Document:

Amendment and Consent Agreement No. 8 for
                               Lease Agreement and
                       Certain Other Operative Agreements

         THIS AMENDMENT AND CONSENT AGREEMENT NO. 8 (this "Amendment Agreement")
is made and entered into as of the 19th of April, 2001, by and among AVIATION
SALES COMPANY, a Delaware corporation ("Aviation Sales"), as Construction Agent
(the "Construction Agent"); AVIATION SALES COMPANY, as Lessee (the "Lessee");
FIRST SECURITY BANK, NATIONAL ASSOCIATION, a national banking association, not
individually, except as expressly stated in the Operative Agreements, but solely
as Owner Trustee under the Aviation Sales Trust 1998-1 (the "Owner Trustee");
BANK OF AMERICA, N.A., successor to NationsBank, National Association ("Bank of
America"), as a Holder and as a Lender; BANK OF AMERICA, N.A., successor to
NationsBank, National Association, as Administrative Agent (the "Agent"); each
of the holders party to the Trust Agreement (defined below) (the "Holders");
each of the Lenders party to the Credit Agreement (defined below)(the
"Lenders"); and each of the Guarantors party to the Guaranty Agreement (defined
below).

                              W I T N E S S E T H:

         WHEREAS, the Construction Agent, the Lessee, the Owner Trustee, the
Agent, the Lenders and the Holders have entered into the Participation Agreement
dated as of December 17, 1998 (as amended, the "Participation Agreement"); and

         WHEREAS, the Owner Trustee, the Lenders and the Agent have entered into
the Credit Agreement dated as of December 17, 1998 (as amended, the "Credit
Agreement"); and

         WHEREAS, the Holders and the Owner Trustee have entered into the
Amended and Restated Trust Agreement dated as of December 17, 1998 (as amended,
the "Trust Agreement"); and

         WHEREAS, the Owner Trustee and the Lessee have entered into the Lease
Agreement dated as of December 17, 1998 (as amended, the "Lease" or "Lease
Agreement"); and

         WHEREAS, Aviation Sales, Subsidiaries of Aviation Sales, and the Agent
have entered into the respective Guaranty Agreements (Series A Obligations)
dated as of December 17, 1998, February 18, 2000, March 31, 2000 or May 31,
2000, as the case may be, (collectively, the "Series A Guaranty Agreement"); and
the Subsidiaries of Aviation Sales and the Owner Trustee have entered into the
respective Guaranty Agreements (Lessee Obligations) dated as of December 17,
1998, February 18, 2000, March 31, 2000 or May 31, 2000, as the case may be,
(collectively, the "Lessee Guaranty Agreement", and collectively with the Series
A Guaranty Agreement and any other Guaranty Agreement (as defined in the
Participation Agreement), the "Guaranty Agreement" or "Guaranty"); and

         WHEREAS, the Construction Agent and the Lessee have informed the Agent
and the Owner Trustee that in order to prevent an Event of Default under the
Lease Agreement, the Participation Agreement and other Operative Agreements,
certain covenants must be amended; and

         WHEREAS, the parties hereto desire further to amend the Lease Agreement
and certain other Operative Agreements in the manner herein set forth effective
as of the date hereof;

         NOW, THEREFORE, the Construction Agent, the Lessee, the Owner Trustee,
the Holders, the Agent and the Lenders do hereby agree as follows:

         1. Definitions. The terms "Participation Agreement", "Lease" and "Lease
Agreement" as used herein and in the Operative Agreements (as defined in the
Participation Agreement) shall mean such agreements as hereby amended and
modified, and as further amended, modified, supplemented or restated from time
to time in accordance with the terms thereof. Unless the context otherwise
requires, all terms used herein without definition shall have the definition
provided therefor in the Participation Agreement.

<PAGE>

         2. Amendments to Participation Agreement. The Participation Agreement
is hereby amended, effective as of the date hereof, as follows:

                  (a) Appendix A to the Participation Agreement is amended by
         adding each of the following definitions, in the appropriate
         alphabetical order; each of the following definitions of any term
         replaces any previous definition of such term that may have appeared in
         the Participation Agreement or any other Operative Agreement.

                            " 'Amendment No. 8' shall mean Amendment and Consent
                  Agreement No. 8 for Lease Agreement and certain other
                  Operative Agreements dated as of April 19, 2001, among the
                  Construction Agent, the Lessee, the Owner Trustee, the Agent,
                  the Holders and Lenders party thereto and the Guarantors party
                  thereto.' "

                           " 'Designated Asset Sales' means the sale of any or
                  all of the assets and Capital Stock identified on Schedule 2
                  attached to Amendment No. 8.' "

                           " 'Guarantors' shall mean, collectively, Aviation
                  Sales, each of the Domestic Subsidiaries of Aviation Sales
                  (other than Excluded Subsidiaries), Robert Alpert and Lacy J.
                  Harbor.' "

                           " 'Tangible Net Worth' shall mean the amount
                  calculated as (i) the consolidated net worth of Aviation Sales
                  and its Subsidiaries minus (ii) the consolidated intangibles
                  of Aviation Sales and its Subsidiaries including, without
                  limitation, goodwill, trademarks, tradenames, copyrights,
                  patents, patent applications, licenses and rights in any
                  thereof and other items treated as intangibles in accordance
                  with GAAP plus (iii) the amount of non-cash reserves with
                  respect to the TNW Adjustments, in each instance, as included
                  on the balance sheet of Aviation Sales and its Subsidiaries in
                  accordance with GAAP and which non-cash reserves, in the
                  aggregate, shall not exceed $47,741,000 plus (iv) no more than
                  $161,000 per month of non-cash reserves with respect to
                  unaccrued interest income with respect to the KAV Senior
                  Subordinated Notes (as such term is defined in the Existing
                  Aviation Sales Credit Agreement), as included on the balance
                  sheet of Aviation Sales and its Subsidiaries in accordance
                  with GAAP.' "

                           " 'TNW Adjustments means those non-cash adjustments
                  identified on Schedule 1 attached to Amendment No. 8.' "

                  (b) Section 28.1(a) is amended to add the following provision
         as clause (vi) at the end:

                  " '(vi) Updated Plan and Financial Forecast. By June 4, 2001,
                  (A) an updated 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, and (B) an
                  updated plan and financial forecast for the Fiscal Year ending
                  December 31, 2002, including forecasted consolidated balance
                  sheet, income statement, and statement of cash flow for
                  Aviation Sales and its Subsidiaries for such Fiscal Years.' "

         3. Agreement and Confirmation by Guarantors. Each of the undersigned
Guarantors has joined in the execution of this Amendment Agreement for the
purpose of (i) agreeing to the amendments to the Lease Agreement, the
Participation Agreement and other Operative Agreements contained herein and (ii)
confirming its respective guarantee of payment of all Borrower's Liabilities (as
defined in the Series A Guaranty Agreement) and Lessee's Liabilities (as defined
in the Lessee Guaranty Agreement).

