PROMISSORY NOTE

Exhibit 10.2

Loan Agreement United Bank

PROMISSORY NOTE

Principal
$1,500,000.00

Loan Date
01-16-2004

Maturity
07-16-2004

Loan No

Call/Coll

Account

Officer
44

Initials

References in the shaded area are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations.

Borrower:

Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons
Skyway Communications Holding Corp.
00000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000

Lender:

United Bank and Trust Company
P.O. Box 14517
St. Petersburg, FL 33733

Principal Amount $1,500,000.00 Interest Rate: 5.490% Date of Note: January 16, 2004

PROMISE TO PAY. Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. (“Borrower”) jointly and severally promise to pay to United Bank and Trust Company (“Lender”), or order, in lawful money at the United States of America, the principal amount of One Million Five Hundred Thousand & 00/100 Dollars ($1,500,000.00), together with interest on the unpaid principal balance from January 16, 2004, until paid in full.

PAYMENT. Borrower will pay this loan in one principal payment of $1,500,000.00 plus interest in July 16, 2004. This payment due on July 16, 2004, will be for all principal and all accrued interest not yet paid. In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning February 16, 2004, with all subsequent interest payments to be due on the same day of each month after that. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any unpaid collection costs; and then to any late charges. The annual interest rate for this Note is computed on a 365/360 basis; that is, by applying the ration of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. Borrower will pay Lender at Xxxxxx’s address shown above or at such other place as Lender may designate in writing.

VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from time to time based on changes in an index which is the United Bank Prime Rate (the “Index”). The Index is not necessarily the lowest rate charged by Lender on its loans and is set by Lender in its sole discretion. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower. Lender will tell Borrower the current Index rate upon Xxxxxxxx’s request. The interest rate change will not occur more often than each day. Borrower understands that Lender may make loans based on other rates as well. The Index currently is 4.990% per annum. The interest rate to be applied to the unpaid principal balance of this Note will be at a rate of 0.500 percentage points over the Index, resulting in an initial rate of 5.490% per annum. NOTICE: Under no circumstances will the effective rate of interest on this Note be more than the maximum rate allowed by applicable law.

PREPAYMENT. Xxxxxxxx agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law. Except for the foregoing, Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Xxxxxx in writing, relieve Xxxxxxxx of Xxxxxxxx’s obligation to continue to make payments under the payment schedule. Rather, early payments will reduce the principal balance due. Xxxxxxxx agrees not to send Lender payments marked “paid in full”, “without recourse”, or similar language. If Borrower sends such a payment, Xxxxxx may accept it without losing any of Xxxxxx’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to United Bank and Trust Company, P.O. Box 14517, St. Petersburg, FL 33733.

LATE CHARGE. If a payment is 10 days or more late, Borrower will be charged 5.000% of the regularly scheduled payment or $10.00, whichever is greater.

INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity, Lender, at its option, may, if permitted under applicable law, increase the variable interest rate on this Note to 18.000% per annum, if and to the extent that the increase does not cause the interest rate to exceed the maximum rate permitted by applicable law.

DEFAULT. Each of the following shall constitute an event of default (“Event of Default”) under this Note:

Payment Default. Borrower fails to make any payment when due under this Note.

Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower.

False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.

Insolvency.The dissolution or termination of Xxxxxxxx’s existence as a going business, the insolvency of Xxxxxxxx, the appointment of a receiver for any part of Xxxxxxxx’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

Creditor of Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial processing, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Xxxxxxxx as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Xxxxxx written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note. In the event of a death, Lender, at its option, may, but shall not be required to, permit the Guarantor’s estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory to Lender, and in doing so, cure any Event of Default.

Change in Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

Adverse Change. A material adverse change occurs in Borrower’s financial condition, or Xxxxxx believes the prospect of payment or performance of this Note is impaired.

Insecurity. Lender in good faith believes itself insecure.

Cure Provisions. If any default, other than a default in payment is curable and if Borrower has not been given a notice of a breach of the same provisions of this Note within the preceding twelve (12) months, it may be cured (and no event of default will have occurred) if Borrower, after receiving written notice from lender demanding Cure of such default: (1) cures the default within five (5) days; or (2) if the cure requires more than five (5) days, immediately initiates steps which Lender deems in lender’s sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

LENDER’S RIGHTS. Upon default, Xxxxxx may declare the entire unpaid principal balance in this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount.

ATTORNEYS’ FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender the amount of these costs and expenses, which includes, subject to any limits under applicable law, Xxxxxx’s reasonable attorneys’ fees and Xxxxxx’s legal expenses whether or not there is a lawsuit, including reasonable attorneys’ fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals. If not prohibited by applicable law, Xxxxxxxx also will pay any court costs, in addition to all other sums provided by law.

JURY WAIVER. Xxxxxx and Xxxxxxxx hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Xxxxxx or Borrower against the other.

GOVERNING LAW. This Note will be governed by, construed and enforced in accordance with federal law and the laws of the State of Florida. This note has been accepted by Xxxxxx in the State of Florida.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right to setoff in all Borrower’s accounts with Lender (whether checking, or savings, or some other account). This includes all accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Xxxxxx, to the extent permitted by applicable law, to change or setoff all sums owning on the indebtedness against any and all such accounts, and, at Lender’s option, to administratively freeze all such accounts to allow Lender to protect lender’s charge and setoff rights provided in this paragraph.

PROMISSORY NOTE

(Continued)

Page 2

COLLATERAL. Borrower acknowledges this Note is secured by 1966 Xxxxxxxxx Xxxxxxx XX- 9-15 (Serial Number 45731) along with (2) Xxxxx & Xxxxxxx JT8D-7B engines, Serial #653906 and 658151.

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Xxxxxxxx, and upon Xxxxxxxx’s heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and its successors and assigns.

NOTIFY US OF INACCURATE INFORMATION WE REPORT TO SONSUMER REPORTING AGENCIES. Please notify us if we report any inaccurate information about your account(s) to a consumer reporting agency. Your written notice describing the specific inaccuracy(ies) should be sent to us at the following address: United Bank and Trust Company, P.O. Box 14517, St. Petersburg, FL 33733.

GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note. Borrower does not agree or intend to pay, and Xxxxxx does not agree or intend to contract for, charge, collect, take, reserve or receive (collectively referred to herein as “charge or collect”), any amount in the nature of interest or in the nature of a fee for this loan, which would in any way or event (including demand, prepayment, or acceleration) cause Lender to charge or collect more for this loan than the maximum Lender would be permitted to charge or collect by federal law or the law of the State of Florida (as applicable). Any such excess interest or unauthorized fee shall, instead of anything stated to the contrary, be applied first to reduce the principal balance of this loan, and when the principal has been paid in full, be refunded to Borrower. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Each Borrower understands and agrees that, with or without notice to Borrower, Lender may with respect to any other Borrower (a) make one or more additional secured or unsecured loans or otherwise extend additional credit; (b) alter, compromise, renew, extend, accelerate, or otherwise change one or more times the time for payment or other terms of any indebtedness, including increases and decreases of the rate of interest on the indebtedness; (c) exchange, enforce, waive, subordinate, fail or decide not to perfect, and release any security, with or without the substitution of new collateral; (d) apply such security and direct the order or manner of sale thereof, including without limitation, any non-judicial sale permitted by the terms of the controlling security agreements, as Lender in its discretion may determine; (e) release, substitute, agree not to sue, or deal with any one or more of Borrower’s sureties, endorsers, or other guarantors on any terms or in any manner Lender may choose; and (f) determine how, when and what application of payments and credits shall be made on any other indebtedness owing by such other Borrower. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect lender’s security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that lender may modify this loan without consent of or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint and several.

PRIOR TO SIGNING THIS NOTE, EACH BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING VARIABLE INTEREST RATE PROVISIONS. EACH BORROWER AGREES TO THE TERMS OF THE NOTE.

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

BORROWER:

ROYAL SONS MOTOR YACHT SALES, INC. DBA ROYAL SONS

By:__________________________________________________
Xxxxxxxx X. Xxxxxx, President of Royal Sons Motor
Yacht sales, Inc. DBA Royal Sons

SKYWAY COMMUNICATIONS HOLDING CORP.

By:_____________________________________________
Xxxxx Xxxxx, President of Skyway Communications
Holding Corp.

DISBURESMENT REQUEST AND AUTHORIZATION

Principal
$1,500,000.00

Loan Date
01-16-2004

Maturity
07-16-2004

Loan No

Call/Coll

Account

Officer
44

Initials

Borrower:





Grantor:

Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons
Skyway Communications Holding Corp.
00000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000

Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons
00000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000

Lender:

United Bank and Trust Company
P.O. Box 14517
St. Petersburg, FL 33733

LOAN TYPE. This is a Variable Rate Nondisclosable Loan to 2 Corporations for $1,500,000.00 due on July 16, 2004. The reference rate (United Bank Prime Rate, currently 4.990%) is added to the margin of 0.500%, resulting in an initial rate of 5.490.

PRIMARY PURPOSE OF LOAN. The primary purpose of this loan is for:

[ ] Personal, Family, or Household Purposes or Personal Investment.

[X] Business (Including Real Estate Investment).

SPECIFIC PURPOSE. Xxxxxxxx understands that no loan proceeds will be disbursed until all of Xxxxxx’s conditions for making the loan have been satisfied. Please disburse the loan proceeds of $1,500,000.00 as follows:

Amount paid to Borrower directly:	$	1,492,527.00
$1,492,527.00 Deposited to Checking account # 102635601
Other Charges Financed:	$	6,823.00
$1,545.00 Escrow Fee-Aero Space Reports Escrow, Inc.
$28.00 UCC1-filing fee
$5,250.00 Documentary Stamp Tax
Total Financed Prepaid Finance Charges:	$	650.00
$650.00 Bank Fee-United Bank

Note Principal:	$	1,500,000.00

FINANCIAL CONDITION. BY SIGNING THIS AUTHORIZATION, XXXXXXXX REPRESENTS AND WARRANTS TO LENDER THAT THE INFORMATION PROVIDED ABOVE IS TRUE AND CORRECT AND THAT THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN BORROWER'S FINANCIAL CONDITION AS DISCLOSED IN BORROWER'S MOST RECENT FINANCIAL STATEMENT TO XXXXXX. THIS AUTHORIZATION IS DATED JANAURY 16, 2004.

BORROWER:

ROYAL SONS MOTOR YACHT SALES, INC. DBA ROYAL SONS

By:__________________________________________________
Xxxxxxxx X. Xxxxxx, President of Royal Sons Motor
Yacht sales, Inc. DBA Royal Sons

SKYWAY COMMUNICATIONS HOLDING CORP.

By:_____________________________________________
Xxxxx Xxxxx, President of Skyway Communications
Holding Corp.

