Document:

<PAGE>
                                                                  EXECUTION COPY

                                                                   EXHIBIT 10.35

                                    GUARANTY
                    (AVIALL PRODUCT REPAIR SERVICES, INC. AND
                         INVENTORY LOCATOR SERVICE, LLC)

         GUARANTY (this "GUARANTY"), dated as of December 21, 2001, is made by
each of the entities executing this Guaranty as "Subsidiaries" (each Subsidiary
being a "GUARANTOR").

                                   WITNESSETH:

         WHEREAS, pursuant to that certain Securities Purchase Agreement (the
"PURCHASE AGREEMENT") by and among Aviall Services, Inc. (the "COMPANY"), a
Delaware corporation, Aviall, Inc. ("HOLDINGS"), a Delaware corporation, J. H.
Whitney Mezzanine Fund, L.P. ("WMF"), a Delaware limited partnership, Whitney
Private Debt Fund, L.P. ("WHITNEY DF"), a Delaware limited partnership, Whitney
Limited Partner Holdings, LLC, a Delaware limited liability company ("WHITNEY
LLC" and together with WMF and Whitney DF, the "WHITNEY FUNDS"), Blackstone
Mezzanine Partners L.P. ("BLACKSTONE PARTNERS"), a Delaware limited partnership,
Blackstone Mezzanine Holdings L.P. ("BLACKSTONE HOLDINGS" and together with
Blackstone Partners, "BLACKSTONE"), a Delaware limited partnership, Carlyle High
Yield Partners, LLP, a Delaware limited partnership ("CARLYLE") and Oak Hill
Securities Fund, L.P., a Delaware limited partnership ("OAK HILL") (the Whitney
Funds, Blackstone, Carlyle and Oak Hill are sometimes referred to herein
individually, as a "PURCHASER" and collectively, as the "PURCHASERS") each
Purchaser will purchase from the Company a 14% senior promissory note (each note
sometimes referred to herein individually as a "NOTE" and collectively as the
"NOTES") due December 21, 2007 in the aggregate principal amount of $80,000,000;
and

         WHEREAS, in order to induce the Purchasers to purchase the Notes, each
Guarantor will execute and deliver this Guaranty pursuant to which the
Guarantors will, jointly and severally, guaranty, among other things, payment of
all of the Obligations, as hereinafter defined; and

         WHEREAS, it is of material benefit to each Guarantor that the
Purchasers purchase the Notes and that the Purchasers provide to the Company the
capital represented thereby.

         Accordingly, each Guarantor agrees for the benefit of the Purchasers as
follows:

         1. CERTAIN TERMS.

                  (a) Capitalized terms used herein without definition have the
respective meanings set forth in the Purchase Agreement.

<PAGE>
                  (b) "OBLIGATIONS" means all (i) acts, performances and
obligations when due of the Company under the Notes, (ii) costs and expenses
(including, without limitation, reasonable attorneys' fees and disbursements)
incurred in connection with the enforcement of this Guaranty and (iii)
Indemnification Obligations.

                  (c) "INDEMNIFICATION OBLIGATIONS" means all acts, performances
and obligations when due of the Company or Holdings under Article 7 and 11.14 of
the Purchase Agreement, including, without limitation, the costs and expenses
(including, without limitation, reasonable attorneys' fees and disbursements)
incurred in connection with the enforcement of this Guaranty.

         2. GUARANTY. The Guarantors hereby, jointly and severally, absolutely,
unconditionally and irrevocably guarantee to the Purchasers the full and
punctual payment when due of all Obligations, whether at stated maturity, by
required prepayment, declaration, acceleration, demand or otherwise, and such
guaranty is not conditional or contingent upon pursuit by the Purchasers of any
prior action or proceeding for collection, or for any other remedies the
Purchasers may have, against the Company or any other Person.