         4. Representations, Warranties and Covenants. The Lessee and the
Construction Agent hereby represent, warrant and covenant that:

<PAGE>

                  (a) The representations and warranties made by the Lessee and
         the Construction Agent in Section 7 (other than in Section 7.3(f)(i))
         of the Participation Agreement are true on and as of the date hereof;
         and the representations in warranties set forth in Section 7.3(f)(i) of
         the Participation Agreement are true on and as of the date set forth in
         such Section);

                  (b) (i) The audited consolidated financial statements of each
         of the Construction Agent and the Lessee as at December 31, 1999,
         copies of which have been furnished to the Agent and the Owner Trustee,
         were prepared in accordance with GAAP and fairly present the financial
         condition of each of the Construction Agent and the Lessee and their
         Subsidiaries on a consolidated basis as of such date and their
         consolidated results of operations for the fiscal year then ended and
         (ii) the unaudited consolidated financial statements as at September
         30, 2000, copies of which have been furnished to the Agent and the
         Owner Trustee, were prepared in accordance with GAAP (subject to normal
         year-end adjustments) and fairly present the financial condition of the
         Construction Agent and the Lessee and their Subsidiaries on a
         consolidated basis as of such date and their consolidated results of
         operations for the fiscal quarter then ended. Neither Aviation Sales
         nor any Guarantor (other than Robert Alpert or Lacy J. Harbor) or any
         Subsidiary of Aviation Sales has, as of the date hereof, any
         Accommodation Obligation, contingent liability or liability for any
         taxes, long-term leases or commitments, not disclosed in writing to the
         Agent, the Lenders and the Holders prior to the date hereof.

                  (c) The business and properties of the Lessee and the
         Construction Agent and the Guarantors and the Subsidiaries of Aviation
         Sales are not, and since the Initial Closing Date have not been,
         adversely affected in any substantial way as the result of any fire,
         explosion, earthquake, accident, strike, lockout, combination of
         workmen, flood, embargo, riot, activities of armed forces, war or acts
         of God or the public enemy, or cancellation or loss of any major
         contracts;

                  (d) No event has occurred and no condition exists which, after
         giving effect to this Amendment Agreement, constitutes a Default or an
         Event of Default on the part of the Lessee or the Construction Agent or
         any Guarantor or any Subsidiary of Aviation Sales under the
         Participation Agreement or any other Operative Agreement, either
         immediately or with the lapse of time or the giving of notice, or both,
         except as waived in accordance with Section 5 hereof. Since September
         30, 2000, there has occurred no event with respect to the Lessee, the
         Construction Agent or any Guarantor or any Subsidiary of Aviation Sales
         which has resulted, or is reasonably likely to result, in a Material
         Adverse Effect.

                  (e) There is no action, suit, proceeding, claim, investigation
         or arbitration before or by any Governmental Authority or private
         arbitrator pending or, to the knowledge of Aviation Sales, threatened
         against Aviation Sales, any Guarantor or any Subsidiary of Aviation
         Sales or any of their respective Assets (i) challenging the validity or
         the enforceability of any of the Operative Agreements, (ii) which will,
         or is reasonably likely to, result in any Material Adverse Effect, or
         (iii) under the Racketeering Influenced and Corrupt Organizations Act
         or any similar federal or state statute or law under any jurisdiction
         outside of the United States where such Person is a defendant in a
         criminal indictment that provides for the forfeiture of assets to any
         Governmental Authority as a criminal penalty. There is no material loss
         contingency within the meaning of GAAP which has not been reflected in
         the Financial Statements of Aviation Sales and its Subsidiaries.
         Neither Aviation Sales nor any Guarantor or any Subsidiary of Aviation
         Sales is subject to or in default with respect to any final judgment,
         writ, injunction, restraining order or order of any nature, decree,
         rule or regulation of any court or Governmental Authority which will,
         or is reasonably likely to, result in a Material Adverse Effect.

         This Amendment Agreement shall be deemed to be an Operating Agreement
and any violation of a covenant contained herein shall be a violation of an
Operative Agreement.

         5. Consent and Waivers.

         (a) As of the date hereof and subject to the Agent's receipt of the
amendment referenced in Section 6(a)(iv) below, the Agent, the Owner Trustee,
the Lenders and the Holders hereby consent to the amendment

<PAGE>

of the Existing Aviation Sales Credit Agreement on the terms and conditions
referenced on or attached hereto as Exhibit A and made a part hereof.

         (b) The Agent, the Owner Trustee, the Lenders and the Holders hereby
waive all of their rights and remedies arising under any Operative Agreement due
to the fact that the report of Arthur Anderson LLP on the consolidated Financial
Statements of Aviation Sales and its Subsidiaries for the Fiscal Year ended
December 31, 2000 (which report has been or will be delivered to the Agent, the
Lenders and the Holders pursuant to Section 28.1.1(c)(iii)) may be qualified as
to the "going concern" status of Aviation Sales and its Subsidiaries.

         (c) The Agent, the Owner Trustee, the Lenders and the Holders hereby
waive all of their rights and remedies arising under any Operative Agreement
that may arise due to the fact that the Financial Statements of Aviation Sales
and its Subsidiaries for the Fiscal Year ended December 31, 2000, on Form 10-K
were filed with the Commission after the due date therefor.

         (d) The Agent, the Owner Trustee, the Lenders and the Holders hereby
waive all of their rights and remedies arising under any Operative Agreement due
to any non-compliance by Aviation Sales and its Subsidiaries with Sections
28.4.1 through 28.4.7 of the Lease, in each case with respect to the Fiscal
Quarter (or Four-Quarter Period, as applicable) ending March 31, 2001, June 30,
2001, September 30, 2001 or December 31, 2001. Provided, however, if (i) there
is any violation of any covenant contained in Sections 11.01 through 11.07 of
the Existing Aviation Sales Credit Agreement (as amended, modified or restated
from time to time) (the "Amended Aviation Sales Credit Agreement"), in each case
with respect to the Fiscal Quarter (or Four-Quarter Period, as applicable)
ending March 31, 2001, June 30, 2001, September 30, 2001 or December 31, 2001,
and (ii) either (A) such violation has not been waived by the requisite parties
under the Amended Aviation Sales Credit Agreement (or cured pursuant to an
amendment to such agreement permitted by Section 5(e) hereof) within thirty (30)
days of the date of such violation, or (B) the agent or any lender under the
Amended Aviation Sales Credit Agreement has accelerated any obligation due
thereunder or commenced the exercise of any other remedy as a result of such
violation, then (notwithstanding any waiver contained in this paragraph) such
violation shall constitute an immediate and automatic Lease Event of Default,
Credit Agreement Event of Default and Event of Default in accordance with
Section 17.1(n) of the Lease. In addition, nothing contained in this paragraph
shall prevent the Agent, the Owner Trustee, the Lenders or the Holders from
exercising any rights or remedies with respect to: (Y) any violation of any of
Sections 28.4.1 through 28.4.7 of the Lease with respect to any Fiscal Quarter
or Four-Quarter Period ending on a date prior to March 31, 2001 or after
December 31, 2001, or (Z) any other Aviation Sales Credit Agreement Event of
Default or any default under the Subordinated Debt pursuant to Section 17.1(n)
of the Lease.

         (e) The Agent, the Owner Trustee, the Lenders and the Holders hereby
waive any right to consent to any amendment of Sections 11.01 through 11.07 of
the Amended Aviation Sales Credit Agreement (and definitions to the extent, but
only to the extent, used in such Sections), in each case with respect to the
Fiscal Quarter (or Four-Quarter Period, as applicable) ending March 31, 2001,
June 30, 2001, September 30, 2001 or December 31, 2001. Nothing contained in
this paragraph shall waive any right to consent to any amendment of such
provisions with respect to any Fiscal Quarter or Four-Quarter Period ending on a
date prior to March 31, 2001 or after December 31, 2001.

         (f) The Agent, the Owner Trustee, the Lenders and the Holders hereby
waive any right to consent to any amendment of the Amended Aviation Sales Credit
Agreement to the extent (but only to the extent) that such amendment delays the
due date for any payment to the agent or any lender under such credit agreement
or term loan note. Nothing contained in this paragraph shall waive any right to
consent to any portion of an amendment to the Amended Aviation Sales Credit
Agreement that has any effect other than delaying the due date for any such
payment. In addition, nothing contained in this paragraph or any preceding
paragraph shall waive any right to vote or any other right that Bank of America
may have in its capacity as a lender or participant under the Amended Aviation
Sales Credit Agreement.

