Common use of Public Liability and Property Damage Liability Insurance Clause in Contracts

Public Liability and Property Damage Liability Insurance. N2T, at its own expense, shall maintain or cause to be maintained in effect throughout the Term combined aircraft bodily injury, property damage liability, including passenger liability, insurance with limits of not less than Two Hundred Million Dollars ($200,000,000.00) for each occurrence. Any policies of insurance carried in accordance with this Section 8.1 and any policies taken out in substitution or replacement for any of such policies shall: (1) name Oakley and each Timesharing Lessee as an additional named insured; (2) be with insurance companies with an A.M. Best rating of at least A- and a financial size classification of VII or otherwise as mutually approved by N2T and Oakley; (3) provide for not less than thirty (30) days prior written notice to be received by the certificate holders and additional named insureds before any lapse, material alteration, termination or cancellation of such insurance policy; (4) provide that in respect of the interests of Oakley such policies of insurance shall insure Oakley regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by N2T or any other person; (5) shall waive any rights of set off, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against Oakley or any other additional insured, and Oakley’s or such additional insured's officers, employees and servants; and (6) provide that, if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for non-payment of premium, or if there is any material change in policy terms and conditions, such cancellation, lapse or change shall not be effective until thirty (30) calendar days after receipt by Oakley of written notice from such insurers of such cancellation, lapse or change. Each liability policy shall (i) be primary without right of contribution from any other insurance which is carried by Oakley or any other additional insured; and (ii) expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured. Oakley shall provide at its own expense worker’s compensation insurance with all-states coverage for the crew and maintenance personnel.

Public Liability and Property Damage Liability Insurance. N2TLESSEE will carry and maintain in effect, at its own expense, shall maintain or cause to be maintained in effect throughout the Term combined aircraft bodily injurywith Approved Insurers, public liability insurance (including, but not limited to, contractual liability, and passenger legal liability), and property damage liability, including passenger liability, liability insurance with limits respect to the Aircraft, in amounts per occurrence of not less than Two Hundred Million Dollars ($200,000,000.00) for each occurrencethe Minimum Liability Coverage, or such greater amounts as LESSEE may carry from time to time on other similar aircraft in its fleet. Any policies LESSEE shall not discriminate against the Aircraft in providing such insurance coverage. Each and any policy of insurance carried in accordance with this Section 8.1 Subsection (A), and each and any policies taken out policy obtained in substitution or replacement for any of such policies shall: policies, (1i) name Oakley shall designate LESSOR, Jetz Ventures, Lufthansa and each Timesharing Lessee the party who conveys title to the -9A's to Jetz Ventures or directly to LESSOR (the "-9A Vendor") and their respective officers, directors, shareholders, members, employees, agents and assigns (collectively, the "Additional Insureds"), as an additional named insureds as their interests may appear (but without imposing upon the Additional Insureds any obligation imposed upon the insured; , including, without limitation, the liability to pay any premiums for any such policies, but LESSOR, Jetz Ventures, the -9A Vendor and/or Lufthansa shall have the right to pay such premiums if it shall so elect), and (2ii) be with insurance companies with an A.M. Best rating of at least A- and a financial size classification of VII or otherwise as mutually approved by N2T and Oakley; (3) shall expressly provide for not less than thirty (30) days prior written notice to be received by the certificate holders and additional named insureds before any lapsethat, material alteration, termination or cancellation of such insurance policy; (4) provide that in respect of the interests of Oakley the Additional Insureds in such policies policies, the insurance will not be invalidated by any action or inaction of insurance the LESSEE, and shall insure Oakley the Additional Insureds, regardless of any breach or violation by LESSEE of any warranty, declarations declaration or conditions condition contained in such policies policies, (iii) shall provide that if