Aircraft Rental Agreement

airplane rental agreement

The air transport leasing agreement ("Agreement") will be concluded by and between Yet Again Inc. with effect from 16 November 2011 ("Effective Date"). a company organised and established under the laws of Delaware ("Lessor") and Clear Channel Broadcasting, Inc. a company organised and established under the law of Nevada ("lessee").

IMPORTANT: Where the Lessor is the legal Owner of the Aircraft as further described below; where the Lessee wishes to rent such Aircraft from the Lessor and the Lessor is willing to rent such Aircraft to the Lessee under the provisions herein stated. NOW, THERE, taking into account the representations made herein, the notifying party agrees as follows:

Aircraft dry lease. The Lessor hereby leases to the Lessee, and the Lessee exclusively leases from the Lessor, under the provisions of this Agreement, one (1) Dassault-Breguet Mystere Falcon 900 aircraft consisting of a carrier Manufacturer's aircraft number. and FAA registry number No. 27 and FAA T5VJ, together with its three (3) Garrett TFE-731 engine installations with manufacturers P-97154, P-97152, and P-97318 engine numbers, its assembled electronics systems and parts, and all associated OEM and full logs, documentation, and record keeping (collectively, the "Aircraft").

Runtime. Rental; Tax. a) The lessee shall make to the lessor on the date of delivery a one-time rental of three million US dollars (3,000,000,000 US dollars) ("Rent"). If the Rental Agreement is cancelled by either of the parties for any cause before the expiry of the Rental Period, the Lessor shall reimburse to the Lessee the prepaid Rental Price in proportion to the real number of Kalender Days that remain during the Rental Period from and after the date of valid cancellation.

Irrespective of any provision to the contrary in this Agreement, neither the lessee nor the lessor shall be liable to the other for any taxes arising out of the other' s earnings, nor shall the lessee be liable to (1) any government fine or penalty directly inflicted as a consequence of the lessee' s wilful default or neglect, or (2) any fine or penalty arising before or after the term.

The lessee shall be entitled to challenge in good faith, through an appropriate procedure, the tax owed by him and shall not be obliged to continue to remit such tax until the end of the competition, provided that such competition and non-payment are not reasonably likely to lead to the deterioration of the aircraft.

If the rental agreement is cancelled by either contracting partner for any cause before the end of the rental period, the lessor shall reimburse the lessee for that part of the taxes payable by the lessee relating to the part of the rent reimbursed. Supply; condition of the aircraft. a) The Rental Firm shall hand over the aircraft to the Hirer at Teterboro Airport (TEB) in Teterboro, New Jersey, on a date agreed by the Rental Firm and the Rental Firm ("Delivery Date").

b) The lessor shall hand over the aircraft to the lessee on the delivery date in the following condition: i) up-to-date and in accordance with the manufacturer's recommendation of the manufacturer's own service and repair programme, with all scheduled and scheduled checks to be carried out on or prior to the date of delivery, without postponement or prolongation; ii) operable and in an aircraft good order with a recent and applicable FAA Standard Certificate of Airworthiness and entered in the FAA Civil Aircraft Register;

iii ) with all aircraft normally operating in accordance with the manufacturer's specification and in accordance with all FAA airworthiness directives and vendor mandated relevant communications with data of conformity on or before the date of delivery; and v) all aircraft logs shall be readable in a fully understandable, comprehensive and consistent manner in accordance with all relevant international standards.

c) Upon delivering the Aircraft in accordance with the conditions of this Agreement, the Lessee shall export and supply the Certificate of Supply and Acceptance in the manner set out in Annex A.5 to this Agreement. Organisation: the State competent to operate the aircraft ('applicable law') and in accordance with the aircraft instruction handbook.

b ) All operation of the Aircraft during the Term shall be subject to the operative controls of the Lessee (as determined in 1.1 of the FARs) and the Lessee shall be exclusively liable for its ownership and use; and ii) the Lessee may not resell, convey, assign, charge, sublease or partially lease the Aircraft or any of its interests under the Agreement, except to perform servicing on the Aircraft, or unless otherwise agreed in written form by the Lessees.

a) During the Term, the Renter shall, at its own costs and expenses, perform aircraft servicing, inspections, maintenance, repairs, overhauls, overhauls and tests or have them performed in order to keep the aircraft in good working order as supplied to the Renter on the date of delivery, excluding normal abrasion and deterioration, and in accordance with all relevant laws, inclusive of the relevant FAR terms and conditions and the manufacturer's recommendation for servicing and maintaining ("Maintenance").

b ) The Renter shall carry out all servicing or have it carried out by personnel and bodies authorised by the FAA and the respective manufacturers. The lessee shall make sure that the servicing is carried out in such a way that it does not alter or affect guarantees or servicing schedules and arrangements for the aircraft or any part thereof.

