjustment
thereafter as provided in Section 2.6 of the Kellstrom Purchase Agreement) and
paid by wire transfer of immediately available funds on the Closing Date.

AVS Consent and Amendment                                                     3
<PAGE>

         (b) The purchase price under the Inventory Purchase Agreement is the
amount equal to 89% of the "Adjusted Book Value" (as defined in the Inventory
Purchase Agreement) of the "Purchased Inventory" (as defined in the Inventory
Purchase Agreement) as of the Closing Date. Such purchase price is to be
estimated two days prior to the Closing Date (subject to adjustment thereafter
as provided in Section 2.5 of the Inventory Purchase Agreement) and paid as
follows:

          o    the maximum amount which may be borrowed by KAV on the Closing
               Date under its "Senior Credit Facility" to purchase the Purchased
               Inventory (not to exceed 71% of the estimated purchase price and
               currently estimated to be approximately $103,600,000) (the "Cash
               Purchase Price") will be paid by wire transfer of immediately
               available funds on the Closing Date;

          o    two promissory notes (collectively, the "KAV Senior Subordinated
               Notes") each in an original principal amount equal to the lesser
               of (1) 28.5% of the difference between the Adjusted Book Value of
               the Purchased Inventory and the amount of the Cash Purchase Price
               (currently estimated to be approximately $13,700,000) and (2)
               $13,700,000 will be issued by KAV to Distribution, one of which
               (the "KAV Senior Subordinated Note A") will be included in the
               assets of Distribution sold to Kellstrom under the Kellstrom
               Purchase Agreement as noted above;

          o    a promissory note (the "KAV Subordinated Note") in an original
               principal amount (currently estimated to be $15,000,000) equal to
               the difference between (1) the "Estimated Purchase Price"
               (determined as and when referenced above) and (2) the sum of the
               Cash Purchase Price and the aggregate original principal amount
               of the KAV Senior Subordinated Notes will be issued by KAV to
               Distribution and be subject to possible increase in principal
               amount as and when provided in Section 2.5(e) of the Inventory
               Purchase Agreement;

          o    if required post-closing by the terms of the Inventory Purchase
               Agreement, promissory notes (the "KAV Senior Subordinated
               Adjustment Notes") in an amount to be determined in accordance
               with Section 2.5(e) of the Inventory Purchase Agreement will be
               issued by KAV to Distribution and Kellstrom.

The KAV Senior Subordinated Notes will be senior to the KAV Subordinated Note
and junior to the Senior Credit Facility and the KAV Senior Subordinated
Adjustment Notes. The KAV Subordinated Note will be junior to the KAV Senior
Subordinated Notes, the Senior Credit Facility and the KAV Senior Subordinated
Adjustment Notes. The KAV Senior Subordinated Adjustment Note will be senior to
the KAV Senior Subordinated Notes and junior to the Senior Credit Facility.

         The financial terms of the Kellstrom Fixed Assets Lease are as follows:

          o    The term of the Equipment Lease is 12 months from and after its
               effective date, with month-to-month extensions thereafter until
               the Equipment is

AVS Consent and Amendment                                                     4
<PAGE>

               returned to Distribution as and when provided in the Equipment
               Lease or purchased by Kellstrom as provided in the Equipment
               Lease.

          o    The monthly rental under the Equipment Lease for the initial term
               is one percent (1%) per annum of the net book value of the
               subject Equipment, which is $92,577.16.

          o    The Equipment Lease provides for (i) Distribution to be able to
               obligate Kellstrom to purchase the subject Equipment for a
               purchase price equal to the net book value of the Equipment on
               termination of the Equipment Lease or during a 60 day period
               thereafter and (ii) Kellstrom to be able to obligate Distribution
               to sell all or any part of the subject Equipment for a purchase
               price equal to the net book value of the applicable Equipment at
               any time during the 12 months from and after the Equipment Lease
               becomes effective.

          o    The term of the Kellstrom Real Property Lease is 12 months from
               and after its effective date, subject to extension for a period
               of up to six (6) months under certain circumstances.

          o    The monthly rental under the Kellstrom Real Property Lease is to
               be finally determined on the "Closing Date" and is estimated to
               be approximately $16,617.32 for the initial 12-month term.

          o    The Kellstrom Real Property Lease provides for (i) Distribution
               to be able to obligate Kellstrom to purchase the subject Leased
               Premises during a 60 day period after termination of the
               Kellstrom Real Property Lease for a purchase price equal to the
               net book value of such Leased Premises as of the commencement of
               the lease term and (ii) Kellstrom be able to obligate
               Distribution to sell the subject Leased Premises at any time
               during the lease term for a purchase price equal to the net book
               value of such Leased Premises as of the commencement of the lease
               term.

