Document:

EXHIBIT 10.3

                                LIMITED GUARANTY

         This LIMITED GUARANTY ("Guaranty") is made as of February 14, 2001, by
_______________________, an individual (the "Guarantor"), in favor of BANK OF
AMERICA, N.A., a national banking association (the "Lender"). Unless otherwise
defined herein, capitalized terms used herein shall have the meanings ascribed
to them in the "Term Note" (as defined below).

                                   WITNESSETH:

         WHEREAS, AVIATION SALES DISTRIBUTION SERVICES COMPANY, a Delaware
corporation, AEROCELL STRUCTURES, INC., an Arkansas corporation, AVS/M-2, INC.,
a Delaware corporation, WHITEHALL CORPORATION, a Delaware corporation, TRIAD
INTERNATIONAL MAINTENANCE CORPORATION, a Delaware corporation, AVS/M-3, INC., an
Arizona corporation, CARIBE AVIATION, INC., a Florida corporation, AIRCRAFT
INTERIOR DESIGN, INC., a Florida corporation, AVIATION SALES LEASING COMPANY, a
Delaware corporation, and TIMCO ENGINE CENTER, INC., a Delaware corporation
(each a "Borrower" and collectively, the "Borrowers"), have executed and
delivered to the Lender that certain Senior Subordinated Term Loan Note dated of
even date herewith (the "Term Note") and incurred certain indebtedness
thereunder for which the Borrowers are jointly and severally liable;

         WHEREAS, the Guarantor acknowledges that it will benefit from the loan
made to the Borrowers by the Lender under the Term Note;

         WHEREAS, as a condition to extending the loan evidenced by the Term
Note to the Borrowers, the Lender has required that the Guarantor execute and
deliver this Guaranty for the benefit of the Lender on the terms and conditions
hereinafter set forth;

         NOW, THEREFORE, in consideration of the premises set forth above, the
terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Guarantor hereby agrees as follows:

         1. Guaranty.

            (i) For value received and in consideration of any loan, advance or
financial accommodation of any kind whatsoever heretofore, now or hereafter
made, given or granted to the Borrowers by the Lender under the Term Note, the
Guarantor unconditionally guarantees the full and prompt payment when due,
whether at maturity or earlier, by reason of acceleration or otherwise, and at
all times thereafter, of twenty-five percent (25%) of all of the indebtedness
evidenced by the Term Note (such twenty-five percent (25%) portion being
referred to herein as the "Obligations") (including, without limitation,
interest accruing following the filing of a bankruptcy petition by or against
any Borrower, at the applicable rate specified in the Term Note, whether or not
such interest is allowed or allowable as a claim in bankruptcy, but excluding
any increase in the principal amount of the Term Note, whether by amendment or
otherwise, which is not consented to in writing by the Guarantor).

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            (ii) At any time after the occurrence and during the continuation of
an Event of Default, the Guarantor agrees to pay to the Lender, on demand and in
immediately available funds, the full amount of the Obligations (including any
portion thereof which is not yet due and payable). The Guarantor further agrees
to pay to the Lender and reimburse the Lender for, on demand and in immediately
available funds, (a) all losses (including, without limitation, lost profits),
fees, costs and expenses (including, without limitation, all court costs and
attorneys' and paralegals' fees, costs and expenses) paid or incurred by the
Lender in: (1) endeavoring to collect all or any part of the Obligations from,
or in prosecuting any action against, any Borrower or the Guarantor relating to
the Term Note, this Guaranty and any other documents securing this Guaranty
(collectively, the "Loan Documents"), or the transactions contemplated thereby,
(2) taking any action with respect to any security or collateral securing the
Obligations or the Guarantor's obligations hereunder and under the other Loan
Documents to which the Guarantor is a party; and (3) preserving, protecting or
defending the enforceability of, or enforcing, this Guaranty or its respective
rights hereunder (all such costs and expenses are hereinafter referred to as the
"Expenses") and (b) interest on (1) the Obligations which do not constitute
interest, (2) to the extent permitted by applicable law, the Obligations which
constitute interest, and (3) the Expenses, from the date of demand under this
Guaranty until paid in full at the per annum rate of interest described as the
default rate of interest in the Term Note (the "Interest Rate"). The Guarantor
hereby agrees that this Guaranty is an absolute guaranty of payment and is not a
guaranty of collection.

         2. Obligations Unconditional. The Guarantor hereby agrees that his
obligations under this Guaranty shall be unconditional, irrespective of:

                  (1) the validity, enforceability, avoidance or subordination
of any of the Obligations or any of the Loan Documents;

                  (2) the absence of any attempt by, or on behalf of, the Lender
to collect, or to take any other action to enforce, all or any part of the
Obligations whether from or against any Borrower, any other guarantor of the
Obligations or any other person;

                  (3) the election of any remedy by, or on behalf of, the Lender
with respect to all or any part of the Obligations;

                  (4) the waiver, consent, extension, forbearance or granting of
any indulgence by, or on behalf of, the Lender with respect to any provision of
any of the Loan Documents,

                  (5) the failure of the Lender or any person acting for the
benefit of the Lender to take any steps to perfect and maintain its security
interest in, or to preserve its rights to, any security or collateral for the
Obligations;

                  (6) the election by, or on behalf of, the Lender, in any
proceeding instituted under Chapter 11 of Title 11 of the United States Code (11
U.S.C. 101 et seq.) (the "Bankruptcy Code"), of the application of Section
1111(b)(2) of the Bankruptcy Code;

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                  (7) any borrowing or grant of a security interest by any
Borrower, as debtor-in-possession, under Section 364 of the Bankruptcy Code;

                  (8) the disallowance, under Section 502 of the Bankruptcy
Code, of all or any portion of the claims of the Lender for repayment of all or
any part of the Obligations or any Expenses; or

                  (9) any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of any Borrower or the Guarantor.

         3. Limitation of Obligation. Notwithstanding anything contained in this
Guaranty to the contrary, the obligations of the Guarantor hereunder shall in no
event exceed, at any time, ninety-five percent (95%) of the lowest amount
sufficient to (1) render the Guarantor "insolvent", as that term is defined in
Section 101(31) of the Bankruptcy Code, Section 4 of the Uniform Fraudulent
Conveyance Act ("UFCA"), Section 2 of the Uniform Fraudulent Transfer Act
("UFTX') or any other similar fraudulent conveyance or transfer law or statute,
(2) leave the Guarantor with "unreasonably small capital", as that term is
defined in Section 548(a)(2)(ii) of the Bankruptcy Code or used in Section 5 of
the UFCA or any other similar fraudulent conveyance or transfer law or statute,
(3) leave the Guarantor with "unreasonably small" assets "in relation to the
business or transaction" as provided in Section 4(a)(2)(i) of the UFTA, or (4)
leave the Guarantor unable to pay its debts as they mature within the meaning of
Section 548(a)(2)(iii) of the Bankruptcy Code, Section 6 of the UFCA, Section
4(a)(2)(ii) of the UFTA or any other similar fraudulent conveyance or transfer
law or statute.

         4. Ranking. The obligations evidenced by this Guaranty are secured by a
lien upon some or all of the assets of the Guarantor, and shall rank equal in
right of payment and on parity with all other indebtedness of the Guarantor.

         5. Enforcement, Application of Payment. Upon the occurrence and during
the continuation of an Event of Default, the Lender may proceed directly and at
once, without notice, against the Guarantor to obtain performance of and to
collect and recover the full amount, or any portion, of the Obligations, without
first proceeding against any Borrower or any other person, or against any
security or collateral for the Obligations. Subject only to the terms and
provisions of the Term Note, the Lender shall have the exclusive right to
determine the application of payments and credits, if any, from the Guarantor,
any Borrower or from any other person on account of the Obligations or any other
liability of the Guarantor to the Lender.

