Document:

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                                                                   Exhibit 10.11

                                    AGREEMENT
                            (Loan Parties Agreement)

         This Agreement (the "Agreement") dated as of July 12, 2002 is entered
into among AVIATION SALES DISTRIBUTION SERVICES COMPANY, a Delaware corporation
("Distribution"), AEROCELL STRUCTURES, INC., an Arkansas corporation
("Aerocell"), WHITEHALL CORPORATION, a Delaware corporation ("Whitehall"), TRIAD
INTERNATIONAL MAINTENANCE CORPORATION, a Delaware corporation ("TIMCO"),
AVS/CAI, 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"), TIMCO AVIATION SERVICES, INC., a Delaware corporation
("Parent"), AVIATION SALES PROPERTY MANAGEMENT CORP., a Delaware corporation
("Property"), HYDROSCIENCE, INC., a Texas corporation ("Hydro"), AVSRE, L.P., a
limited partnership organized under the laws of Delaware ("AVSRE"), AVS/M-1,
INC., a Delaware corporation ("AVSM1"), AVS/M-2, INC., a Delaware corporation
("AVSM2"), AVS/M-3, INC., an Arizona corporation ("AVSM3"), and TIMCO ENGINEERED
SYSTEMS, INC., a Delaware corporation ("TIMCO Engineered") (Distribution,
Aerocell, Whitehall, TIMCO, Caribe, Design, Leasing, TIMCO Engine, Parent,
Property, Hydro, AVSRE, AVSM1, AVSM2, AVSM3 and TIMCO Engineered being
hereinafter referred to, collectively, as "Loan Parties" and, individually, as a
"Loan Party"). Capitalized terms not otherwise defined herein are used as
defined in the Credit Agreement described below.

                             PRELIMINARY STATEMENT:

         WHEREAS, Benito Quevedo and Martha Quevedo (collectively, "Lender")
have extended to certain of the Loan Parties (namely, Aerocell, Design, TIMCO
and TIMCO Engine (hereinafter referred to collectively as the "Borrowers")) a
term loan in the principal amount of $1,000,000 pursuant to the terms of that
certain Term Loan Note of even date herewith executed by the Borrowers and
payable to the order of Lender (the "Term Note"); and

         WHEREAS, the indebtedness evidenced by the Term Note has been
guaranteed by certain other of the Loan Parties (namely, Parent, Whitehall,
Caribe, Leasing, Property, Hydro, AVSRE, AVSM1, AVSM2, AVSM3 and TIMCO
Engineered (hereinafter referred to collectively as the "Guarantors")), pursuant
to the terms of that certain Guaranty of even date herewith executed by the
Guarantors in favor of Lender (the "Guaranty"); and

         WHEREAS, Lender has required, as a condition to the extension of credit
evidenced by the Term Note, that the Loan Parties make certain covenants and
representations to Lender as more particularly stated in this Agreement.

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

         SECTION 1. Representations and Warranties; Covenants. The Loan Parties
hereby represent and warrant as follows:

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                  1.1 Binding Obligations. This Agreement, the Term Note, the
Guaranty and the documents evidencing and securing its obligations evidenced by
the Term Note and the Guaranty (collectively "Loan Documents") as previously
executed and delivered and as amended hereby constitute legal, valid and binding
obligations of the Loan Parties and are enforceable against the Loan Parties in
accordance with their terms.

                  1.2 Representations and Warranties of Loan Parties. The
representations and warranties of the Loan Parties contained in the Loan
Documents, and all certificates and other documents delivered to the Lender
pursuant to the terms thereof, do not contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
contained herein or therein, in light of the circumstances under which they were
made, not misleading. No Loan Party has intentionally withheld any fact from the
Lender in regard to any matter which will, or is reasonably likely to, result in
a "Material Adverse Effect" as defined in that certain Fifth Amended and
Restated Credit Agreement dated as of even date herewith, as amended, by and
among Parent, certain subsidiaries of Parent, as Co-Borrowers, the lenders party
thereto, and Citicorp USA, Inc., as Agent (the "Credit Agreement").

