HAS BEEN
MAINTAINED AND INSPECTED UNDER PART 91 OF THE FEDERAL AVIATION REGULATIONS
DURING SUCH PERIOD. LESSEE CERTIFIES THAT THE AIRCRAFT PRESENTLY COMPLIES WITH
THE APPLICABLE MAINTENANCE AND INSPECTION REQUIREMENTS OF PART 91 OF THE FEDERAL
AVIATION REGULATIONS.
(b)
LESSEE CERTIFIES THAT LESSEE, AND NOT LESSOR, IS RESPONSIBLE FOR
OPERATIONAL CONTROL OF THE AIRCRAFT UNDER THIS LEASE DURING THE TERM HEREOF.
LESSEE FURTHER CERTIFIES THAT LESSEE UNDERSTANDS ITS RESPONSIBILITY FOR
COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.
(c)
LESSEE CERTIFIES THAT THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED
UNDER PART 91 OF THE FEDERAL AVIATION REGULATIONS FOR OPERATIONS TO BE CONDUCTED
UNDER THIS LEASE. LESSEE UNDERSTANDS THAT AN EXPLANATION OF FACTORS BEARING ON
OPERATIONAL CONTROL AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED
FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE, GENERAL AVIATION DISTRICT
OFFICE, OR AIR CARRIER DISTRICT OFFICE.
Notwithstanding the forgoing, any inaccuracy in any statement or
certification in Section 17(a) shall not in and of itself constitute an
indemnifiable Claim or an Event of Default hereunder.
5
IN WITNESS WHEREOF, the parties hereto have each caused this Lease to be
duly executed as of the year and day first above written.
LESSOR:
LESSEE:
X, INC.
OAKLEY, INC.
By:
/s/ James Jannard
By:
/s/ Link Newcomb
Title:
President and Chief Executive Officer
Title:
Chief Operating Officer
Date:
March 28, 2002
Date:
March 28, 2002
Address for Notices:
44 Club Road
Suite 200
Eugene, OR 97401
Address for Notices:
462 Stevens Avenue
Suite 310
Solana Beach, CA 92075
Attention:
Scott McLeery
Attention:
Greg Weeks
QuickLinks
Exhibit 10.27
AIRCRAFT LEASE
RECITALS
AGREEMENT