         6. Waivers.

            (i) The Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of receivership or
bankruptcy of any Borrower, protest or notice with respect to the Obligations,
all setoffs and counterclaims and all presentments, demands for performance,
notices of nonperformance, protests, notices of protest, notices of dishonor and
notices of acceptance of this Guaranty, the benefits of all statutes of
limitation, and all other demands whatsoever (and shall not require that the
same be made on any Borrower as a condition precedent to

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the Guarantor's obligations hereunder), and covenants that this Guaranty will
not be discharged, except by complete payment (in cash) and performance of the
Obligations and any other obligations contained herein. The Guarantor further
waives all notices of the existence, creation or incurrence of new or additional
indebtedness, arising either from additional loans extended to the Borrowers or
otherwise (provided that this Guaranty shall not apply to any increases in the
principal amount of the Term Note without the written consent of the Guarantor),
and also waives all notices that the principal amount, or any portion thereof,
and/or any interest on any instrument or document evidencing all or any part of
the Obligations is due, notices of any and all proceedings to collect from the
maker, any endorser or any other guarantor of all or any part of the
Obligations, or from any other person, and, to the extent permitted by law,
notices of exchange, sale, surrender or other handling of any security or
collateral given to or for the benefit of the Lender to secure payment of all or
any part of the Obligations.

             (ii) The Guarantor understands that if all or any part of the
Obligations is secured by real property, the Guarantor shall be liable for the
full amount of his liability under this Guaranty, notwithstanding foreclosure of
such real property by trustee sale or any other reason impairing the right of
the Guarantor or the Lender to proceed against any Borrower or any Borrower's
property. The Guarantor hereby waives, to the fullest extent permitted by law,
all rights and benefits under Section 2809 of the California Civil Code (or any
similar law in any other jurisdiction) purporting to reduce a guarantor's
obligation in proportion to the principal obligation. The Guarantor hereby
waives, to the fullest extent permitted by law, all rights and benefits under:
(a) Section 580a of the California Code of Civil Procedure (or any similar law
in any other jurisdiction) purporting to limit the amount of any deficiency
judgment which might be recoverable following the occurrence of a trustee's sale
under a deed of trust, (b) Section 580b of the California Code of Civil
Procedure (or any similar law in any other jurisdiction) providing that no
deficiency may be recovered on a real property purchase money obligation, (c)
Section 580d of the California Code of Civil Procedure (or any similar law in
any other jurisdiction) providing that no deficiency may be recovered on a note
secured by a deed of trust on real property in case such real property is sold
under the power of sale contained in such deed of trust, and (d) Section 726 of
the California Code of Civil Procedure (or any similar law in any other
jurisdiction) providing that only one form of action may be maintained to
enforce a mortgage on real property or indebtedness secured by a mortgage on
real property, if such sections, or any of them, have any application hereto or
any application to the Guarantor. In addition, the Guarantor hereby waives, to
the fullest extent permitted by law, without limiting the generality of the
foregoing or any other provision hereof, all rights and benefits under
California Civil Code Sections 2810, 2819, 2839, 2845, 2849, 2850, 2899, and
3433 (or any similar law in any other jurisdiction). The Guarantor waives all
rights and defenses arising out of an election of remedies by the Lender, even
though that election of remedies, such as a nonjudicial foreclosure with respect
to security for a guaranteed obligation, has destroyed the Guarantor's rights of
subrogation and reimbursement against the Borrowers by the operation of Section
580d of the California Code of Civil Procedure or otherwise.

             (iii) The Lender, either itself or acting through any of its agents
or representatives, is hereby authorized, without notice or demand and without
affecting the liability of the Guarantor hereunder, from time to time, (a) to
renew, extend, accelerate or otherwise change the time for payment of, or other
terms relating to, all or any part of the Obligations, or to otherwise

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modify, amend, change, restate or supplement the terms of any of the Loan
Documents; (b) to accept partial payments on all or any part of the Obligations,
(c) to take and hold security or collateral for the payment of all or any part
of the Obligations, this Guaranty, or any other guaranties of all or any part of
the Obligations or other liabilities of the Borrowers, (d) to exchange, enforce,
waive and release any such security or collateral, (e) to apply such security or
collateral and direct the order or manner of sale thereof as in their discretion
they may determine; (f) to settle, release, exchange, enforce, waive, compromise
or collect or otherwise liquidate all or any part of the Obligations, this
Guaranty, any other guaranty of all or any part of the Obligations, and any
security or collateral for the Obligations or for any such guaranty. Any of the
foregoing may be done in any manner, without affecting or impairing the
obligations of the Guarantor hereunder; provided, however, that this Guaranty
shall not apply to any increases in the principal amount of the Term Note
without the written consent of the Guarantor.

         7. Setoff. At any time after all or any part of the Obligations have
become due and payable (by acceleration or otherwise), the Lender may, without
notice to the Guarantor and regardless of the acceptance of any security or
collateral for the payment hereof, appropriate and apply toward the payment of
all or any part of the Obligations (i) any indebtedness due or to become due
from the Lender to the Guarantor, and (ii) any moneys, credits or other property
belonging to the Guarantor, at any time held by or coming into the possession of
the Lender or any of their respective affiliates.

         8. Financial Information. The Guarantor hereby assumes responsibility
for keeping itself informed of the financial condition of the Borrowers and any
and all endorsers and/or other guarantors of all or any part of the Obligations,
and of all other circumstances bearing upon the risk of nonpayment of the
Obligations, or any part thereof, that diligent inquiry would reveal, and the
Guarantor hereby agrees that the Lender shall have no duty to advise the
Guarantor of information known to the Lender regarding such condition or any
such circumstances. In the event the Lender, in its sole discretion, undertakes
at any time or from time to time to provide any such information to the
Guarantor, the Lender shall be under no obligation (i) to undertake any
investigation not a part of its regular business routine, (ii) to disclose any
information which the Lender, pursuant to accepted or reasonable commercial
finance or banking practices, wishes to maintain confidential or (iii) to make
any other or future disclosures of such information or any other information to
the Guarantor.

         9. No Marshalling, Reinstatement. The Guarantor consents and agrees
that neither the Lender nor any person acting for or on behalf of the Lender
shall be under any obligation to marshall any assets in favor of the Guarantor
or against or in payment of any or all of the Obligations. The Guarantor further
agrees that, to the extent that the Borrower, the Guarantor or any other
guarantor of all or any part of the Obligations makes a payment or payments to
the Lender, or the Lender receives any proceeds of any collateral for the
Obligations, which payment or payments or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside and/or
required to be repaid to any Borrower, the Guarantor, such other guarantor or
any other person, or their respective estates, trustees, receivers or any other
party, including, without limitation, the Guarantor, under any bankruptcy law,
state or federal law, common law or equitable cause, then, to the extent of such
payment or repayment, the part of the Obligations which has been paid, reduced
or satisfied by such

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amount shall be reinstated and continued in full force and effect as of the time
immediately preceding such initial payment, reduction or satisfaction.

         10. Subrogation. Until the Obligations have been paid in full, in cash,
(i) Guarantor shall not have any right of subrogation with respect to such
Obligations and (ii) Guarantor waives any right to enforce any remedy which the
Lender now has or may hereafter have against any Borrower, any endorser or any
guarantor of all or any part of the Obligations or any other person, and the
Guarantor waives any benefit of, and any right to participate in, any security
or collateral given to or for the benefit of the Lender to secure the payment or
performance of all or any part of the Obligations.

         11. Enforcement, Amendments, Waivers. No delay on the part of any of
the Lender in the exercise of any right or remedy arising under this Guaranty,
the Term Note, any of the other Loan Documents or otherwise with respect to all
or any part of the Obligations or any other guaranty of or security for all or
any part of the Obligations shall operate as a waiver thereof, and no single or
partial exercise by any such person of any such right or remedy shall preclude
any further exercise thereof. No modification or waiver of any of the provisions
of this Guaranty shall be binding upon the Lender, except as expressly set forth
in a writing duly signed and delivered by the party making such modification or
waiver. Failure by the Lender at any time or times hereafter to require strict
performance by any Borrower, the Guarantor, any other guarantor of all or any
part of the Obligations or any other person of any of the provisions,
warranties, terms and conditions contained in any of the Loan Documents now or
at any time or times hereafter executed by such persons and delivered to the
Lender shall not waive, affect or diminish any right of the Lender at any time
or times hereafter to demand strict performance thereof and such right shall not
be deemed to have been waived by any act or knowledge of the Lender, or its
agents, officers or employees, unless such waiver is contained in an instrument
in writing, directed and delivered to such Borrower or the Guarantor, as
applicable, specifying such waiver, and is signed by the party or parties
necessary to give such waiver under the Term Note. No waiver of any Event of
Default by the Lender shall operate as a waiver of any other Event of Default or
the same Event of Default on a future occasion, and no action by the Lender
permitted hereunder shall in any way affect or impair the Lender's rights and
remedies or the obligations of the Guarantor under this Guaranty. Any
determination by a court of competent jurisdiction of the amount of any
principal and/or interest owing by the Borrowers to the Lender shall be
conclusive and binding on the Guarantor irrespective of whether the Guarantor
was a party to the suit or action in which such determination was made.