                  1.3 Future Pledges of Equity Securities, Other Collateral
Documents.

                      (i)   Each Loan Party shall execute and deliver to the
Lender concurrently with the issuance of any equity securities to such Loan
Party in connection with any investment made by the Loan Party, or formation or
acquisition of a Subsidiary of the Loan Party, a pledge of (A) all of the equity
securities issued to or acquired by such Loan Party, if the person formed,
acquired or in which an investment is made is not domiciled outside of the
United States of America and its states, districts or possessions, and (B) 65%
of the equity securities of any such person domiciled outside of the United
States of America and its states, districts or possessions.

                      (ii)  Each Loan Party shall execute and deliver to the
Lender an aircraft mortgage and security agreement concurrently with its
acquisition of any aircraft or aircraft engines registered with the Federal
Aviation Administration.

                      (iii) Each Loan Party shall execute and deliver to the
Lender such other security agreements, pledges, mortgages, assignments or any
other documents or instruments reasonably requested by the Lender with respect
to other property and interests in property of such Loan Party not otherwise
covered by the documents delivered to or for the benefit of the Lender as of the
date hereof or with respect to other property and interests in property of such
Loan Party acquired after the date hereof.

         Delivery of such instruments required by this Section 1.3 to Citicorp
USA, Inc., as Agent for the benefit of Lender, the Lenders party to the Credit
Agreement and Bank of America, N.A. will constitute compliance with this
section.

                  1.4 Further Assurances. Each Loan Party agrees that from time
to time, at the expense of such Loan Party, such Loan Party will promptly
execute and deliver all further instruments and documents, and take all further
action which may be necessary or desirable in the opinion of the Lender or its
counsel, or that the Lender may reasonably request, in order to

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perfect and protect any security interest granted or purported to be granted for
the benefit of the Lender by the Loan Parties, and enable the Lender to exercise
and enforce its rights and remedies with respect to any collateral. Without
limiting the generality of the foregoing, each Loan Party shall execute such
further instruments and documents as may be reasonably requested by the Lender
in connection with any lien granted by the Loan Parties with respect to real
property or interests in real property.

                  1.5 Solvency. After giving effect to this Agreement, the loan
to be made pursuant to the Term Note, and the disbursement of the proceeds of
such loan, each Loan Party is Solvent (as such term is defined in the Credit
Agreement).

                  1.6 Authority.

                      (i)  The execution, delivery, performance and filing or
recording, as the case may be, of each of the agreements or documents which are
required to be executed, filed or recorded by or on behalf of the Loan Parties
in connection with or as required by the Term Note on or prior to the date
hereof and to which any Loan Party is party and the consummation of the
transactions contemplated thereby are within such person's, as applicable,
corporate powers, have been duly authorized by all necessary corporate action
and such authorization has not been rescinded. No other corporate action or
proceedings on the part of any Loan Party are necessary to consummate such
transactions.

                      (ii) Each of the Term Note, the Guaranty and the Loan
Documents to which any Loan Party is a party (A) has been duly executed,
delivered, filed or recorded, as the case may be, on behalf of such person, as
applicable, (B) where applicable, creates valid and perfected liens in the
Collateral covered thereby (except for Customary Permitted Liens (as defined in
the Credit Agreement) which might be senior to the liens granted under such
documents) securing the payment of all of the obligations purported to be
secured thereby, (C) constitutes such person's, as applicable, legal, valid and
binding obligation, enforceable against such person, as applicable, in
accordance with its terms, and (D) is in full force and effect. All filings and
recordings and other actions which are necessary or desirable to perfect and
protect the liens granted pursuant to the Collateral Documents and preserve
their required priority have been duly taken, and no Event of Default (as
defined in the Term Note) or breach of any covenant by any such party exists
thereunder.