such insurance is canceled by N2T insurers for any reason whatsoever, or is adversely changed in any other person; way by insurers with respect to the interests of the Additional Insureds, or if such insurance is allowed to lapse for nonpayment of premiums, such cancellation, change or lapse shall not be effective as to the Additional Insureds for 30 days (5seven (7) days or such shorter period as may be customary in the case of any war risks and allied perils coverage), in each instance, after the issuance to LESSOR, Jetz Ventures, the -9A Vendor and Lufthansa of written notice by such insurer or insurers and/or brokers to LESSOR, Jetz Ventures, the -9A Vendor and Lufthansa of such prospective cancellation, change or lapse, (iv) shall provide coverage on a worldwide basis, subject to such territorial exclusions as may be usual and customary in the worldwide airline insurance industry for airlines similarly situated with LESSEE, (v) shall provide that, as against the Additional Insureds, the insurer shall waive any rights of set set-off, counterclaim or any other deduction, whether by attachment or otherwise, and all rights waives any right of subrogation it may have against Oakley or any other additional insured, and Oakley’s or such additional insured's officers, employees and servants; and (6) provide that, if the insurers cancel such insurance for any reason whatever, or Additional Insureds but only to the same is allowed to lapse for non-payment extent that LESSEE has waived its right of premium, or if there is any material change in policy terms and conditions, such cancellation, lapse or change shall not be effective until thirty (30) calendar days after receipt by Oakley of written notice from such insurers of such cancellation, lapse or changerecovery against the Additional Insureds under the Lease Documents. Each liability policy shall (i) be primary without right of contribution from any other insurance which is may be carried by Oakley LESSOR, Jetz Ventures, the -9A Vendor, Lufthansa or any other additional insured; their assigns, and (ii) shall expressly provide that all of the provisions thereof, except the limits of liability, thereof shall operate in the same manner as if there were a separate policy covering each insured, provided that such provisions shall not operate to increase the insurer's limit of liability. Oakley No liability policy shall provide at its own expense worker’s compensation permit any deductible or self-insurance provision except for baggage and cargo as is customary in the London or U.S. aviation insurance industry and such other deductibles only with all-states coverage the consent of the LESSOR, which consent shall not be unreasonably withheld or delayed, which from time to time LESSEE can demonstrate are standard in comprehensive liability insurance and, in particular, public liability risks (including, INTER ALIA, contractual liability and passenger liability coverage) for major international passenger air carriers in the crew and maintenance personnelthen current London or U.S. aviation insurance market.

Public Liability and Property Damage Liability Insurance. N2TLESSEE will carry and maintain in effect, at its own expense, shall maintain or cause to be maintained in effect throughout the Term combined aircraft bodily injurywith Approved Insurers, public liability insurance (including, but not limited to, contractual liability, and passenger legal liability), and property damage liability, including passenger liability, liability insurance with limits respect to the Aircraft, in amounts per occurrence of not less than Two Hundred Million Dollars ($200,000,000.00) for each occurrencethe Minimum Liability Coverage, or such greater amounts as LESSEE may carry from time to time on other similar aircraft in its fleet. Any policies LESSEE shall not discriminate against the Aircraft in providing such insurance coverage. Each and any policy of insurance carried in accordance with this Section 8.1 Subsection (A), and each and any policies taken out policy obtained in substitution or replacement for any of such policies shall: policies, (1i) name Oakley shall designate LESSOR, Beneficiary, Lender, Lufthansa and each Timesharing Lessee Amtec Jet, Inc. ("Amtec"), and their respective officers, directors, shareholders, members, employees, agents and assigns (collectively, the "Additional Insureds"), as an additional named insureds as their interests may appear (but without imposing upon the Additional Insureds any obligation imposed upon the insured; , including, without limitation, the liability to pay any premiums for any such policies, but LESSOR, Beneficiary, Lender, Amtec and/or Lufthansa shall have the right to pay such premiums if it shall so elect), and (2ii) be with insurance