Document:

Exhibit 4.14

 

AIRNET SYSTEMS, INC.

Corporate Guaranty

 

Borrower:  JETRIDE, INC.

 

Loan
Documents: all documents executed by Borrower in connection with Loan No.
1000119650, 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 4.15

 

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 #1000119650, the Loan and Security Agreement dated as of June
30, 2004 (the “Loan and Security Agreement”) between Lender, as lender, and
Borrower, as borrower, 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)

  	
   

  
												

 

2

 

	
  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

  
									

 

3

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