                  1.7 Inspection of Property, Books and Records, Discussions.

                      (i) Each Loan Party shall permit any authorized
representative(s) designated by the Lender to visit and inspect, whether by
access to such Loan Party's MIS or otherwise, any of such Loan Party's property,
to examine, audit, check and make copies of such Loan Party's financial and
accounting records, books, journals, orders, receipts and any correspondence
(other than privileged correspondence with legal counsel) and other data
relating to their respective businesses or the transactions contemplated hereby
or referenced herein (including, without limitation, in connection with
environmental compliance, hazard or liability), and to discuss their affairs,
finances and accounts with their management personnel and independent certified
public accountants, all upon reasonable written notice and at such reasonable
times during normal business hours, as often as may be reasonably requested. If
an

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Event of Default has occurred and is continuing and the obligations have been
accelerated pursuant to the Term Note, each Loan Party, upon the Lender's
request in connection with efforts to enforce the rights and remedies of the
Lender under the Term Note and the documents securing the Term Note, shall turn
over copies of any such records requested by the Lender to the Lender or its
representatives.

                    (ii) All information obtained by Lender hereunder or
otherwise in connection with the loan evidenced by the Term Note except
information which (a) is or becomes generally available to the public; (b) is or
becomes available to Lender or its Representatives (as defined below) from a
source other than Parent and its subsidiaries or its Representatives, provided
such source is not known by Lender or its Representatives to be bound by a
confidentiality agreement with Parent and its subsidiaries or is not otherwise
prohibited from transmitting the information by a contractual, legal or
fiduciary obligation; or (c) is disclosed on the order of any court of competent
jurisdiction, shall be deemed "Confidential Information".

         Unless otherwise agreed to in writing by Parent, Lender agrees (a)
except as required by law, to keep all Confidential Information confidential and
not to disclose or reveal any Confidential Information to any person other than
those employed by Lender or acting on its behalf who are actively and directly
participating in matters related to the Term Note or who otherwise need to know
the Confidential Information (including, without limitation, accountants,
attorneys, or advisors) ("Representatives") and (b) not to use Confidential
Information for any purposes other than in connection with the Term Note. Lender
shall inform its Representatives of the existence and terms of this Agreement
and shall take all such steps as are used by Lender in protecting its own
confidential information to assure adherence to this Agreement by its
Representatives, who shall be considered agents of Lender for all purposes of
this Agreement. In the event that Lender is requested pursuant to, or required
by, applicable law or regulation or by legal process to disclose any
Confidential Information, Lender agrees that it will provide Parent with prompt
notice of such request(s) to enable Parent to seek an appropriate protective
order and/or waive compliance by it with the provisions of this Agreement.

         SECTION 2. Execution in Counterparts. This Agreement may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which taken together shall constitute but one and the
same instrument. Delivery of an executed counterpart of this Agreement by
telecopier shall be effective as delivery of a manually executed counterpart of
this Agreement.

         SECTION 3. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Florida.

         SECTION 4. Headings. Section headings in this Agreement are included
herein for convenience of reference only and shall not constitute a part of this
Agreement for any other purpose.

                            [signature pages follow]

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

TIMCO AVIATION SERVICES, INC.

AEROCELL STRUCTURES, INC.

TRIAD INTERNATIONAL MAINTENANCE CORPORATION

WHITEHALL CORPORATION

AIRCRAFT INTERIOR DESIGN, INC.

AVS/CAI, INC.

AVIATION SALES DISTRIBUTION SERVICES COMPANY

AVIATION SALES LEASING COMPANY

TIMCO ENGINE CENTER, INC.

AVIATION SALES PROPERTY MANAGEMENT CORP.

AVS/M-1, INC

AVS/M-2, INC

AVS/M-3, INC

HYDROSCIENCE, INC.

TIMCO ENGINEERED SYSTEMS, INC.

