Form of Aircraft Time Sharing Agreement



 Exhibit 10.3 
  
 AIRCRAFT TIME SHARING AGREEMENT 
  
 This Aircraft Time Sharing Agreement (“Agreement”) is entered into effective as of December     , 2004
(the “Effective Date”) by and between LIMITED SERVICE CORPORATION, a Delaware corporation (“Operator”), and each of the individuals whose name and signature appears on Schedule
1 hereto, as the same may be amended from time to time (each, a “Time Share Lessee”). 
  
 Recitals: This Agreement is made under the following circumstances. 
  

	A.	Operator controls and operates in the legal capacity of lessee each of the Aircraft (as defined and described below). 

  

	B.	Operator employs (or contracts for the services of) a fully qualified flight crew to operate each Aircraft. 

  

	C.	Each Time Share Lessee desires from time to time to sublease the Aircraft, with a flight crew, on a non-exclusive basis, from Operator on a time sharing basis as defined in
Section 91.501(c)(1) of the FAR. 

  

	D.	Operator is willing to sublease the Aircraft, with flight crew, on a non-exclusive basis, to Time Share Lessees on a time sharing basis. 

  

	E.	During the Term of this Agreement, the Aircraft will be subject to use by Operator and/or other one or more subleases to third-parties. 

  
 NOW, THEREFORE, each Time Share Lessee and Operator, in consideration of the promises of the
other set forth herein, intending to be legally bound, hereby agree as follows. 
  
 Section 1. Definitions. 
  

	1.1.	Specific Terms. The following defined terms shall have the following meanings when used in this Agreement. The meanings assigned by this Agreement shall apply to the plural,
singular, possessive or any other form of the term. Words of the masculine, feminine or neuter gender include all other genders. 

  
 “Agreement” is defined in the preamble. 
  
 “Aircraft” means each of the Airframes, the Engines, and the Aircraft Documents. Such Engines shall be deemed part of the
“Aircraft” whether or not from time to time attached to the Airframe or removed from the Aircraft. 
  
 “Aircraft Documents” means, as to any Aircraft, all flight records, maintenance records, historical records, modification records,
overhaul records, manuals, logbooks, authorizations, drawings and data relating to the Airframe, any Engine, or any Part, that are required by Applicable Law to be created or maintained with respect to the maintenance and/or operation of the
Aircraft. 
  
 “Airframe” means each of the
Airframes listed in Schedule 2 attached hereto and made a part hereof, as the same may be amended from time to time as set forth below, together with any and all Parts (including, but not limited to, landing gear and auxiliary power units but
excluding Engines or engines) so long as such Parts shall be either incorporated or installed in or attached to the Airframe. 
  
 “Applicable Law” means, without limitation, all applicable laws, treaties, international agreements, decisions and orders of any court,
arbitration or governmental agency or authority and rules, regulations, orders, directives, licenses and permits of any governmental body, instrumentality, agency or authority, including, without limitation, the FAR and 49 U.S.C. § 41101, et
seq ., as amended. 
  
 “Business Day” means
Monday through Friday, exclusive of legal holidays under the laws of the United 
 States, or the State of Ohio. 







 AIRCRAFT TIME SHARING AGREEMENT

  
 “Effective Date” means the date so
specified in the preamble of this Agreement. 
  
 “Engines” means, as to each Airframe, the engines identified in Schedule 2 (or any replacement or loaner engines), as the same may be amended from time to time as set forth below, together with any and all Parts so long as
the same shall be either incorporated or installed in or attached to such Engine. 
  
 “FAA” means the Federal Aviation Administration or any successor agency. 
  
 “FAR” means collectively the Aeronautics Regulations of the Federal Aviation Administration and the Department of Transportation, as
codified at Title 14, Parts 1 to 399 of the United States Code of Federal Regulations. 
  
 “Flight Charges” means the amount calculated under Section 4.1 below. 
  
 “Flight Hour” means each flight hour, calculated in tenths of an hour, of use of the Aircraft by a Time Share Lessee, as recorded on the
Aircraft hour meter. 
  
 “Headlease” means, as
to any Aircraft, the Aircraft Lease Agreement between the Owner and Operator, as the same may be amended from time to time, the terms and conditions of which are incorporated into this Agreement by reference. 
  