companies with an A.M. Best rating of at least A- and a financial size classification of VII or otherwise as mutually approved by N2T and Oakley; (3) shall expressly provide for not less than thirty (30) days prior written notice to be received by the certificate holders and additional named insureds before any lapsethat, material alteration, termination or cancellation of such insurance policy; (4) provide that in respect of the interests of Oakley the Additional Insureds in such policies policies, the insurance will not be invalidated by any action or inaction of insurance the LESSEE, and shall insure Oakley the Additional Insureds, regardless of any breach or violation by LESSEE of any warranty, declarations declaration or conditions condition contained in such policies policies, (iii) shall provide that if such insurance is canceled by N2T insurers for any reason whatsoever, or is adversely changed in any other person; way by insurers with respect to the interests of the Additional Insureds, or if such insurance is allowed to lapse for nonpayment of premiums, such cancellation, change or lapse shall not be effective as to the Additional Insureds for 30 days (5seven (7) days or such shorter period as may be customary in the case of any war risks and allied perils coverage), in each instance, after the issuance to LESSOR, Beneficiary, Lender, Amtec and Lufthansa of written notice by such insurer or insurers and/or brokers to LESSOR, Beneficiary, Lender and Lufthansa of such prospective cancellation, change or lapse, (iv) shall provide coverage on a worldwide basis, subject to such territorial exclusions as may be usual and customary in the worldwide airline insurance industry for airlines similarly situated with LESSEE, (v) shall provide that, as against the Additional Insureds, the insurer shall waive any rights of set set-off, counterclaim or any other deduction, whether by attachment or otherwise, and all rights waives any right of subrogation it may have against Oakley or any other additional insured, and Oakley’s or such additional insured's officers, employees and servants; and (6) provide that, if the insurers cancel such insurance for any reason whatever, or Additional Insureds but only to the same is allowed to lapse for non-payment extent that LESSEE has waived its right of premium, or if there is any material change in policy terms and conditions, such cancellation, lapse or change shall not be effective until thirty (30) calendar days after receipt by Oakley of written notice from such insurers of such cancellation, lapse or changerecovery against the Additional Insureds under the Lease Documents. Each liability policy shall (i) be primary without right of contribution from any other insurance which is may be carried by Oakley LESSOR, Beneficiary, Lender, Amtec, Lufthansa or any other additional insured; their assigns, and (ii) shall expressly provide that all of the provisions thereof, except the limits of liability, thereof shall operate in the same manner as if there were a separate policy covering each insured, provided that such provisions shall not operate to increase the insurer's limit of liability. Oakley No liability policy shall provide at its own expense worker’s compensation permit any deductible or self-insurance provision except for baggage and cargo as is customary in the London or U.S. aviation insurance industry and such other deductibles only with all-states coverage the consent of the LESSOR, which consent shall not be unreasonably withheld or delayed, which from time to time LESSEE can demonstrate are standard in comprehensive liability insurance and, in particular, public liability risks (including, INTER ALIA, contractual liability and passenger liability coverage) for major international passenger air carriers in the crew and maintenance personnelthen current London or U.S. aviation insurance market.

Public Liability and Property Damage Liability Insurance. N2TLESSEE will carry and maintain in effect, at its own expense, shall maintain or cause to be maintained in effect throughout the Term combined aircraft bodily injurywith Approved Insurers, public liability insurance (including, but not limited to, contractual liability, and passenger legal liability), and property damage liability, including passenger liability, liability insurance with limits respect to the Aircraft, in amounts per occurrence of not less than Two Hundred Million Dollars ($200,000,000.00) for each occurrencethe Minimum Liability Coverage, or such greater amounts as LESSEE may carry from time to time on other similar aircraft in its fleet. Any policies LESSEE shall not discriminate against the Aircraft in providing such insurance coverage. Each and any policy of insurance carried in accordance with this Section 