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

By:   /s/ Timothy D. Nolan
      -----------------------------------------
      Timothy Nolan, Treasurer for each of the
      above Companies

                                        5<PAGE>

                                                                   Exhibit 10.12

                                    GUARANTY

         This GUARANTY ("Guaranty") is made as of July 12, 2002, by AVIATION
SALES PROPERTY MANAGEMENT CORP., a Delaware corporation, HYDROSCIENCE, INC., a
Texas corporation, AVSRE, L.P., a Delaware limited partnership, TIMCO ENGINEERED
SYSTEMS, INC., a Delaware corporation, AVS/M-1, INC., a Delaware corporation,
AVS/M-2, INC., a Delaware corporation, AVS/M-3, INC., an Arizona corporation,
AVIATION SALES LEASING COMPANY, a Delaware corporation, AVIATION SALES
DISTRIBUTION SERVICES COMPANY, a Delaware corporation, WHITEHALL CORPORATION, a
Delaware corporation, AVS/CAI, INC., a Florida corporation, and TIMCO AVIATION
SERVICES, INC., a Delaware corporation (each a "Guarantor" and, collectively,
the "Guarantors"), in favor of BENITO QUEVEDO and MARTHA QUEVEDO (collectively,
the "Lender"). Unless otherwise defined herein, capitalized terms used herein
shall have the meanings ascribed to them in the "Term Note" (as defined below).

                                   WITNESSETH:

         WHEREAS, the Borrowers have executed and delivered to the Lender that
certain $1,000,000 Term Loan Note dated of even date herewith (the "Term Note")
and incurred certain indebtedness thereunder for which the Borrowers are jointly
and severally liable;

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

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

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

         1.       Guaranty.

                  (i)  For value received and in consideration of any loan,
advance or financial accommodation of any kind whatsoever heretofore, now or
hereafter made, given or granted to the Borrowers by the Lender under the Term
Note, the Guarantors, jointly and severally, unconditionally guarantee the full
and prompt payment when due, whether at maturity or earlier, by reason of
acceleration or otherwise, and at all times thereafter, of all of the
indebtedness evidenced by the Term Note (the "Obligations") (including, without
limitation, interest accruing following the filing of a bankruptcy petition by
or against any Borrower, at the applicable rate specified in the Term Note,
whether or not such interest is allowed or allowable as a claim in bankruptcy).

                  (ii) At any time after the occurrence of an Event of Default,
the Guarantors, jointly and severally, agree to pay to the Lender, on demand and
in immediately available funds, the full amount of the Obligations (including
any portion thereof which is not yet due and payable). The

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

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

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

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

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

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

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

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

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

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

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

         3. Limitation of Obligation. Notwithstanding anything contained in this
Guaranty to the contrary, the obligations of each Guarantor hereunder shall in
no event exceed, at any time, the greater of (i) the aggregate amount of
proceeds theretofore received by or for the account of the Guarantor from the
proceeds of the loans, advances or other financial accommodations from time to
time made by the Lender to or for the account of the Borrowers minus the
aggregate of all prior payments made by such Guarantor pursuant to this Guaranty
and (ii) ninety-five percent (95%) of the lowest amount sufficient to (1) render
such Guarantor "insolvent", as that term is defined in Section 101(31) of the
Bankruptcy Code, Section 4 of the Uniform Fraudulent Conveyance Act ("UFCA"),
Section 2 of the Uniform Fraudulent Transfer Act ("UFTX') or any other similar
fraudulent conveyance or transfer law or statute, (2) leave such Guarantor with
"unreasonably small capital", as that term is defined in Section 548(a)(2)(ii)
of the Bankruptcy Code or used in Section 5 of the UFCA or any other similar
fraudulent conveyance or transfer law or statute, (3) leave such Guarantor with
"unreasonably small" assets "in relation to the business or transaction" as
provided in Section 4(a)(2)(i) of the UFTA or (4) leave such Guarantor unable to
pay its debts as they mature within the meaning of Section 548(a)(2)(iii) of the
Bankruptcy Code, Section 6 of the UFCA, Section 4(a)(2)(ii) of the UFTA or any
other similar fraudulent conveyance or transfer law or statute.

