Document:

<PAGE>

NUMBER                                                                  WARRANTS

                            REDEEMABLE COMMON STOCK
                               PURCHASE WARRANT

                         [LOGO] AVIATION SALES COMPANY

                    VOID (UNLESS EXTENDED) AFTER 5:00 P.M.
NEW YORK CITY TIME, ON ____________________, 2002

THIS CERTIFIES THAT, FOR VALUE RECEIVED

or registered assigns (the "Warrant Holder"), is entitled to purchase from
AVIATION SALES COMPANY, a Delaware corporation (the "Company"), subject to the
terms and conditions hereof and of the Warrant Agreement mentioned below, at any
time from _________________ until on or before 5:00 p.m. New York City time, on
_____________________ or on such later date as the Company may determine (the
"Expiration Date"), the number of fully paid and nonassessable shares of the
Company's Common Stock, $.001 par value (the "Shares") stated above by
surrendering this Warrant Certificate with the Subscription Form on the back
thereof duly executed at the office of Continental Stock Transfer & Trust
Company or at such other office or agency as the Company may from time to time
designate (the "Warrant Agent"), and by paying in full, to the Company in lawful
money of the United States, $5.16 for each Share as to which this Warrant
Certificate is exercisable (the "Warrant Exercise Price").

This Warrant may be redeemed at the option of the Company at any time after 5:00
p.m. New York City time, on _________________________, if the average closing
price for the Common Stock equals or exceeds $6.71 per share for a period of
twenty (20) consecutive business days ending on the third day prior to the date
of the notice of redemption at a redemption price of $0.001 per Warrant, subject
to adjustment as provided in its Warrant Agreement.  The Company shall send to
the Warrant Holders being redeemed written notice of redemption by first class
mail not less than thirty (30) days prior to the date fixed for redemption.

In case the Warrant Holders shall exercise this Warrant with respect to less
than all of the Shares that may be purchased hereunder, a new Warrant
Certificate for the balance shall be countersigned and delivered to or upon the
order of the Warrant Holder.

This Warrant Certificate will not be valid and may not be transferred or
exercised unless countersigned by the Warrant Agent.

This Warrant Certificate is issued under and in accordance with the Warrant
Agreement dated as of ____________________, 2002 between the Company and the
Warrant Agent (the "Warrant Agreement") and is subject to the terms and
provisions contained therein, to all of which terms and provisions the holder of
this Warrant Certificate consents by acceptance hereof.  In certain
contingencies provided for in the Warrant Agreement the number of Shares subject
to purchase hereunder and the purchase price per Share thereof are subject to
adjustment.  Copies of the Warrant Agreement are on file at the principal
corporate office of the Warrant Agent.

THIS WARRANT SHALL BE VOID AND OF NO EFFECT (UNLESS EXTENDED) AFTER 5:00 P.M.
NEW YORK CITY TIME, ____________________________.

WITNESS, the facsimile seal of the Company and the facsimile signatures of its
duly authorized officers.

Dated:                                  AVIATION SALES COMPANY

COUNTERSIGNED:      [CORPORATE          By:                     By:
CONTINENTAL            SEAL]
STOCK TRANSFER
& TRUST COMPANY,
as Warrant Agent

By                             /s/ Philip B. Schwartz     /s/ Roy T. Rimmer, Jr.
   ---------------------       ----------------------     ----------------------
   Authorized Officer                 Secretary                  Chairman

<PAGE>

                      STATEMENT OF OTHER TERMS OF WARRANT

1. The Warrant represented by this Warrant Certificate (the "Warrant") shall
expire at and shall not be exercisable after, 5:00 P.M. New York City time, on
or on such later date determined by the Company.

2. Notwithstanding that the number of Shares purchasable upon the exercise of a
Warrant may have been adjusted pursuant to the terms of the Warrant Agreement,
the Company shall nonetheless not be required to issue fractions of Shares upon
exercise of a Warrant or to distribute Share Certificates that evidence
fractional shares. In lieu of fractional shares, the Company, in its sole
discretion, may pay to the exercising registered holder of a Warrant upon such
exercise an amount in cash, in United States dollars, equal to the same fraction
of the current market value of a Share.

3. If any Shares issuable upon the exercise of this Warrant require registration
or approval of any governmental authority, including, without limitation, the
filing of necessary registration statements or amendments or supplements thereto
under the Securities Act of 1933, as amended, or the taking of any action under
the laws of the United States of America or any state thereof before such Shares
may be validly issued, then the Company covenants that it will use its
reasonable good faith efforts to secure such registration or approval or to take
such other action, as the case may be: PROVIDED, HOWEVER, there is no assurance
such registration or approval can be obtained, and in no event shall such Shares
be issued and the Company is hereby authorized to suspend the exercise of all
Warrants, for the period during which it is endeavoring to obtain such
registration or approval or to take such other action.