 “Operating Base” means Port Columbus Airport, Columbus,
Ohio. 
  
 “Operational Control” has the same
meaning given the term in Section 1.1 of the FAR.  
  
 “Operator” is defined in the preamble. 
  
 “Owner” means, as to each Aircraft, the registered owner of the Aircraft as shown by the records of the FAA. 
  
 “Parts” means, as to any Aircraft, all appliances, components, parts, instruments, appurtenances, accessories, furnishings or other
equipment of whatever nature (other than complete Engines or engines) which may from time to time be incorporated or installed in or attached to the Airframe or any Engine and includes replacement parts. 
  
 “Pilot in Command” has the same meaning given the term in
Section 1.1 of the FAR. 
  
 “Taxes” means all
sales taxes, use taxes, retailer taxes, duties, fees, excise taxes (including, without limitation, federal transportation excise taxes), or other taxes of any kind which may be assessed or levied by any Taxing Jurisdiction as a result of the
sublease of the Aircraft to a Time Share Lessee, or the use of the Aircraft by a Time Share Lessee, or the provision of a taxable transportation service to a Time Share Lessee using the Aircraft. 
  
 “Taxing Jurisdictions” means any federal, state, county,
local, airport, district, foreign, or other governmental authority that imposes Taxes. 
  
 “Term” means the term of this Agreement set forth in Section 3. 
  
 “Time Share Lessee” is defined in the preamble. Upon execution of any supplements to Schedule 1, each person named in and signing the
supplement shall become an additional Time Sharing Lessee, effective as of the date shown therein as to that person. 
  

	1.2.	Other Terms. Unless otherwise specified, the following terms, whether or not capitalized, will have the following meanings as used in this Agreement. “Hereof”,
“herein”, “hereunder” and similar terms refer to this 

  

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 AIRCRAFT TIME SHARING AGREEMENT

  
 Agreement as a whole, and are not limited to the section
or subdivision of this Agreement in which the term appears. “Includes, “including” and similar terms mean without limitation. “Person” includes any natural person, corporation, general or limited partnership, limited
liability company, other incorporated or unincorporated association, trust, governmental body or other entity. 
  
 Section 2. Agreement to Sublease. 
  

	2.1.	Agreement to Sublease. Operator agrees to sublease the Aircraft to Time Share Lessees on an “as needed and as available” basis, and to provide a fully qualified
flight crew for all flights of each Time Share Lessee, in accordance with the terms and conditions of this Agreement. 

  

	2.2.	Independent Agreements. The Time Share Lessees are listed in a single document for the sole purpose of convenience of the Operator. This Agreement shall be deemed a separate
Time Sharing Agreement as between Operator and each Time Share Lessee. Without limiting the preceding sentence: 

  

	 	2.2.1.	Operator may from time to time agree to add additional persons as a Time Share Lessee, without notice to the existing Time Share Lessees. Each such agreement will be evidenced by a
supplement to Schedule 1, signed by Operator and the new Time Share Lessee(s), setting forth the new Time Share Lessee’s notice address, the date as to which this Agreement becomes effective as to the new Time Share Lessee, and his or her
commitment to be bound by this Agreement. 

  

	 	2.2.2.	The rights and obligations of each Time Share Lessee are independent of one another. Under no circumstances will any Time Share Lessee be deemed liable for any monetary or
non-monetary obligations of any other Time Share Lessee hereunder, whether jointly, severally, or by way of suretyship or guaranty. 

  

	 	2.2.3.	Termination of this Agreement as to any one or more of the Time Share Lessees shall not be deemed to be a termination as to any other Time Share Lessee. 

  

	2.3.	Intent and Interpretation. The parties hereto intend that this Agreement shall constitute, and this Agreement shall be interpreted as, a Time Sharing Agreement as
defined in Section 91.501(c)(1) of the FAR. 

  

	2.4.	Non-Exclusivity. Each Time Share Lessee acknowledges that the Aircraft is subleased to Time Share Lessees hereunder on a non-exclusive basis, and that the Aircraft will also
be subject use by Operator and Operator’s parent, subsidiaries, and affiliates, and may also be subject to non-exclusive sublease to others during the Term. 

