Document:

EXHIBIT 10.18
                            STOCK PURCHASE AGREEMENT

         This Stock Purchase Agreement (the "Agreement") is entered into as of
the 19th day of June, 2000 (the "Closing Date"), by and between Alfa Centura
Holdings NV, a Netherlands Antilles corporation (the "Seller") and IVAX
Corporation, a Florida corporation (the "Buyer").

                             Preliminary Statements

         WHEREAS, Seller owns all of the issued and outstanding shares of Common
Stock (the "Common Stock") of Kilburn B.V., a Netherlands corporation (the
"Company");

         WHEREAS, Seller desires to sell to Buyer, and Buyer desires to purchase
from Seller, all of the shares of Common Stock owned by Seller (the "Shares")
upon the terms and subject to the conditions set forth in this Agreement;

         NOW, THEREFORE, in consideration of the premises and the terms,
covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree as follows:

                                   ARTICLE I

                                  DEFINITIONS

         In addition to terms defined elsewhere in this Agreement, the following
terms when used in this Agreement shall have the meanings indicated below:

         "Affiliate" means any Person which controls, is controlled by or is
under common control with the Company. Except as otherwise indicated, "control"
means the direct or indirect ownership of fifty percent (50%) or more of the
voting or income interest in such Person, or such other relationship as, in
fact, constitutes actual control.

         "Assignment Agreement" means the Assignment and Guarantee Agreement,
dated as of the Closing Date, by and between the Buyer and the Seller whereby
the Seller assigns all of its all of its right, title and interest under
Indemnification Agreement, dated as of the Closing Date, by and among
Laboratorios LAFAR, C.A., a Venezuelan corporation, Roberto Prego Novo, Oly
Prego, Roberto Prego Pineda, and Carmen Eugenia Prego Pineda and to guarantee
the obligations due thereunder.

         "Escrow Agreement" means the Escrow Agreement, dated as of the Closing
Date, by and among the Seller, the Buyer and Akerman, Senterfitt & Eidson, P.A.
as escrow agent.

         "GAAP" means the U.S. Generally Accepted Accounting Principles.

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         "Intellectual Property" means any or all of the following owned, used
or controlled by the Company or its subsidiaries: (a) all inventions (whether
patentable or unpatentable and whether or not reduced to practice), all
improvements thereto, and all patents, patent applications, and patent
disclosures, together with all reissuances, continuations,
continuations-in-part, revisions, extensions, and reexaminations thereof; (b)
all trademarks, service marks, trade dress, logos, trade names, and corporate
names, together with all translations, adaptations, derivations, and
combinations thereof and including all goodwill associated therewith, and all
applications, registrations, and renewals in connection therewith; (c) all
copyrightable works, all copyrights, and all applications, registrations, and
renewals in connection therewith; (d) all trade secrets and confidential
business information (including databases, ideas, research and development,
know-how, formulas, compositions, manufacturing and production processes and
techniques, technical data, designs, drawings, specifications, customer and
supplier lists, pricing and cost information, and business and marketing plans
and proposals); (e) all computer programs and software (including data and
source and object codes and related documentation); (f) all other property
rights and all licenses and sublicenses granted by or to the Company or its
subsidiaries that relate to any of the foregoing; and (g) all copies and
tangible embodiments thereof (in whatever form or medium).

         "Investment" means, with respect to any Person, advances, loans or
extensions of credit to any other Person, any purchases or commitments to
purchase any stock, bonds, notes, debentures or other securities of any other
Person, and any other investment in any other Person, including partnerships,
joint ventures or other similar arrangements with any Person.

         "Liabilities" means any liabilities, claims, obligations or
indebtedness of any nature whatsoever (whether accrued, absolute, contingent or
otherwise).

         "Liens" means any liens, claims, charges, rights, pledges, security
interests, mortgages, options, title defects or other encumbrances, restrictions
or limitations of any nature whatsoever.

         "Person" means any natural person, corporation, unincorporated
organization, partnership, association, joint stock company, joint venture,
trust or government, or any agency or political subdivision of any government,
or any other entity.

         "Securities" means the common stock of Buyer, par value $.10 per share.

         "Securities Act" means the United States Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder.

         "Taxes" means any federal, state, local or foreign income, gross
receipts, franchise, estimated, alternative minimum, add-on minimum, sales, use,
transfer, registration, value added, excise, natural resources, severance,
stamp, occupation, premium, windfall profit, environmental, customs, duties,
real property, personal property, capital stock, social security, unemployment,
disability, payroll, license, employee or other withholding, or other tax or
governmental charge, of any kind whatsoever, including any interest, penalties
or additions to tax or additional amounts in respect of the foregoing; the
foregoing shall include any transferee or secondary liability for a Tax and any
liability assumed by agreement or arising as a result of being (or ceasing to
be)

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a member of any affiliated group (or being included (or required to be included)
in any tax return relating thereto).

         "Working Capital" means the current assets minus the current
liabilities, as reflected on the balance sheet of the Company, calculated in
accordance with GAAP.

                                   ARTICLE II

                  PURCHASE AND SALE OF SHARES; PURCHASE PRICE

         2.1 Purchase and Sale of Shares. Subject to the terms and conditions
set forth herein, Seller hereby sells, assigns, transfers and delivers to Buyer
and Buyer hereby purchases from Seller all of Seller's right, title and interest
in and to the Shares, free and clear of all Liens.

        2.2 Purchase Price. In consideration of the sale, assignment, transfer
and delivery of the Shares by Seller to Buyer, Buyer hereby pays the purchase
price of Thirty Million United States Dollars (US$30,000,000) (the "Purchase
Price") by delivery to (i) the Seller of a number of Securities equal to
Twenty-Two Million United States Dollars (US$22,000,000) (the "Exchange
Securities") divided by the average of the closing prices per share of the
Securities, as reported by Bloomberg, for the 5 trading days immediately
preceding the Closing Date (the "Average Price"), (ii) the Seller of Four
Million Five Hundred Thousand United States Dollars (US$4,500,000) in
immediately available funds, and (iii) Akerman Senterfitt & Eidson, P.A., as
escrow agent, (the "Escrow Agent") of a number of Exchange Securities (the
"Escrow Property") equal to Three Million Five Hundred Thousand United States
Dollars (US$3,500,000) divided by the Average Price to be held in escrow for
security of the obligations due hereunder and under the Assignment Agreement
pursuant to the terms of the Escrow Agreement.

         2.3 Fractional Shares. In lieu of fractional shares, Buyer shall
deliver to Seller cash or a company check in the amount of the fractional share
otherwise issuable to the Seller multiplied by the Average Price.

                                   ARTICLE III

                                     CLOSING

         3.1 Closing Date. The Closing Date is the day of execution of this
Agreement.

         3.2. Deliveries of the Seller and the Company. The Seller and the
Company hereby deliver the following to the Buyer:

         (a)      stock certificates representing all of the Shares, duly
                  endorsed or accompanied by duly executed instruments of
                  transfer; as provided by the Laws of The Netherlands;

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         (b)      resignations, dated as of the Closing Date, of all directors
                  of the Company;

         (c)      an opinion of Adele P. Van der Pluijm-Vrede, Netherlands
                  Antilles counsel to the Seller, in the form of Schedule
                  3.2(c);

         (d)      an opinion of Wouters Advocaten & Notarissen Dutch counsel to
                  the Seller and the Company, in the form of Schedule 3.2(d);
                  and

         (e)      an executed copy of the Escrow Agreement.

