AIRCRAFT TIME SHARING
AGREEMENT
This AIRCRAFT TIME
SHARING AGREEMENT (the “ Agreement ”) is
entered into this 2 nd day of September, 2009 between Copper Beech Capital, LLC , a
Texas limited liability company whose principal address is 12400
Coit Road, Suite 800, Dallas, Texas 75251-2009 (the “
Operator ”) and Cinemark USA, Inc. , a Texas
corporation whose principal address is 3900 Dallas Parkway,
Suite 800, Plano, Texas 75093 (the “
Passenger ”).
WHEREAS ,
Operator owns and has operational control of the certain 2006
Cessna 680 Citation Sovereign model aircraft with
manufacturer’s serial number 680-0070 and United States
nationality and registration markings N927LT (the “
Aircraft ”); and
WHEREAS ,
Operator employs a fully qualified flight crew to operate the
Aircraft; and
WHEREAS ,
Operator and Passenger desire that Operator provide Passenger with
transportation on board said Aircraft and using Operator’s
flight crew on a Time Sharing basis as defined in 14 C.F.R. §
91.501(c)(1) 1 under such terms and conditions that are
mutually satisfactory to both parties hereto.
NOW,
THEREFORE , the parties hereto agree as follows:
This Agreement
shall commence on September 2, 2009 and continue until such
time as either Operator or Passenger terminates this Agreement.
Either party hereto may terminate this Agreement at any time upon
thirty (30) days prior written notice to the other
party.
REIMBURSEMENT FOR USE OF
AIRCRAFT
Passenger shall
pay Operator for each specific flight conducted under this
Agreement an amount that shall not exceed the amounts allowed under
14 C.F.R. § 91.501(d) for that flight. These expenses are
limited to the direct costs and/or expenses related to:
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1)
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Fuel, oil, lubricants and other
additives;
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2)
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Travel expenses of the crew,
including food, lodging and ground transportation;
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3)
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Hangar and tie down costs away from
the Aircraft’s base of operation;
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4)
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Insurance obtained for the specific
flight;
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1
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An arrangement
whereby a person uses his airplane and crew to provide air
transportation services to another person, and no charge is made
for the flights conducted under that arrangement other than those
specified in 14 C.F.R. § 91.501(d).
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Copper
Beech Capital Time Sharing Agreement-N927LT
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Page 1
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5)
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Landing fees, airport taxes and
similar assessments;
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6)
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Customs, foreign permit, and similar
fees directly related to the flight;
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7)
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In-flight food and
beverages;
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8)
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Passenger ground
transportation;
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9)
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Flight planning and weather contract
services; and
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10)
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An
additional charge equal to 100% of the expenses listed in item
(1) above. Operator shall pay an amount not to exceed said
expenses related to the operation of the Aircraft, and will provide
an invoice and bill to Passenger for the expenses enumerated in the
list above within 15 days after the end of the month in which
any flight or flights for the account of the Passenger occur.
Passenger shall pay Operator for said expenses within 30 days
of receipt of the invoice and bill therefore.
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Passenger shall
pay to Operator the commercial Federal Excise Tax imposed on the
transportation of persons (within the meaning of
Section 4261-4263 of the Internal Revenue Code of 1986, as
amended, and any applicable successor provision) for flights
conducted under this Agreement. This tax currently consists of a
7.5 percent tax imposed on the amounts paid and a per leg
segment fee. (The segment fee is subject to change on January 1 of
every year.) The per leg segment fee for 2009 is $3.60. Amounts due
for taxes and per leg segment fee shall be included on the monthly
invoices submitted to Passenger.
Operator shall
employ, pay for and provide to Passenger a qualified flight crew
for each flight undertaken under this Agreement.
Passenger shall
provide Operator with requests for flight time and proposed flight
schedules as far in advance of any given flight as possible, and in
any case, at least 24 hours prior to Passenger’s planned
departure. Requests for flight time shall be in a form, whether
oral or written, mutually convenient to, and agreed to by the
parties. Passenger shall provide at least the following for each
proposed flight prior to scheduled departure:
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1)
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Proposed departure point;
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2)
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Destination;
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3)
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Date and time of flight;
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Copper
Beech Capital Time Sharing Agreement-N927LT
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Page 2
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4)
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The
names of all passengers;
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5)
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The
nature and extent of luggage;
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6)
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The
date and time of a return flight; and
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7)
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Any
other information concerning the proposed flight that may be
pertinent or required by Operator or Operator’s flight crew.
Operator shall have final authority over the scheduling of the
Aircraft, provided, however, that Operator will use its best
efforts to resolve any conflicts in scheduling in a fair and
equitable manner.
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Operator shall be
solely responsible for securing maintenance, preventative
maintenance and required or otherwise necessary inspections on the
Aircraft. The Aircraft shall be inspected in accordance with and
maintained in an airworthy condition in accordance with applicable
rules and regulations of 14 C.F.R. Part 91 during the term of
this Agreement. No period of m
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