  
 Section 3. Term. As to each Time Share Lessee, the term of this Agreement begins on the Effective Date, and ends on the December 31
next following; provided, however, that as to any person added as a Time Share Lessee after the Effective Date pursuant to Section 2.2.1 above, the Term shall begin on the date specified in the supplement to Schedule 1 adding the person as a Time
Share Lessee. At the end of the initial Term or any subsequent Term, this Agreement shall automatically be renewed for an additional one (1) year Term. The foregoing notwithstanding: 
  

	A)	This Agreement shall end as to any Time Share Lessee at such time as that Time Share Lessee is neither an officer, director or employee of Operator nor of any parent
corporation, subsidiary or affiliate of Operator. 

  

	B)	Each Time Share Lessee shall have the right to terminate this Agreement with or without cause on thirty (30) days written notice to the Operator, and the Operator shall have
right to terminate this Agreement as to any one or more Time Share Lessees with or without cause on thirty (30) days written notice to the Time Share Lessee or Lessees in question, without need in either case to notify any Time Share Lessee as to
whom the Agreement is not being terminated. 

  
 Section 4.
Payments. 
  

	4.1.	Flight Charges. Each Time Share Lessee shall pay Operator for each flight conducted for that Time Share Lessee under this Agreement an amount equal to that Time Share
Lessee’s pro rata share of the lesser of: 

  

	 	4.1.1.	An amount equal to the product of the number of Flight Hours of the duration of the flight, rounded to the nearest 1/10th of a Flight Hour, multiplied by the Total Direct
Costs Per Flight Hour for the make and model of Aircraft as published by Conklin & de Decker Aviation Information , as updated from time to time; and 

  

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 AIRCRAFT TIME SHARING AGREEMENT

  

	 	4.1.2.	An amount equal to the maximum amount of expense reimbursement permitted in accordance with Section 91.501(d) of the FAR, which expenses include and are limited to:


  

	 	a)	fuel, oil, lubricants, and other additives; 

  

	 	b)	travel expenses of the crew, including food, lodging and ground transportation; 

  

	 	c)	hangar and tie down costs away from the Aircraft’s base of operation; 

  

	 	d)	insurance obtained for the specific flight; 

  

	 	e)	landing fees, airport taxes and similar assessments; 

  

	 	f)	customs, foreign permit, and similar fees directly related to the flight; 

  

	 	g)	in-flight food and beverages; 

  

	 	h)	passenger ground transportation; 

  

	 	i)	flight planning and weather contract services; and 

  

	 	j)	an additional charge equal to 100% of the expenses listed in Section 4.1.2(a). 

  

	4.2.	Pro Rata Share. If two or more Time Share Lessees lease the Aircraft for the same flight segment, the Flight Charges for that segment shall be allocated between or among them
on a pro rata basis. 

  
 Section 5. Invoices and
Payment. Operator will initially pay all expenses related to the operation of the Aircraft when and as such expenses are incurred, provided that within thirty (30) days after the last day of any fiscal quarter (according to Operator’s
fiscal year) during which any flight for the account of a Time Share Lessee has been conducted, Operator shall provide an invoice to that Time Share Lessee for an amount determined in accordance with Section 4 above. Time Share Lessee shall remit
the full amount of any such invoice, together with any applicable Taxes under Section 6, to Operator promptly within thirty (30) days of the invoice date. 
  
 Section 6. Taxes. None of the payments to be made by any Time Share Lessee under Sections 4 and 5 of this Agreement includes, and each Time Share Lessee shall be
responsible for, shall indemnify and hold harmless Operator and Owner against, any Taxes which may be assessed or levied by any Taxing Jurisdiction as a result of the sublease of the Aircraft to that Time Share Lessee, or the use of the Aircraft by
that Time Share Lessee, or the provision of a taxable transportation service to that Time Share Lessee using the Aircraft. Without limiting the generality of the foregoing, Time Share Lessees and Operator specifically acknowledge that all Time Share
Lessees’ flights will be subject to commercial air transportation excise taxes pursuant to Section 4261 of the Internal Revenue Code, regardless of whether any such flight is considered “noncommercial” under the FAR. Time Share Lessee
shall remit to Operator all such Taxes together with each payment made pursuant to Section 5. 
  
 Section 7. Scheduling Flights. 
  