AGREEMENT TO PROVIDE INSURANCE

Principal
$1,500,000.00

Loan Date
01-16-2004

Maturity
07-16-2004

Loan No

Call/Coll

Account

Officer
44

Initials

Borrower:

Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons
Skyway Communications Holding Corp.
00000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000

Lender:

United Bank and Trust Company
P.O. Box 14517
St. Petersburg, FL 33733

INSURANCE REQUIREMENTS. Grantor, Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons (“Grantor”), understands that insurance coverage is required in connection with the extending of a loan or the providing of other financial accommodations to Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. (“Borrower”) by Xxxxxx. These requirements are set forth in the security documents for the loan. The following minimum insurance coverages must be provided on the following described collateral (the “Collateral”):

Collateral:

1966 McDononnell Douglas DC-9-15 airplane Serial #45731, FAA Registration #120NE and (2) Xxxxx & Xxxxxxx JT8D-7B
engines, Serial # 653906 and 658151.
Type: All risks, including fire, theft and liability.
Amount: Not Applicable.
Basis: Replacement value. Endorsements: Lender loss payable clause with stipulation that coverage will not be cancelled or diminished without a minimum of 10 days prior written notice to Lender. Latest Delivery Date: By the loan closing date.

INSURANCE COMPANY. Grantor may obtain insurance from any insurance company Grantor may choose that is reasonably acceptable to Lender. Xxxxxxx understands that credit may not be denied solely because insurance was not purchased through Lender.

INSURANCE MAILING ADDRESS. All documents and other materials relating to insurance for this loan should be mailed, delivered or directed to the following address:

United Bank and Trust Company
P.O. Box 14517
St. Petersburg, Fl 33733

FAILURE TO PROVIDE INSURANCE. Grantor agrees to deliver to Xxxxxx, on the latest delivery date stated above, proof of the required insurance as provided above, with an effective date of January 16, 2004, or earlier. Grantor acknowledges and agrees that if Grantor fails to provide any required insurance or fails to continue such insurance in force, Lender may do so at Grantor’s expense as provided in the applicable security document. GRANTOR ACKNOWLEDGES THAT IF LENDER SO PURCHASES ANY SUCH INSURANCE, THE INSURANCE WILL PROVIDE LIMITED PROTECTION AGAINST PHYSICAL DAMAGE TO THE COLLATERAL, UP TO AN AMOUNT EQUAL TO THE LESSER OF (1) THE UNPAID BALANCE OF THE DEBT, EXCLUDING ANY UNEARNED FINANCE CHARGES, OR (2) THE VALUE OF THE COLLATERAL; HOWEVER, GRANTOR’S EQUITY IN THE COLLATERAL MAY NOT BE INSURED. IN ADDITION, THE INSURANCE MAY NOT PROVIDE ANY PUBLIC LIABILITY OR PROPERTY DAMAGE INDEMNIFICATION AND MAY NOT MEED THE REQUIREMENTS OF ANY FINANCIAL RESPONSIBILITY LAWS.

AUTHORIZATION. For purposes of insurance coverage on the Collateral, Grantor authorizes Lender to provide to any person (including any insurance agent or company) all information Lender deems appropriate, whether regarding the Collateral, the loan or other financial accommodations, or both.

GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS AGREEMENT TO PROVIDE INSURANCE AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED JANUARY 16, 2004.

GRANTOR:

ROYAL SONS MOTOR YACHT SALES, INC. DBA ROYAL SONS

By:__________________________________________________
Xxxxxxxx X. Xxxxxx, President of Royal Sons Motor
Yacht sales, Inc. DBA Royal Sons

FOR LENDER USE ONLY

INSURANCE VERIFICATION


DATE: __________________			PHONE: _____________________

AGENT'S NAME: _______________________
AGENCY: ____________________________________
INSURANCE COMPANY: _________________________
POLICY NUMBER:
EFFECTIVE DATES:_______________________________________

COMMENTS: ____________________________________________

CORPORATE RESOLUTION TO BORROW

Principal
$1,500,000.00

Loan Date
01-16-2004

Maturity
07-16-2004

Loan No

Call/Coll

Account

Officer
44

Initials

Borrower:





Grantor:

Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons
Skyway Communications Holding Corp.
00000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000

Skyway Communications Holding Corp. 0000 000xx Xxxxxx Xxxxx
Xxxxxxxxxx, XX 00000

Lender:

United Bank and Trust Company
P.O. Box 14517
St. Petersburg, FL 33733

I, THE UNDERSIGNED, DO HEREBY CERTIFY THAT:

THE CORPORATION’S EXISTENCE. The complete and correct name of the Corporation is Skyway Communications Holding Corp. (“Corporation”). The Corporation is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Florida. The Corporation is duly authorized to transact business in all other states in which the Corporation us doing business, having obtained all necessary filings, governmental licenses and approvals for each states in which the failure to so qualify would have a material adverse effect on its business or financial condition. The Corporation has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage. The Corporation maintains an office at 0000 000^xx Xxxxxx Xxxxx, Xxxxxxxxxx, XX 00000. Unless the corporation has designated otherwise in writing, the principal office is the office at which the Corporation keeps its books and records. The corporation will notify Lender prior to any change in the location of the Corporation’s state of organization or any change in the Corporation’s name. The Corporation shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to the Corporation and the Corporation’s business activities.

RESOLUTIONS ADOPTED. At a meeting of the Directors of the Corporation, or if the Corporation is a close corporation having no Board of Directors then at a meeting of the Corporation’s shareholders, duly called and held on ________, at which a quorum was present and voting, or by other duly authorized action in lieu of a meeting, the resolutions set forth in this Resolution were adopted.

OFFICER. The following named person is an officer of Skyway Communications Holding Corp.:

NAMES	TITLES	AUTHORIZED	ACTUAL SIGNATURES
Xxxxx Xxxxx	President	Y	x________________________

ACTIONS AUTHORIZED. The authorized person listed above may enter into any agreements of any nature with Lender, and those agreements will bind the Corporation. Specifically, but without limitation, the authorized person is authorized, empowered, and directed to do the following for and on behalf of the Corporation.

Borrow Money. To borrow, as a cosigner or otherwise, from time to time from Lender, on such terms as may be agreed upon between the Corporation and Lender, such sum or sums of money as in his or her judgment should be borrowed, without limitation.

Execute Notes. To execute and deliver to Lender the promissory note or notes, or other evidence of the Corporation’s credit accommodations, on Lender’s forms, at such rates of interest and on such terms as may be agreed upon, evidencing the sums of money so borrowed or any of the Corporation’s indebtedness to Lender, and also to execute and deliver to Lender one or more renewals, extensions, modifications, refinancings, consolidations, or substitutions for one or more of the notes, any portion of the notes, or any other evidence of credit accommodations.

Execute Security Documents. To execute and deliver to Lender the forms of mortgage, deed of trust, pledge agreement, hypothecation agreement, and other security agreements and financing statements which Lender may require and which shall evidence the terms and conditions under any pursuant to which such liens and encumbrances, or any of them, are given; and also to execute and deliver to Lender any other written instruments, any chattel paper, or any other collateral, of any kind or nature, which Lender may deem necessary or proper in connection with or pertaining to the giving of the liens and encumbrances.

Negotiate Items. To draw, endorse, and discount with Lender all drafts, trade acceptances, promissory notes, or other evidences of indebtedness payable to or belonging to the Corporation or in which the Corporation may have an interest, and either to receive cash for the same or to cause such proceeds to be credited to the Corporation’s account with Xxxxxx, or to cause such other disposition of the proceeds derived therefrom as he or she may deem advisable.

Further Acts. In the case of lines of credit, to designate additional or alternate individuals as being authorized to request advances under such lines, and in all cases, to do and perform such other acts and things, to pay any and all fees and costs, and to execute and deliver such other documents and agreements, including agreements waiving the right to a trial by jury, as the officer may in his or her discretion deem reasonably necessary or proper in order to carry into effect the provisions of this Resolution.

ASSUMED BUSINESS NAMES. The Corporation has filed or recorded all documents or filings required by law relating to all assumed business names used by the Corporation. Excluding the name of the Corporation, the following is a complete list of all assumed business names under which the Corporation does business: None.

MULTIPLE BORROWERS. The Corporation may enter into transactions in which there are multiple borrowers on obligations to Lender and the Corporation understands and agrees that, with or without notice to the Corporation, Lender may discharge or release any party or collateral securing an obligation, grant any extension of time for payment, delay enforcing any rights granted to Lender, or take any other action or inaction, without the loss to Lender of any of its rights against the Corporation; and that Lender may modify transactions without the consent of or notice to anyone other than the party with whom the modification is made.

NOTICES TO LENDER. The Corporation will promptly notify Lender in writing at Lender’s address shown above (or such other addresses as Lender may designate from time to time) prior to any (A) change in the Corporation’s name; (B) change in the Corporation’s assumes business name(s); (C) change in the management of the Corporation; (D) change in the authorized signer(s); (E) change in the Corporation’s principal office address; (F) change on the Corporation’s state of organization; (G) conversion of the Corporation to a new or different type of business entity; or (H) change in any other aspect of the Corporation that directly or indirectly relates to any agreements between the Corporation and Lender. No change in the Corporation’s name of state of organization will take effect until after Xxxxxx has received notice.

DEPOSIT ACCOUNTS. The lender named above is designated as a depository for funds of this corporation. Persons listed above are authorized to open any deposit or checking account, endorse checks for the payment of money and withdraw funds on deposit with Xxxxxx, authorize stop payments, and execute any account agreement or contract with the Lender binding the Corporation to its terms and conditions.

CERTIFICATION CONCERNING OFFICERS AND RESOLUTIONS. The officer named above is duly elected, appointed, or employed by or for the Corporation, as the case may be, and occupies the position set opposite his or her respective name. This Resolution now stands of record on the books of the Corporation, is in full force and effect, and has not been modified or revoked in any matter whatsoever.

NO CORPORATE SEAL. The Corporation has no corporate seal, and therefore, no seal is affixed to this Resolution.

CONTINUING VALIDITY. Any and all acts authorized pursuant to this Resolution and performed prior to the passage of this Resolution are hereby ratified and approved. This Resolution shall be continuing, shall remain in full force and effect and Lender may rely on it until written notice of its revocation shall have been delivered to and received by lender at Xxxxxx’s address shown above (or such addresses as Lender may designate from time to time). Any such notice shall not affect any of the Corporation’s agreements or commitments in effect at the time notice is given.

IN TESTIMONY WHEREOF, I have hereunto set my hand and attest that the signature set opposite the name listed above is his or her genuine signature.

I have read all the provisions of this resolution, and I personally and on behalf of the Corporation certify that all statements and representations made in this Resolution are true and correct. This Corporate Resolution to Borrow is dated ______________________.

CORPORATE RESOLUTION TO BORROW

(Continued)

Page 2

CERTIFIED TO AND ATTESTED BY:

x________________________________
Xxxxx Xxxxx

NOTE: If the officer signing this Resolution is designated by the foregoing document as one if the officers authorized to act on the Corporation’s behalf, it is advisable to have this Resolution signed by at least one non-authorized officer of the Corporation.