         The consent and waivers contained in this Section 5 are granted only
for the specific instances described herein and are not intended to create a
course of dealing or otherwise impair the future ability of the Lessor, the
Agent, any Lender or any Holder to declare a Lease Event of Default or any other
Event of Default or otherwise

<PAGE>

enforce the terms of any Operative Agreement. Neither such consent nor any such
waiver is intended to be nor shall it be construed to be a general waiver or
alteration of any of the terms or conditions of any Operative Agreement.

         6. Conditions Precedent. The effectiveness of this Amendment Agreement,
and any amendment, consent or waiver contained herein, shall be subject to
fulfillment of the following conditions precedent:

                  (a) The Agent shall have received on the date hereof, in form
         and substance satisfactory to the Agent, the following:

                           (i) a fully-executed original of this Amendment
                  Agreement;

                           (ii) an opinion of outside counsel to the Lessee and
                  the Guarantors, addressed to the Agent, the Owner Trustee and
                  the Lenders and Holders, including without limitation (A) an
                  opinion of such counsel with respect to noncontravention of
                  the Citicorp Loan Documents and agreements under which the
                  Senior Subordinated Notes have been issued, by this Amendment
                  Agreement, and the instruments and documents executed by the
                  Lessee, Construction Agent and Guarantors in connection
                  herewith, and (b) an opinion to the effect that the execution,
                  delivery and performance of this Amendment Agreement will not
                  affect the priority of any Lien in favor of the Owner Trustee
                  or the Agent (on behalf of itself, any Lender or any Holder)
                  that exists under the Operative Agreements (which opinion may
                  be included in the opinion referred to in clause (ii) above);

                           (iii) a certificate of the Secretary or an Assistant
                  Secretary of each of the Lessee and each Guarantor in such
                  form as is reasonably acceptable to the Agent attaching and
                  certifying as to (A) the resolutions of the Board of Directors
                  of Lessee or such Guarantor (as the case may be) duly
                  authorizing the execution, delivery and performance by Lessee
                  or such Guarantor (as the case may be) of this Amendment
                  Agreement and each of the other Operative Agreements delivered
                  in connection with this Amendment Agreement to which such
                  Lessee or Guarantor is or will be a party, (B) the fact that
                  neither its certificate of incorporation nor its bylaws have
                  been changed from the versions that were certified and
                  delivered to the Agent on the Initial Closing Date (or if they
                  have been changed, such certificate of incorporation or
                  by-laws certified as of a recent date by the Secretary of
                  State of the State of its incorporation), and (C) the
                  incumbency and signature of persons authorized to execute and
                  deliver on its behalf this Amendment Agreement and each of the
                  other Operative Agreements delivered in connection with this
                  Amendment Agreement to which such Lessee or Guarantor is a
                  party; and

                           (iv) an executed amendment of the Existing Aviation
                  Sales Credit Agreement, including the consent of Citicorp to
                  this Amendment Agreement in the form of Exhibit A attached
                  hereto;

                           (v) evidence of the payment of all fees and amounts
                  set forth in Exhibit B attached hereto;

                           (vi) a fully-executed original of a Guaranty
                  Agreement (Series A Obligations) dated as of the date hereof
                  among Robert Alpert, Lacy J. Harbor and the Agent, in the form
                  attached hereto as Exhibit C;

                           (vii) a fully-executed original of a Guaranty
                  Agreement (Lessee Obligations) dated as of the date hereof
                  among Robert Alpert, Lacy J. Harbor and the Agent, in the form
                  attached hereto as Exhibit D;

                           (viii) any additional agreements, instruments or
                  documents which it may reasonably request in connection
                  herewith;

                  (b) The correctness in all material respects on the date
         hereof of the representations and warranties of the Owner Trustee,
         Construction Agent and the Lessee contained herein and in each of the
         Operative Agreements;

<PAGE>

                  (c) After giving effect to the consent and waiver set forth in
         Section 5 of this Amendment Agreement, no Default or Event of Default
         shall have occurred and be continuing on the date hereof;

                  (d) No material adverse change shall have occurred in the
         business, assets, management, operations, financial condition or
         prospects of Aviation Sales or any Guarantor or any Subsidiary of
         Aviation Sales since September 30, 2000;

                  (e) Since September 30, 2000, no permit, agreement, lease, or
         license which, in the judgment of the Agent, is material to the
         business, operations or employee relations of Aviation Sales or any
         Guarantor or any Subsidiary of Aviation Sales, including without
         limitation, any agreement relating to the Existing Aviation Sales
         Credit Agreement or the Senior Subordinated Notes (as defined in the
         Existing Aviation Sales Credit Agreement), shall have been terminated,
         modified, revoked, breached, or declared to be in default, or if
         breached or declared to be in default during such period, such breach
         or default shall have been cured or waived on terms satisfactory to the
         Agent and Lenders;

                  (f) Lenders and Holders shall have reviewed all litigation
         pending or threatened against Aviation Sales or any Guarantor or any
         Subsidiary of Aviation Sales and determined to their satisfaction that
         no Material Adverse Effect will, or is reasonably likely to, result
         from the existence thereof; and

                  (g) None of the members of Aviation Sales' Board of Directors
         as of September 30, 2000, shall have ceased acting as members of such
         Board of Directors.

         7. Release.

                  (a) Aviation Sales and its Subsidiaries acknowledge that they
         have no existing defense, counterclaim, offset, cross-complaint, claim
         or demand of any kind or nature whatsoever that can be asserted to
         reduce or eliminate all or any part of their or the Owner Trustee's
         respective liability to pay or perform any obligations pursuant to any
         of the Operative Agreements or any other documents which evidence or
         secure any obligations owed under any Operative Agreement. In
         consideration for the execution of this Amendment Agreement, each of
         Aviation Sales and each of its Subsidiaries hereby releases and forever
         discharges, Bank of America, the Agent, the Lenders, the Holders and
         the Owner Trustee and all of their respective officers, directors,
         employees, Affiliates and agents (collectively, the "Released Parties")
         from any and all actions, causes of action, debts, dues, claims,
         demands, liabilities and obligations of every kind and nature, both in
         law and in equity, known or unknown, whether heretofore or now
         existing, liquidated or unliquidated, matured or unmatured, fixed or
         contingent (collectively, the "Release Claims"), which might be
         asserted against any of the Released Parties. This Release applies to
         all matters arising out of or relating to the Operative Agreements, any
         Property, any obligations due under any of the Operative Agreements and
         this Amendment Agreement, commitment letters with respect to other loan
         facilities, and the lending and borrowing relationships, and (to the
         extent any Release Claims relating to such deposit relationships are
         now known to Aviation Sales or any of its Subsidiaries) the deposit
         relationships, between Aviation Sales or its Subsidiaries, and Bank of
         America, the Agent, the Lenders, the Holders and the Owner Trustee,
         including the administration, collateralization and funding thereof.
         Each of Aviation Sales and each of its Subsidiaries further agrees not
         to bring any action in any judicial, administrative or other proceeding
         against the Released Parties, or any of them, alleging any such Release
         Claim or otherwise arising in connection with any such Release Claim.