         3.3. Deliveries of the Buyer. The Buyer will deliver to the Seller
within ten (10) business days after the Closing Date the Purchase Price for the
Shares as established in Section 2.2.

         3.4. Preparation of Closing Balance Sheet. Within sixty (60) days of
the Closing, the Buyer shall prepare, in accordance with GAAP, (i) a closing
balance sheet of the Company, on a consolidated basis, as of the Closing Date
(the "Closing Balance Sheet") and (ii) a calculation of the Working Capital of
the Company, on a consolidated basis, as of the Closing Date and shall deliver
such documents to the Seller. If the aggregate amount of Working Capital as of
the Closing Date is less than $12,000,000 or if aggregate amount of cash is less
than $6,976,000, then, subject to Section 3.5, commencing ten (10) business days
after delivery of the Closing Balance Sheet, the aggregate Purchase Price shall
be adjusted downward dollar-for-dollar in the amount of the greater of (i)
$6,976,000 minus the aggregate amount of cash reflected on the Closing Balance
Sheet and (ii) $12,000,000 minus the aggregate amount of Working Capital
reflected on the Closing Balance Sheet (the "Working Capital Deficiency" and the
Seller shall pay to Buyer by wire transfer of immediately available funds an
amount equal to the Working Capital Deficiency. At its option, and at any time
of from time to time after the determination of any Working Capital Deficiency,
Buyer shall be entitled to recover from the Escrow Property pursuant to the
terms of the Escrow Agreement all or any portion of the Working Capital
Deficiency not theretofore paid by the Seller.

         3.5. Disputes. Notwithstanding anything in this Article 3 to the
contrary, if there is any Working Capital Deficiency and the Seller disputes any
item contained on the Closing Date Balance Sheet, then the Seller shall notify
Buyer in writing of each disputed item (collectively, the "Disputed Amounts")
and specify the amount thereof in dispute within ten (10) business days after
the delivery of the Closing Date Balance Sheet. If Buyer and Seller cannot
resolve any such dispute, then such dispute shall be resolved by an independent
nationally recognized accounting firm which is reasonably acceptable to the
Buyer and the Seller (the "Independent Accounting Firm"). The determination of
the Independent Accounting Firm shall be made as promptly as practicable and
shall be final and binding on the parties, absent manifest error which error may
only be corrected by such Independent Accounting Firm. Any expenses relating to
the engagement of the Independent Accounting Firm shall be allocated between the
Buyer and the Seller so that the Seller's aggregate share of such costs shall
bear the same proportion to the total costs that the Disputed Amounts
unsuccessfully contested by the Seller (as finally determined by the Independent
Accounting Firm) bear to the total of the Disputed Amounts so submitted to the
Independent Accounting Firm. Pending resolution of any such dispute by the
Independent Accounting Firm, no such Disputed

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Amount shall be due to Buyer. Once any such Disputed Amount is finally
determined to be due to Buyer, Buyer may proceed to recover such amount in the
manner set forth in Section 3.4.

                                   ARTICLE IV

                    REPRESENTATIONS AND WARRANTIES OF BUYER

        Buyer makes the representations and warranties set forth below to Seller
as of the date of this Agreement.

         4.1 Organization. Buyer is a corporation duly organized, validly
existing and in good standing under the laws of the State of Florida. Buyer has
all requisite right, power and authority to execute, deliver and perform this
Agreement.

         4.2 Authorization; Enforceability. The execution, delivery and
performance of this Agreement by Buyer and the consummation by Buyer of the
transactions contemplated hereby have been duly authorized by all requisite
corporate action on part of Buyer. This Agreement has been duly executed and
delivered by Buyer, and constitutes the legal, valid and binding obligation of
Buyer, enforceable in accordance with its terms.

         4.3 No Violation or Conflict. The execution, delivery and performance
of this Agreement by Buyer and the consummation by Buyer of the transactions
contemplated hereby (a) do not and will not violate or conflict with any
provision of law or regulation, or any rule, ruling, interpretation, writ,
order, judgment or decree of any court or governmental or regulatory authority,
or any provision of Buyer's Articles of Incorporation or Bylaws; and (b) do not
and will not, with or without the passage of time or the giving of notice,
result in the breach of, or constitute a default, cause the acceleration of
performance, or require any consent under, or result in the creation of any Lien
upon any property or assets of Buyer pursuant to any material instrument or
agreement to which Buyer is a party or by which Buyer or its properties may be
bound or affected, other than instruments or agreements as to which consent
shall have been obtained at or prior to the Closing Date.

         4.4 Registration Statement. The Exchange Securities will be issued
pursuant to Buyer's Registration Statement on Form S-4, No. 33-60847 (the
"Registration Statement"). Buyer has delivered to the Seller a copy of the
prospectus, dated January 19, 2000, included in the Registration Statement, and
has made available to the Seller a true and complete copy of all documents
incorporated by reference therein. As of the respective dates they were filed
with the Commission, none of such documents (including the Registration
Statement) contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the
statements made therein, in light of the circumstances under which they were
made, not misleading. Buyer has filed, and will timely file, all requisite
amendments to the Registration Statement which may be required through the
Closing Date and will promptly provide the Seller with a copy of any such
amendments.

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         4.5 Validity of Exchange Securities; Listing. When issued and delivered
in accordance with this Agreement, the Exchange Securities shall be duly and
validly authorized, issued and outstanding, fully paid and non-assessable, shall
not have been issued in violation of the preemptive rights of any Person, and
shall be registered under the Securities Act and listed for trading on the
American Stock Exchange.

         4.6 Brokers. Buyer has not employed any financial advisor, broker or
finder and has not incurred and will not incur any broker's, finder's,
investment banking or similar fees, commissions or expenses, in connection with
the transactions contemplated by this Agreement which would be payable by
Seller.

                                   ARTICLE V

                    REPRESENTATIONS AND WARRANTIES OF SELLER

         Seller makes the representations and warranties set forth below to
Buyer as of the date of this Agreement.

         5.1 Organization. The Company is a corporation duly organized, validly
existing and in good standing under the laws of The Netherlands. The Company is
duly qualified to transact business in all jurisdictions where the ownership or
leasing of its properties or the conduct of its business requires such
qualification; each jurisdiction in which the Company is so qualified and each
location where the Company has an office or place of business is listed on
Schedule 5.1. The Company has all requisite right, power and authority to own or
lease and operate its properties, and to conduct its business as presently
conducted.

         5.2 Capacity; Enforceability. Seller is a corporation duly organized,
validly existing and in good standing under the laws of the Netherlands
Antilles. Seller has the capacity and authority to execute, deliver and perform
this Agreement. The execution, delivery and performance of this Agreement by the
Seller and the consummation by the Seller of the transactions contemplated
hereby have been duly authorized by all requisite corporate action on the part
of the Seller. This Agreement and all other documents to be executed and
delivered by the Seller and the Company pursuant to this Agreement have been
duly executed and delivered by the Seller and the Company, and constitute the
legal, valid and binding obligations of the Seller and the Company, enforceable
against the Seller and the Company in accordance with their terms.