8.1 Subsection (A), and each and any policies taken out policy obtained in substitution or replacement for any ANY of such policies shall: policies, (1i) name Oakley shall designate LESSOR, Jetz Ventures, Lufthansa and each Timesharing Lessee the party who conveys title to the -9A's to Jetz Ventures or directly to LESSOR (the "-9A Vendor") and their respective officers, directors, shareholders, members, employees, agents and assigns (collectively, the "Additional Insureds"), as an additional named insureds as their interests may appear (but without imposing upon the Additional Insureds any obligation imposed upon the insured; , including, without limitation, the liability to pay any premiums for any such policies, but LESSOR, Jetz Ventures, the -9A Vendor and/or Lufthansa shall have the right to pay such premiums if it shall so elect), and (2ii) be with insurance companies with an A.M. Best rating of at least A- and a financial size classification of VII or otherwise as mutually approved by N2T and Oakley; (3) shall expressly provide for not less than thirty (30) days prior written notice to be received by the certificate holders and additional named insureds before any lapsethat, material alteration, termination or cancellation of such insurance policy; (4) provide that in respect of the interests of Oakley the Additional Insureds in such policies policies, the insurance will not be invalidated by any action or inaction of insurance the LESSEE, and shall insure Oakley the Additional Insureds, regardless of any breach or violation by LESSEE of any warranty, declarations declaration or conditions condition contained in such policies policies, (iii) shall provide that if such insurance is canceled by N2T insurers for any reason whatsoever, or is adversely changed in any other person; way by insurers with respect to the interests of the Additional Insureds, or if such insurance is allowed to lapse for nonpayment of premiums, such cancellation, change or lapse shall not be effective as to the Additional Insureds for 30 days (5seven (7) days or such shorter period as may be customary in the case of any war risks and allied perils coverage), in each instance, after the issuance to LESSOR, Jetz Ventures, the -9A Vendor and Lufthansa of written notice by such insurer or insurers and/or brokers to LESSOR, Jetz Ventures, the -9A Vendor and Lufthansa of such prospective cancellation, change or lapse, (iv) shall provide coverage on a worldwide basis, subject to such territorial exclusions as may be usual and customary in the worldwide airline insurance industry for airlines similarly situated with LESSEE, (v) shall provide that, as against the Additional Insureds, the insurer shall waive any rights of set set-off, counterclaim or any other deduction, whether by attachment or otherwise, and all rights waives any right of subrogation it may have against Oakley or any other additional insured, and Oakley’s or such additional insured's officers, employees and servants; and (6) provide that, if the insurers cancel such insurance for any reason whatever, or Additional Insureds but only to the same is allowed to lapse for non-payment extent that LESSEE has waived its right of premium, or if there is any material change in policy terms and conditions, such cancellation, lapse or change shall not be effective until thirty (30) calendar days after receipt by Oakley of written notice from such insurers of such cancellation, lapse or changerecovery against the Additional Insureds under the Lease Documents. Each liability policy shall (i) be primary without right of contribution from any other insurance which is may be carried by Oakley LESSOR, Jetz Ventures, the -9A Vendor, Lufthansa or any other additional insured; their assigns, and (ii) shall expressly provide that all of the provisions thereof, except the limits of liability, thereof shall operate in the same manner as if there were a separate policy covering each insured, provided that such provisions shall not operate to increase the insurer's limit of liability. Oakley No liability policy shall provide at its own expense worker’s compensation permit any deductible or self-insurance provision except for baggage and cargo as is customary in the London or U.S. aviation insurance industry and such other deductibles only with all-states coverage the consent of the LESSOR, which consent shall not be unreasonably withheld or delayed, which from time to time LESSEE can demonstrate are standard in comprehensive liability insurance and, in particular, public liability risks (including, INTER ALIA, contractual liability and passenger liability coverage) for major international passenger air carriers in the crew and maintenance personnelthen current London or U.S. aviation insurance market.