         3. CONSENT. The Guarantors hereby consent and agree that the whole or
any part of the security now or hereafter held for any Obligation may be
exchanged, compromised, released or surrendered from time to time; that the time
or place of payment of any Obligation or of any security therefor may be
exchanged or extended, in whole or in part, to a time certain or otherwise, and
may be renewed or accelerated, in whole or in part; that the Company and any
Guarantor or any other obligor on the Obligations may be granted indulgences
generally; that any of the provisions of the Notes may be renewed, extended,
modified, increased, accelerated, compromised, refinanced or waived; that
neither the insolvency, bankruptcy and/or dissolution of the Borrower, any
Guarantor or any other obligor on the Obligations, shall affect the obligations
hereunder of any Guarantor; that neither the invalidity or unenforceability of
any of the Obligations shall affect the obligations hereunder of any Guarantor;
that no claim need be asserted against any trustee in bankruptcy or receiver or
other representative in the event the Borrower, any Guarantor or any other
obligor on the Obligations is adjudicated bankrupt or becomes insolvent; and
that any property to the credit of the Borrower or any Guarantor or any other
party liable for payment of any of the Obligations or liable upon any security
therefor may be released from time to time, in whole or in part, at, before or
after the stated, extended or accelerated maturity of such Obligations, all of
which (i) may be affected without notice to or further assent by any Guarantor
and (ii) shall not affect the obligations of any Guarantor under this Guaranty.

         4. WAIVER. The Guarantors hereby expressly waive:

                  (a) Notice of acceptance of this Guaranty;

                  (b) Presentment and demand for payment of any Obligation;

                  (c) Protest and notice of dishonor or default to such
         Guarantor or to any other party with respect to any Obligation or any
         security for any Obligation;

                                       2
<PAGE>
               (d) Demand for payment under this Guaranty;

               (e) Notice of disposition of any security for any Obligation; and

               (f) Any defense by reason of impairment of: (i) any security now
         or hereafter held for any Obligation; or (ii) recourse against any
         party liable for the payment of any Obligation.

         5. GUARANTY OF PAYMENT. This Guaranty is a guaranty of payment and not
of collection. Each Guarantor: (a) waives any claim to marshaling of assets; (b)
waives any right to require that an action be brought against Borrower or any
other Person prior to action against such Guarantor or any other Guarantor
hereunder; and (c) waives any right to require that resort be had to any
security, as applicable, for the Notes or any other Obligations guaranteed
hereunder prior to action by any Purchaser against such Guarantor hereunder.
Each Guarantor shall be released from all liability hereunder only upon payment
in full in cash of all the Obligations.

         6. BINDING EFFECT. The obligations of each Guarantor hereunder shall be
joint and several obligations of all of the Guarantors. The provisions of this
Guaranty shall be binding upon each Guarantor and its successors and assigns,
and shall inure to the benefit of the Purchasers and their respective successors
and assigns; it being understood that each Purchaser is free to assign its
rights, benefits, duties and obligations under this Guaranty without the consent
of any other party, and each Guarantor may not assign its rights, benefits,
duties and obligations under this Guaranty without the prior written consent of
each of the Purchasers.

         7. RIGHT OF SET OFF. The Purchasers agree that to the extent that the
Guarantors have made payment hereunder of all or any portion of principal and
interest required under the Notes, the full amount of such payment shall be
deducted from amounts allocable and payable to the Purchasers pursuant to the
Notes.

         8. LIMITATION OF GUARANTY. Any term or provision of this Guaranty or
any other Transaction Document to the contrary notwithstanding, the maximum
aggregate amount of the Obligations for which the Guarantors shall be liable
shall not exceed the maximum amount for which the Guarantors can be liable
without rendering this Guaranty or any other Transaction Document, as it relates
to the Guarantors, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer.

         9. REINSTATEMENT. This Guaranty shall remain in full force and effect
and continue to be effective or be reinstated, as the case may be, if at any
time payment or performance of the Obligations, or any part thereof, is,
pursuant to applicable law, rescinded or reduced in amount, or must otherwise be
restored or returned by any obligee of the Obligations or such part thereof,
whether as a "voidable preference," "fraudulent transfer," or otherwise, all as
though such payment or performance had not been made. In the event that any
payment, or any part thereof, is rescinded, reduced, restored or returned, the
Obligations shall, to the fullest extent permitted

                                       3
<PAGE>
by law, be reinstated and deemed reduced only by such amount paid and not so
rescinded, reduced, restored or returned.

