Document:

Exhibit

Exhibit 10.23

PROMISSORY NOTE
BANC OF AMERICA LEASING & CAPITAL, LLC
One Financial Plaza
Providence, Rhode Island 02903-2448
$28,000,000.00                                                                                                                                         July 27, 2017
For value received, the undersigned (jointly and severally if more than one) promises to pay to the order of Banc of America Leasing & Capital, LLC ("Lender"), having its principal place of business in Providence, Rhode Island (together with any other holder of this Note, hereinafter referred to as the "Holder"), the principal sum of $28,000,000.00, together with interest thereon as provided herein.  This Promissory Note is one of the "Notes," and the obligations of the undersigned hereunder are "Obligations" secured by the "Collateral," as such terms are defined or referred to in that certain Loan and Aircraft Security Agreement (S/N 218) between the undersigned and Lender dated as of July 27, 2017 (the "Security Agreement").
This Note shall be payable by the undersigned to Holder in (i) sixty (60) consecutive installments of principal and interest (the "Principal and Interest Payments") commencing on August 27, 2017 and continuing monthly thereafter through and including July 27, 2022 (the "Maturity Date") and (ii) an additional principal payment in the amount of $15,375,000.00 (the “Principal Balloon Payment”) due, together with the final Principal and Interest Payment, on the Maturity Date.  The Principal and Interest Payments and the Principal Balloon Payment sometimes hereinafter collectively referred to as the “Payments”.  Each Payment shall be due and payable on the same day of the month as the initial Payment set forth above in each succeeding payment period during the term of this Note (each, a "Payment Date").  Payments will be deducted automatically on the due date from an account at Bank of America, N.A. pursuant to that certain Authorization Agreement for Direct Payments (ACH Debits) substantially in the form of Exhibit A attached hereto.  Interest shall accrue on the entire principal amount of this Note outstanding from time to time at a fixed rate of 2.7400% per annum (the "Interest Rate"), from the date hereof until the principal amount of this Note is paid in full, and shall be due and payable on each Payment Date.  All interest hereunder shall be calculated on the basis of a year of 360 days comprised of 12 months of 30 days each.  Payments of principal and interest hereunder shall be due, payable on each Payment Date in the amounts set forth, and corresponding to each of the numbered Payments listed below:
Payment No(s)        Payment Amount

1 - 59                       $260,505.22
60                       $260,505.22 + the Principal Balloon Payment

The entire unpaid principal balance of this Note may be prepaid in full (but not in part) upon thirty (30) days prior written notice to Holder, provided that any such prepayment shall be made together with (a) all accrued interest and other charges owing hereunder or under the Security Agreement, and (b) a prepayment fee equal to: 3% of such prepayment if made prior to the first anniversary of this Note; thereafter, 2% of such prepayment if made prior to the second anniversary of this Note; thereafter, 1% of such prepayment if made prior to the third anniversary of this Note; and thereafter no prepayment fee shall be required; provided, however, that, unless an Event of Default exists, no prepayment fee shall be payable in connection with (a) any refinancing of the indebtedness evidenced by this Note that is provided by Holder to the undersigned for the acquisition by the undersigned of a replacement aircraft that has a fair market value, utility, and useful life at least equal to the Aircraft (as defined in the Security Agreement) and that is otherwise acceptable to Holder, including, without limitation, with respect to the financial condition of the undersigned and Guarantor (as defined in the Security Agreement), in its sole and absolute discretion or (b) the prepayment of the entire unpaid principal balance of this Note together with accrued interest and all other amounts due and owing under the Loan Documents made within fifteen (15) days after written notice from Lender provided pursuant to Section 8.5 of the Security Agreement of an intent to syndicate or assign this Note to a third party.  Notwithstanding the foregoing, (i) nothing herein shall constitute a commitment by Holder to provide any financing with respect to any replacement aircraft and (ii) in the event that Holder provided prior notice of an Assignment pursuant to Section 8.5 of the Security Agreement and no Default or Event of Default exists, the entire unpaid principal balance of this Note may be prepaid in full (but not in part), upon thirty (30) days prior written notice to Holder, without prepayment fees. 
Time is of the essence in the payment and performance of those Obligations, which are evidenced by this Note.  In the event any amount due hereunder is not paid within ten (10) days of the date when due, the undersigned agrees to pay an administrative and late charge equal to the lesser of (a) two percent (2%) on and in addition to the amount of such overdue amount, or (b) the maximum charges allowable under applicable law.  In addition, the undersigned shall pay overdue interest on any delinquent Payment or other Obligation due (by reason of acceleration or otherwise) from thirty (30) days after the due date thereof through the date of payment thereof at a rate of interest equal to the lesser of: (a) 1.5% per month (the “Late Charge Rate”), or (b) the maximum rate of interest allowable under then applicable law.