          In connection with the Miramar Transaction:

          o    Kellstrom will sublease the subject real property and
               improvements for a monthly "Minimum Rental" amount as described
               on Schedule B to the Miramar Sublease, a copy of which Schedule B
               is attached hereto as Exhibit F;

          o    AVS will assign the above-referenced Lease to First Security
               Bank, N.A., as owner trustee, and to Bank of America, N.A., as
               agent for itself and for the lenders and holders under the TROL
               Documents; and

          o    the Agent will be required to acknowledge that the rights of AVS
               as lessor under such Lease and payments due to the lessor
               thereunder do not constitute Collateral for the Obligations and
               Supplemental Term Loan Note.

AVS Consent and Amendment                                                     5
<PAGE>

                          Consent and Amendment Request

         AVS and its Subsidiaries which are Borrowers and Guarantors under the
Credit Agreement have requested that Citicorp USA, Inc., as holder of the
Supplemental Term Loan Note, and the Lenders consent to:

         (i) the AVS/KAV Joint Venture Investment, the AVS/KAV Joint Venture
Loans and the Investments resulting under promissory notes evidencing the
purchase price with respect to the Distribution Asset Sales;

         (ii) the Caribe/Aerocell Inventory Transfers, the Leasing Engine
Transfer, the Distribution Asset Sales, the Distribution Asset Lease, the
Miramar Transaction (including, without limitation, those terms of the Miramar
Transaction referenced under Purchase Price and Payment Terms above), and the
transaction described in the License Agreement on the terms and conditions set
forth herein and in the Kellstrom Purchase Agreement, the Kellstrom Fixed Asset
Lease, the Inventory Purchase Agreement, the License Agreement, the Miramar
Documents, respectively;

         (iii) application of the Net Cash Proceeds of Sale received by
Distribution with respect to the Distribution Asset Sales as follows:

          1.   that portion thereof which is equal to the amount of Availability
               under the Borrowing Base attributable to the subject assets
               included in the Distribution Asset Sales to be applied to payment
               of the Revolving Loans as a mandatory prepayment thereof;

          2.   $4,900,000 thereof to payment of the Revolving Loans as a
               mandatory prepayment thereof and reduction thereby of the
               Overadvance Amount to $5,000,000; and

          3.   100% of the amount of such Net Cash Proceeds of Sale remaining
               after the applications described in items 1 and 2 above to
               payment of the Revolving Loans as a mandatory prepayment thereof

and concurrent permanent reduction of the Revolving Credit Commitments to
$88,000,000,

         (iv) a reduction in the amount of the Interest Reserve required to be
reflected in determination of the Borrowing Base, from and after the date on
which Net Cash Proceeds of Sale with respect to the Distribution Asset Sales are
received by Distribution and applied as set forth in clause (iii) hereinabove,
from $2,000,000 to $500,000,

         (v) the issuance of the KAV Letter of Credit under the Credit Agreement
and the amendment of Irrevocable Letter of Credit No. NY-20517-30024577 naming
Bank of America, N.A., d/b/a NationsBank, N.A., successor to NationsBank,
National Association, as Administrative Agent, as beneficiary (the "TROL L/C")
to reduce the face amount thereof from $12,000,000 to $9,000,000 in connection
with the Miramar Transaction;

AVS Consent and Amendment                                                     6
<PAGE>

         (vi) dividends being paid in cash to AVS by the Borrowers in such
amounts as are required to effect the AVS/KAV Joint Venture Investment and the
AVS/KAV Joint Venture Loans; and

         (vii) the transfer of Pratt & Whitney engine, model JT8D-15, serial
number 695342 by Distribution to Timco Engine Center, Inc.