         5.3 No Violation or Conflict. The execution, delivery and performance
of this Agreement by the Seller and the Company and the consummation of the
transactions contemplated hereby (a) do not and will not violate or conflict
with any provision of law or regulation, or any rule, ruling, interpretation,
writ, order, judgment or decree of any court or governmental or regulatory
authority, or any provision of the Articles of Incorporation or Bylaws of the
Company or its subsidiaries; and (b) do not and will not, with or without the
passage of time or the giving of notice, result in the breach of, or constitute
a default, or cause the

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<PAGE>

acceleration of performance or the termination for change of control or give the
right of termination for change of control or require any consent under, or
result in the creation of any Lien upon any property or assets of Seller
(including, without limitation, the Shares), the Company or its subsidiaries
pursuant to any instrument or agreement to which Seller, the Company or its
subsidiaries is a party or by which Seller, the Company or its subsidiaries or
any of their respective properties may be bound or affected.

         5.4 Consent of Governmental Authorities. No consent, approval or
authorization of, or registration, qualification or filing with any governmental
or regulatory authority of The Netherlands, Netherlands Antilles or Venezuela,
is required to be made by Seller, the Company or its subsidiaries in connection
with the execution, delivery or performance of this Agreement by Seller or the
Company, or the consummation by Seller or the Company of the transactions
contemplated hereby.

         5.5 Brokers. Seller has not employed any financial advisor, broker or
finder and has not incurred and will not incur any broker's, finder's,
investment banking or similar fees, commissions or expenses, in connection with
the transactions contemplated by this Agreement which would be payable by Buyer.

         5.6 Corporate Records. The stock records and minute books of the
Company and the Subsidiaries (true, correct and complete copies of which Seller
has heretofore provided to Seller or its Assignee) fully reflect all issuances,
transfers and redemptions of the Company's Common Stock and each of the
Subsidiaries common stock, correctly show the total number of shares of the
Company's Common Stock and each of the Subsidiary's common stock issued and
outstanding on the date hereof, contain true, correct and complete copies of the
Company's and each of the Subsidiary's Articles of Incorporation and Bylaws or
other similar organization documents, in each case as amended and currently in
force. Such minute books also contain complete and accurate records of all
meetings and other corporate actions of the board of directors, committees of
the board of directors, incorporators and shareholders of the Company and each
of the Subsidiaries from their respective dates of incorporation to the date
hereof All matters requiring the authorization or approval of the board of
directors, a committee of the board of directors, the incorporators, or the
shareholders of the Company and each of the Subsidiaries have been duly and
validly authorized and approved by them.

         5.7 Capitalization. The authorized capital stock of the Company
consists of two hundred (200) shares of Common Stock, of which forty (40) shares
are issued and outstanding. No class of equity securities of the Company exists
other than the Common Stock. All voting rights with respect to the Company are
vested solely in the Common Stock. The Company has no treasury shares. All
outstanding shares of the Company's Common Stock have been duly authorized, are
validly issued and outstanding, and are fully paid and nonassessable. No
securities issued by the Company from its date of incorporation to the date
hereof were issued in violation of the securities laws of any jurisdiction or
the preemptive rights of any Person. There are no dividends which have accrued
or been declared but are unpaid on the Common Stock of the Company. All Taxes of
any nature or kind required to be paid in connection with the issuance and any
transfers of the Company's Common Stock have been paid. All authorizations
required to be obtained from or registrations required to be effected with any

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Person in connection with the issuances of securities of the Company from the
date of its incorporation to the date hereof have been obtained or effected and
all securities of the Company have been issued and are held in accordance with
the provisions of all applicable securities and other laws. The Shares
constitute one hundred percent (100%) of the issued and outstanding capital
stock of the Company and are legally and beneficially owned in their entirety by
Seller.

         5.8 Rights, Warrants, Options. There are no outstanding (a) securities
or instruments convertible into or exercisable for any of the Common Stock or
other equity interests of the Company; (b) options, warrants, subscriptions or
other rights to acquire Common Stock or other equity interests of the Company;
(c) debt securities with any voting rights or convertible into securities with
voting rights; or (d) commitments, agreements or understandings of any kind,
including, without limitation, shareholders' agreement, rights of first refusal,
voting agreements, voting trusts, registration rights agreements, preemptive
rights, employee benefit arrangements or other similar agreements, relating to
any Common Stock or other equity interests of the Company, or the issuance or
repurchase by the Company of (1) any Common Stock or other equity interests of
the Company or (2) an such securities or instruments convertible into or
exercisable for Common Stock or other equity interests of the Company. The
Company has not outstanding stock appreciation , phantom stock rights or any
similar rights.

         5.9 Title to Shares. Seller is the record and beneficial owners of the
Shares and owns the Shares free and clear of any Liens, including, without
limitation, claims or rights under any voting trust agreements, shareholder
agreements or other agreements. At the Closing, Seller transfers and conveys,
and Buyer acquires, good and valid title to the Shares, free and clear of all
Liens, encumbrances, pledges, security interests and claims whatsoever.

         5.10 Investments. Except as set forth on Schedule 5.10, the Company has
no Investments.

         5.11 No operations. Since its incorporation, the Company has not
engaged in any operations, bought or sold any assets, incurred any Liabilities,
entered into any agreements or otherwise engaged in any business activities.

         5.12 Absence of Undisclosed Liabilities. The Company has no Liabilities
or any unrealized or anticipated losses, and there is no basis for assertion
against the Company of any such Liability or loss.

         5.13 Working Capital. As of the Closing Date, the Company and its
subsidiaries will have Working Capital in the amount of at least Twelve Million
United States Dollars (US$12,000,000), of which at least Six Million Nine
Hundred Seventy-Six Thousand United States Dollars (US$6,976,000) must be in
cash.

         5.14 Bank Accounts; Powers of Attorney. The Company has no bank
accounts. Schedule 5.14 is a complete and accurate list of the names of all
persons, if any, holding powers of attorney from the Company.

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         5.15 Tax Matters. Seller has delivered to Buyer true, correct and
complete copies of each of the tax returns filed by the Company since 1995. All
tax returns and other documents required to be filed with respect to the
Company, its business, operations or assets or the Shares have been timely filed
in the manner prescribed by law in all jurisdictions in which such returns and
documents are required to be filed. All of the foregoing as filed are true,
correct and complete and reflect accurately all Liability for Taxes of any
nature or kind of the Company for the periods to which such returns and
documents relate, and all amounts shown as owing thereon have been fully paid or
adequately disclosed and fully reserved against in the Financial Statements and
the books and records of the Company. All Taxes of any nature or kind, if any,
collectible or payable by the Company or relating to or chargeable against any
of its assets, revenues or income through December 31, 1999, were fully
collected and paid by such date or provided for by adequate reserves in the
Balance Sheet, and all similar items due through the Closing Date will have been
fully paid by that date. No taxing authority has audited the records of the
Company or notified the Company of its intention to audit such records in the
past five (5) years. No claims or deficiencies have been asserted or are pending
against the Company with respect to any Taxes or other governmental charges or
levies of any nature or kind which have not been paid or otherwise satisfied or
for which accruals or reserves have not been made in the Balance Sheet. There
exists no reasonable basis for the making of any such claims, and no such claims
have been threatened. No Taxes are owed by the Company relating to its
organizational structure. The Company has not waived any restrictions on
assessment or collection of Taxes of any nature or kind or consented to the
extension of any statute of limitations relating to taxation. Neither the Seller
nor the Company has any tax Liability of any nature or kind that could result in
any Lien being imposed on the Shares. Seller has paid all Taxes due with respect
to the Shares. No tax, assessment, imposition, charge, penalty or interest of
any kind will arise, become due or be accelerated that Buyer or the Company will
be liable or responsible for payment as a result of the sale of the Shares to
Buyer or any of the other transactions contemplated hereby.

