Instructions

Below is the link to a contract for the "dry lease" of an aircraft.

Some background:

A "dry lease" is the lease of an aircraft without any crew. In contrast, a "wet lease" is the lease of an aircraft with at least one crew member.

According to its website, MSG Entertainment GroupLinks to an external site. is a "world leader in live entertainment, comprised of world-renowned venues and marquee brands." The theaters it owns/operates include Madison Square Garden, Radio City Music Hall, and the Chicago Theater (in Chicago).

The Gulfstream G550 is a long-range, luxury business jet made by General Dynamics and using Rolls Royce engines.

Quart 2C, LLC is a Delaware LLC with an address at a PO Box in Oyster Bay, NY.

Republic Airport is a Long Island "Executive Airport."

FIND THE ANSWERS TO THE 20 QUESTIONS WITHIN THE TIME LIMIT USING THE CONTRACT:

AIRCRAFT DRY LEASE AGREEMENT _ Madison Square Garden Co _ Business Contracts _ Justia.pdfDownload AIRCRAFT DRY LEASE AGREEMENT _ Madison Square Garden Co _ Business Contracts _ Justia.pdf

WITH EACH ANSWER, STATE THE PAGE AND SECTION WHERE THE ANSWER APPEAR

Link: https://contracts.justia.com/companies/madison-square-garden-co-5164/contract/329009/#clause-id-710657

Who is the Lessor?

Who is the Lessee?

What is the subject matter of the Lease?

Does the lease grant exclusive use of the Aircraft to the Lessee?

What airport is the default location or "home base" for the Aircraft?

Name a condition which, if unfulfilled, limits the Lessor's obligation to provide use of the Aircraft to the Lessee?

When does a "block hour" begin?

In what increments is a "block hour" measured?

What is the amount of rent for a "block hour" under this Lease?

When is monthly Rent due under the Lease?

Is the Lessor required to name "additional insureds" in its insurance policy? If so, who are the required "additional insureds?"

Name two events that constitute a "default" under this Lease.

Does either party have a right to terminate this Lease even in the absence of a breach or default? If so, when must the party act to validly terminate?

If Notices are sent by certified or registered mail, when are they "deemed received?"

Would a well-trained in-house counsel give notice by "regular mail" or "first class mail, postage prepaid" under this Lease? Why or why not?

Is there a "choice of law" provision? If so, what law applies to this Lease?

Are "wet ink" signatures required under this Lease?

Is there a "fee-shifting" provision in this Lease? If so, who is entitled to fees in the event of litigation?

Name one representation or warranty in this Lease.

Under what circumstances is "Additional Rent" due under the Lease? (Hint: What is a "True-Up Hour"?)