EX-10.4






GUARANTY AGREEMENT (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, this “Guaranty”), dated as of December 4, 2007, by AirGATE
Technologies, Inc., a Texas corporation (“Guarantor”), in favor of Samson Investment
Company, as collateral agent (the “Agent”) for the holders of the Notes (as defined in the
Purchase Agreement referred to below) (all such holders, the “Holders”).



INTRODUCTION




This Guaranty is given in connection with the transactions described in that certain
Securities Purchase Agreement dated as of December 4, 2007 by and among The X-Change Corporation, a
Nevada corporation (the “Company”), Guarantor, Samson Investment Company, a Nevada
corporation, Ironman PI Fund (QP), L.P., a Texas limited partnership, and John Thomas Bridge and
Opportunity Fund, LP, a Delaware limited partnership (the “Purchase Agreement”).
Capitalized terms used but not defined herein shall have the meanings specified in the Purchase
Agreement.



Guarantor is a wholly-owned subsidiary of the Company, and as such, will benefit from the
transactions contemplated by the Purchase Agreement.



To induce each of the Purchasers to enter into the Purchase Agreement and the Related
Agreements, and to purchase from the Company the Notes and the Warrants (each of the foregoing, as
amended, restated, amended and restated, supplemented or otherwise modified from time to time,
collectively the “Transaction Documents” and each, individually, a “Transaction
Document”), Guarantor hereby agrees as follows:



2374896.1/SP/16392/0103/121007



Section 1. Guaranty. Guarantor absolutely, unconditionally and
irrevocably guarantees to the Agent, for the ratable benefit of the Holders, as primary obligor and
not merely as surety, the full and punctual payment and performance when due, whether at stated
maturity or earlier, by reason of acceleration, mandatory prepayment or otherwise in accordance
with the Transaction Documents, of all obligations and duties of every type and description owing
by the Company to each Holder arising out of or in connection with any Transaction Document,
whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter
arising and however acquired, including, without limitation, all interest (whether or not accruing
after the filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or similar proceeding) and all other fees, expenses, costs, indemnities and other
sums chargeable to the Company under any Transaction Document (the “Guaranteed
Obligations”). The guaranty by Guarantor hereunder constitutes a guaranty of payment and not
of collection. All payments made under this Guaranty shall be in immediately available United
States funds without deduction, set-off or counterclaim.



Section 2. Guaranty Absolute.



2.1. Guarantor agrees that its obligations under this Guaranty shall be irrevocable, primary,
absolute, continuing and unconditional, irrespective of and unaffected by any of the following
actions or circumstances (which may not be pleaded and evidence of which may not be introduced in
any proceeding with respect to this Guaranty in each case except as otherwise agreed in writing by
the relevant Holder): (a) the invalidity or unenforceability of any obligation of the Company or
any other guarantor under any Transaction Document or any other agreement or instrument relating
thereto (including any amendment, consent or waiver thereto), or any security for, or other
guaranty of the Guaranteed Obligations or any part of them, or the lack of perfection or continuing
perfection or failure of priority of any security for the Guaranteed Obligations or any part of
them; (b) the absence of (i) any attempt to collect any Guaranteed Obligation or any part thereof
from the Company or any other guarantor or other action to enforce any of the same or (ii) any
action to enforce any Transaction Document or any lien or encumbrance thereunder; (c) any workout,
insolvency, bankruptcy proceeding, reorganization, arrangement, liquidation or dissolution by or
against the Company, or any other guarantor or any procedure, agreement, order, stipulation,
election, action or omission thereunder, including any discharge or disallowance of, or bar or stay
against collecting, any Guaranteed Obligation (or interest thereon) in or as a result of any such
proceeding; (d) any foreclosure, whether or not through judicial sale, and any other sale,
transfer, lease or other disposition of Collateral or any election by the Agent or any Holder,
following the occurrence of any event of default or other event which, with the giving of notice or
the passage of time would constitute an event of default under any Transaction Document (an
“Event of Default”), to proceed separately against any Collateral in accordance with any
Agent’s or Holder’s rights under any applicable law; or (e) any other defense, setoff, counterclaim
or any other circumstance that might otherwise constitute a legal or equitable discharge of the
Company, Guarantor, and any other guarantor, in each case other than the payment in full in cash of
the Guaranteed Obligations.