Public Liability and Property Damage Liability Insurance. N2TLessee, at its own expense, shall maintain or cause in effect comprehensive third party aircraft liability insurance against bodily injury and property damage losses arising from ground, flight and taxiing exposures, including, but not limited to, passenger legal liability, cargo liability, contractual liability and products liability insurance, during the Term in an amount not less than $500,000,000 for any one occurrence with respect to the Aircraft and Items of Equipment. Such policy shall include war and allied risks in accordance with standard market practice (currently "The Extended Coverage Endorsement-AVN 52C"). Any such liability insurance shall not be subject to a deductible. All such policies shall be maintained in effect throughout the Term combined aircraft bodily injurywith insurers and/or reinsurers of recognized reputation and responsibility, property damage liability, including passenger liability, insurance with limits of not less than Two Hundred Million Dollars ($200,000,000.00) for each occurrencesatisfactory to Lessor. Any policies of insurance carried in accordance with this Section 8.1 12.1 and any policies taken out in substitution or replacement for any of such policies shall: (1) name Oakley Lessor and each Timesharing Lessee its successors and assigns, and their respective directors, officers and employees as an additional named insuredinsureds (the "Additional Insureds"); (2) be with insurance companies with an A.M. Best rating of at least A- and a financial size classification of VII or otherwise as mutually approved by N2T and Oakley; (3) provide for not less than thirty (30) days prior written notice to be received by the certificate holders and additional named insureds before any lapse, material alteration, termination or cancellation of such insurance policy; (4) provide that in respect of the respective interests of Oakley the Additional Insureds, such policies of insurance shall insure Oakley the Additional Insureds regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by N2T Lessee or any other personPerson; (5) shall waive any rights of set off, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against Oakley or any other additional insured, and Oakley’s or such additional insured's officers, employees and servants; and (63) provide that, that if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for non-payment nonpayment of premium, or if there is any material change in policy terms and conditions, such cancellation, lapse or change shall not be effective until thirty (30) calendar days after receipt by Oakley Lessor of telecopied written notice from such insurers of such cancellation, lapse or changechange (and with respect to war risk insurance, seven (7) days or such shorter period as shall be customary on the London market for such insurance in such area of the world, or ten (10) days in the event of nonpayment of premium); (4) provide that the Additional Insureds shall have no responsibility for any premiums, commissions, warranties or representations in connection with such insurance; (5) waive any rights of setoff, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against the Additional Insureds and their successors, assigns, agents, officers, employees and servants; and (6) provide that all payments shall be made in Dollars. Each liability policy shall (i) be primary without right of contribution from any other insurance which is carried by Oakley or any other additional insured; the Additional Insureds and (ii) expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured. Oakley shall provide at its own expense worker’s compensation insurance with all-states coverage , without, however, increasing the aggregate limit of liability for the crew coverage or permitting claims recoverable under the hull policy to be recoverable as liability claims, and maintenance personnel(iii) to the extent of any reinsurance, include a cut-through provision permitting Lessor to file claims and to obtain payment directly from the reinsurers.

Public Liability and Property Damage Liability Insurance. N2TThe Lessee will carry, at its own expense, comprehensive airline liability insurance, passenger legal liability insurance, property damage liability insurance, and public liability insurance during the Term hereof in an amount not less than $200,000,000 combined single limit, with respect to each Aircraft. Such liability insurance policy shall maintain not contain a provision for deductible or cause self-insurance amounts. In any event all such policies shall be (A) in amounts which are not less than the public liability and property damage insurance applicable to be similar aircraft and engines which may at any time during the Term hereof comprise the Lessee's fleet on which the Lessee carries insurance; and (B) maintained in effect throughout the Term combined aircraft bodily injury, property damage liability, including passenger liability, insurance with limits insurers of not less than Two Hundred Million Dollars ($200,000,000.00) for each occurrencerecognized reputation and responsibility. Any policies of insurance carried in accordance with this Section 8.1 12.1 and any policies taken out in substitution or replacement for of any of such policies shallpolicies: (1) shall name Oakley the Lessor as owner and each Timesharing Lessee as an additional named insured (but without imposing upon Lessor, any obligations imposed on the insured, including without limitation the liability to pay premiums); (2) be with insurance companies with an A.M. Best rating of at least A- and a financial size classification of VII or otherwise as mutually approved by N2T and Oakley; (3) provide for not less than thirty (30) days prior written notice to be received by the certificate holders and additional named insureds before any lapse, material alteration, termination or cancellation of such insurance policy; (4) shall provide that in respect of the interests interest of Oakley the Lessor, such policies of insurance shall not be invalidated by any action or inaction of the Lessee and shall insure Oakley Lessor, regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by N2T or any other person; (5) shall waive any rights of set off, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against