Each logbook, record and document (including all computer-aided servicing records) relating to the aircraft and its propulsion units as well as their servicing during the term shall be kept in English and in accordance with the FARs and shall be returnable to the lessor upon expiry of this agreement with all details correctly filled in and endorsed.

The landlord will make such payment in a timely manner and will make such documents and information available to Honeywell in order to keep Honeywell informed of such programmes and to secure contract cover. After conclusion of this contract, the Rental Firm shall make available to the Hirer full and up-to-date photocopies of these contracts and shall make available to the Hirer any changes, enhancements, notifications or other documents concerning these programmes and the power units, the APU and/or the Avionic.

The landlord may not decrease the cover from such programmes without the previous agreement in writings of the tenant. d ) The Lessee is authorized during the Term to purchase and fit (the "Supplements"), at his own costs and expenses, any accessory, device or piece of hardware of his choice, but only as long as such Supplements (i) are authorized in written form by the Rental Firm; (ii) are in addition to the Aircraft;

iii ) are not obliged to make the aircraft fully fit for the use the lessee intends; iv) do not interfere with or reduce the value of the original aircraft operation or use; and v) can be easily detached without damaging the aircraft materially. e ) Unless the Contracting Parties have otherwise previously arranged, the Lessor shall pay the full costs of any incremental aircraft upgrade, principal improvement or substantial conversion carried out during the Term.

lnsurance. i) An aircraft third party liability policy that covers the entire operation of the aircraft and that includes the following: a) contain an area designation adequate to cater for all aircraft operation authorized under this Agreement, with an upper bound of at least $200 million ($200,000,000,000) per event on a composite individual limiting base that covers fatalities, personal injuries and material injuries; b) identify the Lessor and the Lessee as insured persons and the above listing as additionally identified insured persons, each of the Lessee's and the Lessor's affiliated companies and their respective Directors, Executives, Managers, Staff and Representatives and Gama Aviation, Inc.

that it is primarily premium free to any other policy available to one of the Insured. ii. all-risk land and missile casualty and all-in-one combat hazard on the aircraft for the aircraft for the agreed value of eighteen million US dollar (18,000,000,000 US dollar) ("casualty value").

This comprehensive includes the landlord and the tenant as the payer of the losses if their interests show up, and all excesses that apply to each individual one. a) The policies concluded within the framework of this Agreement must be i) be placed with insurers who (A) are qualifying for doing business in the United States, (B) be subject to the competence of a proper state or Federal tribunal in the United States with respect to any disputes that may arise out of the policies or with respect to the subject matter hereof; (C) hear any claims or judgments against the Lessee and the Lessor in a proper forum; and (D) be reasonably satisfying to both the Lessor and the Lessee, and such permission shall not be unduly denied, retarded or conditional.

provided that the cover for the risks of War and War-related Risks can be provided in writing at least seven (7) business days in advance or a shorter term in advance, as is common in the air transport sector, in order to arrange for termination in writing. iii ) The Insurances shall contain a statement stating that the cover provided under such Insurances shall not be suspended by the acts or neglect of any individual, personal or corporate, or any other individual covered by the Insurances, provided that neither the approval nor the effective knowledge of the Policyholder exists that such a claim would terminate the cover provided under the Insurances, and they shall contain a release of assignment in favour of the Lessee and its officer, director, manager, employee and agent, and GamaAI.

Separation of interest and cross-liability endorsements is provided in all policies to make sure that the coverage functions in all ways as if a seperate coverage had been provided to each policyholder, although the total coverage of the insurers is not increased. exclusively represented to the renter's rule or representative by gross negligence or gross negligence, or by the renter's negligence in not complying with the next insurances.