4. This Warrant Certificate may be exchanged and is transferable at the
principal office of the Warrant Agent by the registered holder hereof or by his
duly authorized representative or attorney, upon surrender of this Warrant
Certificate duly endorsed or accompanied (if so required by the Company or the
Warrant Agent) by a written instrument, or instruments, of transfer satisfactory
to the Company or the Warrant Agent. If the right to purchase less than all of
the Shares covered hereby shall be so transferred, the registered holder hereof
shall be entitled to receive a new Warrant Certificate or Warrant Certificates
covering in the aggregate the remaining whole number of Shares.

5. No Warrant Holder, as such, shall be entitled to vote or receive dividends or
be deemed the holder of Shares for any purpose, nor shall anything contained in
this Warrant Certificate be construed to confer upon any Warrant Holder, as
such, any of the rights of a shareholder of the Company or any right to vote,
give or withhold consent to any action by the Company whether upon any
recapitalization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise, receive dividends or subscription rights, or
otherwise, until this Warrant shall have been exercised and the Shares
purchasable upon the exercise hereof shall have been delivered as provided in
the Warrant Agreement.

6. The Company and the Warrant Agent may deem and treat the registered holder
hereof as the absolute owner of this Warrant Certificate (notwithstanding any
notations of ownership or writing hereon made by anyone other than the Company
or the Warrant Agent) for all purposes and shall not be affected by any notice
to the contrary.

7.  This Warrant shall be binding upon any successors or assigns of the Company.

                               SUBSCRIPTION FORM
            (To Be Executed By The Warrant Holder If He Desires To
                   Exercise The Warrant In Whole Or In Part)

To: AVIATION SALES COMPANY

The undersigned
               -----------------------------------------------------------------
hereby irrevocably elects to exercise the right of purchase represented by the
within Warrant Certificate for, and to purchase thereunder,          Shares
                                                            --------
provided for therein and tenders payment herewith to the order of AVIATION SALES
COMPANY, in the amount of
                     $         .
                      ---------
The undersigned requests that certificates for such Shares be issued as follows:

Name:
     ---------------------------------------------------------------------------
Address:
        ------------------------------------------------------------------------

--------------------------------------------------------------------------------

Soc. Sec. No. or Other I.D. No., if any:
                                        ----------------------------------------
Deliver:
        ------------------------------------------------------------------------
Address:
        ------------------------------------------------------------------------

and, if said number of Shares shall not be all the Shares purchasable hereunder,
that a new Warrant Certificates for the balance remaining of the Shares
purchasable under the Warrant Certificate be registered in the name of, and
delivered to, the undersigned at the address stated above.

Date:
     -------------
                                       Signature
                                                -------------------------------
                                       Note: The signature of this Subscription
                                       must correspond with the name as written
                                       upon the face of this Warrant Certificate
                                       in every particular, without alteration
                                       or enlargement or any change whatsoever.

                                  ASSIGNMENT
                      (To Be Signed Only Upon Assignment)
 For Value Received, the undersigned hereby sells, assigns and transfers onto

--------------------------------------------------------------------------------
                                                                       Warrants
-----------------------------------------------------------------------
evidenced by the within Warrant Certificate and appoints

--------------------------------------------------------------------------------
to transfer said Warrant Certificate and Warrants on the books of AVIATION SALES
COMPANY, with the full power of substitution in the premises.

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

                                       ----------------------------------------
In the presence of:                    (Signature must conform in all respects
                                       to the name of Warrant Holder specified
                                       on the face of the Warrant Certificate,
                                       without alteration, enlargement or any
                                       change whatsoever, and the signature must
                                       be guaranteed in the usual manner).<PAGE>