         12. Effectiveness, Termination. This Guaranty shall become effective
upon its execution by the Guarantor. This Guaranty shall continue in full force
and effect and may not be terminated or otherwise revoked until the Obligations
shall have been fully paid (in cash) and discharged and the Term Note cancelled.
If, notwithstanding the foregoing, the Guarantor shall have any right under
applicable law to terminate or revoke this Guaranty, the Guarantor agrees that
such termination or revocation shall not be effective until a written notice of
such revocation or termination, specifically referring hereto, signed by the
Guarantor, is actually received by the Lender. Such notice shall not affect the
obligations of any other guarantor or any right or power of the Lender to
enforce rights against the Guarantor arising prior to receipt thereof by the
Lender. If the Lender grants loans or takes other action after the Guarantor
terminates or revokes this Guaranty as aforesaid, but before the

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Lender receives such written notice, the rights of the Lender with respect
thereto shall be the same as if such termination or revocation had not occurred.

         13. Successors and Assigns. This Guaranty shall be binding upon the
Guarantor and upon the heirs, personal representatives, successors and assigns
of the Guarantor and shall inure to the benefit of the Lender and its successors
and assigns; all references herein to any Borrower and the Guarantor shall be
deemed to include their respective successors and assigns and the Guarantor's
heirs and personal representatives. The successors and assigns of the Guarantor
and any Borrower shall include, without limitation, their respective receivers,
trustees and debtors-in-possession. All references to the singular shall be
deemed to include the plural where the context so requires.

         14. Governing Law. THIS GUARANTY SHALL BE INTERPRETED, AND THE RIGHTS
AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE LAWS OF
THE STATE OF TEXAS.

         15. Personal Jurisdiction.

             (i) THE GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF ANY TEXAS STATE
COURT OR FEDERAL COURT SITTING IN TEXAS AND ANY COURT HAVING JURISDICTION OVER
APPEALS OF MATTERS HEARD IN SUCH COURTS, IN ANY ACTION OR PROCEEDING ARISING OUT
OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED
AMONG THEM IN CONNECTION WITH THIS GUARANTY OR ANY OTHER LOAN DOCUMENT, WHETHER
ARISING IN CONTRACT, TORT, EQUITY OR OTHERWISE, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND
UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE COURT OR, TO THE EXTENT
PERMITTED BY LAW, IN SUCH FEDERAL COURT. THE GUARANTOR AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW. THE GUARANTOR WAIVES IN ALL DISPUTES ANY OBJECTION THAT IT MAY
HAVE TO THE LOCATION OF THE COURT CONSIDERING THE DISPUTE.

             (ii) THE GUARANTOR AGREES THAT THE LENDER SHALL HAVE THE RIGHT TO
PROCEED AGAINST THE GUARANTOR OR ITS PROPERTY IN A COURT IN ANY LOCATION TO
ENABLE THE AGENT TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE
OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER ENTERED IN FAVOR OF
THE LENDER. THE GUARANTOR AGREES THAT IT WILL NOT ASSERT ANY PERMISSIVE
COUNTERCLAIMS IN ANY PROCEEDING BROUGHT BY THE LENDER TO REALIZE ON THE
COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS OR TO ENFORCE A JUDGMENT OR
OTHER COURT ORDER IN FAVOR OF THE LENDER. THE GUARANTOR WAIVES ANY

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OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE COURT IN WHICH THE LENDER MAY
COMMENCE A PROCEEDING DESCRIBED IN THIS SECTION.

         16. Service of Process. THE GUARANTOR IRREVOCABLY CONSENTS TO THE
SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR
PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL,
POSTAGE PREPAID, TO THE PROCESS AGENT OR THE GUARANTOR'S NOTICE ADDRESS
SPECIFIED BELOW, SUCH SERVICE TO BECOME EFFECTIVE UPON RECEIPT. THE GUARANTOR
IRREVOCABLY WAIVES ANY OBJECTION (INCLUDING, WITHOUT LIMITATION, ANY OBJECTION
TO THE LAYING OF VENUE OR BASED UPON THE GROUNDS OF FORUM NON CONVENIENS) WHICH
IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING
WITH RESPECT TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT IN ANY JURISDICTION SET
FORTH ABOVE. NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF THE LENDER TO BRING
PROCEEDINGS AGAINST THE GUARANTOR IN THE COURTS OF ANY OTHER JURISDICTION.

         17. Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES
TRIAL BY JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY
OTHER LOAN DOCUMENT. ANY OF THE PARTIES HERETO MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS GUARANTY WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF
THE PARTIES HERETO TO THE WAIVER OF SUCH PARTY'S RIGHT TO TRIAL BY JURY.

         18. Advice of Counsel. The Guarantor confirms that it has obtained its
own counsel with respect to the terms of this Guaranty and represents and
warrants to the Lender that it has discussed this Guaranty with its counsel.

         19. Waiver of Bond. The Guarantor waives the posting of any bond
otherwise required of the Lender in connection with any judicial process or
proceeding to realize on any collateral or other security for the Obligations,
to enforce any judgment or other court order entered in favor of the Lender, or
to enforce by specific performance, temporary restraining order, or preliminary
or permanent injunction, this Guaranty or any other agreement or document
between the Lender and the Guarantor.

         20. Notices. Any notice or other communication herein required or
permitted to be given shall be in writing and may be personally served, sent by
facsimile transmission or courier service or United States certified mail and
shall be deemed to have been given when delivered in person or by courier
service, upon transmission thereof in the case of a facsimile transmission, or
four (4) Business Days after deposit in the United States mail with postage
prepaid and properly addressed. Notices to the Lender shall not be effective
until received by the Lender. For purposes hereof, the addresses of the parties
hereto shall be as set forth below, or at such other address as may be
designated by such party in a written notice to the Lender.

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if to the Guarantor, as follows:

         _______________________________
         _______________________________
         Houston, Texas_________________
         Attention:_____________________
         Telecopy:______________________

if to the Lender, as follows:

         Bank of America, N.A.
         Private Bank
         700 Louisiana, 6th Floor
         Houston, Texas  77002
         Attn: Samantha Kennedy
         Telecopy: 713-247-7150

         21. Severability. Wherever possible, each provision of this Guaranty
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Guaranty shall be prohibited by or
invalid under such law, such provision shall be ineffective to the extent of
such prohibition or invalidity without invalidating the remainder of such
provision or the remaining provisions of this Guaranty.