Oakley or any other additional insured, and Oakley’s or such additional insured's officers, employees and servantsthe Lessee; and (63) shall provide that, that if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for non-payment nonpayment of premium, or if there is any material change in policy terms and or conditions, such cancellation, lapse or change shall not be effective until for thirty (30) calendar days after receipt by Oakley the Lessor of written notice from by such insurers to the Lessor of such cancellation, lapse or changechange (other than war risk insurance, in which case seven days' notice shall be given) . Each liability policy shall (i) shall be primary without right of contribution from any other insurance which is carried by Oakley or any other additional insured; and the Lessor (ii) shall expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured, (iii) shall waive any rights of set-off, counterclaim or other deduction against each insured, and (iv) shall waive any rights of subrogation the insurers have or may acquire against Lessor. Oakley The Lessee shall provide at its own expense worker’s compensation insurance with all-states arrange for evidence of appropriate coverage as to each Aircraft and as to the satisfaction of the requirements set forth above in this Section 12.1 to be furnished to the reasonable satisfaction of Lessor on or before the Delivery Date for the crew and maintenance personnel.Aircraft. 12.2

Public Liability and Property Damage Liability Insurance. N2TLessee, at its own expense, shall maintain in effect comprehensive third party aircraft liability insurance against bodily injury and property damage losses arising from ground, flight and taxiing exposures, including, but not limited to, passenger legal liability, cargo liability (with a sublimit of $300,000), contractual liability and products liability insurance, during the Lease Term in an amount not less than $30,000,000 for any one accident, or cause series of accidents arising out of any one occurrence, with respect to the Aircraft and Items of Equipment. Such policy shall include war and allied risks in accordance with standard market practice. Any such liability insurance policy may be subject to a deductible in an amount not to exceed the greater of $50,000 or five percent (5%) of the insured hull value per occurrence or such lesser amount as shall be equivalent to the industry standard for aircraft of the same type operated by businesses similarly situated to Lessee. All such policies shall be maintained in effect throughout the Term combined aircraft bodily injurywith insurers and/or reinsurers of recognized reputation and responsibility, property damage liability, including passenger liability, insurance with limits reasonably satisfactory to Lessor but in no event having a rating in Best's Insurance Guide and Key Ratings of not less than Two Hundred Million Dollars ($200,000,000.00) for each occurrence"A, VIII". Any policies of insurance carried in accordance with this Section 8.1 16 and any ---------- policies taken out in substitution or replacement for any of such policies shall: (1i) name Oakley Lessor (including its successors, assigns, officers, directors, agents and employees for purposes of this Section 16) and any other Indemnified ---------- Party (each Timesharing Lessee sometimes called an "additional insured" in this Section 16), ------------------- ---------- together with any of their respective successors and assigns, as an additional named insuredinsureds; (2) be with insurance companies with an A.M. Best rating of at least A- and a financial size classification of VII or otherwise as mutually approved by N2T and Oakley; (3) provide for not less than thirty (30) days prior written notice to be received by the certificate holders and additional named insureds before any lapse, material alteration, termination or cancellation of such insurance policy; (4ii) provide that in respect of the interests of Oakley Lessor and any Indemnified Party such policies of insurance shall insure Oakley Lessor and such Indemnified Party regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by N2T or any other personLessee; (5) shall waive any rights of set off, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against Oakley or any other additional insured, and Oakley’s or such additional insured's officers, employees and servants; and (6iii) provide that, that if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for non-payment nonpayment of premium, or if there is any material change in policy terms and conditions, such cancellation, lapse or change shall not be effective until thirty (30) calendar days after receipt by Oakley Lessor and any Indemnified Parties of written notice from such insurers of such cancellation, lapse or changechange (ten (10) days for non-payment of premiums and with respect to war risk insurance, such shorter period of seven (7) days or as shall be customary on the London market for such insurance in such area of the world); (iv) provide that any additional insured, including Lessor nor any Indemnified Party, shall have any responsibility for any premiums, commissions or calls in connection with such insurance; (v) waive any right of the insurer to any setoff, counterclaim or other deduction, whether by attachment or otherwise, in respect of any liability of Lessor or any additional insured; (vi) provide that the issuer shall waive any rights of subrogation against Lessor or any other additional insured to the extent that Lessee has waived its rights in this Agreement; (vii) include at a minimum the geographic limits, if any, of all territories over which the Aircraft will be operated; (viii) provide that any reinsurance policy required under this Agreement shall, to the extent applicable, contain a standard "cut through clause" for the benefit of Lessor and the other additional insureds; and (ix) provide that all payments shall be made in United States Dollars. Each liability policy shall (iA) be primary without right of contribution from any other insurance which is carried by Oakley or any other additional insured; Lessor and (iiB) expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured. Oakley shall provide at its own expense worker’s compensation insurance with all-states coverage for the crew and maintenance personnel.