CORPORATE RESOLUTION TO BORROW/GRANT COLLATERAL

Principal
$1,500,000.00

Loan Date
01-16-2004

Maturity
07-16-2004

Loan No

Call/Coll

Account

Officer
44

Initials

Borrower:





Grantor:

Lender:

United Bank and Trust Company
P.O. Box 14517
St. Petersburg, FL 33733

I, THE UNDERSIGNED, DO HEREBY CERTIFY THAT:

THE CORPORATION’S EXISTENCE. The complete and correct name of the Corporation is Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons (“Corporation”). The Corporation is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Florida. The Corporation is duly authorized to transact business in all other states in which the Corporation us doing business, having obtained all necessary filings, governmental licenses and approvals for each states in which the failure to so qualify would have a material adverse effect on its business or financial condition. The Corporation has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage. The Corporation maintains an office at 00000 Xxxxxxxxx Xxxxx, Xxxxxxxxxx, XX 00000. Unless the corporation has designated otherwise in writing, the principal office is the office at which the Corporation keeps its books and records. The corporation will notify Lender prior to any change in the location of the Corporation’s state of organization or any change in the Corporation’s name. The Corporation shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to the Corporation and the Corporation’s business activities.

OFFICER. The following named person is an officer of Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons:

NAMES	TITLES	AUTHORIZED	ACTUAL SIGNATURES
Xxxxxxx X. Xxxxxx	President	Y	x________________________

NO CORPORATE SEAL. The Corporation has no corporate seal, and therefore, no seal is affixed to this Resolution.

CORPORATE RESOLUTION TO BORROW

(Continued)

Page 2

IN TESTIMONY WHEREOF, I have hereunto set my hand and attest that the signature set opposite the name listed above is his or her genuine signature.

CERTIFIED TO AND ATTESTED BY:

x________________________________
Xxxxxxxx X. Xxxxxx, President of Royal
Sons Motor Yacht Sales, Inc. DBA Royal Sons

COMMERCIAL GUARANTY

Principal

Loan Date

Maturity

Loan No

Call/Coll

Account

Officer
44

Initials

Borrower:





Grantor:

Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons
Skyway Communications Holding Corp.
00000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000

Xxxxxxxx X. Xxxxxx
00000 Xxxxxxxx Xxxx.
Treasure Island, FL 33706

Lender:

United Bank and Trust Company
P.O. Box 14517
St. Petersburg, FL 33733

AMOUNT OF GUARANTY. The amount of this Guaranty is Unlimited.

CONTINUING ULIMITED GUARANTY. For good and valuable consideration, Xxxxxxxx X. Xxxxxx (“Guarantor”) absolutely and unconditionally guarantees and promises to pay to the United Bank and Trust Company (“Lender”) or its order, in legal tender of the United States of America, the indebtedness (as that term is defined below) of Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. (“Borrower”) or either or any of them, to Lender on the terms and conditions set forth in the Guaranty. Under this Guaranty, the liability of Guarantor is unlimited and the obligations of Guarantor are continuing.

INDEBTEDNESS GUARNATEED. The indebtedness guaranteed by this Guaranty includes any and all of Borrower’s indebtedness to lender and is used in the most comprehensive sense and means and includes any and all of Borrower’s liabilities, obligations and debts to lender, now existing or hereinafter incurred or created, including, without limitation, all loans, advances, interest, costs, debts, overdraft indebtedness, credit card indebtedness, lease obligations, other obligations, and liabilities of Borrower, or any of them, and any present or future judgments against Borrower, or any of them; and whether any such Indebtedness is voluntarily or involuntarily incurred, due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined; whether Borrower may be liable individually or jointly with others, or primarily or secondarily, or as guarantor or surety; whether recovery on the Indebtedness may be or may become barred or unenforceable against Borrower for any reason whatsoever; and whether the Indebtedness arises from transactions which may be voidable on account of infancy, insanity, ultra xxxxx, or otherwise.

DURATION OF GUARANTY. This Guaranty will take effect when received by Lender without the necessity of any acceptance by Xxxxxx, or any notice to Guarantor or to Borrower, and will continue in full force until all Indebtedness incurred or contracted before receipt by Lender of any notice of revocation shall have been fully and finally paid and satisfied and all of Guarantor’s other obligations under this Guaranty shall have been performed in full. If Guarantor elects to revoke this Guaranty, Guarantor may only do so in writing. Guarantor’s written notice of revocation must be mailed to Lender, by certified mail, at Xxxxxx’s address listed above or such other place as Lender may designate in writing, Written revocation of this Guaranty will apply only to advances or new indebtedness created after actual receipt by Xxxxxx of Guarantor’s written revocation. For this purpose and without limitation, the term “new Indebtedness” does not include Indebtedness which at the time of notice of revocation is contingent, unliquidated, undetermined or not due and which later becomes absolute, liquidated, determined or due. This Guaranty will continue to bind Guarantor for all indebtedness incurred by Xxxxxxxx or committed by Lender prior to receipt of Guarantor’s written notice of revocation, including any extensions, renewals, substitutions or modifications of the Indebtedness. All renewals, extensions, substitutions, and modifications of the Indebtedness granted after Guarantor’s revocation, are contemplated under this Guaranty and, specifically will not be considered to be new Indebtedness. This Guaranty shall bind Guarantor’s estate as to Indebtedness created both before and after Guarantor’s death or incapacity, regardless of Lender’s actual notice Guarantor’s death. Subject to the foregoing, Guarantor’s executor or administrator or other legal representative may terminate this Guaranty in the same manner in which Guarantor might have terminated it and with the same effect. Release of any other guarantor or termination of any other guaranty of the Indebtedness shall not affect the liability of Guarantor under this Guaranty. A revocation Lender receives from any one or more Guarantors shall not affect the liability of any remaining Guarantors under this Guaranty. It is anticipated that fluctuations may occur in the aggregate amount of Indebtedness covered by this Guaranty, and Guarantor specifically acknowledges and agrees that reductions in the amount of Indebtedness, even to zero dollars (0.00), prior to Guarantor’s written revocation of this Guaranty shall not constitute a termination of this Guaranty. This Guaranty is binding upon Guarantor and Guarantor’s heirs, successors and assigns so long as any of the guaranteed Indebtedness remains unpaid and even though the Indebtedness guaranteed may from time to time be zero dollars ($0.00).

GUARANTOR’S AUTHORIZATION TO LENDER. Guarantor authorizes Lender, either before or after any revocation hereof, without notice or demand and without lessening Guarantor’s liability under this Guaranty, from time to time: (A) prior to revocation as set forth above, to make one or more additional secured or unsecured loans to Borrower, to lease equipment or other goods to Borrower, or otherwise to extend additional credit to Borrower; (B) to alter, compromise, renew, extend, accelerate, or otherwise change one or more times the time for payment or other terms of the Indebtedness or any part of the Indebtedness, including increases and decreases of the rate of interest on the Indebtedness; extensions may be repeated and may be for longer than the original loan term; (C) to take and hold security for the payment of this Guaranty or the Indebtedness, and exchange, enforce, waive, subordinate, fall or decide not to perfect, and release and such security, with or without the substitution of new collateral; (D) to release, substitute, agree not to sue, or deal with any one or more of the Borrower’s sureties, endorsers, or other guarantors on any terms or in any manner Lender may choose; (E) to determine how, when and what application of payments and credits shall be made on the Indebtedness (F) to apply such security and direct the order or manner of sale thereof, including without limitation, any nonjudicial sale permitted by the terms of the controlling security agreement or deed of trust, as Lender in its discretion may determine; (G) to sell, transfer, assign or grant participations in all or any part of the Indebtedness; and (H) to assign or transfer this Guaranty in whole or in part.

GUARANTOR’S REPRESENTATIONS AND WARRANTIES. Guarantor represents and warrants to Lender that (A) no representations or agreements of any kind have been made to Guarantor which would limit or qualify in any way the terms of this Guaranty; (B) this Guaranty is executed at Borrower’s request and not at the request of Lender; (C) Guarantor has full power, right and authority to enter into this Guaranty; (D) the provisions of this Guaranty do not conflict with or result in a default under any agreement or other instrument binding upon Guarantor and do not result in a violation of any law, regulation, court decree or order applicable to Guarantor; (E) Guarantor has not and will not, without the prior written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer, or otherwise dispose of all or substantially all of guarantor’s assets, or any interest therein; (F) upon Lenders request, Guarantor will provide to Lender financial and credit information in form acceptable to Lender, and all such financial information which currently has been, and all future financial information which will be provided to Lender is and will be true and correct in all material respects and fairly present Guarantor’s financial condition as of the dates the financial information is provided; (G) no material adverse change has occurred in Guarantor’s financial condition since the date of the most recent financial statements provided to Lenderand no event has occurred which may materially adversely affect Guarantor’s financial condition; (H) no litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against Guarantor is pending or threatened; (I) Lender has made no representation to Guarantor as to the creditworthiness of Borrower; and (J) Guarantor has established adequate means of obtaining from Borrower on a continuing basis information regarding Borrower’s financial condition. Guarantor agrees to keep adequately informed from such means of any facts, events, or circumstances which might in any way affect Guarantor’s risks under this Guaranty, and Guarantor further agrees that, absent a request for information, Xxxxxx shall have no obligation to disclose to Guarantor any information or documents acquired by Lender in the course of its relationship with Borrower.

GUARANTOR’S WAIVERS. Except as prohibited by applicable law, Guarantor waives any right to require Lender (A) to continue lending money or to extend other credit to Borrower; (B) to make any presentment, protest, demand, or notice of any kind, including notice of any nonpayment of the Indebtedness or of any nonpayment related to any collateral, or notice of any action or nonaction on the part of Borrower, Lender, any surety, endorser, or other guarantor in connection with the Indebtedness or in connection with the creation of new or additional loans or obligations; (C) to resort for payment or to proceed directly or at once against any person, including Borrower or any other guarantor; (D) to proceed directly against or exhaust any collateral held by Xxxxxx from Borrower, any other guarantor, or any other person; (E) to pursue any other remedy within Lender’s power; or (F) to commit any act or omission of any kind, or at any time, with respect to any matter whatsoever.

Guarantor also waives any and all rights or defenses arising by reason of (A) any “one action” or “anti-deficiency” law or any other law which may prevent Lender from bringing any action, including a claim for deficiency, against Guarantor, before or after Lender’s commencement or completion of any foreclosure action, either judicially or by exercise of a power of sale; (B) any election of remedies by Lender which destroys or otherwise adversely affects Guarantor’s subrogation rights or Guarantor’s rights to proceed against Borrower for reimbursement, including without limitation, any loss of rights Guarantor may suffer by reason of any law limiting, qualifying, or discharging the Indebtedness; (C) any disability or other defense of Borrower, of any other guarantor, or of any other person, or by reason of the cessation of Borrower’s liability from any cause whatsoever, other than payment in full in legal tender, of the Indebtedness of Borrower to Lender which is not barred by any applicable statute of limitations; or (F) any defenses given to guarantors at law or in equity other than actual payment and performance of the Indebtedness. If payment is made by Xxxxxxxx, whether voluntarily or otherwise, or by any third party, on the Indebtedness and thereafter Xxxxxx is forced to remit the amount of that payment to Xxxxxxxx’s trustee in bankruptcy or to any similar person under any federal or state bankruptcy law or law for the relief of debtors, the Indebtedness shall be considered unpaid for the purpose of the enforcement of its Guaranty.

Guarantor further waives and agrees not to assert or claim at any time any deductions to the amount guaranteed under this Guaranty for any claim of setoff, counterclaim, counter demand, recoupment or similar right, whether such claim, demand or right may be asserted by the Borrower, the Guarantor, or both.

COMMERCIAL GUARANTY

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Page 2

GUARANTOR’S UNDERSTANDING WITH RESPECT TO WAIVERS. Guarantor warrants and agrees that each of the waivers set forth above is made with Guarantor’s full knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable and not contrary to public policy or law. If any such waiver is determined to be contrary to any applicable law or public policy, such waiver shall be effective only to the extent permitted by law or public policy.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Guarantor’s accounts with Lender (whether checking, savings, or some other account). This includes all accounts Guarantor holds jointly with someone else and all accounts Guarantor may open in the future. However, this does not include any IRA or Xxxxx accounts, or any trust accounts for which setoff would be prohibited by law. Guarantor authorizes Xxxxxx, to the extents permitted by applicable law, to hold these funds if there is a default, and Lender may apply the funds in these accounts to pay what Guarantor owes under the terms of the Guaranty.

SUBORDINATION OF XXXXXXXX’S DEBTS TO GUARANTOR. Guarantor agrees that the Indebtedness of Borrower to Lender, whether now existing or hereafter created, shall be superior to any claim that Guarantor may now have or hereafter acquire against Borrower, whether or not Borrower becomes insolvent. Guarantor hereby expressly subordinates any claim Guarantor may have against Borrower, upon any account whatsoever, to any claim that Lender may now or hereafter have against Borrower. In the event of insolvency and consequent liquidation of the assets of Borrower, through bankruptcy, by an assignment for the benefit of creditors, by voluntary liquidation, or otherwise, the assets of Borrower applicable to the payment of the claims of both Xxxxxx and Guarantor shall be paid to Lender and shall be first applied by Lender to the Indebtedness of Borrower to lender. Guarantor does hereby assign to Lender all claims which it may have or acquire against Borrower or against any assignee or trustee in bankruptcy of Borrower; provided however, that such assignment shall be effective only for the purpose of assuring to Lender full payment in legal tender of the Indebtedness. If Lender so requests, any notes or credit agreements now or hereafter evidencing any debts or obligations of Borrower to Guarantor shall be marked with a legend that the same are subject to this Guaranty and shall be delivered to Lender. Xxxxxxxxx agrees, and Xxxxxx is hereby authorized, in the name of Guarantor, from time to time to execute and file financing statements and continuation statements and to execute such other documents and to take such other actions as Lender deems necessary or appropriate to perfect, preserve and enforce its rights under this Guaranty.

GARNISHMENT. Guarantor consents to the issuance of a continuing writ of garnishment or attachment against Guarantor’s disposable earnings, in accordance with Section 222.11, Florida Statutes, in order to satisfy, in whole or in part, any money judgment entered in favor of Xxxxxx.

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Guaranty:

Amendments. This Guaranty, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Guaranty. No alteration of or amendment to this Guaranty shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.

Attorneys’ Fees; Expenses. Guarantor agrees to pay upon demand all of Xxxxxx’s costs and expenses, including lender’s reasonable attorneys’ fees and Xxxxxx’s legal expenses, incurred in connection with the enforcement of this Guaranty. Lender may hire or pay someone else to help enforce this Guaranty, and Guarantor shall pay the costs and expenses of such enforcement. Costs and expenses include Xxxxxx’s reasonable attorneys’ fees and legal expenses whether or not there is a lawsuit, including reasonable attorneys’ fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services. Guarantor also shall pay all court costs and such additional fees as may be directed by the court.

Caption Headings. Caption headings in this Guaranty are for convenience purposes only and are not to be used to interpret or define the provisions of this Guaranty.

Governing Law. This Guaranty will be governed by, construed and enforced in accordance with federal law and the laws of the state of Florida. This Guaranty has been accepted by Xxxxxx in the State of Florida.

Integration. Xxxxxxxxx further agrees that Guarantor has read and fully understands the terms of this Guaranty; Guarantor has had the opportunity to be advised by Guarantor’s attorney with respect to this Guaranty; the Guaranty fully reflects Guarantor’s intentions and parol evidence is not required to interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds Lender harmless from all losses, claims, damages, and costs (including Xxxxxx’s attorney’s fees) suffered or incurred by Xxxxxx as a result of any breach by Guarantor of the warranties, representations and agreements of this paragraph.

Interpretation. In all cases where there is more than one Borrower or Guarantor, then all words used in this Guaranty in the singular shall be deemed to have been used in the plural where the context and construction so require; and where there is more than one Borrower named in this Guaranty or when this Guaranty is executed by more than one Guarantor, the words “Borrower” and “Guarantor” respectively shall mean all and any one or more of them. The words “Guarantor,” “Xxxxxxxx,” and “Lender” include the heirs, successors, assigns, and transferees of each of them. If a court finds that any provision of this Guaranty is not valid or should not be enforced, that fact by itself will not mean that the rest of this Guaranty will not be valid or enforces. Therefore, a court will enforce the rest of the provisions of this Guaranty even is a provision of this Guaranty may be found to be invalid or unenforceable. If any one or more of Borrower or Guarantor are corporations, partnerships, limited liability companies, or similar entities, it is not necessary for Lender to inquire into the powers of Borrower or Guarantor or of the officers, directors, partners, managers, or other agents acting or purporting to act on their behalf, and any Loan indebtedness made or created in reliance upon the professed exercise of such powers shall be guaranteed under this Guaranty.

Notices. Any notice required to be given under this Guaranty shall be given in writing, and, except for revocation notices by Guarantor, shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Guaranty. All revocation notices by Guarantor shall be in writing and shall be effective upon delivery to lender as provided in the section of this Guaranty entitles “DURATION OF GUARANTY.” Any party may change its address for notices under this Guaranty by giving written notice to the other parties, specifying that the purpose of the notice is to change the party’s address. For notice purposes, Xxxxxxxxx agrees to keep Xxxxxx informed at all times of Guarantor’s current address. Unless otherwise provided or required by law, if there is more than one Guarantor, any notice given by Lender to any Guarantor is deemed to be notice given to all Guarantors.

No Waiver by Xxxxxx. Lender shall not be deemed to have waived any rights under this Guaranty unless such waiver is given in writing and signed by Xxxxxx. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Xxxxxx of a provision of this Guaranty shall not prejudice or constitute a waiver of Lender’s right otherwise to demand strict compliance with that provision or any other provision of this Guaranty. No prior waiver by Xxxxxx, nor any course of dealing between Xxxxxx and Guarantor, shall constitute a waiver of any of Lender’s rights or of any of Guarantor’s obligations as to any future transactions. Whenever the consent of Lender is required under this Guaranty, the granting of such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.

Successors and Assigns. Subject to any limitations stated in this Guaranty on transfer of Guarantor’s interest, this Guaranty shall be binding upon and inure to the benefit of the parties, their successors and assigns.

Waive Jury. Xxxxxx and Guarantor hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Xxxxxx or Borrower against the other.

SECURITY INTEREST. The Lender is hereby given a lien for the amount of the liability and indebtedness, whether or not due and payable, created by this Guaranty upon all property and securities now or hereafter in the possession or custody of the Lender by or for the account of any or all of the undersigned or in which any or all Guarantors may have any interest (all remittances and property to be deemed in the possession or custody of the Lender as soon as put in transit to it by mail or carrier) and also upon the balance of any deposit accounts of any or all of the undersigned with the Lender existing from time to time, and the Lender is hereby authorized and empowered at its option to appropriate any and all thereof and apply any and all thereof and the proceeds thereof to the payment and extinguishment of the liability and indebtedness hereby created at any time after such liability and indebtedness becomes payable. The security interest granted hereby shall come into existence and continue whether or not any such collateral is deposited to secure other obligations of the undersigned to the Lender and the Lender is hereby specifically authorized to retain and keep any such collateral until payment and extinguishment of the liability and indebtedness created hereby. The undersigned agrees to pay any deficiency remaining after the Lender realizes on any security (whether furnished by Xxxxxxxx, the undersigned (or a third party) but the Lender shall not be required to first proceed against any such security.

DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Guaranty. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Guaranty shall have the meanings attributed to such terms in the Uniform Commercial Code:

Borrower. The word “Borrower” means Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. and includes all co-signers and co-makers signing the Note.

Guarantor. The word “Guarantor” means each and every person or entity signing this Guaranty, including without limitation Xxxxxxxx X. Xxxxxx.

COMMERCIAL GUARANTY

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Guaranty. The word “Guaranty” means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.

Indebtedness. The word “Indebtedness” means Xxxxxxxx’s indebtedness to Lender as more particularly described in this Guaranty.

Lender. The word “Lender” means United Bank and Trust Company, its successors and assigns.

Note. The word “Note” means and includes without limitation all of Borrower’s promissory notes and/or credit agreements evidencing Borrower’s loan obligations in favor of Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of and substitutions for promissory notes or credit agreements.

Related Documents. The words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.

EACH UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THE GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT THIS GUARNATY IS EFFECTIVE UPON GUARNATOR’S EXECUTION AND DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN THE MANNER SET FORTH IN THE SECTION TITLED “DURATION OF GUARANTY”, NO FORMAL ACCEPTANCE BY XXXXXX IS NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY IS DATED JANUARY 16,2004.

GUARANTOR:

X______________________________________
Xxxxxxxx X. Xxxxxx

COMMERCIAL GUARANTY

Principal

Loan Date

Maturity

Loan No

Call/Coll

Account

Officer
44

Initials

Borrower:





Grantor:

Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons
Skyway Communications Holding Corp.
00000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000

Xxxxx Xxxxx
0000 Xxxxxx Xxxx
Xxxxxx Xxxxx, XX 00000

Lender:

United Bank and Trust Company
P.O. Box 14517
St. Petersburg, FL 33733

AMOUNT OF GUARANTY. The amount of this Guaranty is Unlimited.

CONTINUING ULIMITED GUARANTY. For good and valuable consideration, Xxxxx Xxxxx (“Guarantor”) absolutely and unconditionally guarantees and promises to pay to the United Bank and Trust Company (“Lender”) or its order, in legal tender of the United States of America, the indebtedness (as that term is defined below) of Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. (“Borrower”) or either or any of them, to Lender on the terms and conditions set forth in the Guaranty. Under this Guaranty, the liability of Guarantor is unlimited and the obligations of Guarantor are continuing.

COMMERCIAL GUARANTY

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Page 2

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Guaranty:

Amendments.This Guaranty, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Guaranty. No alteration of or amendment to this Guaranty shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.

Caption Headings. Caption headings in this Guaranty are for convenience purposes only and are not to be used to interpret or define the provisions of this Guaranty.

Waive Jury. Xxxxxx and Guarantor hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Xxxxxx or Borrower against the other.

Borrower. The word “Borrower” means Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. and includes all co-signers and co-makers signing the Note.

Guarantor. The word “Guarantor” means each and every person or entity signing this Guaranty, including without limitation Xxxxx Xxxxx.

COMMERCIAL GUARANTY

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Page 3

Guaranty. The word “Guaranty” means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.

Indebtedness. The word “Indebtedness” means Xxxxxxxx’s indebtedness to Lender as more particularly described in this Guaranty.

Lender. The word “Lender” means United Bank and Trust Company, its successors and assigns.

GUARANTOR:

X______________________________________
Xxxxx Xxxxx

COMMERCIAL GUARANTY

Principal

Loan Date

Maturity

Loan No

Call/Coll

Account

Officer
44

Initials

Borrower:





Grantor:

Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons
Skyway Communications Holding Corp.
00000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000

Xxxxx X. Xxxxx
0000 Xxxxxx Xxxx
Xxxxxx Xxxxx, XX 00000

Lender:

United Bank and Trust Company
P.O. Box 14517
St. Petersburg, FL 33733

AMOUNT OF GUARANTY. The amount of this Guaranty is Unlimited.

CONTINUING ULIMITED GUARANTY. For good and valuable consideration, Xxxxx X. Xxxxx (“Guarantor”) absolutely and unconditionally guarantees and promises to pay to the United Bank and Trust Company (“Lender”) or its order, in legal tender of the United States of America, the indebtedness (as that term is defined below) of Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. (“Borrower”) or either or any of them, to Lender on the terms and conditions set forth in the Guaranty. Under this Guaranty, the liability of Guarantor is unlimited and the obligations of Guarantor are continuing.

COMMERCIAL GUARANTY

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Page 2

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Guaranty:

Caption Headings. Caption headings in this Guaranty are for convenience purposes only and are not to be used to interpret or define the provisions of this Guaranty.

Waive Jury. Xxxxxx and Guarantor hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Xxxxxx or Borrower against the other.

Borrower. The word “Borrower” means Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. and includes all co-signers and co-makers signing the Note.

Guarantor. The word “Guarantor” means each and every person or entity signing this Guaranty, including without limitation Xxxxx X. Xxxxx.

COMMERCIAL GUARANTY

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Page 3

Guaranty. The word “Guaranty” means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.

Indebtedness. The word “Indebtedness” means Xxxxxxxx’s indebtedness to Lender as more particularly described in this Guaranty.

Lender. The word “Lender” means United Bank and Trust Company, its successors and assigns.

GUARANTOR:

X______________________________________
Xxxxx X. Xxxxx

DEPARMENT OF TRANSPORTAION
FEDERAL AVIATION ADMINISTRATION
FAA AIRCRAFT REGISTRY
P.O. Box 25504
Oklahoma City, Oklahoma 73125

AIRCRAFT SECURITY AGREEMENT

NAME & ADDRESS OF DEBTOR/BORROWER:

    Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons
    Skyway Communications Holding Corp.
    00000 Xxxxxxxxx Xxxxx
    Xxxxxxxxxx, XX 00000

NAME & ADDRESS OF SECURED PARTY/ASSIGNEE/LENDER:

    United Bank and Trust Company
    P.O. Box 14517
     St. Petersburg, FL 33733

NAME OF SECURED PARTY’S ASSIGNOR/GRANTOR:

    Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons
    00000 Xxxxxxxxx Xxxxx
    Xxxxxxxxxx, XX 00000

ABOVE SPACE
FOR FAA USE ONLY

THIS AIRCRAFT SECURITY AGREEMENT dated January 16, 2004, is made and executed among Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons (“Grantor”); Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. (“Borrower”); and United Bank and Trust Company (“Lender”).

GRANT OF SECURITY INTEREST. For valuable consideration, Grantor grants to Lender a continuing security interest in the Collateral to secure the Indebtedness and agrees that Lender shall have the rights stated in the Agreement with respect to the Collateral, in addition to all other rights which Lender may have by law.

COLLATERAL.

The word “Collateral” means the following:

(A)

The Aircraft

(B)

The engines and all avionics, including without limitation the following specifically described engines or avionics or both: (2) Xxxxx Xxxxxxx JT8D-7B Serial #653906 and 658151.

(C)

All log books, manuals, flight records, maintenance records, inspection reports, air worthiness certificates, and other historical records or information relating to the Aircraft, including without limitation the following:

(D)

All attachments, accessions, parts, and additions to and all replacements of and substitutions for any property described above.

(E)

All rents, accounts, chattel paper, general intangibles, and monies, arising out of or related to use, rental, sale, lease, or other disposition of any of the property described in this Collateral section.

(F)

All proceeds (including insurance proceeds from the sale or other disposition of any of the property described in this Collateral section.

The word “Aircraft” means the following described aircraft:

1966 XxXxxxxxx Xxxxxxx DC-9-15 (Serial Number 45731), FAA Registration #120NE

The manufacturer’s serial number for the Aircraft is 45731, and its FAA Registration Number is 120NE. The word “Aircraft” also means and includes without limitation, (1) the Airframe, (2) the Engines, and (3) any propellers.

The word “Airframe” means the Aircraft’s airframe, together with any and all parts, appliances, components, instruments, accessories, accessions, attachments, equipment, or avionics (including, without limitation, radio, radar, navigation systems, or other electronic equipment) installed in, appurtenant to, or delivered with or in respect of such airframe.

The word “Engines” means any engines described above together with any other aircraft engines which either now or in the future are installed on, appurtenant to, or delivered with or in respect of the Airframe, together with any and all parts, appliances, components, accessories, accessions, attachments or equipment installed on, appurtenant to, or delivered with or in respect of such engines. The word “Engines” shall also refer to any replacement aircraft engine which, under this Agreement, is required or permitted to be installed upon the Airframe.

CROSS-COLLATERALIZATION. In addition to the Note, this Agreement secures all obligations, debts and liabilities, plus interest thereon, of Borrower to Lender, or any one or more of them, as well as all claims by Xxxxxx against Borrower or any one or more of them, whether now existing or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise unenforceable.

BORROWER’S WAIVERS AND RESPONSIILITIES. Except as otherwise required under this agreement or by applicable law, (A) Borrower agrees that Lender need not tell Borrower about any action or inaction Lender takes in connection with this Agreement; (B) Borrower assumes the responsibility for being and keeping informed about the Collateral; (C) Borrower waives and defenses that may arise because of any action or inaction of Lender, including without limitation any failure of Lender to realize upon the Collateral or any delay by Lender in realizing upon the Collateral; and Xxxxxxxx agrees to remain liable under the Note with Lender no matter what action Lender takes or fails to take under this Agreement.

GRANTOR’S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (A) this Agreement is executed at Borrower’s request and not at the request of Lender; (B) Grantor has the full right, power and authority to enter into this Agreement and to pledge Collateral to Lender; (C) Grantor has established adequate means of obtaining from Borrower on a continuing basis information about Xxxxxxxx’s financial condition; and (D) Lender has made no representation to Grantor about Borrower or Xxxxxxxx’s creditworthiness.

GRANTOR’S WAIVERS. Grantor waives all requirements of presentment, protest, demand, and notice of dishonor or non-payment to Borrower or Grantor, or any other party to the Indebtedness or the Collateral. Lender may do any of the following with respect to any obligation of any Borrower, without first obtaining the consent of Grantor: (A) grant any extension of time for any payment, (B) grant any renewal, (C) permit any modification of payment terms or other terms, or (D) exchange or release any Collateral or other security. No such act or failure to act shall affect Lender’s rights against Grantor or the Collateral.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Grantor’s accounts with Lender (whether checking, savings, or some other account). This includes all accounts Grantor holds jointly with someone else and all accounts Grantor may open in the future. However, this does not include any IRA or Xxxxx accounts, or any trust accounts for which setoff would be prohibited by law. Grantor authorizes Xxxxxx, to the extent permitted by applicable law, to charge or setoff all sums owning on the Indebtedness against any and all such accounts, and, at Xxxxxx’s option, to administratively freeze all such accounts to allow Lender to protect Xxxxxx’s charge and setoff rights provided in this paragraph.

DURATION. This agreement shall remain in full force and effect until such time as the Indebtedness secured hereby, including principal, interest, costs, expenses, attorneys’ fees and other fees and charges, shall have been paid in full, together with all additional sums that Lender may pay or advance on Grantor’s behalf and interest thereon as provided in this Agreement.

REPRESENTATIONS AND WARRANTIES CONCERNING COLLATERAL. Grantor represents, warrants and covenants to Lender at all times while this Agreement is in effect as follows:

Title. Grantor warrants that Grantor is the lawful owner of the Collateral and holds and marketable title to the Collateral, free and clear of all Encumbrances except the lien of the Agreement. Grantor is, or concurrent with the completion of the transactions contemplated by this Agreement will be, the registered owner of the Aircraft pursuant to a proper registration under the Federal Aviation Act of 1958, as amended and Grantor qualifies in all respects as a citizen of the United States as defined in the Act. Grantor shall defend Xxxxxx’s rights in the Collateral against the claims and demands of all other persons. The Collateral is not and will not be registered under the laws of any foreign country, and Grantor is and will remain a citizen of the United States as defined in the Federal Aviation Act of 1958, as amended.

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Authority; Binding Effect. Grantor has the full right, power and authority to enter into this Agreement and to grant a security interest in the Collateral to Lender. This Agreement is binding upon Grantor as well as Grantor’s successors and assigns, and is legally enforceable in accordance with its terms. The foregoing representations and warranties, and all other representations and warranties contained in this Agreement are and shall be continuing in nature and shall remain in full force and effect until such time as this Agreement is terminated or cancelled as provided herein.

Aircraft and Log Books. Grantor will keep accurate and complete logs, manuals, books, and records relating to the Collateral, and will provide Lender with copies of such reports and information relating to the Collateral as Lender may reasonably require from time to time.