The Rental Firm assumes that the Hirer and each of the other insured persons are not liable for events or occurrences that are not insured by the aforementioned policy, unless such events or occurrences are exclusively due to culpable intent or wilful recklessness on the part of the Hirer or another insured person, or the Rental Firm has failed to comply with the insurances listed below.

Rental Firm hereby disclaims any claims for damages, losses or expenses resulting from the use, performance or servicing of the Aircraft or any other service related to the Aircraft and undertakes not to make any claims against Rental Firm or its affiliated companies or their relevant executives, managers, employees and representatives, unless such claims for damages, losses or expenses are due to Rental Firm's wilful default or wilful default.

Loss hazard; loss or deterioration. The Lessee shall notify the Lessor of property damages in writing at the same time as submitting his claim to the competent Government agency, and if such a claim is not necessary, it shall be submitted to the Lessor within thirty (30) days after the claim is made.

Necessary notification shall be provided together with all claims reporting to the FAA or any other government agency or insurance company and all documentation relating to the remedying of such claims, as well as photocopies of work orders, and all bills of related costs. c) In the case of "damage" to the aircraft, the lessor is eligible for the revenue from the comprehensive insurance.

The Rental Firm is not obliged to substitute the aircraft with another aircraft and the Hirer is not obliged to make further payment of the Rental Price to the Rental Firm. d ) An "Event of Damage" in relation to the Aircraft is one of the following occurrences in relation to such Property: (i) the aircraft's being lost as a result of its being destroyed, damaged beyond being repaired or transferred, which is durably unsuitable for ordinary use; (ii) any injury to such Ownership which results in its being insured against as a result of either consequential or punitive use; or (iii) any failure to perform any of the obligations under this Agreement in relation to the Aircraft or any of its parts; or (iv) any failure to perform any of the obligations under this Agreement to the extent that the Aircraft is in any way or has been damaged or damaged in relation to the Aircraft or its parts;

A claim relating to an APU shall not, without losing the aircraft cell, be considered a claim relating to the aircraft. Notice. The agreement may be terminated: iv ) automatic upon Lessor's receiving the value of the losses following a claim; or v) one of the parties, as determined by a servicing organisation authorised by Dassault, shall damage the aircraft to the degree that it is unlikely to be operational within sixty (60) calendar days. b ) the other contracting party shall be responsible for the damage to the aircraft, including, but not limited to, the costs of the repair, the costs of the repair, the costs of the repair, the costs of the repair and the costs of the repair, the costs of the repair and the costs of the repair. c) the other contracting parties shall be responsible for the costs of the repair, the costs of the repair, the costs of the repair and the costs of the replacement.

Any amount due by either of the parties to any other of the parties in the case of notice of termination of this Agreement before the expiry of the Term shall be due and payable to the other within thirty (30) calendar days after the date of notice of cancellation and this commitment shall continue after notice of termination of this Agreement.

Assurances, Guarantees and Agreements. The lessee and the lessor declare, guarantee and arrange as follows: They are properly organised and valid under the law of the jurisdictions of their companies and exist and shall be properly organised and have a good reputation and are properly competent to do business wherever necessary to fulfil their duties under this Agreement.

The Agreement has been properly approved by all necessary actions on its part in accordance with its organizational structure, does not necessitate the authorization or notification of any government agency. The Agreement has been properly performed and served by its authorised agent and represents its lawful, effective and binding commitment which is enforceable in accordance with its conditions, except that such enforcement may be restricted by statute of the bankrupt cy, bankrupt cy or similar law affecting the general interests of believers without prejudice to the general rules of capital.

a) Ownership of the aircraft shall be retained by the Rental Firm for the duration of the lease and the aircraft shall be recorded with the FAA in the name of the Rental Firm. The Lessee shall have no right, interest or interest in or to the aircraft unless specifically provided herein, and shall not take or refrain from any act reasonably required by the Lessor which would interfere with the further registry of the aircraft with the FAA on behalf of the Lessor.