	7.1.	Submitting Flight Requests. Each Time Share Lessee shall submit requests for flights and proposed flight schedules to Operator as far in advance of any given flight as
possible, and in any case, at least 24 hours in advance of Time Share Lessee’s planned departure. Time Share Lessee shall provide Operator at least the following information for each proposed flight at least 24 hours prior to scheduled
departure: departure airport; 

  

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 AIRCRAFT TIME SHARING AGREEMENT

  
 destination airport; date and time of departure; the
number of anticipated passengers; the nature and extent of luggage and/or cargo to be carried; the date and time of return flight, if any; and any other information concerning the proposed flight that may be pertinent or required by Operator or
Operator’s flight crew. 
  

	7.2.	Approval of Flight Requests. Each use of an Aircraft by a Time Share Lessee shall be subject to Operator’s prior approval. Operator may approve or deny any flight
scheduling request in Operator’s sole discretion. Scheduling requests not approved in writing by 5:00 p.m. Columbus local time on the 2nd Business Day after the request is received by Operator shall be deemed denied. Operator shall be under no
obligation to approve any flight request submitted by a Time Share Lessee, and shall have final authority over the scheduling of the Aircraft; provided, however, that Operator will use reasonable efforts to accommodate Time Share Lessee’s needs
and avoid conflicts in scheduling. If two or more Time Share Lessees make conflicting requests for use of the Aircraft, Operator shall have sole discretion to determine which, if any, of such requests to accommodate. Operator shall have sole
discretion to determine which of the Aircraft, if any, to make available in response to the Time Share Lessee’s request. 

  

	7.3.	Subordinated Use of Aircraft. Each Time Share Lessee’s rights to schedule use of the Aircraft during the Term of this Agreement shall at all times be subordinate to the
Aircraft use requirements of Operator, and any parent corporation, subsidiary or affiliate of Operator (each an “Operator Related Entity”), and Operator and each Operator Related Entity shall at all times be entitled to preempt any
scheduled, unscheduled, and anticipated use of the Aircraft by a Time Share Lessee, notwithstanding any prior approval by Operator of a request by such Time Share Lessee to schedule a flight. 

  

	7.4.	Priority Use of Aircraft. Time Share Lessees’ rights to schedule use of the Aircraft during the Term of this Agreement shall, subject to Section 7.2, at all times be
superior to the Aircraft use requirements of any person to whom Operator has subleased or hereafter subleases the Aircraft other than another Time Share Lessee or an Operator Related Entity (any such person an “Unrelated Sublessee”), and a
Time Share Lessee shall at all times be entitled to preempt any scheduled, unscheduled, and anticipated use of the Aircraft by any Unrelated Sublessee. 

  
 Section 8. Title and Operation. 
  

	8.1.	Title and Registration; Subordination. Owners have exclusive legal and equitable title to the Aircraft, and Operator has priority leasehold possessory rights to the Aircraft
pursuant to the Headlease. Each Time Share Lessee acknowledges that title to the Aircraft shall remain vested in Owner, and each Time Share Lessee undertakes, to the extent permitted by Applicable Law, to do all such further acts, deeds, assurances
or things as may, (i) in the reasonable opinion of the Owner, be necessary or desirable in order to protect or preserve Operator’s title to the Aircraft, and (ii) in the reasonable opinion of the Operator, be necessary or desirable in order to
protect or preserve Operator’s rights under the Headlease. Notwithstanding anything in this Agreement to the contrary, any rights Time Share Lessee may have in or to the Aircraft by virtue of this Agreement, including Time Share Lessee’s
rights to use of the Aircraft, are in all respects subordinate, junior, and subject to Owner’s rights and interests under the Headlease, including, without limitation, the right of Owner to take possession of the Aircraft and Engines upon
Operator’s default under the Headlease. To the extent requested by Owner, its successors or assigns, each Time Share Lessee shall take all action necessary to continue all right, title and interest of Owner, its successors or assigns in the
Aircraft under Applicable Law against any claims of any Time Share Lessee and any persons claiming by, through or under such Time Share Lessee. 

  

	8.2.	Aircraft Maintenance and Flight Crew. Operator shall be solely responsible for maintenance, preventive maintenance and required or otherwise necessary inspections of the
Aircraft, and shall take such requirements into account in scheduling the Aircraft. No period of maintenance, preventative maintenance, or inspection shall be delayed or postponed for the purpose of scheduling the Aircraft, unless said maintenance
or inspection can be safely conducted at a later time in compliance with all Applicable Law, and with the sound discretion of the pilot in command. 

