RE: Gaifd27 Jan 2014 10:31
On January 16, 2014, our wholly-owned subsidiary, General Aircraft, Inc., entered into a Helicopter Lease Agreement (the "Agreement") with Coast Flight Academy, LLC ("Coast"). Under the Agreement, we have leased our R44 Raven II helicopter to Coast at a fixed rental rate of $200 per hour. Beginning March 1, 2014, Coast will be required to meet a minimum requirement of 40 rental hours per month. The Agreement will terminate on the earlier of: (i) December 31, 2015, or (ii) the helicopter reaching a total time of 2200 hours. The Agreement may also be terminated by either party upon 120 days written notice. Coast will be responsible for hangar parking, insurance, fuel and regular operating oil, and regular maintenance and repairs.
The foregoing is a summary of the material terms of the Agreement, which should be reviewed in its entirety for additional information.
wtf ????!!!!!