b ) The lessee shall indemnify and hold the aircraft (including but not limited to the aircraft's power units, parts and fittings and all related interests and the related worldwide security interests) or this agreement harmless from and against any lien or encumbrance of any kind or kind ("lien") arising out of the lessee's actions or failures to act, except (i) for unfinished materials, mechanics and craftsmen,

c) As long as the Lessee makes payment of the rent and other sums due under these Regulations and meets and observes all other requirements, neither the Lessor nor any individual who acts by or on the name of the Lessor or on its behalf, nor any individual with privileges accorded by the Lessor, shall intervene in the Lessee's tranquil and unhindered use and enjoyment of the aircraft.

a) Upon expiry of this Agreement by expiry of the Term or otherwise, Lessee shall surrender to Lessor (or its nominee ) the safekeeping and ownership of the aircraft and all aircraft documents at Teterboro Airport (TEB) in Teterboro, New Jersey or any other commonly appointed place as specified by Lessor ("Return Delivery").

b ) On delivery, the aircraft shall be in the following state, unless the lessor waives this right: i) up-to-date and in accordance with the manufacturer's recommendation review and servicing programme, with all calendars and hours of checks to be complete on or before the date of return; ii) operable and in an aircraftworthy state, with a recent and effective FAA Standard Certificate of Airworthiness and recorded in the FAA Civil Aircraft Register; iii) with all equipment that normally operates in accordance with manufacturers' specification and in accordance with all Applicable FAA Aircraft Ventilation Guidelines and all Relevant Manufacturer's Leaflets;

iv ) The lessee has remitted to the lessor all sums due during the term of the lease for (A) the engine under the respective Honeywell MSP Gold Services Programme, (B) the Rockwell Collins Aviation under the respective Honeywell Collins Aviation Services Programme, and (C) the Honeywell Aviation under the Honeywell HAPP Services Programme, and the lessee has provided the lessor with all documents necessary under the respective programmes relating to such use;

vi ) to indemnify and hold harmless the lessee from all liens to the full degree to which they have been established by or against the lessee. c) After the aircraft has been returned in accordance with the conditions of this Agreement, the Rental Firm will export the Certificate of Reshipment in the enclosed format as Annex B and hand it over to the Hirer. The word "Event of Default" shall mean:

i) non-payment by either of the parties of a Rental Price and/or any other amount due under this Agreement within thirty (30) calendar days of receiving notification from the other that any or all of such amounts have not been paid on the due date; ii) non-payment by the Lessee to service, use or otherwise run the Aircraft in accordance with the laws in force;

iii ) non-compliance by the Lessee with all benefits under this Contract; iv) the establishment by the Lessee of a lien other than a valid lien; v) non-compliance by the Lessee with the obligation to surrender the Aircraft to the Lessor at the time and in the way prescribed in this Contract; vi ) the institution of any liquidation, covenant, receiver or similar proceedings by or against the tenant or landlord or any of his real estate or businesses (unless the proceedings are involuntarily denied within sixty (60) calendar days following the date of filing) or the refusal of this Agreement;

The non-infringing partner may, in its absolute judgment, take one or more of the following measures in the case of and during the continuance of a default event: i) to cancel this Agreement; ii) to the fullest permissible effect of the law, to board the facilities in which the Aircraft is situated and immediately take possession of and dispose of (or deactivate) the Aircraft by self-help, expedited procedure or otherwise without responsibility; iii) to provide a security or other security in the form of money or other security in kind or to retire and otherwise use any Revenue from insurances or otherwise to repay the amount due to Lessor at any reasonable moment; and iv) to require and retire the amount due from the defaulter.

In case of and during the continuance of a default incident, the Lessor shall have the right, upon request to the Lessee, but shall not be obliged, to render such service and all appropriate and recorded expenditures which the Lessor incurs in conjunction with the execution of such service shall be paid by the Lessee upon request without undue delay.

Such a measure does not constitute a remedy or renunciation of a default or an occurrence of the default. Any communication or other communication under this Agreement shall be in written form and sent by hand mail, fax or domestically registered carrier for night shipment to the below mentioned addresses (or such other addresses as a parties may specify in writing):

When to the landlord: This notification or other notification shall be considered to have been given if the addressee's service in person, physical service or failure to take receipt of shipment is, in the case of a registered carrier, the next working working date and, in the case of faxing, the date of service, if it is sent with an acknowledgement of receipt by e-mail during regular office working time of the addressee and, if it is sent after the addressee's regular office working time or on a date other than a working date for the addressee, the next working date at the time the office is opened).