         22. Subordination. The Guarantor agrees that any and all claims of the
Guarantor against any Borrower, any endorser or any other guarantor of all or
any part of the Obligations, or against any of their respective properties,
shall be subordinate and subject in right of payment to the prior payment, in
full and in cash, of all Obligations (including, without limitation, interest
accruing following the filing of a bankruptcy petition by or against any
Borrower, at the Interest Rate, whether or not such interest is allowed as a
claim in bankruptcy). Notwithstanding any right of the Guarantor to ask, demand,
sue for, take or receive any payment from any Borrower, all rights, liens and
security interests of the Guarantor, whether now or hereafter arising and
howsoever existing, in any assets of any Borrower (whether constituting part of
the collateral or other security given to secure payment of all or any part of
the Obligations or otherwise) shall be and hereby are subordinated to the rights
of the Lender in those assets. The Guarantor shall not have any right to
possession of any such asset or to foreclose upon any such asset, whether by
judicial action or otherwise, unless and until all of the Obligations shall have
been fully paid and satisfied and all financing arrangements between the
Borrowers and the Lender have been terminated. If all or any part of the assets
of any Borrower, or the proceeds thereof, are subject to any distribution,
division or application to the creditors of any Borrower, whether partial or
complete, voluntary or involuntary, and whether by reason of liquidation,
bankruptcy, arrangement, receivership, assignment for the benefit of creditors
or any other action or proceeding, or if the business of any Borrower is
dissolved or if substantially all of the assets of the Borrowers are sold, then,
and in any such event, any payment or distribution of any kind or character,
either in cash, securities or other property, which shall be payable or
deliverable upon or with respect to any indebtedness of any Borrower to the
Guarantor ("Borrower Indebtedness") shall be paid or delivered directly to the
Lender for application on any of the

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Obligations, due or to become due, until the Obligations shall have first been
fully paid and satisfied in cash. The Guarantor irrevocably authorizes and
empowers the Lender to demand, sue for, collect and receive every such payment
or distribution and give acquittance therefor and to make and present for and on
behalf of the Guarantor such proofs of claim and take such other action, in the
Lender's own name or in the name of the Guarantor or otherwise, as the Lender
may deem necessary or advisable for the enforcement of this Guaranty. The Lender
may vote such proofs of claim in any such proceeding, receive and collect any
and all dividends or other payments or disbursements made thereon in whatever
form the same may be paid or issued and apply the same on account of any of the
Obligations. Should any payment, distribution, security or instrument or
proceeds thereof be received by the Guarantor upon or with respect to the
Borrower Indebtedness prior to the satisfaction of all of the Obligations and
the termination of all financing arrangements between the Borrower and the
Lender, the Guarantor shall receive and hold the same in trust, as trustee, for
the benefit of the Lender and shall forthwith deliver the same to the Lender, in
precisely the form received (except for the endorsement or assignment of the
Guarantor where necessary), for application to the Obligations, due or not due,
and, until so delivered, the same shall be held in trust by the Guarantor as the
property of the Lender. If the Guarantor fails to make any such endorsement or
assignment to the Lender, the Lender or any of its officers or employees are
hereby irrevocably authorized to make the same. The Guarantor agrees that until
the Obligations have been paid in full (in cash) and satisfied and all financing
arrangements between the Borrowers and the Lender have been terminated, the
Guarantor will not assign or transfer to any person any claim the Guarantor has
or may have against any Borrower.

         23. Counterparts. This Guaranty may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute one and the same
agreement.

         24. NO ORAL AGREEMENTS. A LOAN TRANSACTION IN WHICH THE AMOUNT INVOLVED
EXCEEDS $50,000 IN VALUE IS NOT ENFORCEABLE UNLESS THE AGREEMENT IS IN WRITING
AND SIGNED BY THE PARTY TO BE BOUND OR BY THAT PARTY'S AUTHORIZED
REPRESENTATIVE. THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE
DETERMINED SOLELY FROM WRITTEN AGREEMENTS, DOCUMENTS, AND INSTRUMENTS, AND ANY
PRIOR ORAL AGREEMENTS BETWEEN THE PARTIES ARE SUPERSEDED BY AND MERGED INTO SUCH
WRITINGS. THIS GUARANTY (AS AMENDED IN WRITING FROM TIME TO TIME) AND THE OTHER
WRITTEN LOAN DOCUMENTS EXECUTED BY THE BORROWERS, THE LENDER OR THE GUARANTOR
(OR BY THE BORROWERS OR THE GUARANTOR FOR THE BENEFIT OF THE LENDER) REPRESENT
THE FINAL AGREEMENT BETWEEN THE BORROWERS, THE GUARANTOR, AND THE LENDER AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS BY THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.

         25. ARBITRATION. ANY CONTROVERSY OR CLAIM BETWEEN THE GUARANTOR AND THE
LENDER INCLUDING BUT NOT LIMITED TO THOSE ARISING OUT OF OR RELATING TO THIS
GUARANTY OR ANY OTHER LOAN DOCUMENT, INCLUDING ANY CLAIM BASED ON OR ARISING
FROM AN ALLEGED TORT, SHALL BE DETERMINED BY BINDING ARBITRATION IN ACCORDANCE
WITH THE FEDERAL ARBITRATION ACT (OR IF NOT APPLICABLE, THE APPLICABLE STATE
LAW). THE RULES OF PRACTICE AND PROCEDURE FOR THE ARBITRATION OF COMMERCIAL
DISPUTES OF JUDICIAL ARBITRATION AND MEDIATION SERVICES, INC. (J.A.M.S.), AND
THE "SPECIAL RULES" SET FORTH BELOW. IN THE EVENT OF ANY INCONSISTENCY, THE
SPECIAL RULES

                                      -10-
<PAGE>

SHALL CONTROL. JUDGMENT UPON ANY ARBITRATION AWARD MAY BE ENTERED IN ANY COURT
HAVING JURISDICTION. THE GUARANTOR OR THE LENDER MAY BRING AN ACTION, INCLUDING
A SUMMARY OR EXPEDITED PROCEEDING, TO COMPEL ARBITRATION OF ANY CONTROVERSY OR
CLAIM TO WHICH THIS GUARANTY APPLIES IN ANY COURT HAVING JURISDICTION OVER SUCH
ACTION.

         (1) SPECIAL RULES. THE ARBITRATION SHALL BE CONDUCTED IN THE CITY OF
         THE BORROWER'S DOMICILE AT THE TIME OF THE EXECUTION OF THIS GUARANTY
         AND ADMINISTERED BY J.A.M.S. WHO WILL APPOINT AN ARBITRATOR; IF
         J.A.M.S. IS UNABLE OR LEGALLY PRECLUDED FROM ADMINISTERING THE
         ARBITRATION, THEN THE AMERICAN ARBITRATION ASSOCIATION WILL SERVE. ALL
         ARBITRATION HEARINGS WILL BE COMMENCED WITHIN 90 DAYS OF THE DEMAND FOR
         ARBITRATION; FURTHER, THE ARBITRATOR SHALL ONLY, UPON A SHOWING OF
         CAUSE, BE PERMITTED TO EXTEND THE COMMENCEMENT OF SUCH HEARING FOR UP
         TO AN ADDITIONAL 60 DAYS.

         (2) RESERVATION OF RIGHTS. NOTHING IN THIS SECTION 25 SHALL BE DEEMED
         TO (i) LIMIT THE APPLICABILITY OF ANY OTHERWISE APPLICABLE STATUTES OF
         LIMITATION OR REPOSE AND ANY WAIVERS CONTAINED IN THIS GUARANTY; OR
         (ii) BE A WAIVER BY THE LENDER OF THE PROTECTION AFFORDED TO IT BY 12
         U.S.C. SEC. 91 OR ANY SUBSTANTIALLY EQUIVALENT STATE LAW; OR (iii)
         LIMIT THE RIGHT OF THE LENDER (A) TO EXERCISE SELF HELP REMEDIES SUCH
         AS (BUT NOT LIMITED TO) SETOFF, OR (B) TO FORECLOSE AGAINST ANY REAL OR
         PERSONAL PROPERTY COLLATERAL; OR (C) TO OBTAIN FROM A COURT PROVISIONAL
         OR ANCILLARY REMEDIES SUCH AS (BUT NOT LIMITED TO) INJUNCTIVE RELIEF,
         WRIT OF POSSESSION OR THE APPOINTMENT OF A RECEIVER. THE LENDER MAY
         EXERCISE SUCH SELF HELP RIGHTS, FORECLOSE UPON SUCH PROPERTY, OR OBTAIN
         SUCH PROVISIONAL OR ANCILLARY REMEDIES BEFORE, DURING OR AFTER THE
         PENDENCY OF ANY ARBITRATION PROCEEDING BROUGHT PURSUANT TO THIS
         GUARANTY. NEITHER THE EXERCISE OF SELF HELP REMEDIES, NOR THE
         INSTITUTION OR MAINTENANCE OF AN ACTION FOR FORECLOSURE OR PROVISIONAL
         OR ANCILLARY REMEDIES, SHALL CONSTITUTE A WAIVER OF THE RIGHT OF ANY
         PARTY, INCLUDING THE CLAIMANT IN ANY SUCH ACTION, TO ARBITRATE THE
         MERITS OF THE CONTROVERSY OR CLAIM OCCASIONING RESORT TO SUCH REMEDIES.