                  (b) It is the intent of the parties that except as otherwise
         set forth herein, the foregoing release shall be effective as a full
         and final accord and satisfaction of all claims hereby released and
         each of Aviation Sales and each of its Subsidiaries hereby agrees,
         represents and warrants that the matters released herein are not
         limited to matters which are known or disclosed. In this connection,
         each of Aviation Sales and each of its Subsidiaries hereby agrees,
         represents and warrants that it realizes and acknowledges that factual
         matters now existing and unknown to it may have given or may hereafter
         give rise to Release Claims, which are presently unknown, unsuspected,
         unliquidated, unmatured and/or

<PAGE>

         contingent, and it further agrees, represents and warrants that this
         release has been negotiated and agreed upon in view of that
         realization. Nevertheless, Aviation Sales and its Subsidiaries hereby
         intend to release, discharge and acquit the Released Parties of and
         from any such unknown, unsuspected, unliquidated, unmatured and/or
         contingent Release Claims, which are in any way set forth in or related
         to the matters identified above in this Section 7. Aviation Sales and
         its Subsidiaries hereby explicitly waive the benefits of any common law
         or statutory rule with respect to the release of such Release Claims.

                  (c) The acceptance and delivery of this Amendment Agreement by
         the Agent on behalf of the Released Parties shall not be deemed or
         construed as an admission of liability with respect to the Release
         Claims or otherwise by the Released Parties, or any of them, and the
         Released Parties hereby expressly deny liability of any nature
         whatsoever arising from or related to the subject of the release
         contained in this Section 7.

                  (d) Each of Aviation Sales and each of its Subsidiaries hereby
         agrees, represents and warrants that: (i) such party has not
         voluntarily, by operation of law or otherwise, assigned, conveyed,
         transferred or encumbered, either directly or indirectly, in whole or
         in part, any right to or interest in any of the Release Claims
         purported to be released by this Section 7; (ii) such party has had
         advice of counsel of its own choosing in negotiations for and the
         preparation of this Amendment Agreement; and (iii) such party is fully
         aware of the effect of releases such as that contained in this Section
         7.

         8. Entire Agreement. This Amendment Agreement sets forth the entire
understanding and agreement of the parties hereto in relation to the subject
matter hereof and supersedes any prior negotiations and agreements among the
parties relative to such subject matter. No promise, conditions, representation
or warranty, express or implied, not herein set forth shall bind any party
hereto, and no one of them has relied on any such promise, condition,
representation or warranty. Each of the parties hereto acknowledges that, except
as in this Amendment Agreement otherwise expressly stated, no representations,
warranties or commitments, express or implied, have been made by any other party
to the other. None of the terms or conditions of this Amendment Agreement may be
changed, modified, waived or canceled orally or otherwise, except by writing,
signed by all the parties hereto, specifying such change, modification, waiver
or cancellation of such terms or conditions, or of any proceeding or succeeding
breach thereof.

         9. Full Force and Effect of Operative Agreements. Except as hereby
specifically amended, modified or supplemented, the Participation Agreement, the
Lease and all of the other Operative Agreements are hereby confirmed and
ratified in all respects and shall remain in full force and effect according to
their respective terms.

         10. Counterparts. This Amendment Agreement may be executed in one or
more counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

                  [Remainder of page intentionally left blank.]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment
Agreement to be duly executed by their duly authorized officers, all as of the
day and year first above written.

                                      AVIATION SALES COMPANY,
                                      as Construction Agent

                                      By:_______________________________________
                                      Name:_____________________________________
                                      Title:____________________________________

                                      AVIATION SALES COMPANY,
                                      as Lessee

                                      By:_______________________________________
                                      Name:_____________________________________
                                      Title:____________________________________

                                      FIRST SECURITY BANK, NATIONAL
                                        ASSOCIATION
                                      not individually, except as
                                      expressly stated under the Operative
                                      Agreements, but solely as Owner
                                      Trustee under the Aviation Sales
                                      Trust 1998-1

                                      By:_______________________________________
                                      Name:_____________________________________
                                      Title:____________________________________

                                      BANK OF AMERICA, N.A., as a Holder and as
                                      a Lender

                                      By:_______________________________________
                                      Name:_____________________________________
                                      Title:____________________________________

                                      BANK OF AMERICA, N.A., as Administrative
                                      Agent

                                      By:_______________________________________
                                      Name:_____________________________________
                                      Title:____________________________________

<PAGE>

                              JOINDER BY GUARANTORS

The undersigned Guarantors hereby join in and consent to this Amendment
Agreement.

                              AVIATION SALES COMPANY
                              AVS/M-1, INC. (formerly AVIATION SALES
                                 MANUFACTURING COMPANY)
                              AVIATION SALES PROPERTY
                                 MANAGEMENT  CORP.
                              AVIATION SALES FINANCE COMPANY
                              TIMCO ENGINE CENTER, INC.
                              AVS/M-2, INC (formerly AVS/KRATZ-WILDE
                              MACHINE COMPANY
                              AVS/M-3, INC. (formerly APEX MANUFACTURING,  INC.)

                              AEROCELL STRUCTURES, INC.
                              AVIATION SALES DISTRIBUTION
                                 SERVICES COMPANY
                              AVIATION SALES LEASING COMPANY
                              WHITEHALL CORPORATION
                              TRIAD INTERNATIONAL MAINTENANCE
                                 CORPORATION (successor in
                                 interest to Aero Corporation and
                                 Aero Corp Macon, Inc.)
                              AVIATION SALES MAINTENANCE, REPAIR &
                                 OVERHAUL COMPANY
                              CARIBE AVIATION, INC.
                              AIRCRAFT INTERIOR DESIGN, INC.
                              AERO HUSHKIT CORPORATION
                              HYDROSCIENCE, INC.
                              TIMCO ENGINEERED SYSTEMS, INC.

                              By:_______________________________________________
                              Name:_____________________________________________
                              Title:________________ of each of the foregoing
                                    Guarantors

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

                                       By:______________________________________
                                       Name:____________________________________
                                       Title:___________________________________

                                       AVIATION SALES SPS I, INC.

                                       By:______________________________________
                                       Name:____________________________________
                                       Title:___________________________________

<PAGE>

                                       _________________________________________
                                       ROBERT ALPERT

                                       _________________________________________
                                       LACY J. HARBORREGISTRATION RIGHTS AGREEMENT

                  REGISTRATION RIGHTS AGREEMENT, dated as of April 19,
2001, between M & F Worldwide Corp., a Delaware corporation (the "Company"),
and PX Holding Corporation, a Delaware corporation ("PX Holding").

                  WHEREAS, the Company and PX Holding have entered into a
Stock Purchase Agreement, dated as of April 19, 2001, (the "Purchase
Agreement"), pursuant to which, among other things, the Company will issue
to PX Holding, and PX Holding will purchase from the Company, shares of the
Company's common stock, par value $0.01 per share (the "Common Stock"), and
shares of the Company's Series B Non-Cumulative Perpetual Participating
Preferred Stock, par value $0.01 per share (the "Preferred Stock");

                  WHEREAS, the Board of Directors of the Company has
authorized the officers of the Company to execute and deliver this
Agreement in the name and on behalf of the Company;

                  NOW, THEREFORE, in consideration of the mutual covenants
and agreements herein contained, the parties to this Agreement hereby agree
as follows:

                  1. Definitions. As used in this Agreement, the following
terms shall have the following meanings:

                  "Affiliate" means, with respect to any specified person,
(i) any other person 50% or more of whose outstanding voting securities are
directly or indirectly owned, controlled or held with the power to vote by
such specified person or (ii) any other person directly or indirectly
controlling, controlled by or under direct or indirect common control with
such specified person. For purposes of this definition, the term "control"
means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a person by virtue of
ownership of voting securities, by contract or otherwise.