         AVS and its Subsidiaries which are Borrowers and Guarantors under the
Credit Agreement have requested that; provided that the Distribution Asset
Sales, Miramar Transaction and Kellstrom Fixed Assets Lease are consummated as
and when described herein, the Credit Agreement be amended to:

         (1) delete the provisions of Section 2.04 in their entirety and
substitute the following therefor:

         2.04. Reduction of Overadvance Amount. The Overadvance Amount shall be
         reduced (either in cash or by adjustment of the Borrowing Base) in
         installments on the dates and by the amounts set forth below which
         reductions shall be applied proportionately to each Lender's Pro Rata
         Share of the Overadvance Amount in accordance with its Pro Rata Share
         of such installment:

         Reduction Date            Reduction Amount
         --------------            ----------------

         June 30, 2000             $ 7,500,000
         September 30, 2000        $27,600,000
         November 30, 2000         $ 9,900,000

         Notwithstanding the foregoing:

         (a) in the event Net Cash Proceeds of Sale are received in connection
         with the sales of the "Transferred Assets" to Kellstrom Industries,
         Inc. and KAV Inventory, LLC as and when described in that certain
         Consent and Amendment dated November 28, 2000, the Overadvance Amount
         shall be required to be reduced by $4,900,000 on the date of
         Distribution's receipt of such Net Cash Proceeds of Sale as provided in
         such Consent and Amendment and the remaining balance thereof,
         $5,000,000, shall be reduced (either in cash or by adjustment of the
         Borrowing Base) in twenty (20) equal weekly installments of $250,000
         each during the period commencing on December 7, 2000 and continuing on
         each Thursday thereafter to and including April 19, 2001, which
         reductions shall be applied proportionately to each Lender's Pro Rata
         Share of the Overadvance Amount in accordance with its Pro Rata Share
         of such installment;

         (b) in the event Net Cash Proceeds of Sale are received in connection
         with the sale of Bearings, the Overadvance Amount shall be required to
         be reduced on the Bearings Sale Date by $3,000,000, which reduction
         shall be applied to the then remaining installments applicable under
         this Section 2.04 in the inverse order of maturity; and

AVS Consent and Amendment                                                     7
<PAGE>

         (c) the Overadvance Amount shall be required to be reduced on the date
         of any Borrower's or Guarantor's receipt of any tax refund by the
         amount of such tax refund, which reduction shall be applied to the then
         remaining installments applicable under this Section 2.04 in the
         inverse order of maturity.

         (2) delete the amount "$30,000,000" in Section 3.01(a)(ii) and
substitute therefor the amount "$31,000,000" and

         (3) conform the provisions of Section 4.01(b)(vi)(C)(2) to the
provisions of Section 2.04, as amended.

                   Consent, Amendment and Conditions Precedent

         Citicorp USA, Inc., as holder of the Supplemental Term Loan Note, and
the Lenders signatory hereto (representing at least the Super-Majority Lenders)
hereby grant their consent to:

         (A) the AVS/KAV Joint Venture Investment, the AVS/KAV Joint Venture
Loans, and the Investments resulting under promissory notes evidencing the
purchase price with respect to the Distribution Asset Sales;

         (B) the Caribe/Aerocell Asset Transfers, Leasing Engine Transfer,
Distribution Asset Sales, the Distribution Asset Lease, the Miramar Transaction
(including, without limitation, those terms of the Miramar Transaction
referenced under Purchase Price and Payment Terms above), and the transaction
described in the License Agreement on the terms and conditions described or
referenced herein, authorize and direct the Agent to execute and deliver a
Release Letter in the form attached hereto as Exhibit G and made a part hereof
and the other documents referenced therein to release the Liens granted to the
Agent for the benefit of the Holders against the Transferred Assets upon the
conditions referenced hereinbelow being satisfied in full, and acknowledge that
the Holders shall not have the benefit of any Lien against the Miramar Sublease;

         (C) the applications of Net Cash Proceeds of Sale received with respect
to the Distribution Asset Sales and reduction of the Revolving Credit
Commitments as set forth in clause (iii) under Consent Request above;

         (D) the reduction in the amount of the Interest Reserve required to be
reflected in determination of the Borrowing Base, from and after the date on
which Net Cash Proceeds of Sale with respect to the Distribution Asset Sales are
received by Distribution and applied as set forth in clause (iii) under Consent
Request above, from $2,000,000 to $500,000;

         (E) the issuance of the KAV Letter of Credit under the Credit Agreement
and the amendment of the TROL L/C to reduce the face amount thereof from
$12,000,000 to $9,000,000 in in connection with the Miramar Transaction;

AVS Consent and Amendment                                                     8
<PAGE>

         (F) dividends being paid in cash to AVS by the Borrowers in such
amounts as are required to effect the AVS/KAV Joint Venture Investment and the
AVS/KAV Joint Venture Loans; and

         (G) the transfer of Pratt & Whitney engine, model JT8D-15, serial
number 695342 by Distribution to Timco Engine Center, Inc.; provided that such
transfer shall be subject to the Lien against such engine granted by
Distribution for the benefit of the Holders, which Lien shall continue in
effect.