  

	8.3.	Flight Crews. Operator shall provide to Time Share Lessee a qualified flight crew for each flight conducted 

  

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 AIRCRAFT TIME SHARING AGREEMENT

  
 in accordance with this Agreement. Operator may, if it so
chooses, elect not to hire its own pilots for any given flight hereunder, but to contract instead for pilot services from a third party vendor. Whether or not the flight crew is supplied by a third party vendor, the flight crew is under the
exclusive command and control of Operator in all phases of all flights conducted hereunder. 
  

	8.4.	OPERATIONAL CONTROL. THE PARTIES EXPRESSLY AGREE THAT OPERATOR SHALL HAVE AND MAINTAIN OPERATIONAL CONTROL OF THE AIRCRAFT FOR ALL FLIGHTS OPERATED UNDER THIS AGREEMENT, AND
THAT THE INTENT OF THE PARTIES IS THAT THIS AGREEMENT CONSTITUTE A “TIME SHARING AGREEMENT” AS SUCH TERM IS DEFINED IN SECTION 91.501(C)(1) OF THE FAR. OPERATOR SHALL EXERCISE EXCLUSIVE AUTHORITY OVER INITIATING, CONDUCTING, OR TERMINATING
ANY FLIGHT CONDUCTED ON BEHALF OF A TIME SHARE LESSEE PURSUANT TO THIS AGREEMENT. 

  

	8.6.	Authority of Pilot In Command. Notwithstanding that Operator shall have Operational Control of the Aircraft during any flight conducted pursuant to this Agreement, Operator
and the Time Share Lessees expressly agree that the Pilot in Command, in his or her sole discretion, may terminate any flight, refuse to commence any flight, or take any other flight-related action which in the judgment of the Pilot in Command is
necessitated by considerations of safety. The Pilot in Command shall have final and complete authority to postpone or cancel any flight for any reason or condition which in his or her judgment would compromise the safety of the flight. No such
action of the Pilot in Command shall create or support any liability of Operator to a Time Share Lessee for loss, injury, damage or delay. 

  

	8.7.	Force Majeure. Operator shall not be liable for delay or failure to furnish the Aircraft and flight crew pursuant to this Agreement when such failure is caused by government
regulation or authority, mechanical difficulty, war, civil commotion, strikes or labor disputes, weather conditions, acts of God or other unforeseen or unanticipated circumstances. 

  
 Section 9. Headleases; Addition or Deletion of Aircraft. The Time Share Lessees shall
be furnished with a copy of any Headlease upon written request. Any such copy shall be deemed proprietary information belonging solely to Operator, and shall be treated as confidential by the Time Share Lessee. Operator and the Owner from time to
time, in their sole discretion, may amend, modify or terminate any Headlease, or enter into one more new Headleases. Upon notice to the Time Share Lessees, Operator may in its sole discretion modify this Agreement by adding Aircraft to or deleting
Aircraft from Schedule 2. The notice shall be accompanied by a copy of the revised Schedule 2, showing the effective date of the revised Schedule 2. Upon the sending of such notice, the revised Schedule 2 shall for all purposes supersede all
previous editions of Schedule 2, the Term shall end as to any Aircraft that have been deleted from Schedule 2, and shall begin as to any Aircraft that have been added to Schedule 2. 
  
 Section 10. Insurance. Operator shall maintain, or cause to be maintained insurance in such amounts and against such perils and
liability as is required by time to time by the Headleases, including bodily injury and property damage, liability insurance and all risks aircraft hull insurance, naming such loss payees as the Headleases may require. Further, Operator will cause
each Time Share Lessee to be named as an Additional Insured on all such policies of insurance, and Operator will provide any Time Share Lessee with a Certificate of Insurance upon request. 
  