Public Liability and Property Damage Liability Insurance. N2TLESSEE will carry and maintain in effect, at its own expense, shall maintain or cause to be maintained in effect throughout the Term combined aircraft bodily injurywith Approved Insurers, public liability insurance (including, but not limited to, contractual liability, and passenger legal liability), and property damage liability, including passenger liability, liability insurance with limits respect to the Aircraft, in amounts per occurrence of not less than Two Hundred Million Dollars ($200,000,000.00) for each occurrencethe Minimum Liability Coverage, or such greater amounts as LESSEE may carry from time to time on other similar aircraft in its fleet. Any policies LESSEE shall not discriminate against the Aircraft in providing such insurance coverage. Each and any policy of insurance carried in accordance with this Section 8.1 Subsection (A), and each and any policies taken out policy obtained in substitution or replacement for any of such policies shall: policies, (1i) name Oakley shall designate LESSOR, Beneficiary, Lender, Lufthansa, Jetz Ventures and each Timesharing Lessee the party who conveys title to the - 9A's to Jetz Ventures, Beneficiary or directly to LESSOR (the "-9A Vendor"), and their respective officers, directors, shareholders, members, employees, agents and assigns (collectively, the "Additional Insureds"), as an additional named insureds as their interests may appear (but without imposing upon the Additional Insureds any obligation imposed upon the insured; , including, without limitation, the liability to pay any premiums for any such policies, but LESSOR, Beneficiary, Lender, Jetz Ventures, the -9A Vendor and/or Lufthansa shall have the right to pay such premiums if it shall so elect), and (2ii) be with insurance companies with an A.M. Best rating of at least A- and a financial size classification of VII or otherwise as mutually approved by N2T and Oakley; (3) shall expressly provide for not less than thirty (30) days prior written notice to be received by the certificate holders and additional named insureds before any lapsethat, material alteration, termination or cancellation of such insurance policy; (4) provide that in respect of the interests of Oakley the Additional Insureds in such policies policies, the insurance will not be invalidated by any action or inaction of insurance the LESSEE, and shall insure Oakley the Additional Insureds, regardless of any breach or violation by LESSEE of any warranty, declarations declaration or conditions condition contained in such policies policies, (iii) shall provide that if such insurance is canceled by N2T insurers for any reason whatsoever, or is adversely changed in any other person; way by insurers with respect to the interests of the Additional Insureds, or if such insurance is allowed to lapse for nonpayment of premiums, such cancellation, change or lapse shall not be effective as to the Additional Insureds for 30 days (5seven (7) days or such shorter period as may be customary in the case of any war risks and allied perils coverage), in each instance, after the issuance to LESSOR, Beneficiary, Lender, Jetz Ventures, the -9A Vendor and Lufthansa of written notice by such insurer or insurers and/or brokers to LESSOR, Beneficiary, Lender and Lufthansa of such prospective cancellation, change or lapse, (iv) shall provide coverage on a worldwide basis, subject to such territorial exclusions as may be usual and customary in the worldwide airline insurance industry for airlines similarly situated with LESSEE, (v) shall provide that, as against the Additional Insureds, the insurer shall waive any rights of set set-off, counterclaim or any other deduction, whether by attachment or otherwise, and all rights waives any right of subrogation it may have against Oakley or any other additional insured, and Oakley’s or such additional insured's officers, employees and servants; and (6) provide that, if the insurers cancel such insurance for any reason whatever, or Additional Insureds but only to the same is allowed to lapse for non-payment extent that LESSEE has waived its right of premium, or if there is any material change in policy terms and conditions, such cancellation, lapse or change shall not be effective until thirty (30) calendar days after receipt by Oakley of written notice from such insurers of such cancellation, lapse or changerecovery against the Additional Insureds under the Lease Documents. Each liability policy shall (i) be primary without right of contribution from any other insurance which is may be carried by Oakley