Either contracting partner is obliged to inform the other contracting partner of any changes of contact in the above way. None of the notifying parties may oppose the notification procedure for any notification actually obtained by that notifying partner. The Agreement is effective and binding upon the applicable law of the applicable law of the Contracting States.

Neither of the parties may transfer this Agreement to the Lessor without the other' s approval so as not to be unduly detained or retarded, unless the Lessee may transfer this Agreement to its ultimate parent corporation, a majority-owned and controlling affiliate or a jointly-owned or controlling corporation with the Lessee upon prior notification in writing to the Lessor.

This Agreement shall be considered to be an agreement that is separate and separate, and the nullity, voidness, or illegality of any term or part of this Agreement shall not effect the validity or illegality of any other term or part of this Agreement. Every term of this Agreement that is illegal or not enforceable in any court of law shall be void in that court of law to the fullest extent permitted by that ban or enforcement, and every ban or enforcement in a particular court of law shall not void or make void that term in any other court of law.

For the sake of clarity only, the titles are included without prejudice to the construction of this Agreement. d) Complete agreement. The Agreement represents the whole agreement, in writing and orally, between the notifying party or their designees with regard to the object of the Agreement and shall not give any other party any right or remedy not specifically provided for.

You may not further amend or modify this Agreement unless properly authorized to do so by the written consent of the other party. The agreement may be concluded in one or more opposite parts, each of which shall be regarded as an authentic, forming together one and the same agreement. Any fax or electronic copy of an originalsignature to this Agreement shall be treated as the same and valid as an authentication.

The Lessor or the Lessee shall not be held responsible for any loss or omission if such loss or omission is due to force majeure or acts of the subversive state, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, civil unrest, strikes, lock-outs or other industrial disputes, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, acts of God, of God, of God, of God, of God, of God, of God, of God, of God, of God, of God, of God, of God, of God, of God, of God, of God, of God, of God, of God,

government alertness, ban, abrupt or unforeseen aircraft failures, incapacity to procure or retard aircraft or transportation supplies or services, incapacity, governmental authorizations, permissions, licenses or assignments, major incidents and any other cause, whether specifically listed or not, is beyond the reasonable control of the affected parties.

CERTIFICATES RENTED HERE that the aircraft has been examined and cared for within the 12-month term following the date of this Agreement in accordance with the Remote Part 91 rules and all relevant maintenance and inspection requirement(s) that have existed. ii ) AGREEMENTS, CERTIFICATIONS AND KNOWLEDGE RECOGNITIONS EXPOSED BY HIS SIGNIFICATION THAT THE USER WILL BE KNOWLEDGE AS AND WILL BE THE OWNER OF THE AIRcraft.

WITNESS WHEREOF, the foregoing agreement shall have been entered into by the foregoing at the time and the notifying party shall check that it has reviewed the agreement, understands its content and has full power to bind and hereby commit its relevant party. LANDLORDER: ONCE AGAIN INCL. INC. TENANT: CLEAR CHANNEL BROADCASTING, INC. Location: CLEAR CHANNEL BROADCASTING, INC. hereby accepts shipment of one (1) Dassault-Breguet Mystere Falcon 900 aircraft consisting of an aircraft cabin with FAA registration number No. 5VJ and the manufacturer's series number.

TFE-731 engine with P-97154, P-97152, and P-97318 suffixes, its assembled anvionics systems and components, and all associated logs, documentation, and recordings in accordance with the aircraft rental agreement between Clear Channel Broadcasting, Inc. as lessee and Yet Again Inc.

as landlord on the date 2011. Place: YET AGAINST INC. hereby accepts the return of one (1) Dassault-Breguet Mystere Falcon 900 aircraft consisting of an aircraft cabin with FAA registration number L5VJ and the manufacturer's uniqueerial number. TFE-731 engine with P-97154, P-97152, and P-97318 suffixes, its assembled anvionics systems and components, and all associated logs, documentation, and recordings in accordance with the aircraft rental agreement between Clear Channel Broadcasting, Inc.

as lessee and Yet Again Inc. as lessor with the date 2011.