 Section 11. Representations and Warranties. Each Time Share Lessee represents and
warrants, for him or herself only, that Time Share Lessee shall: 
  

	A)	Use the Aircraft solely for and on account of his or her own personal or business use, and will not use the Aircraft for the purpose of providing transportation of passengers
or cargo for compensation or hire; 

  

	B)	Refrain from incurring any mechanic’s or other lien in connection with inspection, preventative maintenance, maintenance or storage of the Aircraft, whether permissible
or impermissible under this Agreement; 

  

	C)	Not attempt to convey, mortgage, assign, lease, sublease, or any way alienate the Aircraft or create any kind of lien or security interest involving the Aircraft or do
anything or take any action that might mature into such a lien; and 

  

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 AIRCRAFT TIME SHARING AGREEMENT

  

	D)	Abide by and conform, during the Term, to all Applicable Laws, governmental and airport orders, rules and regulations, as shall from time to time be in effect relating in any
way to the operation and use of the Aircraft by a time sharing Time Share Lessee. 

  
 12. Miscellaneous. 
  

	12.1.	Notices. All notices hereunder shall be delivered by hand, sent by reputable guaranteed overnight delivery service, or sent by first-class United States mail, certified,
postage prepaid, return receipt requested. Notice shall be deemed given when delivered or sent in the manner provided herein. 

  

			
	If to Operator:	  	If to a Time Share Lessee:
	 Limited Brands Flight Department
 4387 International
Gateway
 Columbus, OH 43219
 Attention: Mr. Timothy P.
Stehle
	  	 At the address set forth for the Time
 Share Lessee in
Schedule 1


  
 At any time, Operator
may change its address for purposes of notices under this Agreement by giving notice to the Time Share Lessees as set forth in this Section 12.1, and any Time Share Lessee may change its address for purposes of notices under this Agreement by giving
notice to Operator as set forth in this Section 12.1. 
  

	12.2.	No Waiver. No purported waiver by either party of any default by the other party of any term or provision contained herein shall be deemed to be a waiver of such term or
provision unless the waiver is in writing and signed by the waiting party. No such waiver shall in any event be deemed a waiver of any subsequent default under the same or any other term or provision contained herein. 

  

	12.3.	Entire Agreement. This Agreement sets forth the entire understanding between the parties concerning the subject matter this Agreement and incorporates all prior negotiations
and understandings. There are no covenants, promises, agreements, conditions or understandings, either oral or written, between them relating to the subject matter of this Agreement other than those set forth herein. No representation or warranty
has been made by or on behalf of any party (or any officer, director, employee or agent thereof) to induce any other party to enter into this Agreement or to abide by or consummate any transaction contemplated by any terms of this Agreement, except
representations and warranties, if any, expressly set forth herein. No alteration, amendment, change or addition to this Agreement shall be binding upon either party unless in writing and signed by the party to be charged. Whenever in this Agreement
any printed portion has been stricken out, whether or not any relative provision has been added, this Agreement shall be construed as if the material so stricken was never included herein and no inference shall be drawn from the material so stricken
out which would be inconsistent in any way with the construction or interpretation which would be appropriate if such material were never contained herein. 

  

	12.4.	No Agency or Partnership. Nothing contained in this Agreement shall be deemed or construed by the parties hereto or by any third person to create the relationship of
principal and agent or of partnership or of joint venture. 

  

	12.5.	Successors and Assigns. Each and all of the provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto, and except as otherwise
specifically provided in this Agreement, their respective successors and assigns, provided, however, that neither this Agreement, nor any rights herein granted may be assigned, transferred or encumbered by any party, and any purported or attempted
transfer or assignment by either party without the written consent of the other shall be void and of no effect; provided, however, that the rights and obligations of the Operator may be assigned without the consent of the Time Share Lessees to any
assignee of Operator’s rights and obligations under the Headlease. 

  

	12.6.	Third Parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person other than the parties hereto and their successors or
assigns, any rights or remedies under or by reason of this Agreement. 

  

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	12.7.	Joint Preparation. This Agreement is to be deemed to have been prepared jointly by the parties hereto, and any uncertainty or ambiguity existing herein, if any, shall not be
interpreted against any party, but shall be interpreted according to the application of rules of interpretation for arm’s-length agreements. 

  


	12.8.	Captions; Recitals. The captions and section numbers appearing this Agreement are inserted only as a matter of convenience. They do not define, limit, construe or describe
the scope or intent of the provisions of this Agreement. The Recitals at the beginning of this Agreement are intended to give an understanding of the factual background that led the parties to enter into this Agreement. The Recitals are not intended
to be warranties, representations, covenants, or otherwise contractually binding. 