CHAR1\1530186v4

Exhibit 10.23

Each payment hereunder shall be made in lawful money of the United States and shall be payable to such account or address, as Holder shall from time to time direct the undersigned.  Whenever any payment to be made under this Note shall be stated to be due on a Saturday, Sunday or a public holiday, or the equivalent for banks generally under the laws of the State of Rhode Island, such payment shall be made on the next succeeding Business Day, and such extension of time shall be included in the computation of the payment of interest.  All amounts received hereunder or in respect of this Note shall be applied first, to accrued late charges and any other costs or expenses due and owing hereunder or under the terms of the Security Agreement; second, to accrued interest; and third, to unpaid principal.  It is the intention of Holder to comply with all applicable usury laws.  Accordingly, it is agreed that notwithstanding anything to the contrary contained herein, in no event shall any provision contained herein require or permit interest in excess of the maximum amount permitted by applicable law to be paid by the undersigned.  If necessary to give effect to these provisions, Holder will, at its option, in accordance with applicable law, either refund any amount to the undersigned to the extent that it was in excess of that allowed by applicable law or credit such excess amount against the then unpaid principal balance hereunder.
Failure to pay this Note or any installment hereunder promptly when due, or the occurrence of an "Event of Default" under the Security Agreement, or default or failure in the performance or due observance of any of the terms, conditions or obligations under any other agreement or instrument between the undersigned (or any endorser, guarantor, surety or other party liable for the undersigned's obligations hereunder, or any other entity controlling, controlled by, or under common control with the undersigned) and Holder (or any other entity controlling, controlled by or under common control with Holder), shall constitute a default hereunder and entitle Holder to accelerate the maturity of this Note and to declare the entire unpaid principal balance and all accrued interest and other charges hereunder (including prepayment fees calculated as of the date of default) and under the Security Agreement to be immediately due and payable, and to proceed at once to exercise each and every one of the remedies provided in the Security Agreement or otherwise available at law or in equity.
The undersigned and all other parties who may be liable (whether as endorsers, guarantors, sureties or otherwise) for payment of any sum or sums due or to become due under the terms of this Note waive diligence, presentment, demand, protest, notice of dishonor, notice of intention to accelerate, notice of acceleration and notice of any other kind whatsoever and agree to pay all costs incurred by Holder in enforcing its rights under this Note or the Security Agreement, including reasonable attorney's fees, and they do hereby consent to any number of renewals or extensions at any time in the payment of this Note.  No extension of time for payment of this Note made by any agreement with any person now or hereafter liable for payment of this Note shall operate to release, discharge, modify, change or affect the original liability of the undersigned under this Note, either in whole or in part.  No delay or failure by Holder hereof in exercising any right, power, privilege or remedy shall be deemed to be a waiver of the same or any part thereof; nor shall any single or partial exercise thereof or any failure to exercise the same in any instance preclude any future exercise thereof, or exercise of any other right, power, privilege or remedy, and the rights and remedies provided for hereunder are cumulative and not exclusive of any other right or remedy available at law or in equity.  The Holder of this Note may proceed against all or any of the Collateral securing this Note or against any guarantor hereof, or may proceed contemporaneously or in the first instance against the undersigned, in such order and at such times following default hereunder as Holder may determine in its sole discretion.  All of the undersigned's obligations under this Note are absolute and unconditional, and shall not be subject to any offset or deduction whatsoever.  The undersigned waives any right to assert, by way of counterclaim or affirmative defense in any action to enforce the undersigned's obligations hereunder, any claim whatsoever against the Holder of this Note.
THIS NOTE AND THE LEGAL RELATIONS OF THE UNDERSIGNED AND HOLDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES REGARDING THE CHOICE OF LAW.  THE UNDERSIGNED HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF ITS OBLIGATIONS HEREUNDER, AND EXPRESSLY WAIVES ANY OBJECTIONS THAT IT MAY HAVE TO THE VENUE OF SUCH COURTS.  THE UNDERSIGNED HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS NOTE.