         10. SUBROGATION. After (and not before) all amounts payable under or in
respect of all the Notes have been indefeasibly paid in full in cash, the
Guarantors shall be subrogated to the rights of the Purchasers to receive
payments in respect of the Notes, but only to the extent of amounts paid by the
Guarantors pursuant to this Guaranty.

         11. AMENDMENT. This Guaranty may not be modified or amended except by a
writing duly executed by the party to be charged.

         12. LAW. THIS GUARANTY SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE
WITH, AND ENFORCED UNDER, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS OR INSTRUMENTS ENTERED INTO AND PERFORMED ENTIRELY WITHIN SUCH STATE.

         13. SEVERABILITY. Wherever possible, each provision of this Guaranty
shall be interpreted in such a manner as to be effective and valid under
applicable law, but if any provision of this Guaranty shall be invalid under
such laws, such provision shall be effective only to the extent of such
prohibition or invalidity, without affecting the remainder of such provision or
the remaining provisions of this Guaranty, which shall be binding and
enforceable to the fullest extent allowable by law.

         14. WAIVER. Waiver by any Purchaser of a breach of this Guaranty shall
not operate as a waiver of any subsequent breach thereof.

         15. SIGNATURES; COUNTERPARTS. Telefacsimile transmissions of any
executed original document and/or retransmission of any executed telefacsimile
transmission shall be deemed to be the same as the delivery of an executed
original. At the request of any party hereto, the other parties hereto shall
confirm telefacsimile transmissions by executing duplicate original documents
and delivering the same to the requesting party or parties. This Guaranty may be
executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same instrument.

         16. NOTICES. All notices, requests and other communications to be given
or otherwise made to any party hereto shall be deemed to be sufficient if
contained in a written instrument duly transmitted by telecopy or telex or duly
sent by overnight courier service or first class registered or certified mail,
postage prepaid, addressed to such party at the address set forth below or at
such other address as may hereafter be designated in writing by the addressee to
the addressor listing all parties:

               (a)    if to any Guarantor:

                           Aviall, Inc.
                           2750 Regent Boulevard

                                       4
<PAGE>
                                    DFW Airport, TX 75261
                                    Telecopier No.: (972) 586-1010
                                    Attention: Jeffrey J. Murphy

                           with a copy to:

                                    Haynes and Boone, LLP
                                    901 Main Street, Suite 3100
                                    Dallas, Texas 75202
                                    Telecopier No. (214) 200-0676
                                    Attention: Janice V. Sharry

                  (b)      if to WMF, Whitney DF or Whitney LLC:

                                    c/o Whitney & Co
                                    177 Broad Street
                                    Stamford, Connecticut 06901
                                    Telecopier No.: (203) 973-1422
                                    Attention: Mr. Michael Salvator
                                               James H. Fordyce
                                               Joseph D. Carrabino, Jr.
                                               James A. Feeley III

                           with a copy to:

                                    Chadbourne & Parke, LLP
                                    30 Rockefeller Plaza
                                    New York, NY 10112I
                                    Telecopier No.: (212) 541-5369
                                    Attention: Thomas Meriam

                  (c)      if to Blackstone Partners:

                                    The Blackstone Mezzanine Group
                                    345 Park Avenue
                                    New York, NY 10154
                                    Telecopier No.: (212) 583-5482
                                    Attention: Sal Gentile

                  (d)      if to Blackstone Holdings:

                                    The Blackstone Mezzanine Group
                                    345 Park Avenue
                                    New York, NY 10154
                                    Telecopier No.: (212) 583-5482

                                       5
<PAGE>
                                    Attention: Sal Gentile

                   (e)     if to Carlyle:

                                    The Carlyle Group
                                    520 Madison Avenue
                                    41st Floor
                                    New York, New York 10022
                                    Attention: Michael Zupon
                                               David Waxman

                   (f)     if to Oak Hill:

                                    Oak Hill Advisors, Inc.
                                    Park Avenue Tower
                                    65 East 55th Street
                                    New York, NY 10022
                                    Attention: Scott Krase

                  (g)      if to Lerner Enterprises:

                                    Oak Hill Asset Management, Inc.
                                    Park Avenue Tower
                                    65 East 55th Street
                                    32nd Floor
                                    New York, NY 10022
                                    Attention: Megan McCann

                                    And to:
                                    Lerner Enterprises
                                    11501 Huff Court
                                    Kensington, Maryland 20895-1094
                                    Attention: Margaret Mekenie

                   (h)     if to P & PK Limited Partnership:

                                    Oak Hill Asset Management Inc.
                                    Park Avenue Tower
                                    65 East 55th Street
                                    32nd Floor
                                    New York, New York 10022
                                    Attention: Megan McCann

                                       6
<PAGE>
         17. CONSENTS AND WAIVERS RELATING TO LEGAL PROCEEDINGS.

                  (a) EACH PARTY TO THIS GUARANTY HEREBY IRREVOCABLY AGREES THAT
ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY MAY
BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF
AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK AND HEREBY EXPRESSLY SUBMITS TO
THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE PURPOSES THEREOF AND
EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT SUCH COURTS ARE
AN INCONVENIENT FORUM. EACH PARTY HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF
PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR
PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL,
POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN SECTION 16 SUCH SERVICE TO BECOME
EFFECTIVE 10 DAYS AFTER SUCH MAILING.

                  (b) EACH GUARANTOR WAIVES ITS RIGHT TO A JURY TRIAL WITH
RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH
THIS GUARANTY, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF SUCH
RIGHTS AND OBLIGATIONS. EACH GUARANTOR (X) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY PURCHASER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
IT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS
AND (Y) ACKNOWLEDGES THAT THE PURCHASERS HAVE BEEN INDUCED TO ENTER INTO THE
PURCHASE AGREEMENT BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS
CONTAINED HEREIN.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       7
<PAGE>
         IN WITNESS WHEREOF, the undersigned have executed this Guaranty as of
the 21st day of December, 2001.

                                      SUBSIDIARIES:

                                      AVIALL PRODUCT REPAIR SERVICES, INC.

                                      By:  /s/ Cornelius Van Den Handel
                                         ---------------------------------------
                                         Name:  Cornelius Van Den Handel
                                         Title: Vice President and Treasurer

                                      INVENTORY LOCATOR SERVICE, LLC

                                      By:  /s/ Cornelius Van Den Handel
                                         ---------------------------------------
                                         Name:  Cornelius Van Den Handel
                                         Title: Vice President and Treasurer

                          [SIGNATURE PAGE TO GUARANTY]

                                       8<PAGE>
                                                                  EXECUTION COPY

                                                                   EXHIBIT 10.36

                   AMENDMENT NO. 1 TO THE SECURITIES PURCHASE
                                    AGREEMENT

         THIS AMENDMENT NO. 1 TO THE SECURITIES PURCHASE AGREEMENT (this
"AMENDMENT") is entered into as of December 30, 2002 among Aviall Services Inc.,
a Delaware corporation (the "BORROWER"), Aviall, Inc., a Delaware corporation
("HOLDINGS"), J.H. Whitney Mezzanine Fund, L.P., a Delaware limited partnership
("WMF"), Whitney Private Debt Fund, L.P., a Delaware limited partnership
("WHITNEY DF"), Whitney Limited Partner Holdings, LLC, a Delaware limited
partnership ("WHITNEY LLC" and together with WMF and Whitney DF, the "WHITNEY
FUNDS"), Blackstone Mezzanine Partners L.P., a Delaware limited partnership
("BLACKSTONE PARTNERS"), Blackstone Mezzanine Holdings L.P., a Delaware limited
partnership ("BLACKSTONE HOLDINGS" and together with Blackstone Partners,
"BLACKSTONE"), Carlyle High Yield Partners L.P., a Delaware limited partnership
("CARLYLE") and Oak Hill Securities Fund, L.P., Oak Hill Securities Fund II,
L.P., Lerner Enterprises, LP and P & PK Limited Partnership, each a Delaware
limited partnership (collectively, "OAK HILL"). The Whitney Funds, Blackstone,
Carlyle and Oak Hill are sometimes referred to herein individually as a
"PURCHASER" and collectively as the "PURCHASERS." Unless otherwise specified
herein, all capitalized terms used in this Amendment shall have the meaning
ascribed to them in the Securities Purchase Agreement (as hereinafter defined).