  

	12.9.	Prohibited or Unenforceable Provisions. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibitions or unenforceability in any jurisdiction. To the extent permitted by applicable law, each of Operator
and Time Share Lessee hereby waives any provision of applicable law which renders any provision hereof prohibited or unenforceable in any respect. 

  

	12.10.	Governing Law. This Agreement shall be governed and construed by the provisions hereof and in accordance with the laws of the State of Ohio applicable to agreements to be
performed in the State of Ohio, without giving effect to its conflict of laws provisions. 

  

	12.11.	Counterparts. This Agreement may be executed in several counterparts, and/or by execution of counterpart signature pages which may be attached to one or more counterparts,
and all counterparts so executed shall constitute one agreement binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or to the same counterpart. In addition, any counterpart signature page may
be executed by any party wherever that party is located, and may be delivered by telephone facsimile transmission, and any such facsimile transmitted signature page may be attached to one or more counterparts of this Agreement, and such faxed
signature(s) shall have the same force and effect, and be as binding, as original signatures executed and delivered in person. 

  

	12.12.	Manual Signatures Required. Any acceptance, signature, execution or validation of this Agreement or any communication or notice required hereunder, shall be manually signed
and delivered by hard copy or by fax. No purported offer, acceptance, agreement, or binding agreement in connection with this transaction shall be made by automated agent, electronic agent, electronic mail, electronic signature, telephonic voice
mail, sound recording, or other electronic means of any kind (other than fax), all as such terms are defined in the Uniform Electronic Transactions Act (“UETA”, Ohio Revised Code Chapter 1306), the Electronic Signatures in Global and
National Commerce Act (“ESIGN”, U.S. Code Sections 7001 et seq.), or any similar state or federal legislation. This Section is intended as an express disclaimer of intent, and an express refusal, under UETA and ESIGN to conduct this
transaction by electronic means. This Section cannot be waived except by manually signed, written consent of both parties. 

  
 Section 13. Amendments, Addenda and Supplements. Each Time Share Lessee (including every person who later becomes a Time Share Lessee) authorizes Operator at any
time, and from time to time, to do any or all of the following in the name of, and on behalf of, the Time Share Lessee, which authorization and power is coupled with an interest and shall be irrevocable: 
  
 A) Execute and deliver any document (including amendments, addenda or supplements to
this Agreement) evidencing: 
  

	 	(i)	The addition of any person or persons as Time Share Lessee; 

  

	 	(ii)	The cessation of the term of this Agreement as to any person or persons as Time Share Lessee; or 

  

	 	(iii)	The addition, withdrawal or substitution of any of the Aircraft. 

  

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 B) Filing any such document with the FAA and/or such other
governmental agencies or offices as Operator shall judge to be necessary or desirable. 
  