CHAR1\1530186v4

Exhibit 10.23

IN WITNESS WHEREOF, the undersigned has caused this Note to be executed by its duly authorized representative as of the date first above written.
		
	ATTEST/WITNESS:
	MAKER: TVPX AIRCRAFT SOLUTIONS INC., a Utah corporation, not in its individual capacity, but solely as Owner Trustee under the Trust Agreement dated July 27, 2017

By: /s/ Scott Neilsen                                                            By: /s/ Brett King                      
Name:    Scott Neilsen                                                                      Name: Brett King        
                                                Title:      Senior Vice President    

CHAR1\1530186v4

Exhibit 10.23

                                                                 EXHIBIT A
Banc of America Leasing & Capital, LLC
Mailcode:  GA3-003-04-01
Northeast Center Building
2059 Northlake Parkway
Tucker, GA 30084
AUTHORIZATION AGREEMENT FOR DIRECT PAYMENTS (ACH DEBITS)

Customer Name:                             

Customer Loan Number:                              

The undersigned, a duly authorized officer of the above-referenced Customer, hereby authorizes Banc of America Leasing & Capital, LLC (“BAL”) to initiate debit entries as selected below to the Customer’s (  ) checking or (  ) savings account (check one) indicated below at the depository named below to debit the same to such account.  If funds in the account so debited are not sufficient to cover such ACH debits, Customer shall pay BAL $35.00 for each such non-sufficient funds occurrence.
Scheduled Loan Payments.
Depository (Bank) Name:                                  
Street Address:                                          
City:                        State:            Zip Code:              
ABA Routing Number:                              
Account Number:                                  
Effective Date:                  
PLEASE ATTACH A VOIDED CHECK / DEPOSIT SLIP
This authorization is to remain in full force and effect until BAL has received written notification from Customer of its termination in such time and in such manner as to afford BAL and the above-referenced Depository a reasonable opportunity to act on it.  Please complete and return to the address above or fax to the attention of ACH Department at 404-532-3171

Customer Name:                                                  

Officer Signature:                                              

Officer Title:                                              Date:              
NOTE:  ALL WRITTEN DEBIT AUTHORIZATIONS MUST PROVIDE THAT THE RECEIVER MAY REVOKE THE AUTHORIZATION ONLY BY NOTIFYING THE ORIGINATOR IN THE MANNER SPECIFIED IN THE AUTHORIZATION

Internal Use Only:  Documentation Specialist ____________________________
A = Rent and Sales/Tax Only     P = Rental/Sales/Use/PPT     E = All charges (excluding late charges)

CHAR1\1530186v4Exhibit

Exhibit 10.24

                                                                                                                                                   GUARANTY    
This Guaranty (this "Guaranty") is executed and delivered as of July 27, 2017 by the undersigned guarantor (the "Guarantor") in favor of Banc of America Leasing & Capital, LLC, located at One Financial Plaza, Second Floor, Providence, RI  02903-2305 ("BALC").  TVPX AIRCRAFT SOLUTIONS INC., a Utah corporation, not in its individual capacity, but solely as Owner Trustee under the Trust Agreement dated July 27, 2017, located at 39 East Eagle Ridge Drive, Suite 201, North Salt Lake, UT 84054 ("Customer") has requested that BALC enter into that certain Loan and Aircraft Security Agreement (S/N 218) dated as of July 27, 2017 (as amended, supplemented or restated from time to time, and together with any and all other documents, instruments, certificates and other agreements relating thereto, the "Agreement"), between BALC and Customer, and this Guaranty is a condition to BALC’s entering into the Agreement.  BALC is unwilling to enter the Agreement with Customer, unless Guarantor absolutely and unconditionally guarantees to BALC the payment and performance of all such Obligations of Customer at any time owing to BALC.  With knowledge that BALC will enter into the Agreement with or otherwise extend financial accommodations to Customer in reliance upon the existence of this Guaranty and the validity and enforceability of the obligations and liabilities of Guarantor to BALC contemplated hereby, Guarantor agrees with BALC as follows:
		