         4. Ranking. The obligations evidenced by this Guaranty are secured by a
lien upon some or all of the assets of each Guarantor, and shall constitute
"Senior Debt" of each Guarantor, as defined in (i) that certain Indenture dated
as of February 17, 1998, and supplemented on February 28, 2002, by and among
Parent, certain subsidiaries of Parent, and SunTrust Bank, Central Florida,
National Association ("SunTrust Indenture"), and (ii) that certain Indenture
dated as of February 28, 2002 by and among Parent, certain subsidiaries of the
Parent, and HSBC Bank, USA (the "HSBC Indenture" and, collectively with the
SunTrust Indenture, the "Indentures"), equal in right of payment and on parity
with all other "Senior Debt" of each Guarantor as defined in the Indentures.

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

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         6.       Waivers.

                  (i)  Each Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of receivership or
bankruptcy of any Borrower, protest or notice with respect to the Obligations,
all setoffs and counterclaims and all presentments, demands for performance,
notices of nonperformance, protests, notices of protest, notices of dishonor and
notices of acceptance of this Guaranty, the benefits of all statutes of
limitation, and all other demands whatsoever (and shall not require that the
same be made on any Borrower as a condition precedent to such Guarantor's
obligations hereunder), and covenants that this Guaranty will not be discharged,
except by complete payment (in cash) and performance of the Obligations and any
other obligations contained herein. Each Guarantor further waives all notices of
the existence, creation or incurrence of new or additional indebtedness, arising
either from additional loans extended to the Borrowers or otherwise, and also
waives all notices that the principal amount, or any portion thereof, and/or any
interest on any instrument or document evidencing all or any part of the
Obligations is due, notices of any and all proceedings to collect from the
maker, any endorser or any other guarantor of all or any part of the
Obligations, or from any other person, and, to the extent permitted by law,
notices of exchange, sale, surrender or other handling of any security or
collateral given to or for the benefit of the Lender to secure payment of all or
any part of the Obligations.

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

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Guarantor's rights of subrogation and reimbursement against the Borrowers by the
operation of Section 580d of the California Code of Civil Procedure or
otherwise.

            (iii) The Lender, either itself or acting through any of its agents
or representatives, is hereby authorized, without notice or demand and without
affecting the liability of the Guarantors hereunder, from time to time, (a) to
renew, extend, accelerate or otherwise change the time for payment of, or other
terms relating to, all or any part of the Obligations, or to otherwise modify,
amend, change, restate or supplement the terms of any of the Loan Documents; (b)
to accept partial payments on all or any part of the Obligations, (c) to take
and hold security or collateral for the payment of all or any part of the
Obligations, this Guaranty, or any other guaranties of all or any part of the
Obligations or other liabilities of the Borrowers, (d) to exchange, enforce,
waive and release any such security or collateral, (e) to apply such security or
collateral and direct the order or manner of sale thereof as in their discretion
they may determine; (f) to settle, release, exchange, enforce, waive, compromise
or collect or otherwise liquidate all or any part of the Obligations, this
Guaranty, any other guaranty of all or any part of the Obligations, and any
security or collateral for the Obligations or for any such guaranty. Any of the
foregoing may be done in any manner, without affecting or impairing the
obligations of any Guarantor hereunder.

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

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

         9. No Marshalling, Reinstatement. Each Guarantor consents and agrees
that neither the Lender nor any person acting for or on behalf of the Lender
shall be under any obligation to marshall any assets in favor of any Guarantor
or against or in payment of any or all of the Obligations. Each Guarantor
further agrees that, to the extent that any Borrower, any Guarantor or any other
guarantor of all or any part of the Obligations makes a payment or payments to
the Lender, or the Lender receives any proceeds of any collateral for the
Obligations, which payment or payments or any part

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thereof are subsequently invalidated, declared to be fraudulent or preferential,
set aside and/or required to be repaid to such Borrower, such Guarantor, such
other guarantor or any other person, or their respective estates, trustees,
receivers or any other party, including, without limitation, such Guarantor,
under any bankruptcy law, state or federal law, common law or equitable cause,
then, to the extent of such payment or repayment, the part of the Obligations
which has been paid, reduced or satisfied by such amount shall be reinstated and
continued in full force and effect as of the time immediately preceding such
initial payment, reduction or satisfaction.