LESSOR, Beneficiary, Lender, Jetz Ventures, the -9A Vendor, Lufthansa or any other additional insured; their assigns, and (ii) shall expressly provide that all of the provisions thereof, except the limits of liability, thereof shall operate in the same manner as if there were a separate policy covering each insured, provided that such provisions shall not operate to increase the insurer's limit of liability. Oakley No liability policy shall provide at its own expense worker’s compensation permit any deductible or self-insurance provision except for baggage and cargo as is customary in the London or U.S. aviation insurance industry and such other deductibles only with all-states coverage the consent of the LESSOR, which consent shall not be unreasonably withheld or delayed, which from time to time LESSEE can demonstrate are standard in comprehensive liability insurance and, in particular, public liability risks (including, INTER ALIA, contractual liability and passenger liability coverage) for major international passenger air carriers in the crew and maintenance personnelthen current London or U.S. aviation insurance market.

Public Liability and Property Damage Liability Insurance. N2TThe Lessee will carry, at its own expense, third party aircraft liability insurance, passenger legal liability insurance and property damage liability insurance during the Term hereof in an amount not less than $75,000,000 for any one accident, or series of accidents arising out of any one event, with respect to each Aircraft. Any such liability insurance policy shall maintain not contain a provision for deductible or cause self-insurance amounts. In any event all such policies shall be (A) in amounts which are not less than the public liability and property damage insurance applicable to be similar aircraft and engines which may at any time during the Term hereof comprise the Lessee's fleet on which the Lessee carries insurance; and (B) maintained in effect throughout with insurers of recognized reputation and responsibility, reasonably satisfactory to the Term combined aircraft bodily injury, property damage liability, including passenger liability, insurance with limits of not less than Two Hundred Million Dollars ($200,000,000.00) for each occurrenceLessor. Any policies of insurance carried in accordance with this Section 8.1 12.01 and any policies taken out in substitution or replacement for of any of such policies shallpolicies: (1) shall name Oakley the Lessor as owner and each Timesharing Lessee as an additional named insured; (2) be with insurance companies with an A.M. Best rating of at least A- and a financial size classification of VII or otherwise as mutually approved by N2T and Oakley; (3) provide for not less than thirty (30) days prior written notice to be received by the certificate holders and additional named insureds before any lapse, material alteration, termination or cancellation of such insurance policy; (4) shall provide that in respect of the interests interest of Oakley the Lessor such policies of insurance shall not be invalidated by any action or inaction of the Lessee and shall insure Oakley Lessor regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by N2T or any other person; (5) shall waive any rights of set off, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against Oakley or any other additional insured, and Oakley’s or such additional insured's officers, employees and servantsthe Lessee; and (63) shall provide that, that if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for non-payment nonpayment of premium, or if there is any material change in policy terms and or conditions, such cancellation, lapse or change shall not be effective until for thirty (30) calendar days after receipt by Oakley the Lessor of written notice from by such insurers to the Lessor of such cancellation, lapse or change. Each liability policy shall (i) shall be primary without right of contribution from any other insurance which is carried by Oakley or any other additional insured; and the Lessor, (ii) shall expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured, and (iii) shall waive any rights of set-off, counterclaim or other deduction against each named insured. Oakley The Lessee shall provide at its own expense worker’s compensation arrange for evidence of appropriate coverage as to each Aircraft and as to the satisfaction of the requirements set forth above in this Section 12.01 to be furnished to the Lessor on or before the Delivery Date for each Aircraft by Lessee's insurance with all-states coverage for the crew and maintenance personnelbroker.