ANY LATENT OR OTHER DEFECTS WHETHER OR NOT DISCOVERABLE,
ABSENCE OF OBLIGATION BASED ON STRICT LIABILITY IN TORT OR ANY OTHER
REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER; AND LESSEE HEREBY WAIVES,
RELEASES, RENOUNCES AND DISCLAIMS EXPECTATION OF OR RELIANCE UPON ANY SUCH
WARRANTY OR WARRANTIES.
LESSOR SHALL NOT HAVE ANY RESPONSIBILITY OR LIABILITY
TO LESSEE OR ANY OTHER PERSON, WHETHER ARISING IN CONTRACT OR TORT OUT OF ANY
NEGLIGENCE OR STRICT LIABILITY OF LESSOR OR OTHERWISE, FOR (I) ANY LIABILITY,
LOSS OR DAMAGE CAUSED OR ALLEGED TO BE CAUSED DIRECTLY OR INDIRECTLY BY THE
AIRCRAFT OR ANY ENGINE OR ANY PART THEREOF OR BY ANY INADEQUACY THEREOF OR
DEFICIENCY OR DEFECT THEREIN OR BY ANY OTHER CIRCUMSTANCE IN CONNECTION
THEREWITH, (II) THE USE, OPERATION OR PERFORMANCE OF THE AIRCRAFT OR ANY RISKS
RELATING THERETO, (III) ANY INTERRUPTION OF SERVICE, LOSS OF BUSINESS OR
ANTICIPATED PROFITS OR CONSEQUENTIAL DAMAGES OR (IV) THE DELIVERY, OPERATION,
SERVICING, MAINTENANCE, REPAIR, IMPROVEMENT OR REPLACEMENT OF THE AIRCRAFT.
IN
NO EVENT SHALL LESSOR BE LIABLE TO LESSEE HEREUNDER FOR ANY CONSEQUENTIAL,
INCIDENTAL, SPECIAL, INDIRECT OR PUNITIVE DAMAGES, WHETHER ARISING IN CONTRACT,
WARRANTY, TORT (INCLUDING NEGLIGENCE), INDEMNITY OR OTHERWISE.
8.
INSURANCE.
LESSOR SHALL PURCHASE AND
MAINTAIN INSURANCE POLICIES COVERING FULL HULL DAMAGE FOR THE AIRCRAFT, AND
PASSENGER AND PUBLIC LIABILITY WITH SUCH COVERAGE AS LESSOR DEEMS SATISFACTORY.
LESSOR SHALL FURNISH LESSEE AND SUBLESSEES (IF ANY) WITH EVIDENCE OF SUCH
INSURANCE NAMING LESSEE AS AN INSURED.
LESSEE SHALL OPERATE THE AIRCRAFT IN
STRICT COMPLIANCE WITH THE TERMS, CONDITIONS AND LIMITATIONS OF, AND IN THE
GEOGRAPHICAL AREAS ALLOWED BY, SUCH INSURANCE POLICIES.
9.
OTHER EXPENSES.
LESSEE AGREES TO
PROVIDE ITS OWN FLIGHT FOLLOWING, DISPATCH, COMMUNICATIONS AND WEATHER BRIEFING
IN CONNECTION WITH LESSEE'S LEASE OF THE AIRCRAFT.
ALL OTHER COSTS AND EXPENSES
IN CONNECTION WITH LESSEE'S OPERATION OF THE AIRCRAFT, INCLUDING BUT NOT LIMITED
TO, COMMISSARY EXPENSES, LANDING FEES, PARKING FEES, HANGAR FEES AND ANNUAL
REGISTRATION FEES OR TAXES, SHALL BE PAID BY LESSEE.
10.
PILOTS.
ALL PILOTS SHALL BE TYPE-RATED IN
THE AIRCRAFT AND MEET THE MINIMUM REQUIREMENTS IMPOSED OR RECOMMENDED BY THE
MANUFACTURER OF THE AIRCRAFT, THE FEDERAL AVIATION
ADMINISTRATION OR THE AIRCRAFT'S INSURER, AS SUCH REQUIREMENTS OR
RECOMMENDATIONS MAY CHANGE FROM TIME TO TIME.
11.
PAYMENTS.
ALL PAYMENTS DUE TO LESSOR UNDER
THIS LEASE SHALL BE PAID TO LESSOR IN IMMEDIATELY AVAILABLE FUNDS ON THE DATE
PAYABLE HEREUNDER BY WIRE TRANSFER TO AN ACCOUNT SPECIFIED BY LESSOR IN A NOTICE
GIVEN TO LESSEE IN ACCORDANCE WITH THE PROVISIONS HEREOF, EXCEPT THAT IF LESSOR
SHALL CONSENT THERETO OR SHALL FAIL TO SPECIFY AN ACCOUNT TO WHICH WIRE TRANSFER
OF FUNDS SHALL BE MADE, LESSEE MAY MAKE PAYMENT BY CHECK DRAWN PAYABLE TO LESSOR
AND SENT TO LESSOR'S ADDRESS, OR AT SUCH OTHER ADDRESS OR TO SUCH OTHER PERSON
AS THE LESSOR MAY FROM TIME TO TIME DIRECT BY NOTICE IN WRITING TO LESSEE.
12.
DEFAULT.
EACH OF THE FOLLOWING EVENTS SHALL
CONSTITUTE AN "EVENT OF DEFAULT" HEREUNDER (WHATEVER THE REASON FOR SUCH EVENT
AND WHETHER IT