AIRCRAFT TIME SHARING AGREEMENTAircraft Lease Agreement |
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General Electric Company | Lloyd G. Trotter. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10
AIRCRAFT TIME SHARING AGREEMENT
THIS TIME SHARING AGREEMENT (this “Agreement”) is entered into on October 13, 2006 by General Electric Company (“Owner”), a New York corporation, with principal offices at 3135 Easton Turnpike, Fairfield, CT and Lloyd G. Trotter. (“Lessee”).
BACKGROUND:
A. Owner is the registered owner of certain civil aircraft bearing the United States Registration Numbers and of the types set forth on Exhibit A to this Agreement (collectively, the “Aircraft” or individually an “Aircraft”).
B. Owner employs fully qualified flight crews to operate the Aircraft; and
C. From time to time, Lessee may desire to lease the Aircraft and flight crews from owner for Lessee’s personal travel at Lessee’s discretion on a time sharing basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (“FAR”).
NOW, THEREFORE, Owner and Lessee agree as follows:
1. Subject to the terms and conditions of this Agreement, Owner agrees to lease the Aircraft to Lessee for Lessee’s personal travel at Lessee’s discretion pursuant to the provisions of FAR Section 91.501(c)(1) and to provide a fully qualified flight crew for all operations for flights scheduled in accordance with the terms of this Agreement during the period, commencing on the date of this Agreement and terminating on the earlier of (a) the termination of this Agreement by consent of Owner and Lessee, (b) the date of Lessee’s termination of employment with Owner and (c) the date of Lessee’s death. Owner shall have the right to add or substitute aircraft of similar type, quality, and equipment, and to remove aircraft from the fleet, from time to time during the term of this Agreement. Owner shall send Lessee a revised Exhibit A upon each such change in the Aircraft.
2. Lessee shall pay Owner for each flight conducted under this Agreement the actual expenses of each specific flight as authorized by FAR Section 91.501(d) as in effect from time to time. On the date of this Agreement these expenses include and are limited to:
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(a) |
fuel, oil, lubricants and other additives; |
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(b) |
travel expenses of the crew, including food, lodging and ground transportation; |
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(c) |
hangar and tie down costs away from the Aircraft’s base of operation; |
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(d) |
insurance obtained for the specific flight; |
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(e) |
landing fees, airport taxes and similar assessments; |
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(f) |
customs, foreign permit and similar fees directly related to the flight; |
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(g) |
in-flight food and beverages; |
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(h) |
passenger ground transportation; |
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(i) |
flight planning and weather contract services; |
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(j) |
an additional charge equal to one hundred percent (100%) of the expenses listed in clause (a) above. |
3. Owner will pay all expenses related to the operation of each Aircraft when incurred and will provide quarterly invoices to Lessee for the expenses enumerated in Section 2 above. Lessee shall pay Owner for these expenses within fifteen (15) days after receipt of the related invoice.
4. In the event that Lessee desires to use the Aircraft pursuant to this Agreement, Lessee will so notify Owner and will provide Owner with requests for flight time and proposed flight schedules as far as possible in advance of any given flight. Requests for flight time shall be in a form, whether oral or written, mutually convenient to and agreed upon by Owner and Lessee. In addition to proposed schedules and flight times, Lessee shall provide at least the following information for each proposed flight at some time prior to scheduled departure as required by Owner or Owner’s flight crew:
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(a) |
departure point; |
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(b) |
destinations; |
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(c) |
date and time of flight; |
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(d) |
the identity of each anticipated passenger; |
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(e) |
the nature and extent of luggage or cargo to be carried; |
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(f) |
the date and time of a return flight, if any; and |
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(g) |
any other information concerning the proposed flight that may be pertinent or required by Owner or Owner’s flight crew. |
5. Owner shall have sole and exclusive authority over the scheduling of the Aircraft, including which Aircraft is used for any particular flight.
6. Owner shall be solely responsible for securing maintenance, preventive maintenance, and required or otherwise necessary inspections on the Aircraft and shall take such requirements into account in scheduling flights of the various Aircraft. No period of maintenance, preventive maintenance, or inspection shall be delayed or postponed for the purpose of scheduling the Aircraft, unless such maintenance or inspection can be safely conducted at a later time in compliance with all applicable laws and regulations, and within the sound discretion of the pilot-in-command. The pilot-in-command shall have final and complete authority to cancel any flight for any reason or condition that in his or her judgment would compromise the safety of the flight.
7. Owner shall employ, pay for, and provide to Lessee a qualified flight crew for each flight undertaken under this Agreement. In accordance with applicable FAR, the qualified flight crew provided by Owner will exercise all of its duties and responsibilities with respect to the safety of each flight conducted under this Agreement. Lessee agrees that the flight crew, in its sole discretion, may terminate any flight, refuse to commence any flight, or take other action that in the considered judgment of the pilot-in-command is necessitated by considerations of safety. Without limiting the generality of Section