         10. Subrogation. Until the Obligations have been paid in full, in cash,
(i) no Guarantor shall have any right of subrogation with respect to such
Obligations and (ii) each Guarantor waives any right to enforce any remedy which
the Lender now has or may hereafter have against any Borrower, any endorser or
any guarantor of all or any part of the Obligations or any other person, and
each Guarantor waives any benefit of, and any right to participate in, any
security or collateral given to or for the benefit of the Lender to secure the
payment or performance of all or any part of the Obligations.

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

         12. Effectiveness, Termination. This Guaranty shall become effective
upon its execution by the Guarantors. This Guaranty shall continue in full force
and effect and may not be terminated or otherwise revoked until the Obligations
shall have been fully paid (in cash) and discharged and the Term Note cancelled.
If, notwithstanding the foregoing, any Guarantor shall have any right under
applicable law to terminate or revoke this Guaranty, such Guarantor agrees that
such termination or

                                        6

<PAGE>

revocation shall not be effective until a written notice of such revocation or
termination, specifically referring hereto, signed by such Guarantor, is
actually received by the Lender. Such notice shall not affect the obligations of
any other guarantor or any right or power of the Lender to enforce rights
against such Guarantor arising prior to receipt thereof by the Lender. If the
Lender grants loans or takes other action after any Guarantor terminates or
revokes this Guaranty as aforesaid, but before the Lender receives such written
notice, the rights of the Lender with respect thereto shall be the same as if
such termination or revocation had not occurred.

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

         14. Officer Authority. The undersigned hereby certifies that he has all
necessary authority to grant and execute this Guaranty on behalf of the
respective Guarantors.

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

         16. Personal Jurisdiction.

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

                                        7

<PAGE>

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

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

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

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

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

                                        8

<PAGE>

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

if to any Guarantor, at:

         c/o Aviation Sales Company
         623 Radar Road
         Greensboro, North Carolina  27410
         Attention: Roy T. Rimmer, Jr.
         Telecopy: (336) 665-9508

with a copy to:

         Akerman, Senterfitt & Eidson, P.A.
         SunTrust International Center
         28th Floor
         One S.E. 3rd Avenue
         Miami, Florida  33131-1704
         Attention: Phillip B. Schwartz, Esq.
         Telecopy: (305) 374-5095

if to the Lender, at:

         Benito Quevedo
         Martha Quevedo
         2200 N.W. 84th Avenue
         Miami, Florida 33122
         Telecopy: 305-436-6064

with a copy to:

         Angelo, Barry & Boldt, P.A.
         SunTrust International Center
         Suite 850
         515 East Las Olas Boulevard
         Ft. Lauderdale, Florida 33301
         Attn: Thomas P. Angelo, Esq.
         Telecopy: 954-766-9937