                  "Agreement" means this Registration Rights Agreement,
including all amendments, modifications and supplements and any exhibits or
schedules to any of the foregoing, and shall refer to this Registration
Rights Agreement as the same may be in effect at the time such reference
becomes operative.

                  "Exchange Act" means the Securities Exchange Act of 1934,
as amended.

                  "Holder" means PX Holding and any other person that holds
Registrable Securities, including their respective transferees, successors
and assigns who acquire Registrable Securities, directly or indirectly,
from PX Holding or such other person, respectively. For purposes of this
Agreement, the Company may deem and treat the registered holder of a
Registrable Security as the Holder and absolute owner thereof, and the
Company shall not be affected by any notice to the contrary.

                  "Registrable Securities" means (a) any shares of Common
Stock issued in accordance with Section 1.1 of the Purchase Agreement, (b)
any shares of Preferred Stock issued in accordance with Section 1.1 of the
Purchase Agreement, (c) any shares of Common Stock or Preferred Stock
acquired by PX Holding on the open market at a time when such party is
deemed to be an "affiliate" (as such term is defined under Rule 144 under
the Securities Act) of the Company, and (d) any securities issued or
issuable in respect of the Common Stock or the Preferred Stock referred to
in clauses (a), (b) and (c) above by way of conversion, exercise or
exchange or any stock dividend or stock split or in connection with a
combination of shares, recapitalization, reclassification, merger or
consolidation, and any other securities issued pursuant to any other pro
rata distribution with respect to such Common Stock or Preferred Stock. For
purposes of this Agreement, a Registrable Security ceases to be a
Registrable Security when (x) it has been effectively registered under the
Securities Act and sold or distributed to the public in accordance with an
effective registration statement covering it (and has not been reacquired
in the manner described in clause (c) above), or (y) it is sold or
distributed to the public pursuant to Rule 144 (or any successor or similar
provision) under the Securities Act.

                  "SEC" means the Securities and Exchange Commission.

                  "Securities Act" means the Securities Act of 1933, as
amended from time to time.

                  2. Demand Registration. (a) If at any time any Holder
shall request the Company in writing to register under the Securities Act
all or a part of the Registrable Securities held by such Holder (a "Demand
Registration"), the Company shall use all reasonable efforts to cause to be
filed and declared effective as soon as reasonably practicable (but in no
event later than the 45th day after such Holder's request is made) a
registration statement providing for the sale of all such Registrable
Securities to be registered by such Holder, including, but not limited to,
a sale of such Registrable Securities in connection with the issuance of
any securities convertible into or exchangeable or exercisable for
Registrable Securities or the sale of Registrable Securities upon
conversion, exercise or exchange thereof. The Company agrees to use its
reasonable efforts to keep any such registration statement continuously
effective and usable for resale of Registrable Securities for so long as
the Holder whose Registrable Securities are included therein shall request.
The Company shall be obligated to file registration statements pursuant to
this Section 2(a) until all Registrable Securities have ceased to be
Registrable Securities. Each registration statement filed pursuant to this
Section 2(a) is hereinafter referred to as a "Demand Registration
Statement." The Company may, if permitted by law, effect any registration
pursuant to this Section 2(a) by the filing of a registration statement on
Form S-3. However, if such registration involves an underwritten public
offering and the managing underwriter(s) at any time shall notify the
Company in writing that, in the sole judgment of such managing
underwriter(s), inclusion of some or all of the information required in a
more detailed form specified in such notice is of material importance to
the success of the public offering of such Registrable Securities, the
Company shall use all reasonable efforts to supplement or amend the
registration statement to include such information.

                  (b) The Company agrees (i) not to effect any public or
private sale, distribution or purchase of any of its securities which are
the same as or similar to the Registrable Securities, including a sale
pursuant to Regulation D under the Securities Act, during the 15-day period
prior to, and during the 45-day period beginning on, the closing date of
each underwritten offering under any Demand Registration Statement, and
(ii) to use reasonable efforts to cause each holder of its securities
purchased from the Company, at any time on or after the date of this
Agreement (other than in a registered public offering), to agree not to
effect any public sale or distribution of any such securities during such
period, including a sale pursuant to Rule 144 under the Securities Act.

                  (c) The Company may postpone for a reasonable period of
time, not to exceed 30 days, the filing or the effectiveness of any Demand
Registration Statement if (i) the Board of Directors of the Company in good
faith determines that (A) such registration would have a material adverse
effect on any plan or proposal by the Company with respect to any
financing, acquisition, recapitalization, reorganization or other material
transaction, or (B) the Company is in possession of material non-public
information that, if publicly disclosed, would result in a material
disruption of a major corporate development or transaction then pending or
in progress or in other material adverse consequences to the Company, and
(ii) the Company so notifies the Holder(s) within five days after the
Holder(s) requests such registration. The Company's right to defer the
filing of a registration statement pursuant to the provisions of the
preceding sentence may not be exercised more than once during any 12 month
period.

                  (d) If at any time any Holder notifies the Company in
writing of the Holder's desire that the Registrable Securities to be
covered by a Demand Registration Statement be sold in an underwritten
offering, such Holder shall have the right to select any nationally
recognized investment banking firm(s) to administer the offering, subject
to the approval of the Company, which approval shall not be unreasonably
withheld, and the Company shall enter into underwriting agreements with the
underwriter(s) of such offering, which agreements shall contain such
representations and warranties by the Company, and such other terms,
conditions and indemnities as are at the time customarily contained in
underwriting agreements for similar offerings and the Company shall take or
cause to be taken all such other actions, in addition to the registration
procedures set forth in Section 4 hereof, as are reasonably requested by
the managing underwriter(s) in order to expedite or facilitate the
registration and disposition of the Registrable Securities, including,
without limitation, causing management to participate in "road show"
presentations.

                  3. Incidental Registration. Subject to the terms and
conditions set forth in this Section 3, if the Company proposes at any time
to register any equity securities (the "Initially Proposed Shares") under
the Securities Act, whether or not for its own account, the Company will
promptly give written notice to the Holders of its intention to effect such
registration (such notice to specify, among other things, the proposed
offering price, the kind and number of securities proposed to be registered
and the distribution arrangements, including identification of the
underwriter(s), if any), and the Holders shall be entitled to include in
such registration such number of shares (the "Holder Shares") to be sold
for the account of the Holders (on the same terms and conditions as the
Initially Proposed Shares) as shall be specified in a request in writing
delivered to the Company within 15 days after the receipt of the Company's
notice.

                  The Company's obligations to include Holder Shares in a
registration statement pursuant to this Section 3 is subject to each of the
following limitations, conditions and qualifications:

                       (i) If, at any time after the Company gives written
         notice to the Holders of its intention to effect a registration of
         any of its common equity securities (whether or not for its own
         account) and prior to the effective date of any registration
         statement filed in connection with such registration, either the
         Company (in the case of the Company intending to register
         securities for its own account) or holders of Company securities
         (in the case of the Company intending to register securities on
         behalf of holders of securities other than Registrable Securities)
         shall determine for any reason not to register any Securities
         which were theretofore the subject of such registration, the
         Company shall give written notice of such determination to the
         Holders and thereupon it shall be relieved of its obligation to
         use any efforts to register any Holder Shares in connection with
         such aborted registration (but not from its obligation to pay the
         Registration Expenses (as defined herein) in connection
         therewith).

