Document:

Exhibit 4.22

 

AIRNET SYSTEMS, INC.

Corporate Guaranty

 

Borrower:  JETRIDE, INC. dba AIRNET PRIVATE CHARTERS

 

Loan Documents: all documents executed by Borrower in
connection with Loan No. 1000119774, 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

 

1

 

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
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.

 

2

 

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.

 

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:

  	
  July
  12, 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 4.23

 

AIRNET SYSTEMS, INC.

Acknowledgment of Borrower

 

This
Acknowledgment of Borrower (“Acknowledgment”) is made as of the 12th day of
July, 2004 by Borrower in favor of Banc One Leasing Corporation (“Lender”) and
the Buyer.

 

“Borrower” means:                   JETRIDE, INC. DBA AIRNET PRIVATE
CHARTERS

 

“Buyer” means:                                    PNC LEASING, LLC

 

“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 July
12, 2004 from AirNet Systems, Inc. (the “Guarantor”) in favor of Lender (the “Guarantee”):

 

For
Lender’s Loan #1000119774, the Loan and Security Agreement dated as of July 12,
2004 between Lender, as lender, and Borrower, as borrower, and the same
agreement as filed with the Federal Aviation Administration, together with the
Business Purpose Promissory Note dated as of July 12, 2004 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:

  	
   

  	
  PNC
  Bank, N.A

  
	
  ABA:

  	
   

  	
  043
  000 096

  
	
  Account #:

  	
   

  	
  1009600189

  
	
  Account Name:

  	
   

  	
  PNC
  Leasing, LLC

  
	
  Attn:

  	
   

  	
  Leasing
  Accounting

  

 

	
  If by check
  remit payment to the following address:

  
	
  PNC Leasing, LLC

  	
   

  	
   

  
	
  P.O. Box 640306

  	
   

  	
   

  
	
  Pittsburgh, PA 15264-0306

  	
   

  	
   

  

 

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

 

	
  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
  $50,665.26 each, followed by One (1) final installment payment of
  $2,550,665.26, due and payable July 15, 2011

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

  
	
  Next
  Installment Payment Due: and payable to Buyer, August 15, 2004

  

 

4.  Borrower represents that: (a) the Loan
Documents (with all signatures thereon) are genuine, are in full force and
effect and are valid and legally binding agreements of Borrower, enforceable by
Buyer against Borrower 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) all dates, amounts,
equipment descriptions and other facts stated in the Loan Documents are
correct; (c) the

 

1

 

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; (d) other than the Loan Documents, 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; (e) Borrower
is not in default under the Loan Documents; (f) Borrower has not previously
received any notice that any or all of the Loan Documents have been assigned by
Lender to any party other than Buyer; and (g) Borrower has no right of offset,
defense or counterclaim to any of its obligations under the Loan Documents.

 

5.  The Guarantor represents and warrants that
its Guarantee is in full force and effect.

 

	
  Borrower:

  	
  JETRIDE,
  INC. dba AIRNET PRIVATE CHARTERS

  	
   

  
	
   

  
	
  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:

  	
   

  
	
   

  	
   

  
	
  Banc One
  Leasing Corporation

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Diana
  N. Sadler

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
  VP

  	
   

  	
   

  
	
   

  	
   

  
	
  BUYER:

  	
   

  
	
   

  	
   

  
	
  PNC Leasing,
  LLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ M J
  Colangelo

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
  VP

  	
   

  	
   

  
	
   

  
	
  Address:  2 PNC Plaza, 620 Liberty Avenue,
  Pittsburgh, PA  15222

  	
   

  
																		

 

2

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