2.2. Guarantor hereby unconditionally and irrevocably waives and agrees not to assert any
claim, defense, setoff or counterclaim based on diligence, promptness, presentment, acceptance,
demand, protest, requirements for any demand or notice hereunder or other requirements of any kind
with respect to any Guaranteed Obligation (including any accrued but unpaid interest thereon)
becoming immediately due and payable and any other notice in respect of the Guaranteed Obligations
or any part of them, and any defense arising by reason of any disability or other defense of the
Company, Guarantor or any other guarantor.



2.3. Guarantor unconditionally and irrevocably agrees not to enforce or otherwise exercise
any right of subrogation or any right of reimbursement or contribution or similar right against the
Company or any other guarantor by reason of any Transaction Document or any payment made thereunder
or to assert any claim, defense, setoff or counterclaim it may have against any other obligor for
any of the Guaranteed Obligations or setoff any of its obligations to such other obligor against
obligations of such obligor to Guarantor unless and until all of the Guaranteed Obligations are
indefeasibly paid in full in cash. No obligation of Guarantor hereunder shall be discharged other
than by complete performance.



2.4. The obligations of Guarantor hereunder are independent of and separate from the
Guaranteed Obligations. If any Guaranteed Obligation is not paid when due, or upon any Event of
Default, each Holder and/or the Agent (at the direction of the Required Secured Parties (as defined
in the Security Agreement)) may, at its sole election, proceed directly and at once, without
notice, against Guarantor to collect and recover the full amount or any portion of any Guaranteed
Obligation then due, without first proceeding against any other obligor and without first joining
Guarantor or any other obligor in any proceeding. Guarantor hereby assumes responsibility for
keeping itself informed of the financial condition of the Company and any other guarantor, maker or
endorser of any Guaranteed Obligation or any part thereof, and of all other circumstances bearing
upon the risk of nonpayment of any Guaranteed Obligation or any part thereof, that diligent inquiry
would reveal, and Guarantor hereby agrees that none of the Agent and the Holders shall have any
duty to advise Guarantor of information regarding such condition or any such circumstances.



Section 3. Representations and Warranties. In addition to the
representations and warranties made by Guarantor under the Purchase Agreement and any other
Transaction Document, Guarantor hereby makes the following representations and warranties to the
Agent and each of the Holders:




	(a)	 	This Guaranty constitutes the legal, valid and binding obligation of Guarantor
enforceable against Guarantor in accordance with its terms except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other laws of general application
affecting enforcement of creditors’ rights.






	(b)	 	Neither the execution of this Guaranty nor the performance of the obligations created
hereunder will conflict with or result in a breach of any other agreement or instrument to
which Guarantor is a party or by which it is bound or be in violation or default of any
statute, rule, or decree of any court, administrative agency or governmental body to which it
may be subject. Guarantor is not in default with respect to any indenture, loan agreement,
mortgage, lease, deed or other similar agreement to which it is a party or by which it is
bound.






	(c)	 	The consummation of the transactions between the Company and each of the Holders
contemplated by the Transaction Documents is of value to Guarantor and is reasonably expected
to benefit Guarantor directly or indirectly, and is in furtherance of Guarantor’s business
interests.





Section 4. Reinstatement. Guarantor agrees that, if any payment made by any
obligor or other individual or entity and applied to the Guaranteed Obligations is at any time
annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or
otherwise required to be refunded or repaid, then, if, prior to any of the foregoing, any provision
of this Guaranty (including the guaranty of Guarantor hereunder) shall have been terminated,
cancelled or surrendered, such provision, and any lien or encumbrance or other Collateral securing
such Guarantor’s liability hereunder that may have been released or terminated by virtue of such
termination, cancellation or surrender, shall be reinstated in full force and effect and such prior
termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise
affect the obligations of Guarantor in respect of any lien or encumbrance or other Collateral
securing such obligation or the amount of such payment.



