Air Canada 2012 Annual Report Download - page 141
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2012 Consolidated Financial Statements and Notes
141
In aircraft financing or leasing agreements, the Corporation typically indemnifies the financing parties, trustees acting on their
behalf and other related parties and/or lessors against liabilities that arise from the manufacture, design, ownership, financing,
use, operation and maintenance of the aircraft and for tort liability, whether or not these liabilities arise out of or relate to the
negligence of these indemnified parties, except for their gross negligence or willful misconduct. In addition, in aircraft
financing or leasing transactions, including those structured as leveraged leases, the Corporation typically provides
indemnities in respect of various tax consequences including in relation to the leased or financed aircraft, the use, possession,
operation maintenance, leasing, subleasing, repair, insurance, delivery, import, export of such aircraft, the lease or finance
arrangements entered in connection therewith, changes of law and certain income, commodity and withholding tax
consequences.
When the Corporation, as a customer, enters into technical service agreements with service providers, primarily service
providers who operate an airline as their main business, the Corporation has from time to time agreed to indemnify the
service provider against certain liabilities that arise from third party claims, which may relate to services performed by the
service provider.
Under its general by-laws and pursuant to contractual agreements between the Corporation and each of its officers and
directors, the Corporation has indemnification obligations to its directors and officers. Pursuant to such obligations, the
Corporation indemnifies these individuals, to the extent permitted by law, against any and all claims or losses (including
amounts paid in settlement of claims) incurred as a result of their service to the Corporation.
The maximum amount payable under the foregoing indemnities cannot be reasonably estimated. The Corporation expects
that it would be covered by insurance for most tort liabilities and certain related contractual indemnities described above.