                       (ii) If the managing underwriter(s) (in the case of
         an underwritten offering) of such offering shall notify in writing
         the Company and each Holder who shall have requested the inclusion
         of Registrable Securities in such underwritten offering that, in
         the good faith judgment of such managing underwriter(s), the
         distribution of all or a specified portion of the Holder Shares
         would materially interfere with the registration and sale, in
         accordance with the intended method thereof, of the Initially
         Proposed Shares, then the number of Holder Shares to be included
         in such registration statement shall be reduced to such number, if
         any, that, in the good faith judgment of such managing
         underwriter(s), can be included without such interference;
         provided, however, that, if

                       (1)    the Initially Proposed Shares were being
                              registered by the Company for its own
                              account, then the number of securities to be
                              included in such registration shall be
                              allocated (x) first, to the Company, and (y)
                              second, pro rata among the Holders who have
                              requested the Company to include Registrable
                              Securities in such registration, based upon
                              all holders of Company securities (including
                              the Holders) on the basis of the number of
                              securities each such Holder shares requested
                              to be included in such registration and (z)
                              third, pro rata among all other statement by
                              such holders of Company securities based upon
                              the number of securities each such holder
                              requested be included in such registration;
                              and

                       (2)    the Initially Proposed Shares were being
                              registered by the Company for the account of
                              holders of Company securities (other than the
                              Holders), then the number of securities to be
                              included in such registration shall be
                              allocated (x) first, pro rata among all
                              holders of Company securities (other than
                              Holders) based upon the number of securities
                              each such holder requested be included in
                              such registration, and (y) second, pro rata
                              among all holders of Company securities not
                              included in the foregoing clause (x)
                              (including Holders of Registrable
                              Securities)) and = the Company on the basis
                              of the number of shares requested to be
                              included in such registration statement by
                              such holders and the Company;

                       (iii) If, as a result of the cutback provisions
         contained in Section 3(b)(ii) hereof, the Holders are not entitled
         to include all of the Holder Shares in such registration, such
         Holders may elect to withdraw their request to include Holder
         Shares in such registration.

                       (iv) If the Company shall so deliver such a request
         in writing to the Holders, each Holder shall not effect any public
         or private sale or distribution of any Registrable Securities
         (other than the Holder Shares) during the 15-day period prior to,
         and during the 45-day period beginning on, the closing date of any
         underwritten public offering of shares of Common Stock made for
         the Company's own account.

                  4. Registration Procedures.

                  (a) Whenever the Company is required to use all
reasonable efforts to effect the registration of any Registrable Securities
under the Securities Act pursuant to the terms and conditions of Section
2(a) or Section 3 hereof (such Registrable Securities being hereinafter
referred to as "Subject Shares"), the Company will use all reasonable
efforts to effect the registration and sale of the Subject Shares in
accordance with the intended method of disposition thereof. Without
limiting the generality of the foregoing, the Company will as soon as
practicable:

                       (i) furnish to each Holder of Subject Shares (a
         "Participating Holder") and to each managing underwriter, if any,
         a reasonable time in advance of their filing with the SEC, any
         registration statement, amendment or supplement thereto, and any
         prospectus used in connection therewith, and each Participating
         Holder shall have the opportunity to object to any information
         pertaining to such Participating Holder and its plan of
         distribution that is contained therein and the Company will make
         the corrections reasonably requested by such Participating Holder
         with respect to such information prior to filing any such
         registration statement or any amendment or supplement thereto; and
         furnish a copy of any and all transmittal letters or other
         correspondence with the SEC or any other governmental agency or
         self-regulatory body or other body having jurisdiction (including
         any domestic or foreign securities exchange) relating to such
         offering of Registrable Securities;

                       (ii) prepare and file with the SEC a registration
         statement with respect to the Subject Shares in form and substance
         satisfactory to the Participating Holders, and use all reasonable
         efforts to cause such registration statement to become effective
         as soon as possible;

                       (iii) prepare and file with the SEC such amendments
         and supplements to such registration statement and the prospectus
         used in connection therewith as may be necessary to keep such
         registration statement effective for the applicable period and to
         comply with the provisions of the Securities Act with respect to
         the disposition of all Subject Shares and other securities covered
         by such registration statement;

                       (iv) furnish each Participating Holder and each
         managing underwriter, if any, without charge, such number of
         copies of such registration statement, each amendment and
         supplement thereto (in each case including all exhibits thereto
         and documents incorporated by reference therein) and the
         prospectus included in such registration statement (including each
         preliminary prospectus and prospectus supplement) and any other
         prospectus filed under Rule 424 promulgated under the Securities
         Act relating to the Registrable Securities and such other
         documents as such Participating Holder or such underwriter may
         reasonably request;

                       (v) after the filing of the registration statement,
         promptly notify each Participating Holder and each managing
         underwriter, if any, of any stop order issued or, to the knowledge
         of the Company, threatened to be issued by the SEC;

                       (vi) use all reasonable efforts to register or
         qualify the Subject Shares covered by such registration statement
         under the securities or blue sky laws of such jurisdictions
         (including any foreign country or any political subdivision
         thereof) as the managing underwriter(s) shall reasonably
         recommend, and do any and all other acts and things which may be
         reasonably necessary or advisable to enable the Participating
         Holders to consummate the disposition in such jurisdictions of the
         Subject Shares covered by such registration statement, except that
         the Company shall not for any such purpose be required to (A)
         qualify generally to do business as a foreign corporation in any
         jurisdiction wherein it is not so qualified, (B) subject itself to
         taxation in any jurisdiction wherein it is not so subject, or (C)
         consent to general service of process in any such jurisdiction or
         otherwise take any action that would subject it to the general
         jurisdiction of the courts of any jurisdiction in which it is not
         so subject;

                       (vii) promptly inform each Participating Holder and
         the managing underwriter(s), if any, (x) in the case of any
         offering of the Registrable Securities in respect of which a
         registration statement is filed under the Securities Act, of the
         date on which a registration statement or any post-effective
         amendment thereto has been filed and when the same has become
         effective and, if applicable, of the date of filing a Rule 430A
         prospectus, (y) of any written comments from the SEC with respect
         to any filing referred to in clause (x) and of any request by the
         SEC, any securities exchange, government agency, self-regulatory
         body or other body having jurisdiction for any amendment of or
         supplement to any registration statement or preliminary prospectus
         or prospectus included therein or any offering memorandum or other
         offering document relating to such offering or (z) of the receipt
         by the Company of any notification with respect to the suspension
         of the qualification of any Registrable Securities for sale under
         the applicable securities or blue sky laws of any jurisdiction;

                       (viii) otherwise use its reasonable efforts to
         comply with all applicable rules and regulations of the SEC;

                       (ix) provide a transfer agent and registrar for all
         Registrable Securities covered by such registration statement not
         later than the effective date of such registration statement;

                       (x) furnish, at the Company's expense, unlegended
         certificates representing ownership of the securities being sold
         in such denominations as shall be requested and instruct the
         transfer agent to release any stop transfer orders with respect to
         the Subject Shares being sold;

                       (xi) notify each Participating Holder at any time
         when a prospectus relating to the Subject Shares is required to be
         delivered under the Securities Act of the happening of any event
         as a result of which the prospectus included in such registration
         statement contains any untrue statement of a material fact or
         omits to state a material fact necessary to make the statements
         therein (in the case of the prospectus or any preliminary
         prospectus, in light of the circumstances under which they were
         made) not misleading, and the Company will promptly thereafter
         prepare and file with the SEC and furnish a supplement or
         amendment to such prospectus so that, as thereafter delivered to
         the purchasers of Subject Shares, such prospectus will not contain
         any untrue statement of a material fact or omit to state a
         material fact required to be stated therein or necessary to make
         the statements therein (in the case of the prospectus or any
         preliminary prospectus, in light of the circumstances under which
         they were made) not misleading;