	1.
	Guaranty.  Guarantor guarantees to BALC the prompt payment and/or performance of all indebtedness, obligations and liabilities of Customer at any time owing to BALC, whether direct or indirect, matured or unmatured, primary or secondary, certain or contingent, or acquired by or otherwise created in favor of BALC arising out of the Agreement, including without limitation any and all rent, loan, purchase or other installment payments, principal balances, taxes, indemnities, liquidated damages, accelerated amounts, return deficiency charges, casualty value payments, transaction expenses and other reimbursements, administrative charges, all interest, including late charge interest, attorneys’ fees or enforcement and other costs, which may at any time be payable in connection with the Agreement, together with all claims for damages arising from or in connection with the failure to punctually and completely pay or perform such obligations, whether or not such obligations are from time to time reduced or extinguished and thereafter increased or incurred (collectively, the "Obligations").  This Guaranty is a guaranty of payment and performance, and not a guaranty of collection, and Guarantor hereby undertakes and agrees, that if Customer or Guarantor is in Default (defined below) hereunder for any reason, Guarantor shall (i) punctually pay any such Obligations requiring the payment of money, as an obligation for payment due and owing directly from Guarantor to BALC and without any abatement, reduction, setoff, defense, counterclaim or recoupment, and (ii) punctually cause Customer to perform any and all Obligations not requiring the payment of money for the benefit of BALC, as an obligation for performance due and owing directly from Guarantor to BALC.  Guarantor shall be deemed to be primarily liable for each Obligation and not merely as a surety thereof.

		
	2.
	Absolute, Unconditional, Joint and Several Nature of Guaranty.  The obligations of Guarantor hereunder are absolute, unconditional and irrevocable, may not be cancelled, terminated, repudiated or rescinded for any reason, and shall be joint and several with each Guarantor executing this Guaranty and each other party that may be liable, directly or indirectly, for the payment or performance of any Obligations.  Guarantor shall not be released from any obligations under or in respect of this Guaranty for any reason, nor shall such obligations be reduced, diminished or discharged for any reason, including:

(a)Modifications ;Indulgences; Payment Applications.  Any modifications, renewals, or alterations of any agreement, document or instrument relating to any Obligation; any indulgences, adjustments, preferences, extensions or compromises made by BALC in favor of Customer or Guarantor or any other party; or the application of any payments and receipts, by whomever paid and/or however realized, to any amounts owing by Guarantor or Customer to BALC in such manner as BALC shall determine in its sole discretion.
(b)Condition of Customer or Guarantor.  Any insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution, appointment of a receiver for, or other similar proceeding affecting Customer or Guarantor; any sale, lease or other disposition of any of the assets of Customer or Guarantor; any reorganization of, or change in the composition of the shareholders, partners or members of, Customer or Guarantor; or any termination of, or other change in, the relationship between Customer and Guarantor.
(c)Invalidity of Obligations or Other Agreements.  The invalidity, illegality or unenforceability of any Obligation for any reason whatsoever, including, but not limited to: the existence of valid defenses, counterclaims or off-sets to any Obligation; the violation of applicable usury or other laws by any Obligation; or the lack of authenticity or genuineness of any document or instrument relating to the Obligations.  This Guaranty shall be in addition to any other guaranty or other security for the Obligations, and it shall not be prejudiced or rendered unenforceable by the invalidity or unenforceability of any such other guaranty or security.
(d)Release of Customer.  Any complete or partial release of Customer or any other party liable for any Obligation for any reason.
(e)Release and Care of Collateral; Status of Liens.  Any sale, transfer, release, surrender, exchange, deterioration, waste, loss or impairment of any property transferred or assigned by Customer, Guarantor or any other party as collateral in respect of any Obligation, or otherwise acquired by BALC for lease to Customer, in connection with the Agreement (collectively, the "Collateral"), whether negligent or willful; the failure of BALC or any other party to exercise reasonable care in the care, custody, preservation, protection, sale or other treatment of any of any Collateral; the failure of BALC or any other party to create or properly perfect BALC’s rights, title or interests in any Collateral, or any mortgage, pledge, security interest, transfer or assignment of any Collateral (a "Lien"); the unenforceability of any Lien; the creation of any lien or encumbrance on any Collateral in favor of any other party, or the subordination of any Lien in favor of BALC to any such other lien or encumbrance; or the taking or accepting by BALC of any other security for, or assurance of payment of, any Obligation.

