Document:

Exhibit
4.6

 

AIRNET SYSTEMS, INC.

Corporate Guaranty

 

Borrower:  JETRIDE, INC.

 

Loan Documents: all documents
executed by Borrower in connection with Loan No. 1000119641, including the Loan
and Security Agreement (the “Loan Agreement”) and the Business Purpose
Promissory Note

 

Financed Amount:                            $5,000,000.00

 

1.  For
valuable consideration, the receipt of which is hereby acknowledged, the
undersigned jointly and severally unconditionally guarantee to BANC ONE LEASING
CORPORATION (“Lender”) the full and prompt performance by the Borrower
identified above (“Borrower”) of all Obligations (as defined in the Loan
Documents) which Borrower now has or may hereafter have to Lender, and jointly
and severally unconditionally guarantee the prompt payment when due (whether at
scheduled maturity, upon acceleration or otherwise) of the Obligations, and all
costs and expenses of and incidental to collection of any of the foregoing,
including reasonable attorneys’ fees.  In
addition to covering all present Obligations of Borrower to Lender, it is the
undersigned’s express intention that this Guaranty shall cover all future
Obligations of Borrower to Lender, whether or not such Obligations are reduced
or entirely extinguished and thereafter increased or are reincurred, which are
related to the Loan Documents identified above (“Loan Documents”), whether or
not such Obligations are specifically contemplated by the undersigned,
Borrower, and Lender as of the date hereof.

 

2.  This is an
absolute and unconditional guarantee of payment and not of collection.  As a condition of the liability of the
undersigned, Lender shall not be required to resort to, enforce, or exhaust any
of its remedies against the Borrower or any other party who may be liable for
payment on any of the Obligations or to resort to, marshall, enforce, or
exhaust any of its remedies against any property given, leased, or held as
security for this Guaranty or any of the Obligations.

 

3.  The
undersigned hereby waive and grant to Lender the right at any time and from time
to time, without notice to the undersigned and without in any way affecting the
liability of the undersigned, to extend other and additional credit, leases,
loans or financial accommodations to Borrower apart from the Obligations, to
deal in any manner as it shall see fit with any of the Obligations of Borrower
to Lender and with any property given, leased, or held as security in
connection with any of the Obligations, including, but not limited to, (a)
accepting partial payments on account of any of the Obligations, (b) granting
extensions or renewals of all or any part of any of the Obligations, (c)
releasing, surrendering, exchanging, dealing with, abstaining from taking,
taking, abstaining from perfecting, perfecting, or accepting substitutes for any
or all property given, leased, or held as security in connection with any of
the Obligations, (d) modifying, waiving, supplementing or otherwise changing
any of the terms, conditions or provisions contained in any of the Obligations
and (e) the addition or release of any other party or person liable hereon,
liable on the Obligations or liable on any other guaranty executed to guarantee
any of Borrower’s Obligations.  The
undersigned jointly and severally hereby agree that any and all settlements,
compromises, compositions, accounts stated and agreed balances made in good
faith between Lender and Borrower shall be binding upon the undersigned.

 

4.  Every
right, power and discretion herein granted to Lender shall be for the benefit
of the successors or assigns of Lender and of any transferee or assignee of any
of the Obligations covered by this Guaranty, pursuant to any assignment made
under Section 17 of the Loan Agreement, and in the event any such
Obligation shall be transferred or assigned, every reference herein to Lender
shall be construed to mean, as to such Obligation, the transferee or assignee
thereof.  This Guaranty shall be binding
upon each of the undersigned’s executors, administrators, heirs, successors and
assigns.

 

5.  This
Guaranty shall continue in force for so long as Borrower shall be obligated to
Lender, and thereafter until Lender shall have actually received written notice
of the termination hereof from the undersigned, it being contemplated that
Borrower may borrow, lease, repay and subsequently borrow money from or lease
property from, or become obligated to, Lender from time to time, and the
undersigned, not having given notice of the termination hereof as herein
provided for, shall be deemed to have permitted this Guaranty to remain in full
force and effect for the purpose of inducing Lender to make further leases or
loans to Borrower; provided, however, no notice of termination of this Guaranty
shall affect in any manner the rights of Lender arising under this Guaranty
with respect to the following: (a) any of the Obligations incurred by Borrower
in connection with the Loan Documents, whether

 

1

 

such
obligation is in the form of a loan agreement or promissory note; or (b)  any of the Obligations incurred by Borrower
prior to receipt by Lender of written notice of termination or any of the
Obligations incurred after receipt of such written notice pursuant to a written
agreement entered into by Lender prior to receipt of such notice.  The undersigned expressly waive notice of the
incurring by Borrower of any of the Obligations to Lender.  The undersigned also waive presentment,
demand of payment, protest, notice of dishonor or nonpayment of or nonperformance
of any of the Obligations.