Perfection of Security Interest. Xxxxxxx agrees to execute financing statements and to take whatever other actions are requested by Xxxxxx to perfect and continue Xxxxxx’s security interest in the Collateral. Upon request of Xxxxxx, Grantor will deliver to Lender any and all of the documents evidencing or constituting the Collateral, and Grantor will note Xxxxxx’s interest upon Xxxxxx’s request, each and all of the following:

(1)

Record, register and file this Agreement, together with such notices, financing statements or other documents or instruments as Xxxxxx may request from time to time to carry out fully the intent of this Agreement, with FAA in Oklahoma City, Oklahoma, United States of America and other governmental agencies, either concurrent with the delivery and acceptance of the Collateral or promptly after the execution and delivery of this Agreement.

(2)

Furnish to Lender evidence of every such recording, registering, and filing.

(3)

Execute and deliver or perform any and all acts and things which may be reasonably requested by Xxxxxx with respect to complying with or remaining subject to the Geneva Convention, the laws and regulations of the FAA, and the laws and regulation of any of the various states or countries in which the Collateral is or may fly over, operate in, or become located in.

Grantor hereby appoints Xxxxxx as Xxxxxxx’s irrevocable attorney-in-fact for the purpose of executing any documents necessary to perfect, amend, or to continue the security interests granted in this Agreement or to demand termination of filings of other secured parties. Lender may at any time, and without further authorization from Grantor, file a carbon, photographic or other reproduction of any financing statement or of this Agreements for use as a financing statement. Grantor will reimburse Lender for all expenses for the perfection and the continuation of the perfection of Xxxxxx’s security interest in the Collateral.

Notices to Lender. Grantor will promptly notify Lender in writing at Lender’s address shown above (or such other addresses as Lender may designate from time to time) prior to any (1) change in Grantor’s name; (2) change in Grantor’s assumed business name(s); (3) change in the management of the Corporation Grantor; (4) change in the authorized signer(s); (5) change in Grantor’s principal office address; (6) change in Grantor’s state of organization; (7) conversion of Grantor to a new or different type of business entity; or (8) change in any other aspect of Grantor that directly or indirectly relates to any agreements between Grantor and Lender. No change in Grantor’s name or state of organization will take effect until after Xxxxxx has received notice.

Removal of the Collateral. Except or routine use, Grantor shall not remove the Collateral from its existing location without Lender’s prior written consent. Grantor shall, whenever requested, advise Lender of the exact location of the Collateral.

Inspection of the Collateral. At any reasonable time, on demand by Xxxxxx, Grantor shall cause the Collateral (including the logs, books, manuals, and records comprising the Collateral) to be exhibited to Lender (or persons designated by Lender) for purposes of inspection and copying.

Maintenance, Repairs, Inspections, and Licenses. Grantor, at its expense, shall do, or cause to be done, in a timely manner with respect to the Collateral each and all of the following:

(1)

Grantor shall maintain and keep the Aircraft in good order and repair as it is on the date of this Agreement, ordinary wear and tear excepted.

(2)

Grantor shall maintain and keep the Aircraft in good order and repair and in airworthy condition in accordance with the requirements of each of the manufacturers’ manuals and mandatory service bulletins and each of the manufacturers’ non-mandatory service bulletins which relate to airworthiness.

(3)

Grantor shall replace in or on the Airframe, any and all Engines, parts, appliances, instruments or accessories which may be worn out, lost destroyed or otherwise rendered unfit for use.

(4)

Grantor shall cause to be performed, on all parts of the Aircraft, all applicable mandatory Airworthiness Directives, Federal Aviation Regulations, Special Federal Aviation Regulations, and manufacturers’ service bulletins relating to airworthiness, the compliance date of which shall occur while this Agreement is in effect.

(5)

Grantor shall be responsible for all required inspections of the Aircraft and licensing or re-licensing of the Aircraft in accordance with all applicable FAA and other governmental requirements. Grantor shall at all times cause the Aircraft to have on board and in a conspicuous location a current Certificate of Airworthiness issued by the FAA.

(6)

All inspections, maintenance, modifications, repairs, and overhauls of the Aircraft (including those performed on the Airframe, the Engines or any components, appliances, accessories, instruments, or equipment) shall be performed by personnel authorized by the FAA to perform such services.

(7)

If any Engine, component, appliance, accessory, instrument, equipment or part of the Aircraft shall reach such a condition as to require overhaul, repair or replacement, for any cause whatever, in order to comply with the standards for maintenance and other provisions set forth in this Agreement, Grantor may:

(a)

Install on or in the Aircraft such items of substantially the same type in temporary replacement items must be in such a condition as to be permissible for use upon the Aircraft in accordance with the standards for maintenance and other provisions set forth in this Agreement; provided further, however, that Grantor at all times must retain unencumbered title to any and all items temporarily removed; or

(b)

Install on or in the Aircraft such items of substantially the same type and value in permanent replacement of those then installed on the Aircraft; provided, however, that such replacement items must be in such condition as to be permissible for use upon the Aircraft in accordance with the standard for maintenance and other provisions set forth in this Agreement; provided further, however, that Grantor must first comply with each of the requirements below.

(8)

In the event Grantor shall be required or permitted to install upon the Airframe or any Engine, components, appliances, accessories, instruments, engines, equipment or parts in permanent replacement of those than installed on the Airframe or such Engine, Grantor may do so provided that, in addition to any other requirements of this Agreement:

(a)

Lender is not divested of its security interest in and lien upon any item removed from the Aircraft and that no such removed item shall be or become subject to the lien or claim of any person, unless and until such item is replace by an item of the type and condition required by this Agreement, title to which, upon its being installed or attached to the Airframe, is validly vested in Grantor, free and clear of all liens and claims, of every kind or nature, of all persons other than Lender;

(b)

Grantor’s title to every substituted item shall immediately be and become subject to the security interests and liens of Lender and each of the provisions of this Agreement, and each such item shall remain so encumbered and so subject unless it is, in turn, replaced by a substitute item in the manner permitted in the Agreement; and

(c)

If an item is removed from the Aircraft and replaced in accordance with the requirements of this Agreement, including the terms and conditions above, then the item which is removed shall thereupon be free and cleat of the security interests and liens of Lender.

(9)

In the event that any Engine, component, appliance, accessory, instrument, equipment or part is installed upon the Airframe, and is not in substitution for or in replacement of an existing item, such additional item shall be considered as an accession to the Airframe.

Taxes, Assessments and Liens. Grantor will pay when due all taxes, assessments and liens upon the Collateral, its use or operation, upon this Agreement, upon the Note, or upon any of the other Related Documents. Grantor may withhold any such payment or may elect to contest any lien if Grantor is in good faith conducting an appropriate proceeding to contest the obligation to pay and so long as Xxxxxx’s interest in the Collateral is not jeopardized in Xxxxxx’s sole opinion. If the Collateral is subjected to a lien which is not discharged within fifteen (15) days, Grantor shall deposit with Lender cash, a sufficient corporate surety bond or other security satisfactory to Lender in an amount adequate to provide for the discharge of the lien plus any interest, costs or other charges that could accrue as a result of foreclosure or sale of the Collateral. In any contest Grantor shall defend itself and Xxxxxx and shall satisfy any final adverse judgment before enforcement against the Collateral. Grantor shall name as an additional oblige under any surety bond furnished in the contest proceedings.

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Compliance with Governmental Requirements. Grantor shall comply promptly with all laws, ordinances and regulations of the FAA and all other governmental authorities applicable to the use, operation, maintenance, overhauling or condition to Collateral. Grantor may contest in good faith any such law, ordinance or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Xxxxxx’s interest in the Collateral, in Xxxxxx’s opinion, is not jeopardized. Without limiting the foregoing, Grantor agrees that at no time during the effectiveness of this Agreement shall the Collateral be operated in, located in, or relocated to , any jurisdiction, unless the Geneva Convention, together with its necessary enacting rules and regulations (or some comparable treaty and regulations satisfactory to the Lender) shall be in effect in such jurisdiction and any notices, financing statements, documents, or instruments necessary or required, in the opinion of Lender, to be filed in such jurisdiction shall have been filed and file stamped copies thereof shall have been furnished to Lender. Notwithstanding the foregoing, at no time shall the Collateral be operated in or over any area which may expose Lender to any penalty, fine, sanction or other liability, whether civil or criminal, under any applicable law, rule, treaty or convention; nor may the Collateral be used in any manner which is or may be declared to be illegal and which may thereby render the Collateral liable to confiscation, seizure, detention or destruction.

Records Maintenance. Grantor shall maintain records relating to the Aircraft in accordance with FAA rules and regulations and from time to time make such records available for inspection by lender and its duly authorized agents.

Maintenance of Casualty Insurance. Grantor shall procure and maintain at all times all risks insurance on the Collateral, including without limitation fire, theft, liability and hull insurance, and such other insurance as Lender may require with respect to the Collateral, in form, amounts, coverages and basis reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Grantor shall further provide and maintain, at its sole cost and expense, comprehensive public liability insurance, naming both Grantor and Xxxxxx as parties insured, protecting against claims for bodily injury, death and/or property damage arising out of the use, ownership, possession, operation and condition of the Aircraft, and further containing a broad form contractual liability endorsement covering Grantor’s obligations to indemnify Lender as provided under this Agreement. Such policies of insurance must also contain a provision, in form and substance acceptable to Lender, prohibiting cancellation or the alteration of such insurance without at least ten (10) days prior written notice to Lender of such intended cancellation or alteration. Such insurance policies also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. Grantor agrees to provide Lender with originals or certified copies of such policies of insurance. Grantor, upon request of Xxxxxx, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender. In connection with all policies covering assets in which Lender holds or is offered a security interest for the Indebtedness, Grantor will provide Lender with such lender’s loss payable or other endorsements as Lender may require. Grantor shall not use or permit the Collateral to be used in any matter or for any purposes excepted from or contrary to the requirements of any insurance policy or policies required to be carried and maintained under this Agreement or for any purpose excepted or exempted from or contrary to the insurance policies, nor shall Grantor do any other act or permit anything to be done which could reasonably be expected to invalidate or limit any such insurance policy or policies.

Application of Insurance Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Collateral in excess of $5,000, whether or not such casualty or loss is covered by insurance. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Lender shall have the right to receive directly the proceeds of any insurance on the Collateral, including accrued proceeds thereon, and to hold the proceeds as part of the Collateral. If Lender consents to repair or replacement of the damaged or destroyed Collateral, Lender shall, upon satisfactory proof of expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair of restoration. If Lender does not consent to repair or replacement of the Collateral, Lender shall retain a sufficient amount of the proceeds to pay all of the Indebtedness, and shall pay the balance to Grantor. Any proceeds which have not been disbursed within six (6) months after their receipt and which Grantor has not committed to the repair or restoration of the Collateral shall be used to prepay the Indebtedness.

Insurance Reports. Grantor, upon request of Xxxxxx, shall furnish to Lender reports on each existing policy of insurance showing such information as Lender may reasonably request including the following: (1) the name of the insurer; (2) the risks; (3) the amount of the policy; (4) the property insured; (5) the then current value on the basis of which insurance has been obtained and the manner of determining that value; and (6) the expiration date of the policy. In addition, Grantor shall upon request by Lender (however not more often than annually) have an independent appraiser satisfactory to Lender determine, as applicable, the cash value or replacement cost of the Collateral.