         5.16 Compliance with Laws. The Company is in compliance with all
applicable laws, rules, regulations, rulings, interpretations, orders and
decrees of The Netherlands and any other country where it conducts its business
or operations and has not been charged with any alleged violation or
nonconformity with local or foreign laws, rules, regulations, rulings,
interpretations, orders or decrees.

         5.17 Licenses and Permits. The Company has all permits, licenses,
certificates of authority, orders and approvals of, and has made all filings,
applications and registrations with, all local or foreign governmental or
regulatory bodies that are required to be obtained, maintained or made in order
to permit the Company to own its assets and to carry on its business as
presently conducted (the "Permits"). All such Permits are current and in full
force and effect, and, there is no proceeding pending or threatened.

         5.18 Related Parties. Neither Seller nor any director, officer,
employee, consultant, agent or attorney of the Company nor any Affiliate of
Seller or the Company (individually a "Related Party" and collectively the
"Related Parties") nor any Affiliate of any Related Party (a) owns, directly or
indirectly, any interest or has made any Investment in any Person which is a
competitor, potential competitor, supplier or customer of the Company; (b) owns,
directly or indirectly, in whole or in part, any property, asset or right, real,
personal or

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mixed, tangible or intangible (including, but not limited to, any of the
Intellectual Property) which is utilized in the operation of the business of the
Company or necessary or desirable to the business of the Company as presently
conducted or as contemplated to be conducted; or (c) has an interest or
Investment in or is, directly or indirectly, a party to any commitment or other
arrangement or relationship (whether or not in writing) pertaining or relating
to the business, operations or assets of the Company.

         5.19 Full Disclosure. No representation or warranty of Seller or the
Company contained in this Agreement, and none of the statements or information
concerning Seller or the Company contained in this Agreement or the exhibits and
the schedules hereto, contains any untrue statement of a material fact nor will
such representations, warranties, covenants or statements taken as a whole omit
a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made,
not misleading.

         5.20 Financial Statements. Seller has previously delivered to Buyer
true and complete copies of (a) the balance sheets of Laboratorios Elmor, S.A.
(Caracas) and its subsidiaries ("Elmor") for the fiscal years ended December 31,
1999, 1998, 1997, 1996 and 1995 and the related statements of income, cash flows
and changes in shareholders' equity of the Elmor for the years ended December
31, 1999, 1998, 1997, 1996 and 1995 including any related notes, certified by
the Company's or independent certified public accountants pursuant to their
audit of the financial records of the Elmor, and (b) the balance sheet of Elmor
as of May 31, 2000 (the "May 2000 Balance Sheet") and the statements of income,
cash flows and changes in shareholders' equity for the five month period ended
May 31, 2000, certified by the Seller and the Company's or Subsidiaries' chief
financial officer (collectively, the "Financial Statements"). All such financial
statements, including the Financial Statements (a) have been prepared in
accordance with the books of account and records of Elmor; (b) fairly present,
and are, true, correct and complete statements in all material respects of the
financial condition and the results of operations of Elmor at the dates and for
the periods specified in those statements; and (c) have been prepared in
accordance with generally accepted accounting principles consistently applied
with prior periods. Elmor has maintained their respective accounting books and
supporting documentation for the last 10 years.

         5.21 Guaranties. The Company is not a party to any Guaranty, and no
Person is a party to any Guaranty for the benefit of the Company.

         5.22 Investigations; Litigation. There is no pending or threatened
investigation, inquiry or hearing by any governmental agency against or
adversely and there is no action, demand, suit, proceeding or claim, pending or,
threatened, against or affecting the Company or the Seller's ability to execute
this Agreement or consummate the actions contemplated hereby. Neither the
Company, its Affiliates nor any of their directors, officers, employees or
agents, in their respective capacities as such, is a party to any, and there are
no pending or threatened, legal, administrative, arbitral or other proceedings,
claims, suits, or actions of any nature against the Company or its Affiliates or
any of their directors, officers, employees or agents, in their respective
capacities as such, or involving any property or assets of the Company or its
Affiliates.

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There is no outstanding order, writ, injunction or decree of any court,
government or governmental agency against, or affecting the Company or its
assets or business.

                                   ARTICLE VI

                             ADDITIONAL AGREEMENTS

         6.1 General Release. Seller hereby unconditionally and irrevocably
releases and forever discharges, effective as of the Closing Date, the Company,
and its officers, directors, employees and agents, from any and all rights,
claims, demands, judgments, obligations, liabilities and damages, whether
accrued or unaccrued, asserted or unasserted, and whether known or unknown,
relating to the Company which ever existed, now exist, or may hereafter exist,
by reason of any tort, breach of contract, violation of law or other act or
failure to act which shall have occurred at or prior to the Closing Date, or in
relation to any other liabilities of the Company to the Seller. The Seller
expressly intends that the foregoing release shall be effective regardless of
whether the basis for any claim or right hereby released shall have been known
to or anticipated by the Seller.

         6.2 Seller Restrictions on Sale. Seller understands and acknowledges
that the Exchange Securities will be registered with the Securities and Exchange
Commission ("SEC") under the Securities Act on a Registration Statement on Form
S-4. However, Seller further understands and acknowledges that any sale,
transfer or disposition by them of any of the Exchange Securities may, under
current law, be made only (i) in accordance with the provisions of paragraph (d)
of Rule 145 under the Securities Act, (ii) pursuant to an effective registration
statement under the Securities Act or (iii) upon receipt by Buyer of an opinion
of counsel reasonably acceptable to Buyer, or a "no-action" letter obtained by
it from the SEC, to the effect that such sale, transfer or disposition is
otherwise exempt from registration under the Securities Act.

         6.3 Confidentiality. Seller and the Company acknowledge that the
Intellectual Property and all other confidential or proprietary information with
respect to the business and operations of the Company and its subsidiaries is
valuable, special and unique. Seller and the Company shall not at any time after
the Closing Date disclose, directly or indirectly, to any Person, or use or
purport to authorize any Person to use, any confidential or proprietary
information with respect to the Company or its subsidiaries, whether or not for
Seller's or the Company's benefit, without the prior written consent of Buyer.
Seller and the Company acknowledge that Buyer would not enter into this
Agreement without the assurance that all such confidential and proprietary
information will be used for the exclusive benefit of the Company and its
subsidiaries.

         6.4 Indemnification. The Seller agrees to indemnify and hold harmless
Buyer, and its directors, officers, shareholders, employees, agents and
subsidiaries and their respective assigns from, against and in respect of, the
full amount of any and all Liabilities, damages, claims, deficiencies, fines,
assessments, losses, taxes, penalties, interest, costs and expenses, including,
without limitation, reasonable fees and disbursements of counsel (collectively,
the

                                       11
<PAGE>

"Indemnified Losses") arising from, in connection with, or incident to (i) any
breach or violation of any of the Sellers' representations, warranties,
covenants or agreements contained in this Agreement; (ii) the business or
operations of the Company or Sellers before the Closing Date; (iii) any and all
actions, suits, proceedings, demands, assessments or judgments, incidental to
any of the foregoing and (iv) any Working Capital Deficiency.

