Abercrombie & Fitch 2010 Annual Report Download - page 118

Download and view the complete annual report

Please find page 118 of the 2010 Abercrombie & Fitch annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

with the sound discretion of the pilot in command. The pilot in command shall have final and complete authority to cancel any flight for any reason or
condition which in his judgment would compromise the safety of the flight.
Section 7. Insurance.
7.1. Third-Party Liability Insurance. During the Lease term, the LESSOR shall at all times and at its own expense carry in full force and effect public
liability, property damage, "all-risk" hull, and any other necessary policies of insurance in respect of the Aircraft naming the LESSEE as an additional insured.
7.2. Evidence and Continuation of Insurance. Upon the LESSEE's request, the LESSOR shall furnish to the LESSEE evidence of insurance in
certificate form, in form and substance acceptable to the LESSEE.
Section 8. Indemnification Provisions.
8.1. Loss Events. During the Term and subject to the provisions hereof, the LESSEE shall bear the risk of, and hold the LESSOR harmless from, any
and all claims, demands, liabilities, loss, damages, and all related fees, costs and expenses of whatever kind, nature, and degree which arise in law or
otherwise in connection with the LESSEE's inability to use the Aircraft for whatever reason. Such an occurrence shall hereinafter be referred to as a "Loss
Event."
8.2. Report of Loss Event. The LESSEE shall report the occurrence of a Loss Event immediately to the LESSOR and, as required by law, to
governmental agencies.
8.3. Damage to LESSEE. LESSEE's risk of loss pursuant to Section 8.1 shall extend to any claim for a Loss Event suffered by the LESSEE, and/or his
guests, invitees, or agents, during the term of this Agreement.
Section 9. Default and Remedies.
9.1. LESSOR's Default. The LESSOR shall be in default of its obligations under this Agreement if the LESSOR: (a) fails to perform any of its
obligations under this Agreement and such failure continues for fifteen (15) days after receipt by the LESSOR of notice of such failure from the LESSEE; or
(b) takes any action to prevent or hinder the performance by the LESSEE of any of his obligations under the Agreement. In the event of any default by the
LESSOR, the LESSEE may terminate the Agreement immediately and pursue any other remedy available to the LESSEE in law or equity.
9.2. LESSEE's Default. The LESSEE shall be in default of his obligations under this Agreement if the LESSEE fails to perform any of his obligations
under the Agreement and such failure continues for fifteen (15) days after receipt by the LESSEE of notice thereof from the LESSOR. In the event of any
default by the LESSEE, the LESSOR may: immediately terminate this Agreement. The LESSOR's exercise of either or both of the remedies stated above
shall not prejudice the LESSOR's right to pursue any other remedy available to the LESSOR in law or equity. The LESSOR may elect not to exercise any of
its rights to seek a remedy for an event of default under this Section 9.2. However, no waiver of enforcement of any of the LESSOR's rights under this
Agreement with respect to any event of default shall operate to affect or impair the LESSOR's unenforced rights with respect to that event of default or any
right with respect to another event of default by the LESSEE, past or future.
Section 10. Risk of Loss.
10.1. Risk of Loss. Risk of loss of, or damage to, the Aircraft shall be borne by LESSOR at all