                                   WITNESSETH:

         WHEREAS, Borrower, Holdings and Purchasers are party to a Securities
Purchase Agreement dated as of December 17, 2001 (the "SECURITIES PURCHASE
AGREEMENT"); and

         WHEREAS, the parties to the Securities Purchase Agreement desire to
amend the Securities Purchase Agreement as herein set forth.

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                   ARTICLE 1.
                 AMENDMENT TO THE SECURITIES PURCHASE AGREEMENT

         1.1 Amendment to the Securities Purchase Agreement. Effective upon the
execution of this Amendment by the Borrower, Holdings and the Purchasers and the
satisfaction of the conditions precedent set forth in Article 2 hereof, the
parties hereto agree to amend the Securities Purchase Agreement as follows:

<PAGE>

                  Capital Expenditures. Section 9.05 (Capital Expenditures) is
         amended by substituting for the schedule contained therein the
         following schedule:

<Table>
<Caption>
                                             MAXIMUM CAPITAL
             FISCAL YEAR                      EXPENDITURES
             -----------                     ---------------
<S>                                          <C>
                 2002                          10,600,000
                 2003                          12,400,000
                 2004                          12,100,000
                 2005                          12,100,000
                 2006                          12,100,000
</Table>

                                   ARTICLE 2.
                        CONDITIONS PRECEDENT TO AMENDMENT

         This Amendment shall be effective as of the date first written above
upon the satisfaction or due waiver of the following conditions precedent:

         2.1 Representations and Warranties. The representations and warranties
set forth in this Amendment shall be true and correct on the date hereof.

         2.2 Documents. Borrower and Holdings shall have delivered or caused to
be delivered to the Purchasers:

                  (a) resolutions of the Borrower and Holdings authorizing the
execution and delivery of this Amendment by the Borrower and Holdings certified
by the secretary of the Borrower and Holdings; and

                  (b) such other documents as the Purchasers may reasonably
request; provided, that delivery to the Borrower and Holdings by the Purchasers
of executed signature pages to this Amendment shall be conclusive evidence of
the satisfaction of the condition precedent set forth in this clause (b).

         2.3 Senior Credit Agreement. Section 5.5 of the Senior Credit Agreement
shall have been amended to provide for maximum Capital Expenditures (as defined
in the Senior Credit Agreement) in Fiscal Year 2002 of not in excess of
$9,600,000.

         2.4 Warrants. Section 2.1(b) of each of the outstanding warrants to
purchase shares of common stock issued to the Purchasers shall have been amended
by (a) deleting the word "five" in the second line and replacing it with the
word "three" and (b) deleting the number "5" in the second line and replacing it
with the number "3".

                                   ARTICLE 3.
             REPRESENTATIONS AND WARRANTIES OF BORROWER AND HOLDINGS

         The Borrower and Holdings represent and warrant to the Purchasers:

                                       2
<PAGE>
         3.1 Authorization. The execution, delivery and performance by the
Borrower and Holdings of this Amendment have been authorized by all necessary
corporate action and this Amendment is a legal, valid and binding obligation of
the Borrower and Holdings enforceable against them in accordance with its terms,
except as the enforcement thereof may be subject to (a) the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditors' rights generally and (b) general principles of equity
(regardless of whether such enforcement is sought in a proceeding in equity or
at law).