         6.5 Additional Tax Agreements. Seller will file an election via
certified mail with the Internal Revenue Service Center, Philadelphia, PA 19255
prior to or at Closing to be a foreign entity with a single owner electing to be
disregarded as a separate entity from its date of incorporation on Internal
Revenue Service Form 8832 (the "Entity Classification Election"). In addition,
prior to or at closing, Seller shall cause its shareholder as sole shareholder
of Seller to file Internal Revenue Service Form SS-4 (Application for Employer
Identification Number) via certified mail with the Internal Revenue Service
Center, Attn: Entity Control, Philadelphia PA 19255. A copy of all the executed
Internal Revenue Service Form 8832 and Form SS-4 filing along with a copy of the
certified mail receipts is required to be provided to Buyer prior to or at
Closing. Furthermore, Seller agrees to provide Buyer with a copy of each of the
Internal Revenue Service approvals and/or notifications relating to Entity
Classification Election. If Seller has not received approval from the Internal
Revenue Service within 120 days of filing the Entity Classification Election,
then the Seller is required to contact the Internal Revenue Service to inquire
about the status of the Entity Classification Election and notify Buyer of the
results of the inquiry regarding such status.

                                  ARTICLE VII

                                 MISCELLANEOUS

         7.1 Notices. Any notice, request, demand or other communication
required or permitted under this Agreement shall be in writing and shall be
delivered personally or sent by certified mail, return receipt requested,
postage prepaid, or sent by facsimile or prepaid overnight courier to the
parties at the names and addresses set forth below (or at such other addresses
as shall be specified by the parties by like notice).

                If to Seller, then to:

                Alfa Centura Holdings NV
                24 Kaya Wilson Papa Godett
                Curacao, Netherlands Antilles
                Attn: Vivian Ersilia
                Phone: (5999) 465-8177
                Fax: (5999) 465-7449

                                       12
<PAGE>

                If to Buyer, then to:

                IVAX Corporation
                4400 Biscayne Boulevard
                Miami, Florida 33137
                Attn: President
                Phone: (305) 575-6008
                Fax: (305) 575-6016

                With a copy to:

                IVAX Corporation
                4400 Biscayne Boulevard
                Miami, Florida 33137
                Attn: General Counsel
                Phone: (305) 575-6037
                Fax: (305) 575-6049

         Such notices, demands, claims and other communications shall be deemed
given when actually received, or (a) in the case of delivery by overnight
service with guaranteed next day delivery, the next day or the day designated
for delivery, (b) in the case of certified mail, ten (10) days after deposit in
the mail, or (c) in the case of facsimile, the date upon which the transmitting
party received confirmation of receipt by facsimile, telephone or otherwise.

         7.2 Further Assurances. The parties shall deliver any and all other
instruments or documents required to be delivered pursuant to, or necessary or
proper in order to give effect to, the provisions of this Agreement, including
without limitation, all necessary stock powers and such other instruments of
transfer as may be necessary or desirable to transfer ownership of the Shares
and to consummate the transactions contemplated by this Agreement.

         7.3 Entire Agreement. This Agreement and the exhibits and schedules to
this Agreement contain every obligation and understanding between the parties
relating to the subject matter hereof and merge all prior discussions,
negotiations and agreements, if any, between them, and none of the parties shall
be bound by any representations, warranties, covenants, or other understandings,
other than as expressly provided or referred to herein. This Agreement may not
be amended except by an instrument in writing signed on behalf of each of the
parties.

         7.4 Assignment. This Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and their respective heirs, executors, legal
representatives, successors and permitted assigns. No party hereto may assign
this Agreement or any rights hereunder, in whole or in part without the written
consent of the other party, except that Buyer may assign this Agreement to any
of its Affiliates.

         7.5 Waiver. No waiver by any party hereto of its rights under any
provision of this Agreement shall constitute a waiver of such party's rights
under such provisions at any other time or a waiver of such party's rights under
any other provision of this Agreement. No failure

                                       13
<PAGE>

by any party hereto to take any action against any breach of this Agreement or
default by another party shall constitute a waiver of the former party's right
to enforce any provision of this Agreement or to take action against such breach
or default or any subsequent breach or default by such other party.

         7.6 No Third Party Beneficiary. Nothing expressed or implied in this
Agreement is intended, or shall be construed, to confer upon or give any Person
other than the parties hereto and their respective heirs, personal
representatives, legal representatives, successors and permitted assigns, any
rights or remedies under or by reason of this Agreement.

         7.7 Severability. In the event that any one or more of the provisions
contained in this Agreement shall be declared invalid, void or unenforceable,
the remainder of the provisions of this Agreement shall remain in full force and
effect, and such invalid, void or unenforceable provision shall be interpreted
as closely as possible to the manner in which it was written.

         7.8 Expenses. All expenses (including, without limitation, financial
advisory fees, legal fees and expenses, broker and finder fees, fees and
expenses of accountants) incurred by each party in connection with the
transactions contemplated hereby (hereunder referred to as "Expenses") will be
borne by the party incurring such Expenses, provided that any Expenses incurred
by Seller or the Company prior to the Closing Date shall be borne solely by
Seller.

         7.9 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

         7.10 Consent to Jurisdiction; Venue. This Agreement shall be subject to
the exclusive jurisdiction of the courts of Miami-Dade County, Florida. The
parties irrevocably waive, to the fullest extent permitted by law, any objection
which they may now or hereafter have to the laying of venue of any suit, action
or proceeding arising out of or relating to this Agreement, or any judgment
entered by any court in respect hereof brought in the State of Florida, and
further irrevocably waive any claim that any suit, action or proceeding brought
in Miami-Dade County, Florida has been brought in an inconvenient forum.

         7.11 Injunctive Relief. It is possible that remedies at law may be
inadequate and, therefore, the parties hereto shall be entitled to equitable
relief including, without limitation, injunctive relief, specific performance or
other equitable remedies in addition to all other remedies provided hereunder or
available to the parties hereto at law or in equity.

         7.12 Governing Law. This Agreement has been entered into and shall be
construed and enforced in accordance with the laws of the State of Florida,
without giving effect to conflict of law principles.

         7.13 Jurisdiction; Venue. Any suit, action or proceeding against any
party with respect to this Agreement or any judgment entered by any court in
respect of this Agreement shall be brought in the courts of the State of Florida
in Miami-Dade County, Florida, or in the

                                       14
<PAGE>

U.S. District Court for the Southern District of Florida, and the parties hereto
accept the exclusive jurisdiction of those courts for the purpose of any such
suit, action or proceeding. In addition, the parties irrevocably waive, to the
fullest extent permitted by law, any objection which they may now or hereafter
have to the laying of venue of any suit, action or proceeding arising out of or
relating to this Agreement, or any judgment entered by any court in respect
hereof brought in Miami-Dade County, Florida, and further irrevocably waive any
claim that any suit, action or proceeding brought in Miami-Dade County, Florida
was brought in an inconvenient forum.

         7.14 English Version. In the event that this Agreement is translated
into a language other than English, the English version of this Agreement shall
control all questions of interpretation with respect thereto.

                                       15
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have each executed and delivered
this Agreement as of the day and year first above written.