provided that :

         (1) the Transferred Assets not include any cash proceeds (including
checks remitted to any of the Borrowers or Guarantors and/or deposited in
depository accounts maintained by any of the Borrowers or Guarantors) of
Collateral and all proceeds of Inventory of Distribution, Caribe and Aerocell
sold prior to the date on which the Distribution Asset Sales are consummated are
deposited as and when required by the terms of the Credit Agreement;

         (2) Net Cash Proceeds of Sale in an amount of not less than
$120,400,000 payable with respect to sales of the Transferred Assets are
remitted on the Closing Date directly by the respective purchasers thereof to
the Agent for application on the outstanding Revolving Loans as set forth in
clause (iii) under Consent and Amendment No. 3 Request above;

         (3) all Net Cash Proceeds of Sale payable after the Closing Date with
respect to the Distribution Asset Lease are remitted, on the date paid, to the
Agent for application against the reduction of the Overadvance Amount in the
inverse order of maturity and then on the outstanding balance of the Revolving
Loans without reduction of the Revolving Credit Commitments;

         (4) proceeds of the sales of the Transferred Assets constituting
evidences of Indebtedness and Securities (other than the KAV Senior Subordinated
Note A delivered to Kellstrom as part of the Transferred Assets described in the
Kellstrom Purchase Agreement and at clause (c) under Purchase Price and Payment
Terms above) are duly pledged and endorsed and delivered to the Agent as part of
the Collateral on the "Closing Date" (as defined in the applicable Kellstrom
Purchase Agreement or Inventory Purchase Agreement) or, with respect to the KAV
Senior Subordinated Adjustment Notes, on the date executed and delivered to
Distribution;

         (5) with respect to the consent set forth in clause (F) above, the
aggregate amount of such cash dividends does not exceed $500,000;

         (6) Kellstrom and Distribution shall have executed and delivered to the
Agent an agreement in the form attached hereto as Exhibit H and made a part
hereof with respect to collections of Receivables on behalf of Distribution and
lease and purchase price payments made under the Kellstrom Fixed Assets Lease
and their deposit to Collection Accounts in accordance with the provisions of
Section 4.04 of the Credit Agreement and the Kellstrom Fixed Assets Lease shall
constitute part of the Collateral and Distribution shall execute and deliver to
the Agent such agreements with respect thereto as the Agent requires to evidence
the same;

AVS Consent and Amendment                                                     9
<PAGE>

         (7) fully executed agreements and documents as more particularly
described on Exhibit I attached hereto and made a part hereof are delivered to
the Agent and no amendment or modification thereof shall have been made since
the date of execution thereof except as included on Exhibit I or otherwise
consented to by the Agent;

         (8) the Borrowers shall have delivered to the Agent and Lenders a
Borrowing Base Certificate as of November 30, 2000, after giving effect to the
transactions referenced in and contemplated by this Consent and Amendment No. 3;

         (9) obligees under the TROL Documents shall have consented to the
aforesaid transactions and asset transfers on terms satisfactory to the Agent
and no other consents, approvals or waivers with respect to the agreements
entered into in connection with the above-described transactions and asset
transfers, which have not been obtained, shall be required under the terms of
the Borrowers' and Guarantors' respective material Contractual Obligations;

         (10) the above-described transfers of the Transferred Assets shall have
been consummated on or before November 30, 2000;

         (11) the Borrowers shall have reimbursed the Agent for the expenses
identified on Exhibit J attached hereto and made a part hereof; and

         (12) Citicorp USA, Inc., as holder of the Supplemental Term Loan Note,
Lenders constituting at least the Super-Majority Lenders, the Issuing Bank, the
Borrowers and Guarantors shall have executed and delivered this Consent and
Amendment No. 3 to the Agent on or before November 30, 2000.

