iHeartMedia 2003 Annual Report Download - page 168

6. Insurance. Operator, at its own expense, shall cause to be kept in
full force and effect with regard to its Aircraft, liability insurance
upon the Aircraft with limits for bodily injury and for property
damage, which are satisfactory to the Users. In addition, Operator
shall maintain or cause to be maintained in full force and effect and
at Operator’s own expense, passenger liability, public liability,
property damage, baggage and cargo insurance in such form, for such
amounts, and for such other coverages, and with such insurers as shall
be acceptable to Operator, insuring Operator and User as their
interests may appear against claims for death of or injury to persons,
or loss of or damage to property in connection with the possession,
use, or operation of the Aircraft by User. Notwithstanding the
foregoing and subject to the limitations of Section 91.501 (d), upon
Operator’s request, User shall reimburse Operator for the cost and
expense of any insurance obtained for any specific flight. Operator
shall be liable for any loss or damage to the Aircraft during the term
of this Agreement in connection with the possession, use or operation
of the Aircraft by User and, at Operator’s own expense, shall keep the
Aircraft insured (at its then current fair market value) together with
all its equipment and accessories, at such times against loss or
damage from crash, fire, windstorm, collision, or other casualty.
7. Indemnification. Operator agrees to indemnify, defend, and hold the
Users harmless from any claims, suits, liabilities, losses, costs or
expense for injury to persons, or damage to property in any way
arising out of the operation of the Aircraft.
8. Term. This Agreement shall be effective as of the Effective Date, and
shall continue in full force and effect for a term of one year, and
shall be automatically renewed for continuous periods of one year
without re-execution. Any party may terminate this Agreement at any
time for any or no reason by giving thirty (30) days’ prior written
notice to the other party of its intention to terminate. This
Agreement supersedes any prior agreements between the parties relating
to Aircraft operations and use.
9. Assignment. No party shall have the right to assign its interest or
rights hereunder, in whole or in part, without the prior written
consent of the other party, except that the Operator may assign its
interest hereunder to a wholly-owned affiliate without the consent of
the Users.
10. Notice. Any statement, consent, or notice required or permitted by
this Agreement shall be given by mail to the party concerned at the
addresses listed below except that notice with respect to the
operation or use of the Aircraft may be given by telephone.
11. Warranties. Users warrant to Operator that during the use of the
Aircraft said Aircraft shall not be used or employed, except as
authorized by the Federal Aviation Regulations. Operator warrants that
each of the Aircraft listed herein have been maintained under Part 91
of the Federal Aviation Regulations for the twelve (12) month period
immediately preceding the date of this Agreement.
12. No Carriage For Compensation or Hire. It is understood and agreed that
Operator and Users shall neither sell seats to passengers or space for
cargo, nor in any manner otherwise use any of the Aircraft listed
herein for the carriage of goods or passengers for compensation or
hire, and that the Aircraft is operated within the applicable rules of
Subpart D of Part 91 of the Federal Aviation Regulations during the
operation of this Agreement.
13. Counterparts. This Agreement may be executed in counterparts, all of
which when executed shall constitute an original.