RISK OF AN AIRCRAFT INCIDENT Sample Clauses

RISK OF AN AIRCRAFT INCIDENT. At all times during any Lease Period, Lessee shall bear the entire risk of an Aircraft Incident, and shall indemnify and hold Lessor harmless from and against any losses or liabilities, including insurance deductibles, to the extent not compensated by insurance, arising from an Aircraft Incident (including, without limitation, destruction, loss, theft, requisition of title or use, confiscation, taking, or damage of or to the Aircraft from any cause, as well as damage or injury to the person or property of others), and all fines or damages, including consequential, direct, and punitive claims in contract, tort or otherwise, suits, actions or proceedings arising from the use, operation, or storage of the Aircraft during a Lease Period. In the case of fines that are not tax deductible under 26 USC 162(f), indemnification shall be on an after-tax basis. In the event an Aircraft Incident causes a diminution in value of the Aircraft, Lessee shall pay to the Aircraft owner the amount of the reduction.
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