OWNER’S LIABILITY. Owner is and will remain responsible and liable for all damage, confiscation, destruction or loss to or of the Aircraft for any reason whatsoever, including loss of use or diminution in market value. Material Participation by Owner. FBO acknowledges that it is the Owner's intent to meet the IRS test for material participation in this activity. Accordingly, FBO agrees that neither its principals nor employees will collectively devote more than 100 hours per year to management of the Owner's aircraft, except for maintenance, inspections, and service as contracted and paid for by the Owner.
Appears in 3 contracts
Samples: Aircraft Leaseback Agreement, Aircraft Leaseback Agreement, Aircraft Leaseback Agreement
OWNER’S LIABILITY. Owner is and will remain responsible and liable for all damage, confiscation, destruction or loss to or of the Aircraft for any reason whatsoever, including loss of use or diminution in market value. Material Participation by Owner. FBO acknowledges that it is the Owner's intent to meet the IRS test for material participation in this activity. Accordingly, FBO agrees that neither its principals nor employees will collectively devote more than 100 hours per year to management of the Owner's aircraft, except for maintenance, inspections, and service as contracted and paid for by the Owner.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