                       (xii) enter into customary agreements (including,
         but not limited to, an underwriting agreement in customary form in
         the case of an underwritten offering) and make such
         representations and warranties to the sellers, underwriter(s),
         placement agents and other financial intermediaries as in form and
         substance and scope are customarily made by issuers to such
         parties and take such other actions as the Holders or such other
         parties, if any, reasonably require in order to expedite or
         facilitate the disposition of such Subject Shares. A Participating
         Holder may, at its option, require that any or all of the
         representations and warranties by, and the other agreements on the
         part of, the Company to and for the benefit of such other parties
         also be made to and for the benefit of any one or more
         Participating Holders, and that any or all of the conditions
         precedent to the obligations of such other parties under such
         agreement also be conditions precedent to the obligations of the
         Participating Holders;

                       (xiii) make available for inspection by the
         Participating Holders, any underwriter, agent or other financial
         intermediary participating in any disposition pursuant to such
         registration statement, and any attorney, accountant or other
         similar professional advisor retained by any such Participating
         Holders or underwriter (collectively, the "Inspectors"), all
         pertinent financial and other records, pertinent corporate
         documents and properties of the Company, as shall be reasonably
         necessary to enable them to exercise their due diligence
         responsibility, and cause the Company's officers, directors and
         employees to supply all information reasonably requested by any
         such Inspector in connection with such registration statement;

                       (xiv) make available senior management personnel of
         the Company to participate in, and cause them to cooperate with
         any underwriter, agent or other financial intermediary in
         connection with, "road show" and other customary marketing
         activities, including "one-on-one" meetings with prospective
         purchasers of the Subject Shares;

                       (xv) obtain for delivery to the Company, any
         underwriter, agent or other financial intermediary or their
         agents, with copies to the Participating Holders, a "cold comfort"
         letter from the Company's independent public accountants in
         customary form and covering such matters of the type customarily
         covered by "cold comfort" letters as the Participating Holders or
         the managing underwriter, agent or other financial intermediary
         reasonably request;

                       (xvi) obtain for delivery to the Participating
         Holders and any underwriter, agent or other financial intermediary
         or their agents an opinion or opinions from counsel for the
         Company in customary form and reasonably satisfactory to the
         Participating Holders, underwriters or agents and their counsel;

                       (xvii) make available to its security holders
         consolidated earnings statements, which need not be audited,
         satisfying the provisions of Section 11(a) of the Securities Act,
         no later than 90 days after the end of the 12-month period
         beginning with the first month of the Company's first quarter
         commencing after the effective date of the registration statement,
         which earnings statements shall cover said 12-month period;

                       (xviii) make every reasonable effort to prevent the
         issuance of any stop order suspending the effectiveness of the
         registration statement or of any order preventing or suspending
         the effectiveness of such registration statement at the earliest
         possible moment;

                       (xix) cause the Subject Shares to be registered with
         or approved by such other governmental agencies or authorities
         (including foreign governmental agencies and authorities) as may
         be necessary to enable the sellers thereof or any underwriter,
         agent or other financial intermediary to consummate the
         disposition of such Subject Shares;

                       (xx) cooperate with the Holders and the managing
         underwriter(s), if any, or any other interested party (including
         any interested broker-dealer) in making any filings or submission
         required to be made, and the furnishing of all appropriate
         information in connection therewith, with the National Association
         of Securities Dealers, Inc. ("NASD");

                       (xxi) cause its subsidiaries to take action
         necessary to effect the registration of the Subject Shares
         contemplated hereby, including filing any required financial
         information;

                       (xxii) effect the listing of the Subject Shares on
         the New York Stock Exchange or such other national securities
         exchange or over-the-counter market on which shares of the Common
         Stock shall then be listed or shall otherwise be requested by the
         Holders; and

                       (xxiii) take all other steps necessary to effect the
         registration of the Subject Shares contemplated hereby.

                  (b) The Holders shall provide (in writing and signed by
the Holders and stated to be specifically for use in the related
registration statement, preliminary prospectus, prospectus or other
document incident thereto) all such information and materials and take all
such action as may be required in order to permit the Company to comply
with all applicable requirements of the SEC and any applicable state
securities laws and to obtain any desired acceleration of the effective
date of any registration statement prepared and filed by the Company
pursuant to this Agreement.

                  (c) The Holders shall, if requested by the Company or the
managing underwriter(s) in connection with any proposed registration and
distribution pursuant to this Agreement, (i) agree to sell the Subject
Shares on the basis provided in any underwriting arrangements entered into
in connection therewith and (ii) complete and execute all questionnaires,
powers of attorney, indemnities, underwriting agreements and other
documents customary in similar offerings; provided, however, that in no
event shall a Participating Holder be required to make any representations
or warranties to or agreements with the Company or the underwriter(s) other
than representations, warranties or agreements regarding such Participating
Holder and its ownership of the securities being registered on its behalf
and its intended method of distribution and any other representation
required by law.

                  (d) Upon receipt of any notice from the Company that the
Company has become aware that the prospectus (including any preliminary
prospectus) included in any registration statement filed pursuant to
Section 2(a) or Section 3, as then in effect, contains any untrue statement
of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading,
the Holders shall forthwith discontinue disposition of Subject Shares
pursuant to the registration statement covering the same until the Holders'
receipt of copies of a supplemented or amended prospectus and, if so
directed by the Company, deliver to the Company (at the Company's expense)
all copies other than permanent file copies then in the Holder's
possession, of the prospectus covering the Subject Shares that was in
effect prior to such amendment or supplement.

                  (e) The Company shall pay all Registration Expenses. For
purposes of this Agreement, "Registration Expenses" shall mean all expenses
incident to the Company's performance of or compliance with its obligations
under this Agreement to effect the registration of Registrable Securities
pursuant to Section 2(a) or Section 3 of this Agreement, and the
disposition of such securities, including, without limitation, all
registration, filing, qualification and other fees and expenses of
complying with securities or blue sky laws, transfer agents and registrars'
fees, all word processing, duplicating and printing expenses, the fees and
disbursements of counsel for the Company and of its independent public
accountants, including the expenses of any special audits or "cold comfort"
letters required by or incident to such performance and compliance, but
excluding underwriting discounts and commissions in respect of Registrable
Securities and the fees and disbursements of any counsel retained by the
Participating Holders (which underwriting discounts and commissions and
fees and disbursements of counsel shall be paid by the Participating
Holders).

                  (f) In connection with any sale of Subject Shares that
are registered pursuant to this Agreement, the Company and the Holders
shall enter into an agreement providing for indemnification of the Holders
by the Company, and indemnification of the Company by the Holders, on terms
customary for such agreements at that time.

                  5. Notices. All notices and other communications
hereunder shall be in writing and shall be deemed given upon (a)
transmitter's confirmation of a receipt of a facsimile transmission, (b)
confirmed delivery by a standard overnight carrier or when delivered by
hand or (c) the expiration of five business days after the day when mailed
in the United States by certified or registered mail, postage prepaid,
addressed at the following addresses (or at such other address for a party
as shall be specified by like notice):

                  If to the Company, to:

                  M&F Worldwide Corp.
                  35 East 62nd Street
                  New York, New York 10021
                  Telephone:  212-572-8600
                  Facsimile: (212) 572-8400
                  Attention: Chief Executive Officer

                  with a copy to:

                  Kramer, Levin, Naftalis & Frankel LLP
                  919 Third Avenue
                  New York, New York 10022-3852
                  Telephone:  (212) 715-9100
                  Facsimile:  (212) 715-8000
                  Attention:  Thomas Balliet, Esq.