 

6.  The
undersigned hereby waive any claims or rights which they might now have or
hereafter acquire against Borrower or any other person primarily or
contingently liable on any of the Obligations of Borrower, which claims or
rights arise from the existence or performance of the undersigned’s obligations
under this Guaranty or any other guaranty or under any instrument or agreement
with respect to any leased property or any property constituting collateral or
security for this Guaranty or any other guaranty, including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution,
indemnification, or any right to participate in any claim or remedy of Lender
or any other creditor which the undersigned now has or hereafter acquires,
whether such claim or right arises in equity, under contract or statute, at
common law, or otherwise.

 

7.  Lender’s
rights hereunder shall be reinstated and revived, and this Guaranty shall be
fully enforceable, with respect to any amount at any time paid on account of
the Obligations which thereafter shall be required to be restored or returned
by Lender upon the bankruptcy, insolvency or reorganization of the Borrower,
the undersigned, or any other person, or as a result of any other fact or
circumstance, all as though such amount had not been paid.

 

8.  The
undersigned jointly and severally agree to pay to Lender all costs and
expenses, including reasonable attorneys’ fees, incurred by Lender in the
enforcement or attempted enforcement of this Guaranty, whether or not suit is
filed in connection therewith, or in the exercise by Lender of any right,
privilege, power or remedy conferred by this Guaranty.

 

9.  In making
their decision to guarantee all Obligations now existing or hereafter arising,
the undersigned represent and warrant that they have relied exclusively on
their own independent investigation of Borrower and all property given, leased,
or held as security in connection with any of the Obligations.  The undersigned agree that they have
sufficient knowledge of the Borrower and of any property given, leased, or held
as security in connection with any of the Obligations to make an informed
decision about this Guaranty and agree that Lender has no duty or obligation to
the undersigned to disclose any information in its possession or control about
Borrower and property given, leased, or held as security in connection with any
of the Obligations.  The undersigned
warrant to Lender that they have adequate means to obtain from the Borrower on
a continuing basis information concerning the financial condition of the
Borrower and that they are not relying on Lender to provide such information
either now or in the future.

 

10.  As long as
any indebtedness under any of the Obligations remains unpaid or any credit is
available to Borrower under any of the Obligations, the undersigned agree to
furnish to Lender:  (a) audited annual
financial statements setting forth the financial condition and results of
operation of the undersigned (financial statements shall include balance sheet,
income statement, changes in financial position and all notes thereto) within
120 days of the end of each fiscal year of the undersigned; (b) quarterly
financial statements setting forth the financial condition and results of
operation of the undersigned within 60 days of the end of each of the first
three fiscal quarters of the undersigned; and (c) such other financial
information as Lender may from time to time reasonably request including,
without limitation, financial reports filed by the undersigned with federal or
state regulatory agencies.

 

11.  No
postponement or delay on the part of Lender in the enforcement of any right
hereunder shall constitute a waiver of such right.  The failure of any person or entity to sign
this Guaranty shall not discharge the liability of any of the undersigned.

 

12.  This
Guaranty remains fully enforceable irrespective of any claim, defense or
counterclaim which the Borrower may or could assert on any of the Obligations
including but not limited to failure of consideration, breach of warranty,
payment, statute of frauds, statute of limitations, fraud, bankruptcy, accord
and satisfaction, and usury, same of which the undersigned hereby waive along
with any standing by the undersigned to assert any said claim, defense or
counterclaim.

 

13.  This
Guaranty contains the entire agreement of the parties and supersedes all prior
agreements and understandings, oral or written, with respect to the subject
matter hereof.  This Guaranty is not
intended to replace or supersede any other guaranty which the undersigned have
entered into or may enter into in the future. 
The undersigned may enter into additional guaranties in the future which
may or may not refer to the Loan Documents and such guaranties are not intended
to replace or supersede this Guaranty unless specifically provided in that
additional guaranty.

 

2

 

14.  The
interpretation, construction and validity of this Guaranty shall be governed by
the laws of the State of Ohio.  With
respect to any action brought by Lender against the undersigned to enforce any
term of this Guaranty, the undersigned hereby irrevocably consents to the
jurisdiction and venue of any state or federal court in Franklin County, Ohio,
where Lender has its principal place of business and where payments are to be
made by Borrower and the undersigned.