                                         Buyer: IVAX Corporation

                                         By: /s/ Neil Flanzraich
                                            --------------------------------
                                         Name: Neil Flanzraich
                                         Title: Vice Chairman and President

                                         SELLER: Alfa Centura Holdings NV

                                         By: /s/ Jose Domingo Paoli
                                            --------------------------------
                                         Name: Jose Domingo Paoli
                                         Title: Attorney-in-Fact

                                       16EXHIBIT 10.1

                                 AMENDMENT NO. 1

                           Dated as of August 14, 2000

                                       to

                  FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

                            Dated as of May 31, 2000

                  This Amendment No. 1 (the "Amendment") dated as of August 14,
2000 is entered into among AVIATION SALES DISTRIBUTION SERVICES COMPANY, a
Delaware corporation ("Distribution"), AEROCELL STRUCTURES, INC., an Arkansas
corporation ("Aerocell"), AVS/KRATZ-WILDE MACHINE COMPANY, a Delaware
corporation ("Kratz-Wilde"), WHITEHALL CORPORATION, a Delaware corporation
("Whitehall"), TRIAD INTERNATIONAL MAINTENANCE CORPORATION, a Delaware
corporation ("TIMCO"), APEX MANUFACTURING, INC., an Arizona corporation
("Apex"), CARIBE AVIATION, INC., a Florida corporation ("Caribe"), AIRCRAFT
INTERIOR DESIGN, INC., a Florida corporation ("Design"), AVIATION SALES LEASING
COMPANY, a Delaware corporation ("Leasing"), TIMCO ENGINE CENTER, INC., a
Delaware corporation ("TIMCO Engine"), AVIATION SALES BEARINGS COMPANY, a
Delaware corporation ("Bearings"), and AVIATION SALES COMPANY, a Delaware
corporation ("Parent"), and the "Lenders" (as defined in the Credit Agreement
identified below) a party hereto. Capitalized terms used herein without
definition are used herein as defined in the Credit Agreement.

                             PRELIMINARY STATEMENT:

                  WHEREAS, Distribution, Aerocell, Kratz-Wilde, Whitehall,
TIMCO, Apex, Caribe, Design,, Leasing, TIMCO Engine and Bearings, as Borrowers,
Parent, Citicorp USA, Inc., as Agent, and certain financial institutions, as
Lenders and Issuing Banks, are parties to that certain Fourth Amended and
Restated Credit Agreement dated as of May 31, 2000 (the "Credit Agreement");

                  WHEREAS, the Borrowers have requested the amendment of certain
terms of the Credit Agreement as they pertain to the calculation of the
Borrowing Base, financial covenants, sales of Property identified on Schedule
1.01.1, and election of members of the Boards of Directors of the Borrowers and
Guarantors and the Lenders a party hereto have agreed to the same on the terms
and conditions set forth herein;

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

                  SECTION 1. Amendments to the Credit Agreement;
Consents/Approvals.

                  A. Effective as of June 25, 2000, subject to the satisfaction
of the conditions precedent set forth in Section 2 hereof, the Credit Agreement
is hereby amended as follows:

<PAGE>

                  1.1 Section 1.01 is amended to (i) delete the definitions of
"Performance Level 1", "Performance Level 2" and "Performance Level 3" in their
entirety, (ii) delete the definitions of "Base Rate Margin", "Eurodollar Rate
Margin", "Excess Borrowing Amount", "Interim Liquidity Amount", and "Overadvance
Amount", in their entirety and substitute the following therefor:

                  "Base Rate Margin" means three percent (3.00%) per annum.

                  "Eurodollar Rate Margin" means four and one-half percent
(4.50%) per annum.

                  "Excess Borrowing Amount" means $35,405,000.

                  "Interim Liquidity Amount" means $9,595,000.

                  "Overadvance Amount" means, as of any date of determination,
                  the sum of (i) the Interim Liquidity Amount plus (ii) the
                  Excess Borrowing Amount, as such sum is reduced from time to
                  time pursuant to Section 2.04.

and (iii) add the following definitions thereto:

                  "Asset Sale Adjustment Date" means the earlier to occur of (i)
                  September 30, 2000 and (ii) the date on which Net Cash
                  Proceeds of Sale are received with respect to the sale of the
                  Capital Stock or assets of Manufacturing, Kratz-Wilde and
                  Apex.

                  "Bearings Sale Date" means the date on which Net Cash Proceeds
                  of Sale are received with respect to the sale of the Capital
                  Stock or assets of Bearings.

                  1.2 To effect the requested amendment of the Overadvance
Amount component of Borrowing Base, Section 2.04 is amended to delete the
provisions thereof in their entirety and substitute the following therefor:

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

                  Reduction Date                     Reduction Amount
                  --------------                     ----------------
                  June 30, 2000                      $ 7,500,000
                  September 30, 2000                 $27,600,000
                  October 31, 2000                   $ 4,950,000
                  November 30, 2000                  $ 4,950,000

                                       2
<PAGE>

                  Notwithstanding the foregoing, in the event:

                  (a) Net Cash Proceeds of Sale are received from the sale of
                  Airbus Series A300B4 aircraft before the Asset Sale Adjustment
                  Date, no concurrent reduction in the Overadvance Amount shall
                  be required in connection with such sale(s) until the Asset
                  Sale Adjustment Date;

                  (b) Net Cash Proceeds of Sale are received from the sale of
                  Airbus Series A300B4 aircraft after the date on which Net Cash
                  Proceeds of Sale are received with respect to the sale of the
                  Capital Stock or assets of Manufacturing, Kratz-Wilde and
                  Apex, the Overadvance Amount shall be required to be reduced
                  by the balance of the Net Cash Proceeds of Sale received from
                  each such sale on the date received in accordance with the
                  terms of such sale after giving effect to the required
                  application of such Net Cash Proceeds of Sale to reduction of
                  the Borrowing Base occasioned by such sale;

                  (c) the Capital Stock or assets of Manufacturing, Kratz-Wilde
                  and Apex are sold on or before September 30, 2000, the
                  above-referenced Reduction Amount for September 30, 2000 will
                  be adjusted to provide for application of $22,500,000 of the
                  Net Cash Proceeds of Sale received from such sale to reduction
                  of the Overadvance Amount as of the Asset Sale Adjustment
                  Date; and

                  (d) Net Cash Proceeds of Sale are received in connection with
                  the sale of Bearings prior to October 31, 2000, the
                  Overadvance Amount shall be required to be reduced on the
                  Bearings Sale Date by the balance of the Net Cash Proceeds of
                  Sale received from each such sale after giving effect to the
                  required application of such Net Cash Proceeds of Sale to
                  reduction of the Borrowing Base occasioned by such sale.

                  1.3 Schedule 1.01.1 is amended to delete the provisions
thereof in their entirety and substitute those set forth on Schedule 1.01.1
attached hereto and made a part hereof.

                  1.4 Section 4.01(b)(vii)(D) is amended to delete the
provisions thereof in their entirety and substitute the following therefor:

                  (D) Notwithstanding the foregoing, from and after (1) January
                  1, 2001, the Revolving Credit Commitments shall not exceed
                  $200,000,000 and (2) July 1, 2001, the Revolving Credit
                  Commitments shall not exceed $175,000,000 and, in each
                  instance, the Borrowers shall immediately and without notice
                  or demand of any kind make repayments of the Loans to the
                  extent necessary to reduce the outstanding principal amount of
                  the Revolving Credit Obligations to an amount not to exceed
                  the amount of the Revolving Credit Commitments as of such
                  date.

                  1.5 Section 5.03(b)(i) is amended to delete the provisions
thereof in their entirety and substitute the following therefor:

                                       3
<PAGE>

                  (i) Borrowers may only select (A) during the period commencing
                  on the Effective Date and ending on August 14, 2000, as to a
                  particular Borrowing of Eurodollar Rate Loans, a Eurodollar
                  Interest Period of one (1), three (3), six (6), or, if
                  available to all Lenders, nine (9) or twelve (12) months in
                  duration and (B) from and after August 14, 2000, as to a
                  particular Borrowing of Eurodollar Rate Loans, a Eurodollar
                  Interest Period of one (1) month's duration;

                  1.6  Section 5.04 is deleted in its entirety.

                  1.7 Section 8.01 is amended to add the following as clause (g)
at the end thereof:

                  (g) TIMCO Payables Reports. On Wednesday of each week, a
                  report of the accounts payable of each of Triad International
                  Maintenance Corporation, Timco Engine Center, Inc. and TIMCO
                  Engineered Systems, Inc., in each instance, including a then
                  current aging of the same.

                  1.8 Sections 11.01 through 11.07 are amended to delete the
provisions thereof in their entirety and substitute the following therefor:

                  11.01 Minimum EBITDA. The Parent shall maintain EBITDA,
determined as of the last day of each Fiscal Quarter set forth below for the
period then ending described below, of at least the amount set forth below
opposite such date of determination:

Determination Date    Applicable Period                          Minimum EBITDA
------------------    -----------------                          --------------
June 30, 2000         January 1, 2000-- June 30, 2000            $17,000,000
September 30, 2000    January 1, 2000-- September 30, 2000       $20,000,000
December 31, 2000     January 1, 2000-- December 31, 2000        $26,500,000
March 31, 2001        April 1, 2000 - March 31, 2001             $22,000,000
June 30, 2001         July 1, 2000 - June 30, 2001               $33,500,000
September 30, 2001    October 1, 2000 - September 30, 2001       $42,500,000
December 31, 2001     January 1, 2001 - December 31, 2001        $50,000,000
March 31, 2002        April 1, 2001 - March 31, 2002             $57,500,000
June 30, 2002         July 1, 2001 - June 30, 2002               $62,500,000

                  11.02 Capital Expenditures. The Parent and its Subsidiaries
shall not make Capital Expenditures in the aggregate during any period set forth
below in excess of the amount set forth below opposite such period; (in each
instance, the "Maximum Amount"):

                                       4
<PAGE>
Determination Date    Applicable Period                          Minimum EBITDA
------------------    -----------------                          --------------
June 30, 2000         January 1, 2000-- June 30, 2000            $13,000,000
September 30, 2000    January 1, 2000-- September 30, 2000       $14,000,000
December 31, 2000     January 1, 2000-- December 31, 2000        $16,000,000
March 31, 2001        Four Fiscal Quarter period then ending     $10,000,000
June 30, 2001         Four Fiscal Quarter period then ending     $10,000,000
September 30, 2001    Four Fiscal Quarter period then ending     $10,000,000
December 31, 2001     Four Fiscal Quarter period then ending     $10,000,000
March 31, 2002        Four Fiscal Quarter period then ending     $10,000,000
June 30, 2002         Four Fiscal Quarter period then ending     $10,000,000

provided, however, to the extent the Parent and its Subsidiaries have not made
Capital Expenditures in the amount permitted above for any given period set
forth above, Capital Expenditures in an amount equal to 100% of the Maximum
Amount of such Capital Expenditures permitted but not made in such period may be
made in the immediately next succeeding period in addition to any amounts
permitted above for such succeeding period; provided that to the extent amounts
carried forward from one period to the next succeeding period are not expended
in such period, such surplus may not be carried forward to any other succeeding
period.

                  11.03 Fixed Charge Coverage Ratio. The Parent shall maintain a
Fixed Charge Coverage Ratio for the Parent and its Subsidiaries, as determined
as of the last day of each Fiscal Quarter set forth below for the period then
ending described below, of at least the level set forth below opposite such
determination date:

Determination Date     Applicable Period                         Minimum Ratio
------------------     -----------------                         -------------
March 31, 2001         Four Fiscal Quarter period then ending     0.90 to 1.00
June 30, 2001          Four Fiscal Quarter period then ending     0.90 to 1.00
September 30, 2001     Four Fiscal Quarter period then ending     1.15 to 1.00
December 31, 2001      Four Fiscal Quarter period then ending     1.50 to 1.00
March 31, 2002         Four Fiscal Quarter period then ending     1.50 to 1.00
June 30, 2002          Four Fiscal Quarter period then ending     1.75 to 1.00

                  11.04 Working Capital. Working Capital shall be (a)
$325,000,000 at June 30, 2000, (b) $300,000,000 during the period September 30,
2000 through June 30, 2001, and (c) $275,000,000 at September 30, 2001 and at
all times thereafter during the term of this Agreement, in each instance,
determined at the end of each Fiscal Quarter commencing with the Fiscal Quarter
ending June 30, 2000.

                                       5
<PAGE>

                  11.05 Minimum Tangible Net Worth. The Parent shall maintain a
Tangible Net Worth of at least the amount set forth below for the Fiscal Quarter
ending during the period set forth below opposite such amount.

         Fiscal Quarter Ending                      Minimum Tangible Net Worth
         ---------------------                      --------------------------
         June 30, 2000                              $132,500,000
         September 30, 2000                         $119,000,000
         December 31, 2000                          $109,000,000
         March 31, 2001                             $109,000,000
         June 30, 2001                              $114,000,000
         September 30, 2001                         $118,000,000
         December 31, 2001                          $124,000,000
         March 31, 2002                             $133,000,000
         June 30, 2002                              $142,000,000

                  11.06 Leverage Ratio. The Parent shall maintain a ratio of
Funded Debt of the Parent to EBITDA of the Parent, determined as of the end of
each Fiscal Quarter ending on or after June 30, 2001, for the
four-fiscal-quarter period then ended, of not more than:

         Four Fiscal Quarter Period Ending                     Maximum Ratio
         ---------------------------------                     -------------
         June 30, 2001                                         10.00 to 1.00
         September 30, 2001                                    8.00 to 1.00
         December 31, 2001                                     6.00 to 1.00
         March 31, 2002                                        5.50 to 1.00
         June 30, 2002                                         5.00 to 1.00

                  11.07 Ratio of Senior Debt to EBITDA. The Parent shall
maintain a Ratio of Senior Debt to EBITDA, determined as of the end of each
Fiscal Quarter of the Parent ending on or after December 31, 2000, for the
four-Fiscal-Quarter period then ended, of not more than:

         Four Fiscal Quarter Period Ending                     Maximum Ratio
         ---------------------------------                     -------------
         December 31, 2000                                     7.00 to 1.00
         March 31, 2001                                        7.75 to 1.00
         June 30, 2001                                         5.50 to 1.00
         September 30, 2001                                    4.00 to 1.00
         December 31, 2001                                     3.00 to 1.00
         March 31, 2002                                        2.50 to 1.00
         June 30, 2002                                         2.25 to 1.00

                                       6
<PAGE>

                  1.9 Section 12.01 is amended to (i) delete the provisions of
clause (o) thereof in their entirety and substitute the following therefor:

                  (o) Boards of Directors. One outside director reasonably
                  acceptable to the Agent, in addition to those Persons acting
                  as members of the Board of Directors of Parent as of the
                  Effective Date, shall not have been elected to serve as a
                  member of the Parent's Board of Directors by September 30,
                  2000; or one outside director reasonably acceptable to the
                  Agent, in addition to those Persons acting as members of the
                  Board of Directors of Parent as of the Effective Date and the
                  aforesaid additional outside director, shall not have been
                  elected to serve as a member of the Parent's Board of
                  Directors by December 31, 2000; or two directors in addition
                  to Dale S. Baker shall not have been elected to serve as
                  members of the respective Boards of Directors of each Borrower
                  and other Guarantor (with the exception of Finance Affiliate)
                  by September 30, 2000. For purposes of the foregoing, the term
                  "outside director" shall not include any Person (i) having any
                  material direct or indirect financial interest in or with
                  respect to Parent or any of its Subsidiaries or having,
                  directly or beneficially, voting control of five percent
                  (5.0%) or more of the issued and outstanding Capital Stock of
                  Parent or (ii) representing any Person described by the terms
                  of clause (i) above.

and (ii) add the following provision as clause (p) thereof:

                  (p) Sale of Property. Occurrence of an event set forth on
Schedule 12.01-P attached hereto and made a part hereof.

                  B. Effective as of August 14, 2000, subject to the Agent's
receipt of the consent referenced in Section 2.1(e) below on or before such
date, the Lenders signatory hereto representing the Requisite Lenders hereby
consent to the amendment of the TROL Documents on the terms and conditions
attached hereto as Exhibit A.

                  C. The Lenders signatory hereto representing the Requisite
Lenders and the Agent hereby confirm their approval, as required by clause (v)
of the defininition of "EBITDA" in the Credit Agreement, of inclusion of the
items described on Exhibit B attached hereto and made a part hereof in the
calculation (as part of such clause (v)) of EBITDA for the periods referenced on
Exhibit B.

                  SECTION 2.  Conditions Precedent.

                  2.1 This Amendment shall become effective as of June 25, 2000,
if, and only if (1) the Agent shall have received on or before August 14, 2000:

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

                                       7
<PAGE>

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

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

         (d) projected cash flow statements of Parent and its Subsidiaries, by
         week, for the period August 7,2000 - September 29, 2000;

         (e) a written consent of the obligee parties to the TROL Documents to
         the terms of this Amendment and to the sales of assets identified on
         Schedule 1.01.1 in form and substance satisfactory to the Agent;

         (f) a waiver of all events of default which exist as of August 14,
         2000, if any, under any loan agreement(s) (collectively, the "Norlease
         Agreement") among Norlease, Inc., Aviation Sales SPS I, Inc., and
         Aviation Sales Company and the rights and remedies of the parties
         thereunder arising with respect thereto pursuant to an agreement in
         form and substance satisfactory to the Agent;

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

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

         (i) from the Borrowers, for the benefit of each Lender executing and
         delivering this Amendment to the Agent on or before August 14, 2000, a
         fee in consideration of its executing and delivering this Amendment, in
         the amount of (i) three-eighths of one percent (0.375%) of such
         Lender's Revolving Credit Commitment in effect on August 10, 2000 if
         this Amendment is so executed and delivered by such Lender on or before
         August 10, 2000 or (ii) one-quarter of one percent (0.25%) of such
         Lender's Revolving Credit Commitment in effect on August 10, 2000, if
         this Amendment is so executed and delivered by such Lender on or after
         August 11, 2000;

         (j) from the Borrowers, reimbursement for the expenses of the Agent
         identified on Exhibit C attached hereto and made a part hereof; and

                                       8
<PAGE>

(2) as of August 14, 2000, no "Event of Default" shall have occurred and be
continuing under the terms of the Credit Agreement, TROL Documents, Norlease
Agreement or Indenture under which the Senior Subordinated Notes have been
issued, as supplemented through the date of this Amendment and no "Change of
Control" (as defined in such Indenture) shall have occurred.

                  SECTION 3. Representations and Warranties; Acknowledgment. The
Borrowers hereby represent and warrant as follows:

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

                  3.2 After giving effect to this Amendment, no Event of Default
or Potential Event of Default exists or would result from any of the
transactions contemplated by this Amendment. No event of default or default has
occurred and is continuing under the terms of any of the TROL Documents, under
the terms of the Norlease Agreement, or under any of the agreements and
documents executed with respect to the Senior Subordinated Notes or under which
the Senior Subordinated Notes have been issued.

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

                  SECTION 4.  Reference to and Effect on the Credit Agreement.

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

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

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

                  SECTION 5. Execution in Counterparts. This Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of

                                       9
<PAGE>

which when so executed and delivered shall be deemed to be an original and all
of which taken together shall constitute but one and the same instrument.
Delivery of an executed counterpart of this Amendment by telecopier shall be
effective as delivery of a manually executed counterpart of this Amendment.

                  SECTION 6. Governing Law. This Amendment shall be governed by
and construed in accordance with the laws of the State of New York.

                  SECTION 7. Headings. Section headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose.

                                       10
<PAGE>

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

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

__________________________                  By__________________________
  Name:                                       Name:
  Title:                                      Title:

NATIONAL CITY COMMERCIAL
FINANCE, INC.

By____________________________
  Name:
  Title:

FIRST UNION COMMERCIAL                      SALOMON BROTHERS HOLDING
 CORPORATION                                COMPANY, INC.

By___________________________               By__________________________
  Name:                                       Name:
  Title:                                      Title:

IBJ WHITEHALL BUSINESS CREDIT               FLEET NATIONAL BANK
 CORPORATION

By__________________________                By__________________________
  Name:                                       Name:
  Title:                                      Title:

                                       11
<PAGE>

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

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

                                    By_________________________
                                      Michael S. Bloomenfeld
                                      Vice President & Manager

FIRSTAR BANK, N.A.                  CITIZENS BUSINESS CREDIT
                                     COMPANY

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

AMSOUTH BANK                        PNC BANK NATIONAL ASSOCIATION

By__________________________        By_________________________
  Name:                               Name:
  Title:                              Title:

                                       12
<PAGE>

AVIATION SALES DISTRIBUTION                 AEROCELL STRUCTURES, INC.
 SERVICES COMPANY

By___________________________               By________________________
  Name:                                       Name
  Title:                                      Title:

AVS/KRATZ-WILDE MACHINE COMPANY             WHITEHALL CORPORATION

By___________________________               By________________________
  Name:                                       Name
  Title:                                      Title:

TRIAD INTERNATIONAL MAINTENANCE             APEX MANUFACTURING, INC.
 CORPORATION

By___________________________               By________________________
  Name:                                       Name
  Title:                                      Title:

AIRCRAFT INTERIOR DESIGN, INC.              CARIBE AVIATION, INC.

By___________________________               By________________________
  Name:                                       Name
  Title:                                      Title:

AVIATION SALES COMPANY                      AVIATION SALES LEASING COMPANY

By__________________________                By________________________
  Name:                                       Name
  Title:                                      Title:

                                       13
<PAGE>

TIMCO ENGINE CENTER, INC.                   AVIATION SALES BEARINGS
                                            COMPANY

By__________________________                By________________________
  Name:                                       Name:
  Title:                                      Title:

                                       14

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