                  If to PX Holding, to:

                  PX Holding Corporation
                  35 East 62nd Street
                  New York, New York 10021
                  Telephone:  (212) 572-8600
                  Facsimile:  (212) 572-5056
                  Attention:  General Counsel

                  with a copy to:

                  Skadden, Arps, Slate, Meagher & Flom LLP
                  Four Times Square
                  New York, New York  10036
                  Telephone:  (212) 735-3000
                  Facsimile:  (212) 735-2000
                  Attention:  Franklin M. Gittes, Esq. and
                              Alan C. Myers, Esq.

                  If to any other Holder, to such name at such address as
                  such Holder shall have indicated in a written notice
                  delivered to the other parties to this Agreement.

Any party hereto may from time to time change its address for notices under
this Section 5 by giving at least 10 days' notice of such changes to the
other parties hereto.

                  6. Waivers. No waiver by any party of any default with
respect to any provision, condition or requirement hereof shall be deemed
to be a continuing waiver in the future thereof or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission
of any party to exercise any right hereunder in any manner impair the
exercise of any such right accruing to it thereafter.

                  7. Interpretation. When a reference is made in this
Agreement to a section, article, paragraph, clause, annex or exhibit, such
reference shall be to a reference to this Agreement unless otherwise
clearly indicated to the contrary. The descriptive article and section
headings herein are intended for convenience of reference only and are not
intended to be a part of or to affect the meaning or interpretation of this
Agreement. Whenever the words "include", "includes" or "including" are used
in this Agreement they shall be deemed to be followed by the words "without
limitation." The words "hereof," "herein" and "herewith" and words of
similar import shall, unless otherwise stated, be construed to refer to
this Agreement as a whole and not to any particular provision of this
Agreement. The meaning assigned to each term used in this Agreement shall
be equally applicable to both the singular and the plural forms of such
term, and words denoting either gender shall include both genders. Where a
word or phrase is defined herein, each of its other grammatical forms shall
have a corresponding meaning.

                  8. Amendment. This Agreement may be amended, modified or
supplemented by the parties hereto at any time. This Agreement may not be
amended except by a written instrument executed by the parties hereto.

                  9. Assignment. Neither this Agreement nor any of the
rights, interests or obligations hereunder shall be assigned by either
party hereto (whether by operation of law or otherwise) without the prior
written consent of the other party; provided, however, that in connection
with a bone fide pledge by a Holder of any Registrable Securities, such
Holder may assign its rights under this Agreement to the beneficiary of
such pledge. Subject to the preceding sentence, this Agreement will be
binding upon, inure to the benefit of and be enforceable by, the parties
and their respective successors and assigns and are not intended to confer
upon any person other than the parties hereto any rights or remedies
hereunder.

                  10. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

                  11. Counterparts. This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original but all of
which shall be considered one and the same agreement.

                  12. Entire Agreement. This Agreement constitutes the
entire agreement, and supersedes all prior agreements and understandings
(written and oral) between the parties with respect to the subject matter
hereof.

                  13. Available Information. If at any time the Company is
required to file reports in compliance with either Section 13 or Section
15(d) of the Exchange Act, the Company will comply with all rules and
regulations of the SEC applicable in connection with the use of Rule 144 or
Rule 144A promulgated under the Securities Act and will, upon the request
of any Holder, take such other actions and furnish the Holder with
information as the Holder may reasonably request in order to avail itself
of such rule or any other rule or regulation of the SEC allowing the Holder
to sell any Registrable Securities without registration, and will, at its
expense, forthwith upon the request of the Holder, deliver to such party a
certificate, signed by the Company's principal financial officer, stating
(a) the Company's name, address and telephone number (including area code),
(b) the Company's Internal Revenue Service identification number, (c) the
Company's SEC file number, (d) the number of shares of each class of stock
outstanding as shown by the most recent report or statement published by
the Company, and (e) whether the Company has filed the reports required to
be filed under the Exchange Act for a period of at least 90 days prior to
the date of such certificate and in addition has filed the most recent
annual report required to be filed thereunder or as to such matters as
would then be required to establish compliance with Rule 144 or any
successor rule or rules under the Securities Act. If at any time the
Company is not required to file reports in compliance with either Section
13 or Section 15(d) of the Exchange Act, the Company at its expense will,
forthwith upon the written request of the Holder, make available adequate
current public information with respect to the Company within the meaning
of paragraph (c)(2) of Rule 144.

                  14. Specific Performance. Irreparable damage would occur
in the event that any of the provisions of this Agreement were not
performed in accordance with their specific terms or were otherwise
breached; accordingly, the parties hereto shall be entitled to an
injunction or injunctions to prevent breaches of this Agreement and to
enforce specifically the terms and provisions hereof in any court of the
United States or any state having jurisdiction, this being in addition to
any other remedy to which they are entitled at law or in equity.

                  15. Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction
or other authority to be invalid, void, unenforceable or against its
regulatory policy, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and
shall in no way be affected, impaired or invalidated.

                  16. Submission to Jurisdiction. Each of the Company and
PX Holding hereby irrevocably submits in any action, suit or proceeding
arising out of this Agreement or any of the transactions contemplated
hereby to the exclusive jurisdiction of the United States District Court
for the Southern District of New York and the jurisdiction of any court of
the State of New York located in the City of New York, Borough of
Manhattan. The parties hereto waive any and all objections to the laying of
venue of any such litigation in such jurisdiction and agree not to plead or
claim in any such litigation that such litigation has been brought in an
inconvenient forum.

                  17. Waiver of Jury Trial. Each party acknowledges and
agrees that any controversy which may arise under this Agreement is likely
to involve complicated and difficult issues, and therefore each such party
hereby irrevocably and unconditionally waives any right such party may have
to a trial by jury in respect of any litigation directly or indirectly
arising out of or relating to this Agreement, or the transactions
contemplated by this Agreement. Each party certifies and acknowledges that
(i) no representative, agent or attorney of any other party has
represented, expressly or otherwise, that such other party would not, in
the event of litigation, seek to enforce the foregoing waiver, (ii) each
such party understands and has considered the implications of this waiver,
(iii) each such party makes this waiver voluntarily and (iv) each such
party has been induced to enter into this Agreement by, among other things,
the mutual waivers and certifications in this Section 17.

                  18. No Other Registration Rights. The Company represents
and warrants to each Holder that there is not in effect on the date of this
Agreement any agreement by the Company (other than this Agreement and the
Registration Rights Agreement by and between the Company and a predecessor
of Mafco Consolidated Group, Inc., dated as of June 15, 1995) pursuant to
which any holders of securities of the Company have a right to cause the
Company to register or qualify such securities under the Securities Act or
any securities or blue sky laws of any jurisdiction.

                  19. Recapitalization, Exchanges, etc., Affecting the
Company's Capital Stock. The provisions of this Agreement shall apply to
the full extent set forth herein with respect to any and all shares of
capital stock of the Company or any successor or permitted assign of the
Company (whether by merger, consolidation, sale of assets or otherwise), or
at the election of a Holder, any person who controls any of the foregoing,
which may be issued in respect of, in exchange for or in substitution of,
the Registrable Securities.

                  IN WITNESS WHEREOF, the undersigned have caused this
Agreement to be signed by their respective officers thereunto duly
authorized as of the date first written above.

                                          PX HOLDING CORPORATION

                                          By: /s/ Todd J. Slotkin
                                             -----------------------
                                          Name:  Todd J. Slotkin
                                          Title: Executive Vice President and
                                                 Chief Financial Officer

                                          M & F WORLDWIDE CORP.

                                          By: /s/ Howard Gittis
                                             -----------------------
                                          Name:  Howard Gittis
                                          Title: Chairman of the Board of
                                                 Directors, President and Chief
                                                 Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}]]