Exhibit 10.24

(f)Other Action or Inaction.  Any other action or inaction on the part of BALC, whether or not such action or inaction prejudices Guarantor or increases the likelihood or amount that Guarantor will be required to pay or perform in connection with any Obligation pursuant to the terms hereof. It is the obligation of Guarantor to discharge the Obligations when due, notwithstanding any occurrence, circumstance, event, action or omission whatsoever, whether or not particularly described herein.  Guarantor is not entering into this Guaranty in reliance on the value or the availability of any Collateral.  Guarantor acknowledges that Guarantor may be required to pay the Obligations, in full, without the assistance or support of any other party.  Guarantor has not been induced to enter into this Guaranty on the basis that any party other than Customer will be liable to perform any Obligations or that BALC will look to any other party to perform any Obligation.  BALC may release, or settle with, the Customer, any Guarantor, or any other party liable, directly or indirectly, for the performance of any Obligation, all without affecting the liability of any other party to this Guaranty.  To the extent that this Guaranty is secured by property of Guarantor, BALC shall not be obligated to release its security interest in such property until all applicable preference periods have passed with respect to payments of Obligations made to BALC.

		
	3.
	Waivers.  Guarantor waives:

(a)Action Against Others.  Any right to require BALC to: institute suit or exhaust remedies against Customer or any other party liable for any Obligation; enforce BALC's rights in any of the Collateral or other security which is at any time given to secure any Obligation; enforce BALC's rights against any other Guarantor or any other party liable on any Obligation; join Customer or any other party liable for any Obligation in any action seeking to enforce this Guaranty; or exhaust any other remedies available to BALC or resort to any other means of obtaining payment or performance of any Obligation.
(b)Notices.  Notice of the execution, delivery or acceptance by BALC, Customer or any other party, of this Guaranty or any document, agreement or instrument evidencing any Obligation; notice of the amount of credit extended by BALC to Customer at any time, whether primary or secondary; notice of modifications or extensions of any Obligation; notice of defaults, or other non-performance by Customer in connection with any Obligation; notice of the transfer or disposition by BALC of any Obligation; notice of the repossession, sale or other disposition of any of the Collateral; notice of the acceptance of this Guaranty by BALC; demand and presentation for payment upon Customer or any other party liable for any Obligation; protest, notice of intention to accelerate or notice of acceleration of any Obligation, notice of protest and diligence in bringing suit against Customer or any other party; and any other action or inaction on the part of BALC in connection with this Guaranty or any Obligation.
(c)Subrogation.  Any right which Guarantor may at any time have against Customer, or any other party liable for any Obligation, as a result of the performance by Guarantor of its obligations under this Guaranty, including, but not limited to contractual, statutory and common law rights of subrogation, reimbursement, indemnification, set-off or contribution, until all Obligations owing to BALC have been paid and performed in full.
(d)Suretyship Defenses.  Any defenses which Guarantor may have or assert against the enforcement of this Guaranty or any Obligation based upon suretyship principles or any impairment of Collateral.

		
	4.
	         Representations; Warranties; Covenants.  Guarantor hereby represents, warrants, covenants and agrees that:

(a)Benefit.  Guarantor is the 100% beneficial owner of the Customer, and has received, or will receive, substantial benefit from the agreements and transactions giving rise to the Obligations and this Guaranty.
(b)Authorization; Enforceability.  Guarantor has the form of business organization indicated below and is and will remain duly organized and existing in good standing under the laws of the state of its organization and is duly qualified to do business wherever necessary to perform its obligations under this Guaranty.  This Guaranty has been duly authorized by all necessary action on the part of Guarantor consistent with its form of organization, does not require the approval of, or giving of notice to, any governmental authority and does not contravene Guarantor’s certificate or articles of incorporation or organization or by-laws or partnership or operating certificate or agreement or similar organizational documents.  This Guaranty does not contravene or constitute a default under any applicable laws, or any contract, mortgage, agreement, indenture, or other instrument to which Guarantor is a party or by which it may be bound. This Guaranty has been duly executed and delivered by Guarantor and constitutes the legal, valid and binding obligations of Guarantor enforceable in accordance with their terms except to the extent that the enforcement of remedies hereunder may be limited under applicable bankruptcy and insolvency laws, and the equitable discretion of any court of competent jurisdiction.  To Guarantor’s knowledge, there are no actions or proceedings pending or threatened in writing against or affecting Guarantor or any of Guarantor’s property before any court, administrative officer or administrative agency that, if decided adversely, could reasonably be expected to materially and adversely affect the financial condition or operations of Guarantor to the extent that the ability of Guarantor to perform its obligations hereunder would be materially impaired or BALC’s rights under the Loan Documents (as defined in the Agreement) or with respect to the Collateral are affected thereby.
(c)Access to Information; No Representation by BALC.  Guarantor has adequate means to obtain continuing and sufficient information concerning the financial and business condition of Customer and other parties liable in respect of the Obligations.  Neither BALC nor any other party has made any representation, warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty.
(d)Subordination.  All present and future indebtedness of Customer to Guarantor ("Subordinated Debt") shall be and hereby is subordinated to the prior payment and performance of all Obligations, and is hereby assigned and transferred to BALC and pledged as additional security for the payment of the Obligations of the Customer and the obligations of the Guarantor hereunder.  Guarantor shall not demand or accept payment of, or otherwise cancel, set-off or otherwise discharge any part of, the Subordinated Debt without the prior written consent of BALC, provided, however, that for  so long as there is no default hereunder or in connection with the Obligations or the Subordinated Debt, Guarantor may receive and 