                                                                     Exhibit 4.2

                            AVIATION SALES COMPANY,

                                    Issuer,

                    THE SUBSIDIARY GUARANTORS NAMED HEREIN

                                      and

                                 SUNTRUST BANK
       (FORMERLY, SUNTRUST BANK, CENTRAL FLORIDA, NATIONAL ASSOCIATION),

                                    Trustee

                            SUPPLEMENTAL INDENTURE

                           Dated as of [_______,] 2002

                              Up to $250,000,000

                   8-1/8% SENIOR SUBORDINATED NOTES DUE 2008

Supplementing the Indenture dated as of February 17, 1998 among AVIATION SALES
COMPANY and AVIATION SALES DISTRIBUTION SERVICES COMPANY f/k/a AVIATION SALES
OPERATING COMPANY, AVIATION SALES LEASING COMPANY, AVIATION SALES FINANCE
COMPANY, AVS/M-1, INC. f/k/a AVIATION SALES MANUFACTURING COMPANY, AVS/M-2, INC.
f/k/a AVS/KRATZ-WILDE MACHINE COMPANY, AEROCELL STRUCTURES, INC., AVS/M-3, INC.
f/k/a APEX MANUFACTURING, INC., AVIATION SALES MAINTENANCE, REPAIR & OVERHAUL
COMPANY, AVIATION SALES PROPERTY MANAGEMENT COMPANY, TIMCO ENGINE CENTER, INC.,
WHITEHALL CORPORATION, TRIAD INTERNATIONAL MAINTENANCE CORPORATION, AVS/CAI,
INC. f/k/a CARIBE AVIATION, INC., AIRCRAFT INTERIOR DESIGN, INC., AERO HUSHKIT
CORPORATION, HYDOSCIENCE, INC., TIMCO ENGINEERED SYSTEMS, INC., AVSRE, L.P., and
AVIATION SALES SPS I, INC., as Guarantors, and SunTrust Bank (formerly, SunTrust
Bank, Central Florida, National Association), as Trustee, as such Indenture was
supplemented before the date hereof.
<PAGE>

     THIS SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as of
                                        ----------------------

[__________], 2002, among Aviation Sales Company, a Delaware corporation (the
"Company"), Aviation Sales Distribution Services Company f/k/a/Aviation Sales

 -------
Operating Company, Aviation Sales Leasing Company, Aviation Sales Finance
Company, AVS/M-1, Inc. f/k/a Aviation Sales Manufacturing Company, AVS/M-2, Inc.
f/k/a/ AVS/Kratz Wilde Machine Company, Aerocell Structures, Inc., AVS/M-3, Inc.
f/k/a Apex Manufacturing, Inc., Aviation Sales Maintenance, Repair & Overhaul
Company, Aviation Sales Property Management Company, TIMCO Engine Center, Inc.,
Whitehall Corporation, Triad International Maintenance Corporation, AVS/CAI,
Inc. f/k/a Caribe Aviation, Inc., Aircraft Interior Design, Inc., Aero Hushkit
Corporation, Hydoscience, Inc., TIMCO Engineered Systems, Inc., AVSRE, L.P., and
Aviation Sales SPS I, Inc. (collectively, the "Subsidiary Guarantors") and
                                               ---------------------
SunTrust Bank (formerly, SunTrust Bank, Central Florida, National Association),
a Georgia banking corporation, as Trustee (the "Trustee"), under the Indenture
                                                -------

dated as of February 17, 1998, among the Company, certain of the Subsidiary
Guarantors and the Trustee, as such Indenture was supplemented by Supplemental
Indentures dated as of March 6, 1998, August 3, 1998, September 11, 1998, March
10, 1999, November 22, 1999, June 5, 1998 and March 30, 2000 (as supplemented
before the date hereof, the "Indenture"). Capitalized terms used herein and not
                             ---------
otherwise defined herein shall have the respective meanings assigned to them in
the Indenture.

                             W I T N E S S E T H:
                             -------------------

     WHEREAS, the Company has issued its 8-1/8% Senior Subordinated Notes due
2008 (the "Notes") pursuant to the Indenture;
           -----

     WHEREAS, the Company has made an offer to Holders of the Notes (the
"Exchange Offer") to exchange the Notes for certain cash and securities, as more
 --------------
particularly described in the Company's Registration Statement on Form S-4 (File
No. 333-69464);

     WHEREAS, in connection with the Exchange Offer, the Company has requested
that Holders of the Notes deliver their consents with respect to amendments of
certain provisions of the Indenture;

     WHEREAS, Section 9.02 of the Indenture provides that, subject to certain
restrictions, with the consent of the Holders of at least a majority in
principal amount of the Notes then outstanding voting as a single class, the
Company, when authorized by a resolution of its Board of Directors, the
Subsidiary Guarantors and the Trustee may, from time to time and at any time,
enter into an indenture or indentures supplemental to the Indenture for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Holders of the Notes;

     WHEREAS, the Holders of not less than a majority in principal amount of the
Notes outstanding have duly consented to the proposed modifications set forth in
this Supplemental Indenture in accordance with Section 9.02 of the Indenture;
<PAGE>