         3.2 No Conflict. Neither the execution, delivery and performance of
this Amendment nor the consummation of the transactions contemplated hereby does
or shall contravene, result in a breach of, or violate (a) any provision of the
Borrower's or Holdings' certificate or articles of incorporation or bylaws, (b)
any law or regulation, or any order or decree of any court or government
instrumentality, or (c) any indenture, mortgage, deed of trust, lease, agreement
or other instrument to which the Borrower or Holdings or any of their
Subsidiaries is a party or by which the Borrower or Holdings or any of their
Subsidiaries or any of their property is bound.

         3.3 Representations and Warranties in the Amended and Restated Credit
Agreement. The representations and warranties set forth in Article IV
(Representations and Warranties) of the Amended and Restated Credit Agreement
dated as of January 11, 2002 among Borrower, Holdings, the Lenders (as defined
therein), the Issuers (as defined therein) and Citicorp USA, Inc., as agent for
the Lenders and the Issuers as supplemented and updated by that certain letter
to Citicorp USA, Inc., as set forth on Exhibit A attached hereto, are true and
correct in all material respects on and as of the date hereof, except for those
representations and warranties that, by their terms, refer to a specific date,
in which case, such representations and warranties were true and correct as of
such date.

         3.4 No Default. No Default or Event of Default exists under the
Securities Purchase Agreement.

         3.5 Note Transaction Documents. Neither Holdings or Borrower have any
charge, lien, claim or offset against any Purchaser, or defenses to the
enforcement of the Note Transaction Documents and the obligations by the
Purchasers.

                                   ARTICLE 4.
                            MISCELLANEOUS PROVISIONS

         4.1 Reference to and Effect Upon the Securities Purchase Agreement.

                  (a) Except as specifically amended above, the Securities
Purchase Agreement and the other Note Transaction Documents shall remain in full
force and effect and are hereby ratified and confirmed.

                  (b) The execution, delivery and effectiveness of this
Amendment shall not operate as a waiver of any Default or Event of Default or
any right, power, privilege or remedy of the Purchasers under the Securities
Purchase Agreement or any Note Transaction Document, or constitute a waiver of
any provision of the Securities Purchase Agreement or any Note

                                       3
<PAGE>
Transaction Document. Upon the effectiveness of this Amendment, each reference
in the Securities Purchase Agreement to this "this Agreement", "hereunder",
"hereof", "herein" or words of similar import shall mean and be a reference to
the Securities Purchase Agreement as amended hereby.

         4.2 Costs and Expenses. As provided in Section 11.14 of the Securities
Purchase Agreement, Borrower and Holdings agree to reimburse the Purchasers for
all fees, costs and expenses, including the fees, costs and expenses of counsel
or other advisors for advice, assistance, or other representation in connection
with this Amendment.

         4.3 Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAWS PROVISIONS)
OF THE STATE OF NEW YORK.

         4.4 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 purposes.

         4.5 Counterparts. This Amendment may be executed in any number of
counterparts and by facsimile, each of which counterpart when so executed shall
be deemed an original, but all such counterparts shall constitute one and the
same instrument.

         4.6 This Amendment, the Securities Purchase Agreement, together with
the exhibits and schedules thereto, the other Note Transaction Documents, the
letter agreement dated as of December 21, 2001 from Holdings to the Purchasers
and the Confidentiality Agreements referred to in Section 11.20 of the
Securities Purchase Agreement are intended by the parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject
matter contained herein and therein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein or
therein. This Amendment, the Securities Purchase Agreement, together with the
exhibits and schedules thereto, the other Note Transaction Documents and the
letter agreement dated as of December 21, 2001 from Holdings to the Purchasers
supersede all prior agreements and understandings between the parties with
respect to such subject matter, except the Confidentiality Agreements referred
to in Section 11.20 of the Securities Purchase Agreement.

                                       4
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their respective officers hereunto duly authorized as
of the date first above written.

