EXHIBIT 10.50


FORM OF GUARANTY USED FOR EACH OF THE SECURED PROMISSORY NOTES FILED AS
EXHIBITS 10.46, 10.47 AND 10.48

                                  GUARANTY
                             Single Transaction

TO:  THE CIT GROUP/EQUIPMENT FINANCING, INC., Secured Party

This  guaranty is being given in  connection  with  Security  Agreement and
Promissory Note dated November 30, 1998, between

GULFSTREAM AEROSPACE CORPORATION,  a Georgia corporation,  debtor, and, THE
CIT GROUP/EQUIPMENT FINANCING, INC., secured party.

Each of us  severally  requests  you to enter into the  foregoing  Security
Agreement and to induce you to do so and in consideration  thereof, each of
us, as a primary obligor, jointly, severally and unconditionally guarantees
to you  that  debtor  will  fully  and  promptly  pay and  perform  all its
obligations  to  you  under  the  Security  Agreement,  whether  direct  or
indirect, joint or several,  absolute or contingent,  secured or unsecured,
matured or unmatured, irrespective of any invalidity of unenforceability of
any such obligation or the insufficiency, invalidity or unenforceability of
any  security  therefor,  and agrees  without  your first having to proceed
against debtor or to liquidate any security therefor,  to pay on demand all
sums  due and to  become  due to you from  debtor  and all  losses,  costs,
attorneys'  fees or  expenses  which  may be  suffered  by you by reason of
debtor's  default  or default  of any of the  undersigned  and agrees to be
bound by and on demand to pay any  deficiency  established by a sale of the
security  held,  with  or  without  notice  to  us.  This  guaranty  is  an
unconditional  guarantee of payment and performance.  No guarantor shall be
released  or  discharged,  either in whole or in part,  by your  failure or
delay to perfect or continue the perfection of any security interest in any
property which secures the obligations of debtor to you under the foregoing
Security  Agreement,  or to protect the property  covered by such  security
interest.

No termination shall be effective except by notice sent to you by certified
mail return receipt  requested naming a termination date effective not less
than 90 days after the receipt of such notice by you;  or  effective  as to
any of us who has not given such notice; or affect any transaction effected
prior to the effective date of termination.

Each of us  waives:  notice  of  acceptance  hereof;  presentment,  demand,
protect and notice of nonpayment  or protest as to the  foregoing  Security
Agreement;  any and all rights of  subrogation,  reimbursement,  indemnity,
exoneration,  contribution  or any other  claim  which any of us may now or
hereafter  have  against  the  debtor  or  any  other  person  directly  or
contingently liable for the obligations guaranteed hereunder, or against or
with  respect to the  debtor's  property  (including,  without  limitation,
property   collateralizing  its  obligations  to  you),  arising  from  the
existence or performance of this guaranty;  all setoffs and  counterclaims;
any and all  defenses  based on  suretyship  or any other  applicable  law,
including without  limitation all rights and defenses arising out of (i) an
election of remedies by you even though that  election of remedies may have
destroyed  rights of subrogation  and  reimbursement  against the debtor by
operation  of law or  otherwise,  (ii)  protections  afforded to the debtor
pursuant to  antideficiency  or similar laws  limiting or  discharging  the
debtor's  obligations to you, (iii) the invalidity or  unenforceability  of
this guaranty,  (iv) the failure to notify any of us of the  disposition of
any property  securing the  obligations  of the debtor,  (v) the commercial
reasonableness  of such disposition or the impairment,  however caused,  of
the value of such  property,  and (vi) any duty on your part  (should  such
duty exist) to disclose to any of us any matter,  fact or thing  related to
the business operations or condition  (financial or otherwise) of debtor or
its affiliates or property, whether now or hereafter known by you.

You may at any time without our consent,  without  notice to us and without
affecting or impairing the obligation of any of us hereunder, do any of the
following:

(a)   renew, extend, modify (including changes in interest rates),  release
      or discharge any obligations of debtor or co-guarantors;

(b)   accept partial  payments of debtor's  obligations  under the Security
      Agreement;

(c)   accept  new  or  additional  documents,   instruments  or  agreements
      relating to or in  substitution  of debtor's  obligations  under said
      Security Agreement;

(d)   settle,  release  (by  operation  of  law  or  otherwise),  compound,
      compromise,  collect or liquidate any of debtor's  obligations  under
      the Security Agreement and the security therefor in any manner;

(e)   consent to the transfer or return of the security,  and take and hold
      additional security or guaranties for debtor's  obligations under the
      Security Agreement;

(f)   amend, exchange, release or waive any security or guaranty; or

(g)   bid and  purchase at any sale of the  security and apply any proceeds
      or security, and direct the order and manner of sale.

If a claim is made upon you at any time for  repayment  or  recovery of any
amount(s) or other value received by you, from any source, in payment of or
on account of any of the obligations of debtor guaranteed hereunder and you
repay or  otherwise  become  liable  for all or any  part of such  claim by
reason of:

(a)   any  judgment,  decree  or order of any court or  administrative
      body having competent jurisdiction; or

(b)   any settlement or compromise of any such claim,

we shall  remain  jointly and  severally  liable to you  hereunder  for the
amount so repaid or for which you are  otherwise  liable to the same extent
as if such  amount(s) had never been received by you,  notwithstanding  any
termination  hereof  or the  cancellation  of any note or  other  agreement
evidencing any of the  obligations of debtor.  This guaranty shall bind our
respective heirs, administrators, representatives, successors, and assigns,
and shall inure to your successors and assigns,  including, but not limited
to,  any party to whom you may  assign the  Security  Agreement,  we hereby
waiving  notice of any such  assignment.  All of your rights are cumulative
and not alternative.

This Guaranty is to be interpreted  and the rights of the parties  governed
by the laws of the State of New York.

By execution of this guaranty each guarantor  hereunder agrees to waive all
rights to trial by jury in any action,  proceeding,  or counterclaim on any
matter  whatsoever  arising out of, in connection  with, or related to this
guaranty.

Executed November 30, 1998.
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CORPORATE GUARANTORS

GULFSTREAM AEROSPACE CORPORATION, a Delaware Corporation          
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Name of Corporation


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City                                      State       Zip code

/s/ Chris A. Davis                              Title   EVP & CFO       
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Have signed by President, Vice President or Treasurer.


CORPORATE SEAL

/s/ Ira Berman                                                    
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Attest                                                Secretary


GULFSTREAM DELAWARE CORPORATION, a Delaware corporation                 
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Name of Corporation


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City                                      State       Zip Code

By    /s/ Chris A. Davis                        Title   EVP & CFO       
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    Have signed by President, Vice President or Treasurer


CORPORATE SEAL

/s/ Ira Berman                                                    
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Attest                                                Secretary