     WHEREAS, in accordance with Section 9.02 of the Indenture, the Company has
heretofore delivered or is delivering contemporaneously herewith to the Trustee
(i) a copy of resolutions of the Board of Directors of the Company, certified by
the Secretary or an Assistant Secretary of the Company, authorizing the
execution, delivery and performance of this Supplemental Indenture, and (ii)
evidence of the written consent of the Holders referenced in the immediately
preceding paragraph;

     WHEREAS, all conditions necessary to authorize the execution and delivery
of this Supplemental Indenture and to make this Supplemental Indenture valid and
binding have been complied with or have been done or performed; and

     NOW, THEREFORE, in consideration of the foregoing and notwithstanding any
provision of the Indenture which, absent this Supplemental Indenture, might
operate to limit such action, the parties hereto, intending to be legally bound
hereby, agree as follows.

                                  ARTICLE ONE
                                  AMENDMENTS

     SECTION 1.01.

          (a) Deleted Sections and Article. Subject to Section 3.01 hereof, the
     Indenture is hereby amended by deleting in their entireties the current
     texts of the provisions of Sections 3.09, 4.05, 4.06, 4.07, 4.08, 4.09,
     4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18, 6.01 (c), (d), (e),
     (f), (g), (h) and (i), 6.03 and Article 5, and substituting for the texts
     of each of those provisions the words "This provision is intentionally
     omitted." Effective as of the date hereof, none of the Company, the
     Subsidiary Guarantors, the Trustee or other parties to or beneficiaries of
     the Indenture shall have any rights, obligations or liabilities under such
     deleted Sections or Article and such Sections and Article shall not be
     considered in determining whether a Default or Event of Default has
     occurred or whether the Company or any of the Subsidiary Guarantors has
     observed, performed or complied with the provisions of the Indenture.

          (b)  Amended Definitions and Sections. Subject to Section 3.01 hereof,
     the following provisions of the Indenture are hereby amended as follows:

               (i)  The following definitions in Section 1.01 of the Indenture
     are hereby amended to read in their entirety, respectively, as follows:

                    a.  "Designated Senior Debt" means (i) any Indebtedness
     outstanding under the Credit Facility; (ii) any amounts due under the TROL
     Financing (whether or not deemed Indebtedness) and (iii) any other Senior
     Debt permitted under this Indenture the principal amount of which is $25
     million or more and that has been designated by the Company as "Designated
     Senior Debt."

                                       2
<PAGE>

                     b.  "Obligations" means any principal, interest, penalties,
     fees, indemnifications, reimbursements, damages and other liabilities
     payable under the documentation governing any Indebtedness or under the
     TROL Financing (whether or not deemed Indebtedness).

                     c.  "Senior Debt" means (i) all Indebtedness outstanding
     under the Credit Facility, the Existing Indebtedness, the TROL Financing
     (whether or not deemed Indebtedness), all Hedging Obligations with respect
     to any of the foregoing, and, after a default has occurred and is
     continuing under the Credit Facility, all other Indebtedness arising from
     intercompany loans and advances owing by the Company or any of the
     Guarantors which constitutes part of the collateral security for the Credit
     Facility and such Hedging Obligations, including, without limitation,
     indebtedness evidenced by intercompany notes pledged or assigned in
     connection with the Credit Facility, (ii) any other Indebtedness permitted
     to be incurred by the Company or a Guarantor under the terms of this
     Indenture, unless the instrument under which such Indebtedness is incurred
     expressly provides that it is on a parity with or subordinated in right of
     payment to the Notes and (iii) all Indebtedness outstanding under the 8%
     Senior Subordinated Convertible PIK Notes due 2006 of the Company and (iv)
     all Obligations with respect to the foregoing. Notwithstanding anything to
     the contrary in the foregoing, Senior Debt will not include (v) the 8 1/8%
     Senior Subordinated Notes due 2008 of the Company, (w) any liability for
     federal, state, local or other taxes owed or owing by the Company or a
     Guarantor, (x) any Indebtedness between or among the Company, any of its
     Subsidiaries or any of its other Affiliates, except to the extent such
     Indebtedness is within the scope of clause (i) above, (y) any trade
     payables or (z) any Indebtedness that is incurred in violation of this
     Indenture.

               (ii)  The following definition is hereby added to Section 1.01,
     between the definitions therein of "Trading Day" and Trustee":

     "TROL Financing" means that certain Lease Agreement between the Company and
     First Security Bank, N.A., as Owner Trustee, dated December 17, 1998, the
     guarantees thereof by its Subsidiaries and related operative agreements,
     each as amended and modified from time to time.

