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Insurance policy - Cirrus Rental. (a) Throughout the Term, Lessor shall trigger to be given and also preserved completely pressure as well as impact, at Lessee's sole cost and also expenditure, a plan or policies of insurance providing the protection defined in this Area 7 covering all operations of the Aircraft ("Insurance Coverage"). (i) Aircraft liability insurance coverage covering all operations of the Airplane, which coverage shall: (A) include an area arrangement adequate to cover all Airplane operations allowed by this Agreement, with limitations of not less than 2 Hundred Million US Dollars (US $200,000,000) per incident on a combined solitary limit basis, covering insurance claims for fatality, physical injury as well as residential property damages, (B) listing Lessor as well as Lessee as named insureds as well as listing as extra called insureds each of Lessee's and also Lessor's associates and their particular supervisors, police officers, managers, employees and agents and Gama Aviation, Inc.; (C) be endorsed to make sure that it is key and non-contributing to any various other insurance policy that is readily available to any one of the insureds.




(iii) The Insurance plan shall contain an endorsement providing that coverages under such Insurance policy Policies will not be invalidated by any kind of act or negligence of anyone, including another guaranteed under the policies; given that there is neither permission neither actual knowledge by the insured party that such activity would nullify protection under the policy as well as will consist of a waiver of subrogation for Lessee and its policemans, supervisors, supervisors, workers and representatives as well as Gama Aeronautics.

All Insurance policy Policies shall offer for a severability of interest/cross responsibility endorsement, so regarding make certain that the insurance policy shall run in all aspects as if a different policy has actually been issued covering each event insured, although underwriters' overall limitation of liability will certainly not boost. (c) Immediately complying with the execution of this Arrangement and also yearly after that, Owner will give Lessee with certifications of insurance policy and also recommendations showing the efficiency (as well as revival, as applicable) of such Insurance coverage in conformity with the insurance coverage needs specified in this Section 7.

Limitation of Obligation. OWNER UNDERSTANDS AND CONCURS THAT THE INSURANCE PLAN ARE OWNER'S SOLE SOLUTION AGAINST LESSEE FOR ANY AND ALSO ALL LOSS OR DAMAGE TO THE AIRCRAFT AND/OR INJURY OR FATALITY OF ANY GUEST AND/OR FOR ANY AND ALL ASSERTS, DAMAGES, LOSSES, COSTS AND ALSO OBLIGATIONS INCLUDING, BUT NOT LIMITED TO, DIRECT OR INDIRECT LOSS OR DAMAGES TO THE AIRCRAFT, DECREASE IN WORTH OF THE AIRCRAFT, LOSS OF REVENUE, REVENUES, EARNINGS OR BUSINESS OPPORTUNITIES OR SPECIAL, INCIDENTAL OR CONSEQUENTIAL PROBLEMS ARISING OUT OF THIS AGREEMENT OR AT ALL GOT IN TOUCH WITH THE AIRPLANE UNDER THIS ARRANGEMENT, WHETHER ON THE GROUND OR AIRBORNE, AS WELL AS THE OTHER PURCHASES CONSIDERED HEREBY, UNLESS SUCH CLAIMS, DAMAGES, LOSSES, EXPENDITURES OR OBLIGATIONS 5 ARE SOLELY THE OUTCOME OF LESSEE'S GROSS OVERSIGHT OR WILLFUL MISCONDUCT OR OWNER'S FAILURE TO MAINTAIN THE INSURANCE COVERAGE PLANS REQUIRED HEREUNDER - Cirrus Rental.

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This Section 8 will survive any type of discontinuation of this Contract. (a) Subject to Area 8, Lessee shall bear the threat of loss, damage or damage of the Airplane from the time of delivery until the Airplane is returned to Owner pursuant to this Contract.

An Event of Loss relative to any kind of engine or APU shall not, without loss of the airframe, be regarded an Event of Loss with regard to the Airplane (Cirrus Rental). 6 10. Termination. This Arrangement might be ended: (i) instantly upon the mutual approval of all events; (ii) by either celebration when the termination of Robert Pittman's work with Lessee for any reason; (iii) by the non-breaching party if an Event of Default has actually taken place and also the breaching celebration has not cured within the applicable treatment duration (if any type of) offered in Section 14 of this Arrangement; (iv) automatically upon receipt by Lessor of the Casualty Value following an Occasion of Loss; or (v) either party complying with a decision by a mutually reasonable Dassault-authorized service center that the Aircraft is harmed to the level that it is improbable that it can be made operative within sixty (60) days.


11. Depictions, Warranties as well as Agreements. Lessee and Lessor each represent, require and also concur as complies with: (a) Due Company. It is appropriately arranged and validly existing under the regulations of the jurisdiction of its organization and also will certainly remain duly organized as well as existing in great standing as well as is duly qualified to do organization wherever necessary to execute its commitments under this Arrangement.

Title; No Liens; Quiet Satisfaction. (a) Title to the Aircraft will continue to be vested in Owner during the Term as well as the Aircraft will be signed up at the FAA in the name of Owner. Lessee will have no right, title or passion in or to the Airplane except as specifically given herein and shall take no activity or fall short to take any kind of activity reasonably requested by Lessor that would impair the continued my explanation registration of the Airplane at the FAA in the name of Lessor.

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An Event of Loss relative to any engine or APU will not, without loss of the airframe, be deemed an Occasion of Loss relative to the Aircraft. 6 10. Discontinuation. This Contract might be check out here terminated: (i) when the mutual permission of all celebrations; (ii) by either party when the discontinuation of Robert Pittman's employment with Lessee for any type of factor; (iii) by the non-breaching party if an Event of Default has actually happened and also the breaching celebration has actually not treated within the applicable treatment period (if any type of) attended to in Section 14 of this Contract; (iv) instantly upon receipt by Lessor of the Casualty Worth following an Event of Loss; or (v) either event adhering to a resolution by a mutually acceptable Dassault-authorized service center that the Airplane is damaged to the level that it is unlikely that it can be made operative within sixty (60) days.

11. Representations, Service Warranties as well as Arrangements. Lessee as well as Lessor each represent, warrant and also concur as complies with: (a) Due Company. It is appropriately organized as well as validly existing under the laws of the territory of its organization as well as will certainly continue to be properly organized and also existing in good standing and also is duly qualified to do service wherever essential to perform its responsibilities under this Agreement.

Title; No Liens; Silent Pleasure. (a) Title to the Airplane shall remain vested in Owner during the Term as well as the Airplane shall be signed up at the FAA for Lessor. Lessee will have no right, title or interest in or to the Airplane except as specifically offered here as well as will visit take no action or fall short to take any type of activity fairly asked for by Lessor that would certainly hinder the ongoing registration of the Airplane at the FAA in the name of Owner.

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