Prior Encumbrances. To the extent applicable, Grantor shall fully and timely perform any and all of Grantor’s obligations under any prior Encumbrances affecting the Collateral. Without limiting the foregoing, Grantor shall not commit or permit to exist any breach of or default under any such prior Encumbrances. Grantor shall further promptly notify Lender in writing upon the occurrence of any event or circumstances that would, or that might, result in a breach of or default under any such prior Encumbrance. Grantor shall further not modify or extend any of the terms of any prior Encumbrance or any indebtedness secured thereby, or request or obtain any additional loans or other extensions of credit from any third party creditor or creditors whenever such additional loan advances or other extensions of credit may be directly or indirectly secured, whether by cross-collateralization or otherwise, by the Collateral, or any part or parts thereof, with possible preference and priority over the lien of this Agreement.

Notice of Encumbrances and Events of Default. Grantor shall immediately notify Xxxxxx in writing upon the filing of any attachment, lien, judicial process, or claim relating to the Collateral. Grantor additionally agrees to immediately notify Lender in writing upon the occurrence of any Event of Default, or event that the passage of time, failure cure, or giving of notice, may result in an Event of Default under any of Grantor’s obligations that may be secured by any presently existing or future Encumbrance, or that may result in an Encumbrance affecting the Collateral, or should the Collateral be seized or attached or levied upon, or threatened by seizure or attachment or levy, by any person other than Lender.

PROHIBITIONS REGARDING COLLATERAL. Grantor represents, warrants and covenants to Lender while this Agreement remains in effect as follows:

Transactions Involving Collateral. Grantor shall not sell, offer to sell, or otherwise transfer or dispose of the Collateral. Grantor shall not pledge, mortgage, encumber or otherwise permit the Collateral to be subject to any lien, security interest, encumbrance, or charge, other than the security interest provided for in this Agreement, without the prior written consent of Lender. This includes security interests even if junior in right to the security interests granted under this Agreement. Unless waived by Xxxxxx, all proceeds from any disposition of the Collateral (for whatever reason) shall be held in trust for Lender, and shall not be commingled with any other funds; provided however, this requirement shall not constitute consent by Lender to any sale of other disposition. Upon receipt, Grantor shall immediately deliver any such proceeds to Lender.

No Commercial Use. Grantor shall not, without the prior written consent of Lender, use the Collateral, or permit the Collateral to be used in Commercial Operations.

No Removal of Parts. Except as permitted or required in the section of this Agreement titled “Maintenance, Repairs, Inspections, and Licenses,” Grantor shall not remove or permit the removal of any parts, engines, accessories, avionics or equipment from the Aircraft without replacing the same with comparable parts, engines, accessories, avionics and equipment acceptable to Lender and the Aircraft’s manufacturer and insurer.

Future Encumbrances. Grantor shall not, without the prior written consent of Lender, grant any Encumbrance that may affect the Collateral, or any part or parts thereof, nor shall Grantor permit or consent to any Encumbrance attaching to or being filed against the Collateral, or any part or parts thereof, in favor of anyone other than Lender. Grantor shall further promptly pay when due all statements and charges of airport authorities, mechanics, laborers, materialmen, suppliers and others incurred in connection with the use, operation, storage, maintenance and repair of the Aircraft so that no Encumbrance may attach to or be filed against the Aircraft or other Collateral. Xxxxxxx additionally agrees to obtain, upon request by Xxxxxx, and in form and substance as may then be satisfactory to Lender, appropriate waivers and/or subordinates of any Encumbrances that may affect the Collateral at any time.

GRANTOR’S RIGHT TO POSSESSSION. Until default, Grantor shall have possession and beneficial use of the Collateral and may use it in any lawful manner not inconsistent with this Agreement or the Related Documents.

XXXXXX’S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender’s interest in the Collateral or if Grantor fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Grantor’s failure to discharge or pay when due any amounts Grantor is required to discharge or pay under this Agreement or any Related Documents, Lender on Grantor’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Collateral and paying all costs for insuring, maintaining and preserving the Collateral. All such expenditures incurred or paid by Lender for such purposes will then near interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lender’s option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity. The Agreement also will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to which Xxxxxx may be entitles upon Default.

DEFAULT. Each of the following shall constitute an Event of Default under this Agreement:

Payment Default. Borrower fails to make any payment when due under the Indebtedness.

Other Defaults. Borrower or Grantor fails to comply with or perform any other term, obligation, covenant or condition contained in this Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower or Grantor.

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False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or Grantor or on Borrower’s or Grantor’s behalf under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.

Defective Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.

Insolvency. The dissolution or termination of Borrower’s or Grantor’s existence as a going business, the insolvency of Borrower or Grantor, the appointment of a receiver for any part of Xxxxxxxx’s or Grantor’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower or Grantor.

Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or Grantor or by any governmental agency against any collateral securing the Indebtedness. This includes a garnishment of any of Borrower’s or Grantor’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower or Grantor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower or Grantor gives Xxxxxx written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

Events Affecting Guarantor. Any of the preceding events occurs with respect to Guarantor of any indebtedness or Guarantor dies or becomes incompetent or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.

Adverse Change. A material adverse change occurs in Borrower’s or Grantor’s financial condition, or Xxxxxx believes the prospect of payment or performance of the Indebtedness is impaired.

Insecurity.Xxxxxx in good faith believes itself insecure.

Cure Provisions. If any default, other than a default in payment is curable and if Grantor has not been given a notice of a breach of the same provision of this Agreement within the preceding twelve (12) months, it may be cured (and no event of default will have occurred) if Grantor, after receiving written notice from Lender demanding cure of such default: (1) cures the default within (5) days; or (2) if the cure requires more than five (5) days, immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Agreement, at any time thereafter, Lender shall have all the rights of a secured party under the Florida Uniform Commercial Code. In addition and without limitation, Lender may exercise any one or more of the following rights and remedies:

Accelerate Indebtedness. Xxxxxx may declare the entire indebtedness including any prepayment penalty which Borrower would be required to pay, immediately due and payable, without notice of any kind to Borrower or Grantor.

Assemble Collateral. Lender may require Grantor to deliver to Lender all or any portion of the Collateral and any and all certificates of title and other documents relating to the Collateral. Lender may require Grantor to assemble the Collateral and make it available to Lender at a place to be designated by Lender. Xxxxxx also shall have full power to enter upon the property of Grantor to take possession of and remove the Collateral. If the Collateral contains other goods not covered by this Agreement at the time of repossession, Grantor agrees that Lender may take such other goods, provided that Xxxxxx makes reasonable efforts to return them to Grantor after repossession.

Sell the Collateral. Lender shall have full power to sell, lease, transfer, or otherwise deal with the Collateral or proceeds thereof in Lender’s own name or that of Grantor. Lender may sell the Collateral at public auction or private sale. Unless the Collateral threatens to decline speedily in value or is of a type customarily sold on a recognized market, Lender will give Grantor, and other persons required by law, reasonable notice of the time and place of any public sale, or the time after which any private sale or any other disposition of the Collateral is to be made. However, no notice need be provided to any person who, after Event of Default occurs, enters into and authenticates an agreement waiving that person’s right to notification of sale. The requirements of reasonable notice shall be met if such notice is given at least ten (10) days before the time of the sale or disposition. All expenses relating to the disposition of the Collateral, including without limitation the expenses of retaking, holding, insuring, preparing for sale and selling the Collateral, shall become a part of the Indebtedness secured by this Agreement and shall be payable on demand, with interest at the Note rate from date of expenditure until repaid.

Appoint Receiver. In the event of a suit being instituted to foreclose this Agreement, Lender shall be entitled to apply at any time pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver of any or all of the Collateral, and of all rents, incomes, profits, issues and revenues thereof, from whatsoever source. The parties agree that the court shall forthwith appoint such receiver with the usual powers and duties of receivers in like cases. Such appointment shall be made by the court as a matter of strict right to Lender and without notice to Grantor, and without reference to the adequacy or inadequacy of the value of the Collateral, or to Grantor’s solvency or any other party defendant to such suit. Grantor hereby specifically waives the right to object to the appointment of a receiver and agrees that such appointment shall be made as an admitted equity and as a matter of absolute right to Lender, and consents to the appointment of any officer or employee of Xxxxxx as receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Collateral, with the power to protect and preserve the Collateral, to operate the Collateral preceding foreclosure or sale, and to collect the rents from the Collateral and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law. Xxxxxx’s right to the appointment of a receiver shall exist whether or not the apparent value of the Collateral exceeds the Indebtedness by a substantial amount. Employment by Xxxxxx shall not disqualify a person from serving as a receiver.

Obtain Deficiency. If Xxxxxx chooses to sell any or all of the Collateral, Lender may obtain a judgment against Borrower for any deficiency remaining on the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this Agreement.

Other Rights and Remedies. Except as may be prohibited by applicable law, all of Lender’s rights and remedies, whether evidenced by this Agreement, the Related Documents, or by any other writing, shall be cumulative and may be exercised singularly or concurrently. Election by Xxxxxx to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation or Grantor under this Agreement, after Grantor’s failure to perform, shall not affect Xxxxxx’s right to declare a default and exercise its remedies.

INDEMNIFICATION OF LENDER. Grantor agrees to indemnify, to defend and to save and hold Lender harmless from any and all claims, suits, obligations, damages, losses, costs and expenses (including, without limitation, Xxxxxx’s reasonable attorneys’ fees), demands, liabilities, penalties, fines and forfeitures of any nature whatsoever that may be asserted against or incurred by Lender, its officers, directors, employees, and agents arising out of, relating to, or in any manner occasioned by this Agreement and the exercise of the rights and remedies granted Xxxxxx under this. The foregoing Indemnity provisions shall survive in the event that Lender elects to exercise any of the remedies as provided under this Agreement following default hereunder.

MICELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement:

Amendments. This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be changed or bound by the alteration or amendment.

Caption Headings. Caption headings in this Guaranty are for convenience purposes only and are not to be used to interpret or define the provisions of this Guaranty.

Joint and Several Liability. All obligations of Borrower and Grantor under this Agreement shall be joint and several, and all references to Grantor shall mean each and every Grantor, and all referenced to Borrower shall mean each and every Borrower. This means that each Borrower and Grantor signing below is responsible for all obligations in this Agreement. Where any one or more of the parties is a corporation, partnership, limited liability company or similar entity, it is not necessary for Lender to inquire into the powers of any of the officers, directors, partners, members, or other agents acting or purporting to act on the entity’s behalf, and any obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed under this Agreement.