Section 5. Amendments and Waivers.



5.1. Each of the Agent and/or each Holder, as applicable, is hereby authorized, without
notice to or demand upon Guarantor and without discharging or otherwise affecting the obligations
of Guarantor hereunder and without incurring any liability hereunder, from time to time, to do each
of the following (but subject to the terms of Section 9.5 of the Purchase Agreement and Section 8
of each Note): (a) (i) modify, amend, supplement or otherwise change, (ii) accelerate or otherwise
change the time of payment of, or (iii) waive or otherwise consent to noncompliance with, any
Guaranteed Obligation; (b) apply to any Guaranteed Obligation any sums by whomever paid or however
realized in such order as provided in the Transaction Documents; (c) refund at any time any payment
received by such Agent or Holder in respect of any Guaranteed Obligation; (d) (i) sell, transfer,
assign, exchange, enforce, waive, liquidate, terminate, release, abandon, fail to perfect,
subordinate, accept, substitute, surrender, affect, impair or otherwise alter or release any
property or interest in property and proceeds thereof now owned or hereafter acquired by the
Company, Guarantor or any other obligor of the Guaranteed Obligations in or upon which a lien is
granted or purported to be granted pursuant to any Transaction Document (the “Collateral”)
for any Guaranteed Obligation or any other guaranty therefor in any manner, (ii) receive, take
and/or hold additional Collateral to secure any Guaranteed Obligation, (iii) add, release or
substitute any one or more other guarantors, makers or endorsers of any Guaranteed Obligation or
any part thereof and (iv) otherwise deal in any manner with the Company and any other guarantor,
maker or endorser of any Guaranteed Obligation or any part thereof; and (e) settle, release,
compromise, collect or otherwise liquidate the Guaranteed Obligations.



5.2. None of the Agent and the Holders shall by any act, delay, indulgence, omission or
otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Event
of Default. No failure to exercise, nor any delay in exercising, on the part of the Agent or any
Holder, any right, power or privilege hereunder shall operate as a waiver thereof. No single or
partial exercise of any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A waiver by a Holder of
any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or
remedy that such Holder would otherwise have on any future occasion.



5.3. No variation or modification of this Guaranty or any waiver of any of its provisions
shall be valid unless in writing and signed by an authorized representative of Agent and Guarantor.



Section 6. Remedies Cumulative. The rights and remedies of the Agent and
each Holder hereunder are cumulative and nonexclusive of any other rights and remedies that the
Agent and each such Holder may have under any other agreement or at law or in equity and may be
exercised individually or concurrently, any or all thereof may be exercised instead of or in
addition to each other or any remedies at law, in equity, or under statute.



Section 7. Successors and Assigns. This Guaranty shall be binding upon the
successors and assigns of each Guarantor and shall inure to the benefit of the Agent, each Holder
and their successors and assigns; provided, however, that Guarantor may not assign,
transfer or delegate any of its rights or obligations under this Guaranty without the prior written
consent of the Holders.



Section 8. Notices. All notices to be given in connection with this Guaranty
shall be addressed to the parties at their respective addresses set forth in Section 9.7 of the
Purchase Agreement and shall be effected in the manner provided for in such Section 9.7 of the
Purchase Agreement.



Section 9. Counterparts. This Guaranty may be executed in any number of
counterparts, including without limitation delivery by facsimile or electronic transmission, each
of which shall be deemed an original, and all of which together shall constitute one and the same
agreement.



Section 10. Severability. Any provision of this Guaranty being held illegal,
invalid or unenforceable in any jurisdiction shall not affect any part of such provision not held
illegal, invalid or unenforceable, any other provision of this Guaranty or any part of such
provision in any other jurisdiction.