                                        9

<PAGE>

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

         23. Subordination. Each Guarantor agrees that any and all claims of
such Guarantor against any Borrower, any endorser or any other guarantor of all
or any part of the Obligations, or against any of their respective properties,
shall be subordinate and subject in right of payment to the prior payment, in
full and in cash, of all Obligations (including, without limitation, interest
accruing following the filing of a bankruptcy petition by or against any
Borrower, at the Interest Rate, whether or not such interest is allowed as a
claim in bankruptcy). Notwithstanding any right of any Guarantor to ask, demand,
sue for, take or receive any payment from any Borrower, all rights, liens and
security interests of such Guarantor, whether now or hereafter arising and
howsoever existing, in any assets of any Borrower (whether constituting part of
the collateral or other security given to secure payment of all or any part of
the Obligations or otherwise) shall be and hereby are subordinated to the rights
of the Lender in those assets. No Guarantor shall have any right to possession
of any such asset or to foreclose upon any such asset, whether by judicial
action or otherwise, unless and until all of the Obligations shall have been
fully paid and satisfied and all financing arrangements between the Borrowers
and the Lender have been terminated. If all or any part of the assets of any
Borrower, or the proceeds thereof, are subject to any distribution, division or
application to the creditors of any Borrower, whether partial or complete,
voluntary or involuntary, and whether by reason of liquidation, bankruptcy,
arrangement, receivership, assignment for the benefit of creditors or any other
action or proceeding, or if the business of any Borrower is dissolved or if
substantially all of the assets of any Borrower are sold, then, and in any such
event, any payment or distribution of any kind or character, either in cash,
securities or other property, which shall be payable or deliverable upon or with
respect to any indebtedness of such Borrower to any Guarantor ("Borrower
Indebtedness") shall be paid or delivered directly to the Lender for application
on any of the Obligations, due or to become due, until the Obligations shall
have first been fully paid and satisfied in cash. Each Guarantor irrevocably
authorizes and empowers the Lender to demand, sue for, collect and receive every
such payment or distribution and give acquittance therefor and to make and
present for and on behalf of such Guarantor such proofs of claim and take such
other action, in the Lender's own name or in the name of such Guarantor or
otherwise, as the Lender may deem necessary or advisable for the enforcement of
this Guaranty. The Lender may vote such proofs of claim in any such proceeding,
receive and collect any and all dividends or other payments or disbursements
made thereon in whatever form the same may be paid or issued and apply the same
on account of any of the Obligations. Should any payment, distribution, security
or instrument or proceeds thereof be received by any Guarantor upon or with
respect to the Borrower Indebtedness prior to the satisfaction of all of the
Obligations and the termination of all financing arrangements between the
Borrower and the Lender, such Guarantor shall receive and hold the same in
trust, as trustee, for the benefit of the Lender and shall forthwith deliver the
same to the Lender, in precisely the form received (except for the endorsement
or assignment of such Guarantor where necessary), for application to the
Obligations, due or not due, and, until so delivered, the same shall be held in
trust by such Guarantor

                                       10

<PAGE>

as the property of the Lender. If any Guarantor fails to make any such
endorsement or assignment to the Lender, the Lender or any of its officers or
employees are hereby irrevocably authorized to make the same. Each Guarantor
agrees that until the Obligations have been paid in full (in cash) and satisfied
and all financing arrangements between the Borrowers and the Lender have been
terminated, no Guarantor will assign or transfer to any person any claim such
Guarantor has or may have against any Borrower.

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

         25. NO ORAL AGREEMENTS. THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HERETO SHALL BE DETERMINED SOLELY FROM WRITTEN AGREEMENTS, DOCUMENTS, AND
INSTRUMENTS, AND ANY PRIOR ORAL AGREEMENTS BETWEEN THE PARTIES ARE SUPERSEDED BY
AND MERGED INTO SUCH WRITINGS. THIS GUARANTY (AS AMENDED IN WRITING FROM TIME TO
TIME) AND THE OTHER WRITTEN LOAN DOCUMENTS EXECUTED BY THE BORROWERS, THE LENDER
OR THE GUARANTORS (OR BY THE BORROWERS OR THE GUARANTORS FOR THE BENEFIT OF THE
LENDER) REPRESENT THE FINAL AGREEMENT BETWEEN THE BORROWERS, THE GUARANTORS, AND
THE LENDER AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES.