                                   AVIALL SERVICES, INC.

                                   By: /s/ Jeffrey J. Murphy
                                       -----------------------------------------
                                       Name:  Jeffrey J. Murphy
                                       Title: Senior Vice President

                                   AVIALL, INC.

                                   By: /s/ Jeffrey J. Murphy
                                       -----------------------------------------
                                       Name:  Jeffrey J. Murphy
                                       Title: Senior Vice President

                                   J. H. WHITNEY MEZZANINE FUND, L.P.

                                   By: Whitney GP, LLC,
                                          Its General Partner

                                       By: /s/ Joseph D. Carrabino, Jr.
                                          --------------------------------------
                                          Name:  Joseph D. Carrabino, Jr.
                                          Title: Managing Member

                                   WHITNEY PRIVATE DEBT FUND, L.P.

                                   By: Whitney Private Debt GP, LLC,
                                          Its General Partner

                                       By: /s/ Joseph D. Carrabino, Jr.
                                          --------------------------------------
                                          Name:  Joseph D. Carrabino, Jr.
                                          Title: Managing Member

                                   WHITNEY LIMITED PARTNER HOLDINGS, LLC

                                   By: /s/ Daniel J. O'Brien
                                       -----------------------------------------
                                       Name:  Daniel J. O'Brien
                                       Title: Managing Member

                                       5
<PAGE>
                                   BLACKSTONE MEZZANINE PARTNERS L.P.

                                   By: Blackstone Mezzanine Associates, L.P.
                                          Its General Partner

                                   By: Blackstone Mezzanine Management
                                       Associates, L.L.C.
                                          Its General Partner

                                   By: /s/ Salvatore Gentile
                                       -----------------------------------------
                                       Name:  Salvatore Gentile
                                       Title: Authorized Signer

                                   BLACKSTONE MEZZANINE HOLDINGS L.P.

                                   By: Blackstone Mezzanine Associates, L.P.
                                          Its General Partner

                                   By: Blackstone Mezzanine Management
                                       Associates, L.L.C.
                                          Its General Partner

                                       By: /s/ Salvatore Gentile
                                          --------------------------------------
                                          Name:  Salvatore Gentile
                                          Title: Authorized Signer

                                   CARLYLE HIGH YIELD PARTNERS, L.P.

                                   By: /s/ Michael Zupon
                                       -----------------------------------------
                                       Name:  Michael Zupon
                                       Title: Managing Director

                                   OAK HILL SECURITIES FUND, L.P.

                                   By: Oak Hill Securities GenPar, L.P.,
                                          its General Partner

                                   By: Oak Hill Securities MGP, Inc.,
                                          its General Partner

                                       By: /s/ Scott D. Krase
                                          --------------------------------------
                                          Name:  Scott D. Krase
                                          Title: Authorized Signatory

                                       6
<PAGE>
                                   OAK HILL SECURITIES FUND II, L.P.

                                   By: Oak Hill Securities GenPar II, L.P.,
                                         its General Partner

                                   By: Oak Hill Securities MGP II, Inc.,
                                         its General Partner

                                       By: /s/ Scott D. Krase
                                          --------------------------------------
                                          Name:  Scott D. Krase
                                          Title: Authorized Signatory

                                   LERNER ENTERPRISES, L.P.

                                   By: Oak Hill Asset Management, Inc.
                                         its Advisor and Attorney-in-Fact
                                         to Lerner Enterprises, L.P.
                                         (OHP Account)

                                       By: /s/ Scott D. Krase
                                          --------------------------------------
                                          Name:  Scott D. Krase
                                          Title: Authorized Signatory

                                   P & PK FAMILY LIMITED PARTNERSHIP

                                   By: Oak Hill Asset Management, Inc.
                                          As Advisor and Attorney-in-Fact
                                          to P & PK Family Limited Partnership

                                       By: /s/ Scott D. Krase
                                           ------------------------------------
                                           Name:  Scott D. Krase
                                           Title: Authorized Signatory

                                       7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}]]