2 

Exhibit 10.24

Customer may pay (but not prepay, whether or not permitted or contemplated by the terms of the Subordinated Debt) principal and/or interest or other scheduled installment payments of Subordinated Debt from Customer.  Upon the request of BALC, Guarantor shall deliver to BALC a certified statement of the outstanding Subordinated Debt, specifying in detail the time at which permitted payments of Subordinated Debt were made, if any, and such other information as BALC may request.
(e)Financial Condition; Solvency.  As of the date hereof, and after giving effect to this Guaranty and the contingent obligations contained herein, Guarantor is solvent and has assets which, when fairly valued, exceed its liabilities.  The performance of the obligations of Guarantor hereunder will not cause Guarantor to exceed its ability to pay its debts as they mature, and this Guaranty is made without any intent to hinder, delay or defraud either present or future creditors, purchasers or other interested persons.
(f)Financial Reports.  Guarantor shall furnish to BALC (i) within one hundred and twenty (120) days of the close of each fiscal year of Guarantor beginning with December 31, 2017, Guarantor’s audited consolidated (and, if applicable, consolidating) balance sheet and statements of shareholders’ equity, cash flows and statements of operations as of the end of and for such fiscal year, all on a comparative basis with the prior fiscal year and prepared in accordance with GAAP, certified by a recognized firm of certified public accountants, (ii) within sixty (60) days of the close of each fiscal quarter of Guarantor beginning with June 30, 2017, Guarantor’s audited quarterly consolidated (and, if applicable, consolidating), balance sheet and statements of shareholders’ equity, cash flows and statements of operations as of the end of and for such fiscal quarter, all on a comparative basis with the similar fiscal quarter of the previous year and prepared in accordance with GAAP, certified by the chief financial officer of Guarantor, (iii) Guarantor shall be deemed to have satisfied the financial reporting requirements herein if, within the time frames specified in clause (f)(i) and (f)(ii), Guarantor files with the SEC and its Forms 10K and 10Q or makes such forms publicly available in electronic format; and (iv) promptly, such additional financial and other information as BALC may from time to time reasonably request.
(g)Assignment.  BALC may, at any time and without the consent of, but with notice (to the extent required pursuant to Section 8.5 of the Agreement) to, Guarantor, assign all or any portion of its rights hereunder to any other party to which all or any portion of the Obligations are transferred, assigned or negotiated (an "Assignee") but only in connection with the assignment of the Obligations.  Guarantor shall promptly execute and deliver to BALC or its Assignee an acknowledgment of assignment in form and substance satisfactory to the requesting party which, among other things, reaffirms the basic terms and conditions of the Obligations and this Guaranty, and shall comply with the reasonable demands of BALC or any such Assignee in order to perfect any such assignment or transfer.  This Guaranty shall not be deemed to create any right in any party except as provided herein and shall inure to the benefit of, and be binding upon, the successors and assigns of Guarantor and BALC, provided that Guarantor shall not assign or delegate any of its rights or obligations hereunder without the prior written consent of BALC.
(h)Further Assurances.  Guarantor will promptly execute any documents and other records, including, amendments to this Guaranty, and will take such further action as BALC may reasonably request in order to carry out more effectively the intent and purposes of this Guaranty and to establish, perfect and protect BALC’s rights and remedies hereunder and in any Collateral or Subordinated Debt.