         The Lenders representing at least the Super-Majority Lenders signatory
hereto and the Issuing Bank hereby agree that, (A) effective concurrently with
the aforesaid consents becoming effective:

         (I) the provisions of clause (iv) of the definition of "Borrowing Base"
is deleted in their entirety and the following substituted therefor:

         (iv) up to fifty percent (50%) of the face amount of earned, but
         unbilled for periods less than sixty-one (61) days, Receivables of
         TIMCO (net of maximum discounts, allowances, retainage and any other
         amounts deferred with respect thereto) in an amount not to exceed
         $15,000,000 and arising with respect to sales of Inventory other than
         ABX Kits and services performed, plus

         (II) the provisions of Section 2.04 of the Credit Agreement are deleted
in their entirety and the following substituted therefor:

         2.04. Reduction of Overadvance Amount. The Overadvance Amount shall be
         reduced (either in cash or by adjustment of the Borrowing Base) in
         installments on the dates and by the amounts set forth below which
         reductions shall be applied proportionately to each Lender's Pro Rata
         Share of the Overadvance Amount in accordance with its Pro Rata Share
         of such installment:

AVS Consent and Amendment                                                     10
<PAGE>

         Reduction Date            Reduction Amount
         --------------            ----------------

         June 30, 2000             $ 7,500,000
         September 30, 2000        $27,600,000
         November 30, 2000         $ 9,900,000

         Notwithstanding the foregoing:

         (a) in the event, Net Cash Proceeds of Sale are received in connection
         with the sales of assets to Kellstrom Industries, Inc. and KAV
         Inventory, LLC as and when described in that certain Consent and
         Amendment No. 3 dated November 28, 2000, the Overadvance Amount shall
         be required to be reduced by $4,900,000 on the date of Distribution's
         receipt of such Net Cash Proceeds of Sale as provided in such Consent
         and Amendment No. 3 and the remaining balance thereof, $5,000,000,
         shall be reduced (either in cash or by adjustment of the Borrowing
         Base) in twenty (20) equal weekly installments of $250,000 each during
         the period commencing on December 7, 2000 and continuing on each
         Thursday thereafter to and including April 19, 2001, which reductions
         shall be applied proportionately to each Lender's Pro Rata Share of the
         Overadvance Amount in accordance with its Pro Rata Share of such
         installment;

         (b) in the event Net Cash Proceeds of Sale are received in connection
         with the sale of Bearings, the Overadvance Amount shall be required to
         be reduced on the Bearings Sale Date by $3,000,000, which reduction
         shall be applied to the then remaining installments applicable under
         this Section 2.04 in the inverse order of maturity; and

         (c) the Overadvance Amount shall be required to be reduced on the date
         of any Borrower's or Guarantor's receipt of any tax refund by the
         amount of such tax refund, which reduction shall be applied to the then
         remaining installments applicable under this Section 2.04 in the
         inverse order of maturity.

         (III) Section 3.01(a)(ii) of the Credit Agreement shall be and is
hereby amended to delete the amount "$30,000,000" therein and substitute
therefor the amount "$31,000,000",

         (IV) Section 4.01(b)(vi)(C)(2) of the Credit Agreement is deleted in
its entirety and the following substituted therefor:

         (2) second to the Overadvance Amount as provided in Section 2.04,

and

         (V) Article VIII is amended to add the following as Section 8.15:

         8.15. Tax Refund Notice. Upon receipt by any Borrower or Guarantor of
         any tax refund, Parent and Distribution shall deliver or cause to be
         delivered to the Agent and Lenders written notice of such receipt, by
         which Person the same was

AVS Consent and Amendment                                                     11
<PAGE>

         received, and the amount of such tax refund and remit the same for
         application on the Obligations and in reduction of the Overadvance
         Amount as provided in Section 4.04 and Section 2.04.

and, (B) effective concurrently with the application of Net Cash Proceeds of
Sale received by Distribution with respect to the Distribution Asset Sales on
the closing date set forth in the Kellstrom Purchase Agreement and Inventory
Purchase Agreement, the Revolving Credit Commitments in effect as of such date
shall be reduced to $88,000,000 and the maximum amount of each Lender's
Revolving Credit Commitment shall be as set forth on Schedule 1.01.10 attached
hereto and made a part hereof, which Schedule shall be substituted, as of such
date, for Schedule 1.01.10 attached to the Credit Agreement. Except to the
extent hereinabove provided, the Revolving Credit Commitments shall continue to
be subject to all terms set forth in the Credit Agreement, including, without
limitation, those terms relating to their adjustment and termination.

         Except as consented to as expressly set forth above, (a) the execution
and delivery of this Consent and Amendment No. 3 shall in no way affect any
right, power or remedy of the (i) Agent, Lenders or Issuing Banks with respect
to any Event of Default or Potential Event of Default or constitute a waiver of
any provision of the Credit Agreement or any of the other Loan Documents or (ii)
Citicorp USA, Inc., as holder of the Supplemental Term Loan with respect to any
Event of Default or Potential Event of Default or constitute a waiver of any
provision of the Supplemental Term Loan, and (b) the Credit Agreement, the other
Loan Documents, the promissory note evidencing the Supplemental Term Loan, and,
in each instance, 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.