               (iii) Section 4.02 is amended to delete the first paragraph
     thereof, and to change the first sentence of the second paragraph thereof
     to read in its entirety as follows: "The Company shall from time to time
     designate, and may from time to time change its designation of, one or more
     offices or agencies where the Notes may be presented or surrendered for
     registration of transfer or for exchange and where notices and demands to
     or upon the Company in respect of the Notes and this Indenture may be
     served. The Company shall give prompt written notice to the Trustee of the
     location, and any change in the location, of each such office or agency."

               (iv)  Section 6.01(a) is amended to change "30 days" to "90
     days."

                                       3
<PAGE>

          SECTION 1.02.  Deleted Definitions. Subject to Section 3.01 hereof,
the Indenture is hereby amended by deleting any definitions from the Indenture
with respect to which references would be eliminated as a result of the
amendment of the Indenture pursuant to Section 1.01 hereof.

                                  ARTICLE TWO
                                    WAIVERS

          SECTION 2.01.  Waiver of Defaults.  Subject to Section 6.04 of the
Indenture, effective as of the date hereof, any and all existing defaults,
including but not limited to any resulting from the consummation of the Exchange
Offer, are hereby waived.

                                 ARTICLE THREE
                                 MISCELLANEOUS

          SECTION 3.01.  Terms to Remain in Effect. Except as waived or amended
hereby, all of the terms of the Indenture shall remain and continue in full
force and effect and are hereby confirmed in all respects.  From and after the
date of this Supplemental Indenture, all references to the Indenture (whether in
the Indenture or in any other agreements, documents or instruments) shall be
deemed to be references to the Indenture as amended and supplemented by this
Supplemental Indenture.  On the date the tenders of Notes pursuant to the
Exchange Offer are accepted for payment this Supplemental Indenture will become
operative as of the date hereof.

          SECTION 3.02.  Governing Law. THE INTERNAL LAW OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE
SUBSIDIARY GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

          SECTION 3.03.  Execution in Counterparts.  This Supplemental Indenture
may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall constitute but one and the same
instrument.

          SECTION 3.04.  Trustee Not Liable. The recitals contained herein shall
be taken as the statement of the Company, and the Trustee assumes no
responsibility whatsoever for their correctness nor for the validity or
sufficiency of this Supplemental Indenture or for the due execution hereof by
the Company.

          SECTION 3.05.  Trustee Entitled to Benefits. Subject to Article One
hereof, in entering into this Supplemental Indenture, the Trustee shall be
entitled to the benefit of every provision of the Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee,
whether or not elsewhere herein so provided.

                                       4
<PAGE>

                           (signature pages follow)

                                       5
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed all as of the date first written above.

                              AVIATION SALES COMPANY

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              AVIATION SALES DISTRIBUTION SERVICES COMPANY f/k/a
                              AVIATION SALES OPERATING COMPANY

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              AVIATION SALES LEASING COMPANY

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              AVIATION SALES FINANCE COMPANY

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              AVS/M-1, INC. f/k/a AVIATION SALES MANUFACTURING
                              COMPANY

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              AVS/M-2, INC. f/k/a AVS/KRATZ-WILDE MACHINE
                              COMPANY

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                                       6
<PAGE>

                              AEROCELL STRUCTURES, INC.

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              AVS/M-3, INC. f/k/a APEX MANUFACTURING, INC.

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              AVIATION SALES MAINTENANCE, REPAIR & OVERHAUL
                              COMPANY

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              AVIATION SALES PROPERTY MANAGEMENT COMPANY

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              TIMCO ENGINE CENTER, INC.

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              WHITEHALL CORPORATION

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              TRIAD INTERNATIONAL MAINTENANCE CORPORATION

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                                       7
<PAGE>

                              AVS/CAI, INC. f/k/a CARIBE AVIATION, INC.

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              AIRCRAFT INTERIOR DESIGN, INC.

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              AERO HUSHKIT CORPORATION

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              HYDROSCIENCE, INC.

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              TIMCO ENGINEERED SYSTEMS, INC.

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              AVSRE, L.P.

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                              AVIATION SALES SPS I, INC.

                              By:____________________________________
                              Name:__________________________________
                              Title:_________________________________

                                       8
<PAGE>

SUNTRUST BANK, as Trustee

By:______________________________
Name:____________________________
Title:___________________________

Attest:

_________________________________
Authorized Signatory

                                       9

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