         26. Headings. Section headings in this Guaranty are included for
convenience only and shall not constitute a part of this Guaranty for any other
purpose.

         IN WITNESS WHEREOF, this Guaranty has been duly executed by the
Guarantor as of the day and year first set forth above.

                                        GUARANTOR:

Acknowledged and agreed to as           ________________________________________
of February 14, 2001                    Name:___________________________________

BANK OF AMERICA, N.A.

By:
   -------------------------------------
   Samantha Kennedy
   Vice President

                                      -11-EXHIBIT 10.4

THIS WARRANT AND ANY SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE THEREOF HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED (THE "SECURITIES
ACT"), OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, PLEDGED,
TRANSFERRED, ASSIGNED, OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH SUCH
ACT AND THE RULES AND REGULATIONS THEREUNDER AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. AVIATION SALES COMPANY (THE "COMPANY"), WILL TRANSFER
SUCH WARRANT AND ANY SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE THEREOF ONLY
UPON RECEIPT OF AN OPINION OF COUNSEL OR OTHER EVIDENCE, IN FORM AND SUBSTANCE
SATISFACTORY TO THE COMPANY, THAT THE REGISTRATION PROVISIONS OF SUCH ACT HAVE
BEEN COMPLIED WITH OR THAT SUCH REGISTRATION IS NOT REQUIRED AND THAT SUCH
TRANSFER WILL NOT VIOLATE ANY APPLICABLE STATE SECURITIES LAWS.

                        COMMON STOCK WARRANT CERTIFICATE

                             AVIATION SALES COMPANY

                       For the Purchase of 250,000 Shares

                    of Common Stock of Aviation Sales Company

                               At $4.00 Per Share

                                February 15, 2001

         FOR VALUE RECEIVED, ____________________________, or its registered
assign(s) (the holder hereof at the applicable time being referred to herein as
the "Holder"), is hereby granted the right to purchase from AVIATION SALES
COMPANY, a Delaware corporation (the "Company"), two-hundred and fifty thousand
(250,000) shares (the "Warrant Shares," as adjusted from time to time in
accordance with Section 2 hereof) of the Company's Common Stock, par value $.001
per share (the "Common Stock"), at a purchase price of four dollars ($4.00) per
share (as adjusted from time to time in accordance with Section 2 hereof, the
"Exercise Price"), exercisable in whole or in part at any time and from time to
time, from February 15, 2001 until 5:00 p.m. on February 14, 2006 (the "Exercise
Period"), on the terms and conditions set forth in this Warrant (this
"Warrant").

         1. Exercise

         1.1. Exercise of Warrant. This Warrant may be exercised, in whole or in
part, at any time or from time to time during the Exercise Period, by (i)
surrendering this Warrant Certificate, with the form of exercise notice attached
hereto as Exhibit A duly executed by the Holder, to the Company at its principal
office, and (ii) making payment to the Company of the aggregate Exercise Price
for the applicable Warrant Shares in cash, by certified check, bank check or
wire transfer to an account designated by the Company. Upon any partial exercise
of this Warrant, the

<PAGE>

Company shall promptly issue to the Holder for the Holder's surrendered Warrant
Certificate a replacement Warrant Certificate identical in all respects to this
Warrant Certificate, except that the number of Warrant Shares shall be reduced
accordingly.

         1.2. Issuance of Warrant Shares. The Warrant Shares purchased shall be
issued as of the close of business on the date on which all actions required to
be taken by the Holder and all payments required to be received by the Company,
pursuant to Section 1.1, shall have been so taken and received. Certificates for
the Warrant Shares so purchased shall be delivered, to the extent possible, in
such denomination or denominations as the Holder shall reasonably request and
shall be registered in the name of the Holder or such other name or names as
shall be designated by the Holder, and shall be delivered to the Holder or such
other person to as soon as practicable after this Warrant is surrendered and the
Exercise Price is received, but in any event within 5 business days thereafter.

         1.3. Legend. The certificates representing the Warrant Shares shall
bear the following legend unless and until the Company shall have received a
no-action letter from the Securities and Exchange Commission, an opinion of
counsel, or other evidence, in form and substance reasonably satisfactory to the
Company, that such legend is not required in order to ensure compliance with the
Securities Act:

         THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED
         OR OTHERWISE DISPOSED OF BY THE HOLDER EXCEPT PURSUANT TO AN EFFECTIVE
         REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OF 1933, AS
         AMENDED, AND IN COMPLIANCE WITH APPLICABLE SECURITIES LAWS OF ANY
         COUNTRY AND/OR STATE WITH RESPECT THERETO, OR IN ACCORDANCE WITH AN
         OPINION OF COUNSEL OR OTHER EVIDENCE IN FORM AND SUBSTANCE SATISFACTORY
         TO THE ISSUER THAT AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

         2. Adjustments to Warrant.

         The number of Warrant Shares for which this Warrant is exercisable and
the Exercise Price shall be subject to adjustment from time to time as set forth
below.

         2.1. Stock Dividends, Subdivisions and Combinations. If the Company
shall, at any time or from time to time: (a) make (or fix a record date for the
holders of shares of its Common Stock entitled to receive) a dividend payable
in, or other distribution of, additional shares of Common Stock, (b) subdivide
its outstanding shares of Common Stock into a larger number of shares of Common
Stock, or (c) combine its outstanding shares of Common Stock into a smaller
number of shares of Common Stock, then (i) the number of Warrant Shares issuable
upon the exercise of this Warrant immediately prior to the occurrence of any
such event shall be adjusted so that the Holder of this Warrant upon exercise on
or after that date shall be entitled to receive the aggregate number of Warrant
Shares that the Holder of this Warrant would have owned and been entitled to
receive as a result of such event had this Warrant been exercised immediately
prior thereto, and (ii) the Exercise Price in effect immediately prior to such
event shall be

                                       2
<PAGE>

adjusted by multiplying such Exercise Price by a fraction, the numerator of
which is the aggregate number of Warrant Shares purchasable upon exercise of
this Warrant immediately prior to such event and the denominator of which is the
aggregate number of Warrant Shares purchasable upon exercise of this Warrant
immediately thereafter.

         2.2. Dividends and Distributions Other than in Common Stock or Cash. If
the Company shall, at any time or from time to time, make (or fix a record date
for the holders of shares of its Common Stock entitled to receive) a dividend or
other distribution payable in securities or assets of the Company or in the
securities of any subsidiary of the Company (other than shares of Common Stock
or cash), then lawful and adequate provision shall be made so that the Holder of
this Warrant shall be entitled to receive upon exercise of this Warrant, for the
aggregate Exercise Price in effect prior thereto, in addition to the number of
Warrant Shares immediately theretofore issuable upon exercise of this Warrant,
the kind and number of securities or assets of the Company or securities of any
subsidiary of the Company that the Holder would have owned and been entitled to
receive had this Warrant been exercised immediately prior to that date.

         2.3. Cash Dividends and Distributions. If the Company shall, at any
time or from time to time, make (or fix a record date for the holders of shares
of its Common Stock entitled to receive) a dividend payable in, or other
distribution of, cash, then the number of Warrant Shares issuable upon the
exercise of this Warrant, for the aggregate Exercise Price in effect prior
thereto, immediately prior to the occurrence of any such event shall be
increased by: (i) the amount of the dividend the Holder of this Warrant would
have received had the Holder exercised its Warrant immediately prior to the
record date or occurrence of such event, divided by (ii) the average price of
the Company's Common Stock for the five consecutive trading days on the New York
Stock Exchange ("NYSE") immediately preceding the record date (the "Fair
Value").