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Notices. Any notice required to be given in writing, and shall be affective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail prepaid, directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving written notice to other parties, specifying that the purpose of the notice is to change the party’s address. For notice purposes, Xxxxxxx agrees to keep Xxxxxx informed at all times of Xxxxxxx’s current address. Unless provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.

Severability. If a court of competent jurisdiction finds any provision of its Agreement to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offering provision illegal, invalid, or unenforceable as to any circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, The illegality, the invalidity, or unenforceability of any provision of this Agreement shall not effect the legality, validity, or enforceability of any other provision of this Agreement.

Successors and Assigns. Subject to any limitations stated in this Agreement on transfer of Grantor’s interest, this Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Collateral becomes vested in a person other than Grantor, Xxxxxx, without notice to Grantor, may deal with Xxxxxxx’s successors with reference to this Agreement and the Indebtedness by was of forbearance or extension without releasing Grantor from the obligations of this Agreement or liability under the indebtedness.

Survival of Representations and Warranties. All representations, warranties, and agreements made by Grantor in this Agreement shall survive the execution and the delivery of this Agreement, shall be continuing in nature, and shall remain in full force and effect until such time as Borrower’s Indebtedness shall be paid in full.

No Waiver by Xxxxxx. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed by Xxxxxx. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Xxxxxx of a provision of this Agreement shall not prejudice or constitute a waiver of Lender’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Xxxxxx, nor any course of dealing between Xxxxxx and Grantor, shall constitute a waiver of any Lender’s rights or of any Grantor’s obligations as to any future transactions. Whenever the consent of a Lender is required under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent or subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.

Waive Jury. All parties to this Agreement hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by any party against any other party.

DEFINITIONS.The following capitalized word and terms shall have the following meanings when used in this Agreement. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural; shall include the singular, as the context may require. Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the United States Code and Regulations there under dealing with or involving Aircraft, commercial instruments relating to such Aircraft, and in the Uniform Commercial Code:

Agreement. The word “Agreement” means this Aircraft Security Agreement may be amended or modified from time to time, together with all the exhibits and schedules attached to this Aircraft Security Agreement from time to time.

Borrower. The word “borrower” means Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. and includes all co-signers co-makers signing the Note.

Collateral. The words “Collateral” means all of Grantors right, title and interest in to all the Collateral as described in the Collateral Description section of this Agreement.

Commercial Operations. The words “Commercial Operations” mean the carriage by aircraft in air commerce of persons or property for compensation for hire. Commercial Operations do not include carriage by aircraft in air commerce of Grantor’s employees or invitees or Grantor’s own property.

Default. The word “Default” means the Default set forth in this Agreement in the section titled “Default”.

Encumbrance. The word “Encumbrance” means any and all presently existing or future mortgages, liens, privileges and other contractual and statutory interests and rights, of every nature and kind, whether in admiralty, at law, of in equity, that now and/or in the future may affect the Collateral or any other part or parts thereof.

Event or Default. The words “Event or Default” mean any of the events of default set forth in this Agreement in the default section of this agreement.

FAA. The word “FAA” means the United States Federal Aviation Administration, or any successor or replacement administration or governmental agency having the same or similar authority and responsibilities.

Geneva Convention. The words “Geneva Convention” mean the Convention on the International Recognition of Rights in Aircraft made at Geneva, Switzerland on June 19, 1948,(effective September 17, 1953) together with the necessary enacting rules and regulations promulgated by any particular signatory country.

Grantor. The word “Grantor” means Royal Son Motor Yacht Sales, Inc. DBA Royal Sons.

Guarantor. The word “Guarantor” means any guarantor, surety, or accommodation party of any or all of the Indebtedness.

Guaranty. The word “Guaranty” means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.

Indebtedness. The word “Indebtedness” means the indebtedness evidenced by the Note or Related Documents, including all principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents.

Lender. The word “Lender” means United Bank and Trust Company, its successors and assigns.

Note. The word “Note” means the Note executed by Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. In the principal amount of $1,500,000.00 dated January 16, 2004, together with all renewals of, extensions of, modifications of, refinancing of, consolidations of, and substitutions for the note of credit agreement.

Related Documents. The word “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the indebtedness.

XXXXXXXX AND GRANTOR ACKNOWLEDGE HAVING READ ALL THE PROVISIONS OF THIS AIRCRAFT SECURITY AGREEMENT AND BORROWER AND GRANTOR AGREE TO ITS TERMS. THIS AIRCRAFT SECURITY AGREEMENT IS DATED JANUARY 16, 2004.

GRANTOR:

ROYAL SONS MOTOR YACHT SALES, INC. DBA ROYAL SONS

By:_____________________
Xxxxxxxx X. Xxxxxx, President of Royal Sons Motor
Yacht Sales, Inc. DBA Royal Sons

AIRCRAFT SECURITY AGREEMENT

(Continued)

Page 6

BORROWER:

ROYAL SONS MOTOR YACHT SALES, INC. DBA ROYAL SONS

By:_____________________________________________________Xxxxxxxx
X. Xxxxxx, President of Royal Sons MotorYacht
Sales, Inc. DBA Royal Sons

SKYWAY COMMUNICATIONS HOLDING CORP.

By: ___________________________________________Xxxxx
Xxxxx, President of Skyway Communications
Holding Corp.

COMMERCIAL GUARANTY

Principal

Loan Date

Maturity

Loan No

Call/Coll

Account

Officer
44

Initials

Borrower:





Grantor:

Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons
Skyway Communications Holding Corp.
00000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000

Xxxxx X. Xxxxxx
00000 Xxxxxxxx Xxxx.
Treasure Island, FL 33706

Lender:

United Bank and Trust Company
P.O. Box 14517
St. Petersburg, FL 33733

AMOUNT OF GUARANTY. The amount of this Guaranty is Unlimited.

CONTINUING ULIMITED GUARANTY. For good and valuable consideration, Xxxxx X. Xxxxxx (“Guarantor”) absolutely and unconditionally guarantees and promises to pay to the United Bank and Trust Company (“Lender”) or its order, in legal tender of the United States of America, the indebtedness (as that term is defined below) of Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. (“Borrower”) or either or any of them, to Lender on the terms and conditions set forth in the Guaranty. Under this Guaranty, the liability of Guarantor is unlimited and the obligations of Guarantor are continuing.

COMMERCIAL GUARANTY

(Continued)

Page 2

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Guaranty:

Caption Headings. Caption headings in this Guaranty are for convenience purposes only and are not to be used to interpret or define the provisions of this Guaranty.

Waive Jury. Xxxxxx and Guarantor hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Xxxxxx or Borrower against the other.

Borrower. The word “Borrower” means Royal Sons Motor Yacht Sales, Inc. DBA Royal Sons; and Skyway Communications Holding Corp. and includes all co-signers and co-makers signing the Note.

Guarantor. The word “Guarantor” means each and every person or entity signing this Guaranty, including without limitation Xxxxx X. Xxxxxx.

COMMERCIAL GUARANTY

(Continued)

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Guaranty. The word “Guaranty” means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.

Indebtedness. The word “Indebtedness” means Xxxxxxxx’s indebtedness to Lender as more particularly described in this Guaranty.

Lender. The word “Lender” means United Bank and Trust Company, its successors and assigns.

GUARANTOR:

X______________________________________
Xxxxx X. Xxxxxx

Document Metadata

Table of Contents

PROMISSORY NOTE

Document Metadata

PROMISSORY NOTE

PROMISSORY NOTE

PROMISSORY NOTE

(Continued)

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

BORROWER:

ROYAL SONS MOTOR YACHT SALES, INC. DBA ROYAL SONS

SKYWAY COMMUNICATIONS HOLDING CORP.

DISBURESMENT REQUEST AND AUTHORIZATION

BORROWER:

ROYAL SONS MOTOR YACHT SALES, INC. DBA ROYAL SONS

SKYWAY COMMUNICATIONS HOLDING CORP.

GRANTOR:

ROYAL SONS MOTOR YACHT SALES, INC. DBA ROYAL SONS

CORPORATE RESOLUTION TO BORROW

I, THE UNDERSIGNED, DO HEREBY CERTIFY THAT:

CORPORATE RESOLUTION TO BORROW

(Continued)

CORPORATE RESOLUTION TO BORROW/GRANT COLLATERAL

I, THE UNDERSIGNED, DO HEREBY CERTIFY THAT:

CORPORATE RESOLUTION TO BORROW

(Continued)

COMMERCIAL GUARANTY

GUARANTOR:

X______________________________________ Xxxxxxxx X. Xxxxxx

COMMERCIAL GUARANTY

GUARANTOR:

X______________________________________ Xxxxx Xxxxx

COMMERCIAL GUARANTY

GUARANTOR:

X______________________________________ Xxxxx X. Xxxxx

DEPARMENT OF TRANSPORTAIONFEDERAL AVIATION ADMINISTRATIONFAA AIRCRAFT REGISTRY P.O. Box 25504 Oklahoma City, Oklahoma 73125

AIRCRAFT SECURITY AGREEMENT

AIRCRAFT SECURITY AGREEMENT

(Continued)

AIRCRAFT SECURITY AGREEMENT

(Continued)

AIRCRAFT SECURITY AGREEMENT

(Continued)

AIRCRAFT SECURITY AGREEMENT

(Continued)

GRANTOR:

ROYAL SONS MOTOR YACHT SALES, INC. DBA ROYAL SONS

By:_____________________Xxxxxxxx X. Xxxxxx, President of Royal Sons MotorYacht Sales, Inc. DBA Royal Sons

AIRCRAFT SECURITY AGREEMENT

(Continued)

BORROWER:

ROYAL SONS MOTOR YACHT SALES, INC. DBA ROYAL SONS

By:_____________________________________________________Xxxxxxxx X. Xxxxxx, President of Royal Sons MotorYacht Sales, Inc. DBA Royal Sons

SKYWAY COMMUNICATIONS HOLDING CORP.

By: ___________________________________________Xxxxx Xxxxx, President of Skyway CommunicationsHolding Corp.

COMMERCIAL GUARANTY

GUARANTOR:

X______________________________________ Xxxxx X. Xxxxxx

Document Metadata

X______________________________________
Xxxxxxxx X. Xxxxxx

X______________________________________
Xxxxx Xxxxx

X______________________________________
Xxxxx X. Xxxxx

DEPARMENT OF TRANSPORTAION
FEDERAL AVIATION ADMINISTRATION
FAA AIRCRAFT REGISTRY
P.O. Box 25504
Oklahoma City, Oklahoma 73125

By:_____________________
Xxxxxxxx X. Xxxxxx, President of Royal Sons Motor
Yacht Sales, Inc. DBA Royal Sons

By:_____________________________________________________Xxxxxxxx
X. Xxxxxx, President of Royal Sons MotorYacht
Sales, Inc. DBA Royal Sons

By: ___________________________________________Xxxxx
Xxxxx, President of Skyway Communications
Holding Corp.

X______________________________________
Xxxxx X. Xxxxxx