 

ALL
PARTIES TO THIS GUARANTY, INCLUDING THE UNDERSIGNED AND LENDER, WAIVE ALL
RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY
PARTY AGAINST ANY OTHER PARTY ON ANY MATTER WHATSOEVER ARISING OUT OF, IN
CONNECTION WITH OR IN ANY WAY RELATED TO THIS GUARANTY.

 

	
  Date:

  	
  June 30, 2004

  	
   

  	
   

  
	
   

  	
   

  
	
  GUARANTOR:

  	
   

  
	
   

  	
   

  
	
  AIRNET SYSTEMS, INC.

  	
  /s/ John Gordon

  	
   

  
	
   

  	
  Witness as to signature

  
	
  By:

  	
    /s/ Gary W. Qualmann

  	
   

  	
   

  
	
   

  	
  /s/ John Gordon

  	
   

  
	
  Title:

  	
  CFO

  	
   

  	
  Print witness name

  
	
   

  	
   

  
	
  Guarantor’s Address:

  	
   

  
	
   

  	
   

  
	
  3939 International Gateway

  	
   

  	
   

  
	
   

  	
   

  
	
  Columbus, Ohio 43219

  	
   

  	
   

  
										

 

3Exhibit
4.7

 

AIRNET SYSTEMS, INC.

Acknowledgment of Borrower

 

This Acknowledgment of Borrower (“Acknowledgment”) is
made as of the 30th day of June, 2004 by Borrower in favor of Banc One Leasing
Corporation (“Lender”) and the Buyer.

 

“Borrower” means: JETRIDE, INC

 

“Buyer” means: FIRST UNION COMMERCIAL
CORPORATION

 

“Loan
Documents” means, collectively, the Loan Documents identified below, together
with all exhibits, schedules, addenda and attachments thereto, all of which are
made by Borrower in favor of Lender and the Corporate Guaranty dated as of June 30,
2004 from AirNet Systems, Inc. (the “Guarantor”) in favor of Lender (the “Guarantee”):

 

For Lender’s Loan #1000119641, the Loan and
Security Agreement dated as of June 30, 2004 (the “Loan and
Security Agreement”) between Lender, as lender, and Borrower, as borrower, and
the same agreement as filed with the Federal Aviation Administration on June 30,
2004, together with the Business Purpose Promissory Note dated as of June 30,
2004 (the “Note”) in the original principal amount of $5,000,000.00
made by Borrower in favor of Lender.

 

1.  Borrower and Guarantor acknowledge and
consent to the sale and assignment by Lender to Buyer of all of Lender’s
present and future right, title and interest in, to and under the Loan
Documents, including, without limitation, the right to receive all installment
payments payable under the Loan Documents and all other monies from time to
time payable under the Loan Documents (all such amounts referred to as “Monies”),
and all rights, benefits and remedies of Lender under the Loan Documents.
Borrower also acknowledges and consents to the assignment of Lender’s security
interest in the Equipment to Buyer.

 

2.  Borrower agrees to pay all Monies directly to
Buyer at the address set forth below or at such address, as Buyer shall direct.

 

	
  If by wire transfer:

  	
   

  	
   

  
	
  Bank Name:

  	
   

  	
  Wachovia Bank, N.A.

  
	
  ABA:

  	
   

  	
  0530900219

  
	
  Account #:

  	
   

  	
  2000001099827

  
	
  Account Name:

  	
  First Union
  Commercial Corporation

  
	
  Attn:

  	
   

  	
  Lynn Brand

  
	
   

  	
   

  	
   

  
	
  If by check remit payment to the following address:

  
	
  First Union Commercial
  Corporation

  
	
  P.O. Box 60191

  
	
  Charlotte, NC 28260

  
				

 

3.  Borrower agrees that, as of the date first
written above, the following information about the Loan Documents is true,
accurate and complete:

 

Commencement Date: 
July 1, 2004

Frequency of Installment Payments: Monthly, in
arrears

Number of Installment Payments Remaining:  Eighty-Four (84)

Amount of Each Installment Payment:
Eighty-Three (83) installment payments of $51,324.29 each, followed by One (1)
final installment payment of $2,551,324.29 due and payable June July 1,
2011

Each Installment Payment (initial
one):   ý  
Principal and Interest   o  
Principal Only

Next Installment Payment Due: and payable to Buyer, August 1,
2004 

 