 Section 14. DISCLAIMER. THE AIRCRAFT IS BEING SUBLEASED BY THE OPERATOR TO THE TIME SHARE LESSEES HEREUNDER ON A COMPLETELY “AS IS, WHERE IS,” BASIS, WHICH IS ACKNOWLEDGED AND AGREED TO BY THE TIME SHARE LESSEES. THE
WARRANTIES AND REPRESENTATIONS SET FORTH IN THIS AGREEMENT ARE EXCLUSIVE AND IN LIEU OF ALL OTHER REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, AND OPERATOR HAS NOT MADE AND SHALL NOT BE CONSIDERED OR DEEMED TO HAVE MADE (WHETHER BY
VIRTUE OF HAVING SUBLEASED THE AIRCRAFT UNDER THIS AGREEMENT, OR HAVING ACQUIRED THE AIRCRAFT, OR HAVING DONE OR FAILED TO DO ANY ACT, OR HAVING ACQUIRED OR FAILED TO ACQUIRE ANY STATUS UNDER OR IN RELATION TO THIS AGREEMENT OR OTHERWISE) ANY OTHER
REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT OR TO ANY PART THEREOF, AND SPECIFICALLY, WITHOUT LIMITATION, IN THIS RESPECT DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES CONCERNING THE TITLE, AIRWORTHINESS,
VALUE, CONDITION, DESIGN, MERCHANTABILITY, COMPLIANCE WITH SPECIFICATIONS, CONSTRUCTION AND CONDITION OF THE AIRCRAFT, OR FITNESS FOR A PARTICULAR USE OF THE AIRCRAFT AND AS TO THE ABSENCE OF LATENT AND OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE,
AND AS TO THE ABSENCE OF ANY INFRINGEMENT OR THE LIKE, HEREUNDER OF ANY PATENT, TRADEMARK OR COPYRIGHT, AND AS TO THE ABSENCE OF OBLIGATIONS BASED ON STRICT LIABILITY IN TORT, OR AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP OF THE AIRCRAFT OR
ANY PART THEREOF OR ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED (INCLUDING ANY IMPLIED WARRANTY ARISING FROM A COURSE OF PERFORMANCE OR DEALING OR USAGE OF TRADE), WITH RESPECT TO THE AIRCRAFT OR ANY PART THEREOF. EACH TIME
SHARE LESSEE HEREBY WAIVES, RELEASES, DISCLAIMS AND RENOUNCES ALL EXPECTATION OF OR RELIANCE UPON ANY SUCH AND OTHER WARRANTIES, OBLIGATIONS AND LIABILITIES OF OPERATOR AND RIGHTS, CLAIMS AND REMEDIES OF TIME SHARE LESSEE AGAINST OPERATOR, EXPRESS
OR IMPLIED, ARISING BY LAW OR OTHERWISE, INCLUDING BUT NOT LIMITED TO (I) ANY IMPLIED WARRANTY OF MERCHANTABILITY OF FITNESS FOR ANY PARTICULAR USE, (II) ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE,
(III) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT, WHETHER OR NOT ARISING FROM THE NEGLIGENCE OF OPERATOR, ACTUAL OR IMPUTED, AND (IV) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY FOR LOSS OF OR DAMAGE TO THE AIRCRAFT, FOR LOSS OF
USE, REVENUE OR PROFIT WITH RESPECT TO THE AIRCRAFT, OR FOR ANY OTHER DIRECT, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES. 
  
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 AIRCRAFT TIME SHARING AGREEMENT

  
 Section 15. Truth In Leasing Disclosures. WITHIN THE TWELVE (12)
MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT, EXCEPT TO THE EXTENT AN AIRCRAFT IS LESS THAN TWELVE (12) MONTHS OLD, THE AIRCRAFT HAVE BEEN INSPECTED AND MAINTAINED IN ACCORDANCE WITH THE FOLLOWING PROVISIONS OF TITLE 14 OF THE CODE OF FEDERAL
REGULATIONS (SAID TITLE 14 HEREINAFTER REFERRED TO AS THE “FEDERAL AVIATION REGULATIONS” OR THE “FAR”): 91.409 (f) (3): A current inspection program recommended by the manufacturer. 
  
 THE PARTIES HERETO CERTIFY THAT DURING THE TERM OF THIS AGREEMENT AND FOR ALL OPERATIONS
CONDUCTED HEREUNDER, THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN ACCORDANCE WITH THE PROVISIONS OF FAR 91.409 (f) (3). 
  
 OPERATOR SHALL HAVE AND RETAIN OPERATIONAL CONTROL OF THE AIRCRAFT DURING ALL OPERATIONS CONDUCTED PURSUANT TO THIS LEASE. EACH PARTY HERETO CERTIFIES THAT IT UNDERSTANDS
THE EXTENT OF ITS RESPONSIBILITIES, SET FORTH HEREIN, FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 
  
 AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FEDERAL AVIATION ADMINISTRATION
FLIGHT STANDARDS DISTRICT OFFICE. 
  
 THE PARTIES HERETO CERTIFY THAT A TRUE
COPY OF THIS AGREEMENT SHALL BE CARRIED ON THE AIRCRAFT AT ALL TIMES, AND SHALL BE MADE AVAILABLE FOR INSPECTION UPON REQUEST BY AN APPROPRIATELY CONSTITUTED AND IDENTIFIED REPRESENTATIVE OF THE ADMINISTRATOR OF THE FAA. 
  
 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of the
date first above written. 
  

					
	 (Signatures of each Time Share Lessee
 appear on Schedule 1 attached hereto.)
	 	LIMITED SERVICE CORPORATION
			
	 	 	By:	 	 /s/


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