         This Consent and Amendment No. 3 may be executed in one or more
counterparts, each of which shall be deemed an original and all of which shall
constitute one and the same document. Delivery of an executed counterpart of
this Consent and Amendment No. 3 by facsimile transmission shall be effective as
delivery of a manually executed counterpart hereof.

         THIS CONSENT AND AMENDMENT NO. 3 SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                   Remainder of Page Intentionally Left Blank

AVS Consent and Amendment                                                     12
<PAGE>

         IN WITNESS WHEREOF, this Consent and Amendment No. 3 has been duly
executed and delivered as of the day and year first written above.

CITICORP USA, INC.                          HELLER FINANCIAL, INC.

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name:
  Title:                                      Title:

NATIONAL CITY COMMERCIAL                    SALOMON BROTHERS HOLDING
FINANCE, INC.                               COMPANY INC.

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name:
  Title:                                      Title:

FIRST UNION COMMERCIAL                      IBJ WHITEHALL BUSINESS CREDIT
CORPORATION                                 CORPORATION

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name:
  Title:                                      Title:

FLEET NATIONAL BANK                         FIRSTAR BANK, N.A.

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name:
  Title:                                      Title:

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

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name:
  Title:                                      Title:

                                            By
                                              ------------------------------
                                              Name:
                                              Title:

AVS Consent and Amendment                                       Signature Page 1
<PAGE>

AMSOUTH BANK                                CITIZENS BUSINESS CREDIT
                                            COMPANY

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name:
  Title:                                      Title:

PNC BANK NATIONAL ASSOCIATION

By
  ------------------------------
  Name:
  Title:

CITICORP USA, INC., as                      CITIBANK, N.A., as
holder of the Supplemental Term Loan        Issuing Bank

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name:
  Title:                                      Title:

AVS Consent and Amendment                                       Signature Page 2
<PAGE>

The terms and conditions of the aforesaid Consent and Amendment No. 3 are hereby
acknowledged and accepted by each of the Borrowers and Guarantors and each
Borrower and Guarantor hereby represents and warrants that no consents,
approvals or waivers with respect to the agreements entered into in connection
with the above-referenced transactions and asset transfers, which have not been
obtained, are required under the terms of the Borrowers' and Guarantors'
respective material Contractual Obligations. Aviation Sales Distribution
Services Company hereby covenants to deliver the KAV Senior Subordinated
Adjustment Note and any promissory note evidencing any increase in the KAV
Subordinated Note to the Agent as part of the Collateral immediately upon its
receipt of same in accordance with the terms of the Inventory Purchase
Agreement. The Borrowers and Guarantors hereby acknowledge and covenant that
proceeds of Receivables collected by Kellstrom on behalf of Distribution, and
the lease payments made under the Kellstrom Fixed Assets Lease, will be deemed
proceeds of Collateral and will be deposited in accordance with the provisions
of Section 4.04 of the Credit Agreement.

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:

AVS Consent and Amendment                                       Signature Page 3
<PAGE>

AIRCRAFT INTERIOR DESIGN, INC.              CARIBE AVIATION, INC.

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name
  Title:                                      Title:

AVIATION SALES COMPANY                      AVIATION SALES LEASING COMPANY

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name
  Title:                                      Title:

TIMCO ENGINE CENTER, INC.                   AVIATION SALES BEARINGS
                                            COMPANY

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name:
  Title:                                      Title:

AVIATION SALES MANUFACTURING                AVIATION SALES PROPERTY
COMPANY                                     MANAGEMENT CORP.

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name:
  Title:                                      Title:

AVIATION SALES FINANCE COMPANY              AERO HUSHKIT CORPORATION

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name:
  Title:                                      Title:

AVS Consent and Amendment                                       Signature Page 4
<PAGE>

TIMCO ENGINEERED SYSTEMS, INC.              HYDROSCIENCE, INC.

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name:
  Title:                                      Title:

AVIATION SALES MAINTENANCE, REPAIR          AVIATION SALES SPS I, INC.
& OVERHAUL COMPANY

By                                          By
  ------------------------------              ------------------------------
  Name:                                       Name:
  Title:                                      Title:

cc: Sidley & Austin
    Akerman, Senterfitt & Eidson, P.A.

AVS Consent and Amendment                                       Signature Page 5

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