         26. ARBITRATION. ANY CONTROVERSY OR CLAIM BETWEEN THE GUARANTORS AND
THE LENDER INCLUDING BUT NOT LIMITED TO THOSE ARISING OUT OF OR RELATING TO THIS
GUARANTY OR ANY OTHER LOAN DOCUMENT, INCLUDING ANY CLAIM BASED ON OR ARISING
FROM AN ALLEGED TORT, SHALL BE DETERMINED BY BINDING ARBITRATION IN ACCORDANCE
WITH THE FEDERAL ARBITRATION ACT (OR IF NOT APPLICABLE, THE APPLICABLE STATE
LAW). THE RULES OF PRACTICE AND PROCEDURE FOR THE ARBITRATION OF COMMERCIAL
DISPUTES OF JUDICIAL ARBITRATION AND MEDIATION SERVICES, INC. (J.A.M.S.), AND
THE "SPECIAL RULES" SET FORTH BELOW. IN THE EVENT OF ANY INCONSISTENCY, THE
SPECIAL RULES SHALL CONTROL. JUDGMENT UPON ANY ARBITRATION AWARD MAY BE ENTERED
IN ANY COURT HAVING JURISDICTION. THE GUARANTORS OR THE LENDER MAY BRING AN
ACTION, INCLUDING A SUMMARY OR EXPEDITED PROCEEDING, TO COMPEL ARBITRATION OF
ANY CONTROVERSY OR CLAIM TO WHICH THIS GUARANTY APPLIES IN ANY COURT HAVING
JURISDICTION OVER SUCH ACTION.

         (1) SPECIAL RULES. THE ARBITRATION SHALL BE CONDUCTED IN THE CITY OF
         THE BORROWER'S DOMICILE AT THE TIME OF THE EXECUTION OF THIS GUARANTY
         AND ADMINISTERED BY J.A.M.S. WHO WILL APPOINT AN ARBITRATOR; IF
         J.A.M.S. IS UNABLE OR LEGALLY PRECLUDED FROM ADMINISTERING THE
         ARBITRATION, THEN THE AMERICAN ARBITRATION

                                       11

<PAGE>

         ASSOCIATION WILL SERVE. ALL ARBITRATION HEARINGS WILL BE COMMENCED
         WITHIN 90 DAYS OF THE DEMAND FOR ARBITRATION; FURTHER, THE ARBITRATOR
         SHALL ONLY, UPON A SHOWING OF CAUSE, BE PERMITTED TO EXTEND THE
         COMMENCEMENT OF SUCH HEARING FOR UP TO AN ADDITIONAL 60 DAYS.

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

                            [Signature Pages Follow]

                                       12

<PAGE>

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

AVSRE, L.P.
By: AVIATION SALES PROPERTY MANAGEMENT CORP., as general partner

By: /s/ Timothy D. Nolan
    --------------------------------------
    Timothy D. Nolan, Treasurer

AVIATION SALES PROPERTY MANAGEMENT CORP.

By: /s/ Timothy D. Nolan
    --------------------------------------
    Timothy D. Nolan, Treasurer

HYDROSCIENCE, INC.

By: /s/ Timothy D. Nolan
    --------------------------------------
    Timothy D. Nolan, Treasurer

AVS/M-1, INC.

By: /s/ Timothy D. Nolan
    --------------------------------------
    Timothy D. Nolan, Treasurer

AVS/M-2, INC.

By: /s/ Timothy D. Nolan
    --------------------------------------
    Timothy D. Nolan, Treasurer

AVS/M-3, INC.

By: /s/ Timothy D. Nolan
    --------------------------------------
    Timothy D. Nolan, Treasurer

                                       13

<PAGE>

AVIATION SALES LEASING COMPANY

By: /s/ Timothy D. Nolan
    ------------------------------
    Timothy D. Nolan, Treasurer

AVS/CAI, INC.

By: /s/ Timothy D. Nolan
    ------------------------------
    Timothy D. Nolan, Treasurer

AVIATION SALES DISTRIBUTION SERVICES COMPANY

By: /s/ Timothy D. Nolan
    ------------------------------
    Timothy D. Nolan, Treasurer

WHITEHALL CORPORATION

By: /s/ Timothy D. Nolan
    ------------------------------
    Timothy D. Nolan, Treasurer

TIMCO ENGINEERED SYSTEMS, INC.

By: /s/ Timothy D. Nolan
    ------------------------------
    Timothy D. Nolan, Treasurer

TIMCO AVIATION SERVICES, INC.

By: /s/ Timothy D. Nolan
    ------------------------------
    Timothy D. Nolan, Treasurer

                                       14

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