AIRCRAFT LEASE AGREEMENT





     THIS AIRCRAFT LEASE AGREEMENT (the "Agreement") is made this ___ day of

_________, 2003, between American Air Network Alaska, Inc, a Nevada .

corporation, whose address is 657 N. Bell Ave., Suite 200, Chesterfield MO.,

63005 (the "Lessee") and The CIT Group/Equipment Financing, Inc (CIT)., a

Delaware corporation whose address is 1540 West Fountainhead Parkway, Tempe AZ,

85282 (the "Lessor").



     A.   Lessor is the owner of the following Aircraft (the "Aircraft"):



          MANUFACTURER:  LearJet

          MODEL: 35A

          SERIAL NUMBER: 298

          REGISTRATION NUMBER: N298NW

          ENGINE MODEL: TFE-731-2-2B

          ENGINE SERIAL NUMBERS:  P-74799 and P-74805



          MANUFACTURER:  Lear Jet

          MODEL:  35A

          SERIAL NUMBER: 156

          REGISTRATION NUMBER: N35WE

          ENGINE MODEL:  TFE-731-2-2B

          ENGINE SERIAL NUMBERS:  P-74675 and P-74266



     Together with all attachments, accessories, appliances, additions,

substitutions, instruments, avionics and other miscellaneous equipment as more

specifically set forth in Schedule A, attached hereto and incorporated herein by

this reference, all of which are included in the term "Aircraft", set forth in

this Agreement.



     B. Lessee desires to lease the Aircraft, and Lessor is willing to lease the

Aircraft to Lessee, for the term and purposes, and on the terms and conditions,

set forth in this Agreement.





     NOW THEREFORE, Lessor and Lessee agree as follows:





     1. USE OF AIRCRAFT. Lessor hereby grants to Lessee the right to use the

Aircraft on the terms and conditions set forth in this Agreement.





                                       1

{PAGE}



     2. TERM. The term of this Agreement is eighteen months and shall commence

on ________, 2003_ and shall continue until ____________, 2005 unless terminated

or extended pursuant to any provision contained herein.





     3. PAYMENTS TO LESSOR.

        (A) Lessee shall pay to Lessor rent (the "Rent") at the rate of Twenty

Eight Thousand U.S. Dollars ($28,000.00) per month, without demand, offset,

deduction or counterclaim. Lessee shall pay Lessor prior to the commencement

date stated in paragraph 2 above the sum of One Hundred and Six Thousand One

Hundred and Ten U.S. Dollars ($106,110.00) that shall represent the first

month's payment plus a Seventy Eight Thousand One Hundred and Ten Dollar

($78,110.00) security deposit (the "Security Deposit") Payments for subsequent

months shall be made on or before the first day of the month. The Rent payment

entitles Lessee to no more than eighty (80) flight hours per month. For every

hour flown over the 80 hour per month limit, Lessee will reimburse Lessor an

additional Two Hundred U.S. Dollars ($125.00), payable at the end of each

quarter.



        (B) In addition to the monthly payment, Lessee shall pay to Lessor MSP

engine reserve hourly charges at a rate of $335 per aircraft U.S. Dollars

($335.00) per hour flown.



        (C) Any moneys owed to Lessor by Lessee, including, but not limited to

Rent and engine reserves not be received for any reason within thirty (30) days

after the date in which such moneys became due, Lessee shall pay to Lessor

interest on such moneys at the highest interest rate allowed by law. Interest

shall accrue from the date moneys were first due.



        (D) Within 5 days after the end of each month Lessee shall provide to

Lessor a statement of the previous months flight hours together with a check in

the amount due at the rate described in Section 3(B) above.



        (E) At all times during the term of this Agreement, Lessee shall

maintain with Lessor the Security Deposit in cash as security for the full and

faithful observance and performance of all of Lessee's obligations under this

Agreement (expressly including without limitation, the payment as and when due

of the amounts due under Sections 3 (A) and (B) above and any other amounts

payable thereunder) and the payment of any and all other damages for which

Lessee shall be liable by reason of any act or omission constituting a breach of

such obligations. If at any time Lessee shall be in default in the payment of

any amount payable hereunder or shall otherwise be in breach in the observance

or performance of any of its obligations under this Agreement, at Lessor's

election, the Security Deposit may be applied by Lessor to the payment of such

amount or the payment of any costs and expenses incurred by Lessor in curing any

such breach. If as a result of any such application the Security Deposit shall

be at any time be less than Seventy Eight One Hundred and Ten Thousand U.S.

Dollars ($78,110.00) Lessee shall, within five (5) days after demand from

Lessor, deposit with Lessor additional cash in an amount equal to the

deficiency. If at the expiration of the term of this Agreement, all amounts due

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC