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Insurance policy - Cirrus Rental. (a) During the Term, Lessor shall cause to be supplied and also kept in full force and also result, at Lessee's sole expense and also expense, a plan or plans of insurance policy offering the protection defined in this Area 7 covering all procedures of the Airplane ("Insurance Plan"). (i) Aircraft obligation insurance policy covering all procedures of the Airplane, which insurance coverage shall: (A) include an area arrangement sufficient to cover all Airplane procedures permitted by this Contract, with limitations of not less than Two Hundred Million US Dollars (United States $200,000,000) per event on a consolidated single limitation basis, covering claims for death, physical injury and also residential or commercial property damage, (B) checklist Owner as well as Lessee as named insureds and checklist as extra named insureds each of Lessee's and Owner's affiliates and their corresponding supervisors, officers, managers, staff members as well as agents and also Gama Air travel, Inc.; (C) be backed so that it is key as well as non-contributing to any various other insurance coverage that is available to any one of the insureds.




(iii) The Insurance coverage will contain an endorsement supplying that insurance coverages under such Insurance Policies shall not be nullified by any kind of act or negligence of anyone, consisting of an additional guaranteed under the policies; provided that there is neither permission neither real expertise by the insured event that such activity would certainly invalidate coverage under the policy and shall include a waiver of subrogation for Lessee as well as its police officers, supervisors, supervisors, staff members and representatives and Gama Air travel.

All Insurance coverage Plans will offer a severability of interest/cross responsibility recommendation, so regarding make certain that the insurance policy will run throughout as if a different plan has actually been provided covering each celebration insured, although underwriters' total restriction of responsibility will certainly not boost. (c) Immediately complying with the execution of this Arrangement and also each year after that, Lessor shall offer Lessee with certificates of insurance coverage and also recommendations confirming the efficiency (and also revival, as applicable) of such Insurance coverage in conformity with the insurance policy demands specified in this Area 7.

Restriction of Liability. OWNER UNDERSTANDS AS WELL AS AGREES THAT THE INSURANCE PLAN ARE OWNER'S SOLE TREATMENT AGAINST LESSEE FOR ANY AND ALL LOSS OR DAMAGES TO THE AIRCRAFT AND/OR INJURY OR FATALITY OF ANY PASSENGER AND/OR FOR ANY AND ALSO ALL CLAIMS, PROBLEMS, LOSSES, EXPENSES AND ALSO LIABILITIES INCLUDING, BUT NOT LIMITED TO, DIRECT OR INDIRECT LOSS OR DAMAGES TO THE AIRCRAFT, DECREASE IN VALUE OF THE AIRPLANE, LOSS OF REVENUE, REVENUES, REVENUES OR ORGANIZATION OPPORTUNITIES OR SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS ARRANGEMENT OR AT ALL ATTACHED WITH THE AIRCRAFT UNDER THIS ARRANGEMENT, WHETHER ON THE GROUND OR IN THE AIR, AS WELL AS THE VARIOUS OTHER TRANSACTIONS PONDERED HEREBY, UNLESS SUCH CLAIMS, DAMAGES, LOSSES, EXPENDITURES OR OBLIGATIONS 5 ARE SOLELY THE OUTCOME OF LESSEE'S GROSS CARELESSNESS OR WILLFUL TRANSGRESSION OR OWNER'S FAILURE TO PRESERVE THE INSURANCE COVERAGE REQUIRED HEREUNDER - Cirrus Rental.

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This Area 8 will make it through any kind of discontinuation of this Arrangement. 9. Risk of Loss; Loss or Damage. (a) Subject to Section 8, Lessee shall bear the risk of loss, damage or destruction of the Aircraft from the time of delivery until the Aircraft is returned to Lessor pursuant to this Agreement.

An Event of Loss with regard to any kind of engine or APU will not, without loss of the airframe, be regarded an Occasion of Loss with regard to the Airplane. This Contract may be terminated: (i) right away upon the shared approval of all celebrations; (ii) by either celebration right away upon the termination of Robert Pittman's employment with Lessee for any reason; (iii) by the non-breaching event if an Occasion of Default has happened and the breaching party has actually not treated within the suitable remedy period (if any kind of) offered for in Area 14 of this Contract; (iv) automatically upon invoice by Lessor of the Casualty Value adhering to an Occasion of Loss; or (v) either celebration following a resolution by an equally agreeable Dassault-authorized solution center that the Aircraft is harmed to the degree that it is improbable that it can be made operative within sixty (60) days.

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11. Depictions, Guarantees and Arrangements. Lessee as well as Owner each represent, warrant and also agree as adheres to: (a) Due Organization. It is properly organized and also validly existing under the legislations of the jurisdiction of its organization and will remain properly arranged and also existing in good standing and also is duly certified to do company any place required to execute its responsibilities under this Arrangement.

Title; No Liens; Silent Enjoyment. (a) Title to the Aircraft will continue to be vested in Owner during the Term and the Aircraft shall be signed up at the FAA for Owner. Lessee will have no right, title or interest in or to the Aircraft except as expressly offered herein as well as will take no activity or fall short to read review take any action reasonably requested by Lessor that would impair the continued registration of the Aircraft at the FAA in the name of Lessor.

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An Occasion of Loss with respect to any type of engine or APU will not, without loss of the airframe, be deemed an Occasion of Loss with regard to the Aircraft. This Arrangement might be terminated: (i) quickly upon the shared authorization of all parties; (ii) by either celebration immediately upon the termination of Robert Pittman's work with Lessee for any kind of reason; (iii) by the non-breaching celebration if an Occasion of Default has actually occurred as well as the breaching event has not treated within the relevant cure period (if any type of) given for in Area 14 of this Agreement; (iv) immediately upon invoice by Owner of the Casualty Worth adhering to an Event of Loss; or (v) either party complying with a decision by an equally reasonable Dassault-authorized solution center that home the Aircraft is damaged to the extent that it is improbable that it can be made operative within sixty (60) days.

11. Representations, Service Warranties and also Agreements. Lessee and Lessor each represent, call for and also agree as follows: (a) Due Organization. It is duly organized and validly existing under the laws of the jurisdiction of its organization as well as will stay appropriately arranged as well as existing in great standing as well as is appropriately certified to do organization wherever necessary to perform its responsibilities under this Contract.

Title; No Liens; Quiet Satisfaction. (a) Title to the Airplane shall continue to be vested in Owner during the Term and also the Airplane shall be signed up at the FAA in the name of Owner. Lessee shall have no right, title or interest in or to the Airplane except as specifically supplied herein and also shall take no action or stop working to take any activity reasonably asked for by Lessor that would certainly hinder the continued enrollment of the Aircraft at the FAA for Lessor.

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