Section 11. GOVERNING LAW AND JURISDICTION. THIS GUARANTY SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO CONFLICTS OF
LAWS RULES OR PRINCIPLES THEREOF. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS SERVING DALLAS COUNTY, TEXAS, FOR THE PURPOSES OF ANY
ACTION ARISING OUT OF THIS GUARANTY, OR THE SUBJECT MATTER HEREOF. ALL PARTIES HERETO AGREE TO
SUBMIT TO THE JURISDICTION OF SUCH COURTS, WAIVE TRIAL BY JURY, AND WAIVE ANY DEFENSE OR CLAIM OF
FORUM NON CONVENIENS.



Section 12. ENFORCEMENT EXPENSES; INDEMNIFICATION BY GUARANTOR. GUARANTOR
DOES HEREBY FURTHER AGREE TO PAY UPON DEMAND ALL LOSSES, COSTS, REASONABLE ATTORNEYS’ FEES AND
EXPENSES WHICH MAY BE SUFFERED BY AGENT OR ANY HOLDER BY REASON OF THE COMPANY’S EVENT OF DEFAULT
(AS DEFINED IN ANY TRANSACTION DOCUMENT) UNDER ANY TRANSACTION DOCUMENT OR ANY DEFAULT OF GUARANTOR
UNDER THIS GUARANTY. GUARANTOR HEREBY AGREES TO INDEMNIFY, DEFEND AND HOLD HARMLESS AGENT, EACH
HOLDER, THEIR AFFILIATES AND THEIR RESPECTIVE PRINCIPALS, DIRECTORS, OFFICERS, EMPLOYEES,
REPRESENTATIVES, AGENTS AND THIRD-PARTY ADVISORS (EACH, AN “INDEMNIFIED PARTY”) (ON AN
AFTER-TAX BASIS) FROM AND AGAINST ANY AND ALL LOSSES, DISPUTES, PENALTIES, CLAIMS, EXPENSES
(INCLUDING, WITHOUT LIMITATION, LEGAL EXPENSES), DAMAGES, AND LIABILITIES (INCLUDING WITHOUT
LIMITATION, ENVIRONMENTAL LIABILITIES) OF WHATSOEVER KIND AND NATURE (INCLUDING THOSE ARISING OUT
OF THE INDEMNIFIED PARTY’S NEGLIGENCE) ARISING OUT OF, IN CONNECTION WITH, OR RELATING TO THIS
GUARANTY (“CLAIMS”), REGARDLESS OF WHETHER SUCH INDEMNIFIED PARTY IS A PARTY THERETO;
PROVIDED, HOWEVER, THAT NO INDEMNIFIED PARTY SHALL BE ENTITLED TO INDEMNITY
HEREUNDER IN RESPECT OF ANY CLAIM TO THE EXTENT THAT THE SAME IS FOUND BY A FINAL, NON-APPEALABLE
JUDGMENT OF A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED DIRECTLY FROM THE GROSS NEGLIGENCE
OR WILLFUL MISCONDUCT OF SUCH INDEMNIFIED PARTY. ALL REPRESENTATIONS AND WARRANTIES MADE IN THIS
GUARANTY SHALL SURVIVE THE EXECUTION AND DELIVERY OF THIS GUARANTY, AND GUARANTOR’S OBLIGATIONS
UNDER THIS PARAGRAPH SHALL SURVIVE THE EXPIRATION OR TERMINATION OF THIS GUARANTY.



Section 13. ENTIRE AGREEMENT. THIS GUARANTY, TOGETHER WITH THE OTHER
TRANSACTION DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE
SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES WITH RESPECT TO THE SUBJECT MATTER OF THIS GUARANTY.



[Signature pages follow]




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IN WITNESS WHEREOF, each of the undersigned has caused this Guaranty to be duly
executed and delivered as of the date first above written.



	 	 	 
	AIRGATE TECHNOLOGIES, INC.

	as Guarantor

By:

	 	

/s/ George DeCourcy
	
 
	 	 







	 	 	Name: George DeCourcy

Its: Chief Financial Officer 




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ACCEPTED AND AGREED


as of the date first above written:



SAMSON INVESTMENT COMPANY, as Agent




	 	 	By:  /s/ Stacy Schusterman






	 	 	Name: Stacy Schusterman

Its: Chief Executive Officer






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