5.Default; Performance of Obligations.  If (a) Customer defaults in the payment or performance of any Obligation and such default shall continue after any applicable grace or cure periods in the Agreement, or (b) if there exists any event or condition which, with notice and/or the passage of time, would constitute a default under the Agreement (including any default relating to Guarantor or this Guaranty), or (c) any representation or warranty of Guarantor herein or in any certificate, agreement, statement or document furnished at any time to BALC by or on behalf Guarantor (including without limitation, any financial information), shall prove to be or to have been false or incorrect in any material respect; or (d) Guarantor shall fail to perform or observe any covenant, condition or agreement required to be performed or observed by it hereunder or in connection with any Obligation, and such failure shall continue after any applicable grace or cure periods in the Agreement for ten (10) days after written notice thereof to Guarantor (each of the foregoing being hereinafter referred to as a “Default”), then the Obligations of Customer shall, at the sole option of BALC, be deemed to be accelerated  and become immediately due and payable by Guarantor for all purposes of this Guaranty, and Guarantor shall (i) immediately pay directly to BALC all such Obligations owing to BALC by reason of acceleration or otherwise (including without limitation, any rent, liquidated damages, principal or interest payments or balances, fees, other installments or any other accrued or unaccrued amounts with respect to such Obligations), irrespective of whether a Default exists relating to Customer, and notwithstanding any stay, injunction or other prohibition preventing acceleration of any Obligations against Customer, and (ii) promptly perform all other Obligations.  Guarantor shall be liable, as principal obligor and not as a surety or guarantor only, for all attorneys' fees and other costs and expenses incurred by BALC in connection with BALC's enforcement of this Guaranty, together with interest on all amounts recoverable under this Guaranty, compounded monthly in arrears, from the time such amounts become due and payable until the date of payment at the lesser of the Late Charge Rate of interest set forth in the Promissory Note dated as of even date herewith evidencing Customer’s Obligations or the highest rate permitted by applicable law.  If BALC is required to return any payment made to BALC by or on behalf of Customer, whether as a result of Customer's bankruptcy, reorganization or otherwise, Guarantor acknowledges that this Guaranty covers all such amounts, notwithstanding that the original of this Guaranty may have been returned to Guarantor and/or otherwise canceled.

6.Governing Law; Miscellaneous.  THIS GUARANTY AND THE LEGAL RELATIONS OF THE PARTIES HERETO SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES REGARDING THE CHOICE OF LAW.  GUARANTOR CONSENTS TO THE JURISDICTION AND VENUE OF NEW YORK COURTS IN CONNECTION WITH BALC'S ENFORCEMENT OF ANY OBLIGATIONS UNDER OR IN RESPECT OF THIS GUARANTY.  GUARANTOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY 

3 

Exhibit 10.24

IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS GUARANTY.  Time is of the essence in the payment and performance of all Obligations and all of Guarantor's obligations and liabilities owing to BALC hereunder.  This Guaranty constitutes the entire agreement of Guarantor and BALC relative to the subject matter hereof, and there are no prior or contemporaneous understandings or agreements, whether oral or in writing, between the parties hereto with respect to the subject matter hereof.  No subsequent modification of, or supplement to, this Guaranty shall be enforceable against any party hereto unless the same is in writing and is duly signed by an authorized officer or representative of the party against whom enforcement is sought.  All communications and notices provided for herein shall be in writing and shall become effective (i) upon hand delivery, (ii) upon delivery by an overnight delivery service, or (iii) when sent by telecopy (with customary confirmation of receipt of such telecopy) on the business day when sent or upon the next business day if sent on other than a business day.

[Signature On Next Page]

4 

Exhibit 10.24

The undersigned, pursuant to due corporate, limited liability company or partnership authority, as appropriate, has or have caused this Guaranty to be executed as of the date first set forth above.

	
		
	Witness/Attest/Notary Public:

By: /s/ Angelo P. Lopresti
Print Name:  Angelo P. Lopresti
                     Notary Public
                     Commonwealth of Massachusetts
                     My Commission Expires November 2, 2023

	IPG Photonics Corporation, a Delaware corporation
(Organization ID: 2972875)
                                                                                                                                  By: /s/ Timothy P.V. Mammen
Print Name:Timothy P.V. Mammen
Print Title:  Senior Vice President & Chief Financial Officer

	Guarantor Notice Address:  50 Old Webster Road
 Oxford, MA 01540
	Guarantor's Taxpayer ID: 04-3444218

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}]]