1

 

4.  Borrower and the Guarantor acknowledge
receipt of this Acknowledgment and confirm and agree to the following: (a) the
Loan Documents and the Guarantee (with all signatures thereon) are genuine, are
in full force and effect and are valid and legally binding agreements of
Borrower or the Guarantor (as applicable), enforceable by Buyer against
Borrower or the Guarantor (as applicable) in accordance with their terms except
as the same may be limited by applicable bankruptcy, insolvency or similar laws
affecting creditor’s rights generally and general equitable principles; (b)
there has been no prepayment with respect to the Note; (c) all dates, amounts,
equipment descriptions and other facts stated in the Loan Documents are correct;
(d) the Equipment is in Borrower’s possession and control at the address shown
in the Loan Documents and has been irrevocably accepted by Borrower for all
purposes of the Loan Documents; (e) other than the Loan Documents and the
Guarantee, there are no agreements, oral or written, between Lender and
Borrower relating to the Equipment or its financing and the Loan Documents
constitute the entire agreement between Borrower and Lender relating to the
Equipment and its financing; (f) Borrower is not in default under the Loan
Documents; (g) neither Borrower nor the Guarantor has previously received any
notice that any or all of the Loan Documents have been assigned by Lender to
any party other than Buyer; and (h) neither the Guarantor nor Borrower has any
right of offset, defense or counterclaim to any of its obligations under the
Loan Documents or Guarantee (as applicable).

 

5.  The Guarantor acknowledges and agrees that
the Guarantee remains in full force and effect notwithstanding the assignment
to Buyer.

 

6.  Borrower and the Guarantor acknowledge and
agree that (a) Borrower and Guarantor will deal exclusively with respect to the
Note with Buyer, and Borrower and the Guarantor will deliver all payments and
copies of all notices and other communications given or made by Borrower and/or
Guarantor with respect to the Loan Documents to Buyer at the address listed
below its signature block hereto, (b) so far as enforcement of the Note is
concerned, notwithstanding the existence of other promissory notes issued under
the Loan and Security Agreement, the Note is separate and severable and Buyer
may take enforcement action independently of other financing parties having an
interest in the Loan Documents and other promissory notes not included in the
Note, (c) the collateral set forth in the Loan and Security Agreement secures
the obligations of Borrower pursuant to the Note separately, and Buyer may
exercise all rights and remedies available to it with respect to such
collateral independently of other financing parties having an interest in the
Loan and Security Agreement and in other promissory notes not included in the
Note, and (d)  Borrower and the Guarantor
will execute such other instruments and take such actions as Buyer reasonably
may require to further confirm the sale, assignment and transfer by Lender to
Buyer.

 

7.  All representations and duties of Lender
intended to induce Borrower and the Guarantor to enter into the Loan Documents
and the Guarantee (as applicable), whether required by the Loan Documents, the
Guarantee or otherwise, have been fulfilled and the original principal amount
of the Note has been advanced by Lender to Borrower.

 

 

Borrower:
JETRIDE, INC.

 

	
  By:

  	
  /s/ Gary W. Qualmann

  	
   

  	
  3939 International Gateway

  	
   

  
	
   

  	
  (Borrower’s Street Address)

  
	
   

  	
   

  
	
  Title:

  	
  CFO

  	
   

  	
   

  
	
   

  	
  Columbus, Ohio 43219

  	
   

  
	
   

  	
  (City, State, Zip Code)

  
	
   

  	
   

  
	
  Guarantor:

  	
  AIRNET SYSTEMS, INC.

  	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Gary W. Qualmann

  	
   

  	
  3939 International Gateway

  	
   

  
	
   

  	
  (Guarantor’s Street Address)

  
	
  Title:

  	
  CFO

  	
   

  	
  Columbus, Ohio 43219

  	
   

  
	
   

  	
  (City, State, Zip Code)

  
	
   

  	
   

  
	
  Accepted By:

  	
   

  
	
   

  	
   

  
	
  LENDER:

  	
  BUYER:

  
	
   

  	
   

  
	
  Banc One Leasing Corporation

  	
  First Union Commercial Corporation

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address: First Union Commercial Corporation

  
	
   

  	
  One Wachovia Center

  
	
   

  	
  Mail Code NC0738

  
	
   

  	
  Charlotte, NC 28288-0738

  
	
   

  	
  Attention: Linda Minter

  
	
   

  	
  Telephone: (704) 374-4900

  
	
   

  	
  Telecopy: (704) 374-3241

  
															

 

2

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