         2.4. Reorganizations, Mergers, Consolidations or Sales of Assets. If
any of the following transactions (each, a "Special Transaction") shall become
effective: (a) a capital reorganization, whether by reclassification, exchange,
substitution or otherwise (other than a stock or cash dividend, subdivision,
combination or other distribution provided for elsewhere in this Section 2), (b)
a consolidation or merger of the Company with another entity, or (c) a sale or
conveyance of all or substantially all of the Company's assets; then the Holder
of this Warrant shall thereafter have the right to purchase and receive upon
exercise of this Warrant, in lieu of the Warrant Shares immediately theretofore
issuable upon exercise of this Warrant, for the aggregate Exercise Price in
effect immediately prior to such consummation, such shares of stock, other
securities, cash or other assets as may be issued or payable in and pursuant to
the terms of such Special Transaction to the holders of shares of Common Stock
for which this Warrant could have been exercised immediately prior to such
Special Transaction. In case of any such reorganization, reclassification,
merger, consolidation or disposition of assets, the successor or acquiring
corporation (if other than the Company) shall expressly assume the due and
punctual observance and performance of each and every covenant and condition of
this Warrant to be performed and observed by the Company and all the obligations
and liabilities hereunder, subject to such modifications as may be reasonably
deemed appropriate (as determined by resolution of the Board of Directors of the
Company) in order to provide for adjustments of any shares of the common stock
of such successor or acquiring corporation for which this Warrant thus becomes

                                       3
<PAGE>

exercisable, which modifications shall be as equivalent as practicable to the
adjustments provided for in this Section 2.4. The foregoing provisions of this
Section 2.4 shall similarly apply to successive reorganizations,
reclassifications, mergers, consolidations or dispositions of assets.

         2.5. Notice. In the event that:

              (a) the Company shall fix a record date for the holders of shares
of its Common Stock for the purpose of entitling them to receive any dividend or
other distribution of shares of Common Stock or other securities of the Company;
or

              (b) the Company shall enter into any agreement or adopt any plan
for a capital reorganization of the Company, the consolidation or merger of the
Company with or into another entity, or the sale or conveyance of all or
substantially all of the assets of the Company to another entity; or

              (c) the Company shall adopt any plan for or otherwise shall become
subject to any voluntary or involuntary dissolution, liquidation or winding up
of the Company, or

              (d) the Company shall propose to take any other action that would
require an adjustment pursuant to Sections 2.1 through 2.4, then, and in each
such case, the Company shall mail or cause to be mailed to the Holder of this
Warrant a notice stating, as the case may be: (i) the date on which a record is
to be fixed for the purpose of such dividend or distribution, and stating the
amount and character of such dividend or distribution, or (ii) the date on which
such reorganization, consolidation, merger, conveyance, dissolution, liquidation
or winding up or other action is to become effective, and the time, if any, to
be fixed, as to which the holders of record of Common Stock shall be entitled to
exchange their shares of Common Stock for securities or other property
deliverable upon such reorganization, consolidation, merger, conveyance,
dissolution, liquidation or winding up or other action. Such notice shall be
mailed at least 10 days prior to the date therein specified and this Warrant may
be exercised prior to said date during the Exercise Period, although the failure
to provide or to timely provide such notice shall not affect the Company's right
to conclude such transaction.

         2.6. Fractional Interests. The Company shall not be required to issue
fractions of shares of Common Stock upon the exercise of this Warrant. If any
fraction of a share of Common Stock would be issuable upon the exercise of this
Warrant, the Company shall, in lieu of such issuance, purchase such fraction for
an amount in cash equal to the current value of such fraction, computed on the
basis of the Fair Value.

         2.7. Effect of Abandonment of Plan to Make Distribution. If the Company
shall fix a record date for the holders of its Common Stock for the purpose of
entitling them to receive a dividend or distribution and shall, thereafter and
before the distribution to shareholders thereof, abandon its plan to pay or
deliver such dividend or distribution, then thereafter no adjustment shall be
required by reason of the taking of such record date and any such adjustment
previously made in respect thereof shall be rescinded and annulled.

                                       4
<PAGE>

         2.8. Certificate as to Adjustments. In the event of an adjustment in
the number of Warrant Shares or the Exercise Price, the Company will deliver to
the Holder a certificate reflecting such adjustment in accordance with the terms
of this Warrant.

         2.9. No Other Adjustments Required. In case any event shall occur as to
which Sections 2.1 through 2.4 are not strictly applicable but as to which the
failure to make any adjustment would not fairly protect the repurchase rights
represented by this Warrant in accordance with the essential intent and
principles hereof then, in each such case, there shall be made such appropriate
adjustment, if any, on a basis consistent with the essential intent and
principles established herein, as shall be necessary to preserve the purchase
rights represented by the Warrant.

         2.10. Certain Limitations. Notwithstanding anything herein to the
contrary, the Company agrees not to enter into any transaction that, by reason
of any adjustment hereunder, would cause the Exercise Price to be less than the
par value (if any) per share of the Common Stock unless the Company first
reduces the par value of the Common Stock to be less than the Exercise Price
that would result from such transaction.

         2.11. Reservation and Authorization of Common Stock, Registration with
or Approval of Any Governmental Authority. From and after the date hereof, the
Company shall at all times reserve and keep available for issuance upon the
exercise of the Warrant such number of its authorized but unissued shares of
Common Stock, free from preemptive rights, as will be sufficient to permit the
exercise in full of the Warrant. All shares of Common Stock issuable pursuant to
the terms hereof, when issued upon exercise of this Warrant with payment
therefor in accordance with the terms hereof, shall be duly and validly issued
and fully paid and nonassessable, not subject to preemptive rights and shall be
free and clear of any mortgage, pledge, deed of trust, lien, charge, encumbrance
or security interest of any kind.

         Before taking any action that would result in an adjustment in the
number of shares of Common Stock for which this Warrant is exercisable, the
Company shall obtain all such authorizations or exemptions thereof, or consents
thereto, as may be necessary from any governmental authority.

         If any shares of Common Stock required to be reserved for issuance upon
exercise of this Warrant require registration or qualification with any
governmental authority under any federal or state law before such shares may be
so issued, the Company will in good faith and as expeditiously as possible and
at its expense endeavor to cause such shares to be duly registered.

                                       5
<PAGE>

         3. Rights of the Holder.

         3.1. No Rights as Shareholder. The Holder shall not, solely by virtue
of this Warrant and prior to the issuance of the Warrant Shares upon due
exercise hereof, be entitled to any rights of a shareholder in the Company.

         4. Transfer or Loss of Warrant.

         4.1. Transfer. Subject to compliance with federal and state securities
laws, the Holder may sell, assign, transfer or otherwise dispose of all or any
portion of this Warrant and the holders of the Warrant Shares acquired upon any
exercise hereof may sell, assign, transfer or otherwise dispose of all or any
portion of such Warrant Shares at any time and from time to time. Upon the sale,
assignment, transfer or other disposition of all or any portion of this Warrant,
the Holder shall deliver to the Company a written notice of such in the form
attached hereto as Exhibit B duly executed by Holder which includes the identity
and address of any purchaser, assignor or transferee.

         4.2. Loss. Upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and (in the case of loss, theft or destruction) of reasonably
satisfactory indemnification or bond, and upon surrender and cancellation of
this Warrant, if mutilated, the Company shall execute and deliver a new Warrant
of like tenor and date.

         5. Registration Rights.

         5.1. Registration. The Company shall, not later than December 31, 2001,
file a Registration Statement under the Securities Act registering all of the
Warrant Shares to the extent required to permit the disposition of the Warrant
Shares so registered, and shall use its best efforts to cause such Registration
Statement to become effective as soon as possible thereafter. The Company shall
cause the Registration Statement registering the Warrant Shares to remain
effective until the later of one year after the Warrant Shares have been issued
or the expiration date of this Warrant.

         5.2. Incidental Registration. If the Company at any time proposes to
file on its behalf and/or on behalf of any of its security holders (the
"demanding security holders") a Registration Statement under the Securities Act
on any form (other than a Registration Statement on Form S-4 or S-8 or any
successor form for securities to be offered in a transaction of the type
referred to in Rule 145 under the Securities Act or to employees of the Company
pursuant to any employee benefit plan, respectively) for the general
registration of securities to be sold for cash with respect to the Common Stock
or any other class of equity security (as defined in Section 3(a)(11) of the
Exchange Act) of the Company, it will give written notice to the Holder and the
holders of Warrant Shares at least 15 days before the initial filing with the
Securities and Exchange Commission (the "Commission") of such Registration
Statement, which notice shall set forth the intended method of disposition of
the securities proposed to be registered by the

                                       6
<PAGE>

Company. The notice shall offer to include in such filing the aggregate number
of Warrant Shares, and the number of shares of Common Stock for which this
Warrant is exercisable, as the holders of such Warrant Shares and/or the Holder
may request.

         Notwithstanding the foregoing, no piggyback registration rights shall
be available if a shelf registration statement with respect to the Warrant
Shares is then in effect.

         The Holder and the holders of Warrant Shares shall advise the Company
in writing within 15 days after the date of receipt of such offer from the
Company, setting forth the amount of Warrant Shares for which registration is
requested. The Company shall thereupon include in such filing the number of
Warrant Shares for which registration is so requested, subject to the next
sentence, and shall use its best efforts to effect registration under the
Securities Act of such shares. If the managing underwriter of a proposed public
offering shall advise the Company in writing that, in its opinion, the
distribution of the Warrant Shares requested to be included in the registration
concurrently with the securities being registered by the Company or such
demanding security holder would materially and adversely affect the distribution
of such securities by the Company or such demanding security holder, then all
selling security holders (including any demanding security holder who initially
requested such registration), shall reduce the amount of securities each
intended to distribute through such offering on a pro rata basis. Except as
otherwise provided in Section 5.4, all expenses of such registration shall be
borne by the Company.

         5.3. Registration Procedure. If the Company is required by the
provisions of this Section 5 to effect the registration of any of its securities
under the Securities Act, the Company will, as expeditiously as possible:

              (a) prepare and file with the Commission a Registration Statement
with respect to such securities and use its best efforts to cause such
Registration Statement to become and remain effective for a period of time
required for the disposition of such securities by the holders thereof, but,
except as set forth in Section 5. 1, not to exceed 180 days,

              (b) prepare and file with the Commission such amendments and
supplements to such Registration Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective and
to comply with the provisions of the Securities Act with respect to the sale or
other disposition of all securities covered by such Registration Statement until
the earlier of such time as all of such securities have been disposed of in a
public offering or the expiration of such Registration Statement as permitted
under paragraph (a) above;

              (c) furnish to the holders of such securities such number of
copies of a summary prospectus or other prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act, and such
other documents, as such holders may reasonably request;

              (d) use its best efforts to register or qualify the securities
covered by such Registration Statement under such other securities or blue sky
laws of such jurisdictions within

                                       7
<PAGE>

the United States as the holders of such securities shall request (provided,
however, that the Company shall not be obligated to qualify as a foreign
corporation to do business under the laws of any jurisdiction in which it is not
then qualified or to file any general consent to service or process), and do
such other reasonable acts and things as may be required of it to enable such
holders to consummate the disposition in such jurisdiction of the securities
covered by such Registration Statement;

              (e) furnish, at the request of the holders of such securities, on
the date that the Warrant Shares are delivered to the underwriters for sale
pursuant to such registration or, if such Warrant Shares are not being sold
through underwriters, on the date that the Registration Statement with respect
to such Warrant Shares becomes effective, (1) an opinion, dated such date, of
the independent counsel representing the Company for the purposes of such
registration, addressed to the underwriters, if any, and if the Warrant Shares
are not being sold through underwriters, then to such holders, in customary form
and covering matters of the type customarily covered in such legal opinions, and
(2) a comfort letter dated such date, from the independent certified public
accountants of the Company, addressed to the underwriters, if any, and if the
Warrant Shares not being sold through underwriters, then to such holders and, if
such accountants refuse to deliver such letter to such holders, then to the
Company in a customary form and covering matters of the type customarily covered
by such comfort letters as the underwriters or such holders shall reasonably
request;

              (f) enter into customary agreements (including an underwriting
agreement in customary form) and take such other actions as are reasonably
required in order to expedite or facilitate the disposition of such securities;
and

              (g) otherwise use its best efforts to comply with all applicable
rules and regulations of the Commission, and make available to its security
holders, as soon as reasonably practicable, but not later than 18 months after
the effective date of the Registration Statement, an earnings statement covering
a period of at least 12 months beginning after the effective date of such
Registration Statement, which earnings statements shall satisfy the provisions
of Section 11 (a) of the Securities Act.

         It shall be a condition precedent to the obligation of the Company to
take any action pursuant to this Section 5 in respect of the securities which
are to be registered at the request of the holders of such securities that such
holders shall furnish to the Company such information regarding the securities
held by such holders and the intended method of disposition thereof as the
Company shall reasonably request and as shall be required in connection with the
action taken by the Company.

         5.4. Expenses. All expenses incurred in complying with Section 5,
including, without limitation, all registration and filing fees (including all
expenses incident to filing with the National Association of Securities
Dealers), printing expenses, fees and disbursements of counsel for the Company,
expenses of any special audits incident to or required by any such registration
and expenses of complying with the securities or blue sky laws of any
jurisdictions pursuant to Section 5.3(d), shall be paid by the Company, except
that the Company shall not be liable for any fees, discounts or commissions to
any underwriter in respect of the Warrant Shares

                                       8
<PAGE>

sold by each such holder or for the expenses of Holder's counsel in connection
with such registration.

         5.5. Indemnification and Contribution.

              (a) In the event of any registration of any of the Warrant Shares
under the Securities Act pursuant to this Section 5, the Company shall indemnify
and hold harmless the holders of Warrant Shares, each such holder's directors
and officers, and each other person (including each underwriter) who
participated in the offering of such Warrant Shares and each other person, if
any, who controls each such holder or such participating person within the
meaning of the Securities Act, against any losses, claims, damages or
liabilities, joint or several, to which the holder or any such director or
officer or participating person or controlling person may become subject under
the Securities Act or any other statute or at common law, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon (i) any alleged untrue statement of any material fact
contained, on the effective date thereof, in any Registration Statement under
which such securities were registered under the Securities Act, any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereto, or (ii) any alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading,
and shall reimburse the holder or such director, officer or participating person
or controlling person for any legal or any other expenses reasonably incurred by
the holder or such director, officer or participating person or controlling
person in connection with investigating or defending any such loss, claim,
damage, liability or action; provided, however, that the Company shall not be
liable in any such case to the extent that any such loss, claim, damage or
liability arises out of or is based upon any alleged untrue statement or alleged
omission made in such Registration Statement, preliminary prospectus, prospectus
or amendment or supplement in reliance upon and in conformity with written
information furnished to the Company by such holder specifically for use
therein. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of any such holder of Warrant Shares or such
director, officer or participating person or controlling person, and shall
survive the transfer of such securities by such holder.

              (b) Each holder of Warrant Shares, by acceptance thereof, agrees
to indemnify and hold harmless the Company, its directors and officers and each
other person, if any, who controls the Company within the meaning of the
Securities Act against any losses, claims, damages or liabilities, joint or
several, to which the Company or any such director or officer or any such person
may become subject under the Securities Act or any other statute or at common
law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon information in writing provided
to the Company by such holder specifically for use in the following documents
and contained, on the effective date thereof, in any Registration Statement
under which securities were registered under the Securities Act at the request
of such holder, any preliminary prospectus or final prospectus contained
therein, or any amendment or supplement thereto, but in an amount not to exceed
the net proceeds received by such holder in the offering.

                                       9
<PAGE>

              (c) If the indemnification provided for in this Section 5 from the
indemnifying party is unavailable to an indemnified party hereunder in respect
of any losses, claims, damages, liabilities or expenses referred to therein,
then the indemnifying party, in lieu of indemnifying such indemnified party,
shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party and indemnified parties in connection with the actions which resulted in
such losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations. The relative fault of such indemnifying party
and indemnified parties shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact, has
been made by, or relates to information supplied by, such indemnifying party or
indemnified parties, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such action. The amount paid
or payable by a party as a result of the losses, claims, damages, liabilities
and expenses referred to above shall be deemed to include any legal or other
fees or expenses reasonably incurred by such party in connection with any
investigation or proceeding. The liability of any holder of Warrant Shares
hereunder shall not exceed the net proceeds received by it in the offering.

The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 5.5(c) were determined by pro rata allocation or by any
other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11 (f) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.

         5.6. Termination of Restrictions. Notwithstanding any other provision
of this Warrant, the legend requirements of Section 1.3 shall terminate as to
any particular Warrant Shares when and so long as such security shall have been
effectively registered under the Securities Act and disposed of pursuant
thereto. Whenever the restrictions imposed by Section 1.3 shall terminate as to
any Warrant Shares, as hereinabove provided, the holder thereof shall be
entitled to receive from the Company, at the Company's expense, a new
certificate representing such Warrant Shares not bearing the restrictive legend
set forth in Section 1.3.

         5.7. Listing on Securities Exchange. So long as any shares of Common
Stock shall be listed on a securities exchange, the Company shall, at its
expense, list thereon, maintain and, when necessary, increase such listing of,
all shares of Common Stock issued or, to the extent permissible under the
applicable securities exchange rules, issuable upon the exercise of this Warrant
 .

         5.8. Selection of Managing Underwriters. The managing underwriter or
underwriters for any offering of Warrant Shares to be registered pursuant to
Section 5.1 shall be selected by the holders of Warrant Shares and shall be
reasonably acceptable to the Company.

                                       10
<PAGE>

         6. Miscellaneous.

         6.1. Notices. All notices, requests, demands, claims and other
communications hereunder shall be in writing and shall be delivered by certified
or registered mail (first class postage pre-paid), or guaranteed overnight
delivery, to the Company at the address at which its principal business office
is located from time to time, and to the Holder at the address set forth in the
books of the Company.

         6.2. Expenses; Taxes. All shares of Common Stock issuable upon the
exercise of this Warrant pursuant to the terms hereof shall be validly issued,
fully paid and nonassessable, issued without violation of any preemptive rights
and free and clear of any mortgage, pledge, deed of trust, lien, charge,
encumbrance or security interest of any kind. The Company shall pay all expenses
in connection with, and all taxes and other governmental charges that may be
imposed with respect to any such stock issuance or transfer or the transactions
contemplated hereby (other than taxes on the income of any holder of Warrant
Shares or any such holder's franchise taxes), unless such tax or charge is
imposed by applicable law upon such holder, in which case such taxes or charges
shall be paid by such holder, and the Company shall reimburse such holder
therefor on an after-tax basis; provided that such holder shall be required to
pay any taxes with respect to any transfer of such Common Stock to any other
person.

         6.3. No Impairment; Regulatory Compliance Cooperation; Further
Assurances. The Company shall not by any action, including, without limitation,
amending its charter documents or through any reorganization, reclassification,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other similar voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of the Holder against impairment. Without limiting the generality of the
foregoing, the Company will (a) not increase the par value (if any) of any
shares of Common Stock issuable upon the exercise of this Warrant above the
amount payable therefor upon such exercise immediately prior to such increase in
par value, (b) take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable
shares of Common Stock upon the exercise of this Warrant, free and clear of any
mortgage, pledge, deed of trust, lien, charge, encumbrance or security interest
of any kind, (c) obtain all such authorizations, exemptions or consents from any
governmental authority as may be necessary to enable the Company to perform its
obligations under this Warrant and (d) execute, acknowledge and deliver such
other further agreements, instruments and documents and do such further acts as
may be necessary to preserve and maintain in full force and effect this Warrant
and the rights of the Holder herein and to carry out more effectively the
provisions and purposes of this Warrant.

         6.4. Amendment; Waiver. This Warrant Certificate may not be modified,
amended, supplemented, canceled or discharged, except by written instrument
executed by the Company and the Holder. No failure to exercise, and no delay in
exercising, any right, power or privilege under this Warrant Certificate shall
operate as a waiver, nor shall any single or partial exercise of any right,
power or privilege hereunder preclude the exercise of any other right, power or

                                       11
<PAGE>

privilege. No waiver of any breach of any provision shall be deemed to be a
waiver of any preceding or succeeding breach of the same or any other provision,
nor shall any waiver be implied from any course of dealing between the Company
and the Holder. No extension of time for performance of any obligations or other
acts hereunder or under any other agreement shall be deemed to be an extension
of the time for performance of any other obligations or any other acts.

         6.5. Headings. The headings contained in this Warrant Certificate are
for convenience of reference only and are not to be given any legal effect and
shall not affect the meaning or interpretation of this Warrant Certificate.

         6.6. Governing Law; Interpretation. This Warrant Certificate shall be
construed in accordance with and governed for all purposes by the laws of the
State of Delaware.

         IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to
be duly executed and delivered as of the day and year first above written.

                                        AVIATION SALES COMPANY

                                        By:
                                           -------------------------------------
                                           Dale S. Baker, Chairman

                                       12
<PAGE>
                                    EXHIBIT A

                                 EXERCISE NOTICE

[To be executed only upon exercise of Warrant]

         The undersigned registered owner of the attached Warrant Certificate
irrevocably exercises this Warrant for the purchase of the number of shares of
Common Stock, par value $.001 per share ("Common Stock"), of Aviation Sales
Company (the "Company"), as is set forth below, and herewith makes payment
therefor, all at the price and on the terms and conditions specified in the
attached Warrant Certificate and requests that certificates for the shares of
Common Stock hereby purchased (and any securities or other property issuable
upon such exercise) be issued in the name of and delivered to the person
specified below whose address is set forth below, and, if such shares of Common
Stock shall not include all of the shares of Common Stock now and hereafter
issuable as provided in the attached Warrant Certificate, then the Company shall
promptly issue to the undersigned a new Warrant Certificate of like tenor and
date for the balance of the shares of Common Stock issuable thereunder.

Date:
      ------------------------------

Amount of Shares Purchased:
                            -------------------------

Aggregate Purchase Price:  $
                            -------------------------

Printed Name of Registered Holder:
                                  -------------------

Signature of Registered Holder:
                                ---------------------

NOTICE:           The signature on this Exercise Notice must correspond with the
                  name as written upon the face of the attached Warrant
                  Certificate in every particular, without alteration or
                  enlargement or any change whatsoever.

Stock Certificates to be issued and registered in the following name, and
delivered to the following address:

                                        (Name)

                                        (Street Address)

                                        (City)                (State) (Zip Code)

                                       13
<PAGE>

                                    EXHIBIT B

                                ASSIGNMENT NOTICE

[To be executed only upon transfer of Warrant]

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto the person named below, whose address is set forth below, the rights
represented by the attached Warrant Certificate to purchase the number of shares
of Common Stock, par value $.001 per share ("Common Stock"), of Aviation Sales
Company (the "Company"), as is set forth below, to which the attached Warrant
Certificate relates, and appoints __________________________ attorney to
transfer such rights on the books of the Company with full power of substitution
in the premises. If such shares of Common Stock of the Company shall not include
all of the shares of Common Stock now and hereafter issuable as provided in the
attached Warrant Certificate, then the Company shall promptly issue to the
undersigned a new Warrant Certificate of like tenor and date for the balance of
the Common Stock issuable thereunder.

Date:
      ------------------------------

Amount of Shares Purchased:
                            -------------------------

Aggregate Purchase Price:  $
                            -------------------------

Printed Name of Registered Holder:
                                 -----------------------------

Signature of Registered Holder:
                                -------------------------------

NOTICE:           The signature on this Assignment Notice must correspond with
                  the name as written upon the face of the attached Warrant
                  Certificate in every particular, without alteration or
                  enlargement or any change whatsoever.

Warrant Certificate for transferred Warrants to be issued and registered in the
following name, and delivered to the following address:

                                        (Name)

                                        (Street Address)

                                        (City)                (State) (Zip Code)

                                       14

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