Guidance Material And Best Practices For Aircraft Leases

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Guidance Material and BestPractices for Aircraft LeasesEffective May 20174th Edition

NOTICEDISCLAIMER. The information contained in thispublication is subject to constant review in the lightof changing government requirements and regulations. No subscriber or other reader should act onthe basis of any such information without referringto applicable laws and regulations and/or withouttaking appropriate professional advice. Althoughevery effort has been made to ensure accuracy, theInternational Air Transport Association shall not beheld responsible for any loss or damage caused byerrors, omissions, misprints or misinterpretation ofthe contents hereof. Furthermore, the InternationalAir Transport Association expressly disclaims anyand all liability to any person or entity, whether apurchaser of this publication or not, in respect ofanything done or omitted, and the consequencesof anything done or omitted, by any such person orentity in reliance on the contents of this publication. International Air Transport Association. AllRights Reserved. No part of this publication maybe reproduced, recast, reformatted or transmitted in any form by any means, electronic ormechanical, including photocopying, recording or any information storage and retrieval system, without the prior written permission from:Senior Vice PresidentSafety and Flight OperationsInternational Air Transport Association800 Place VictoriaP.O. Box 113Montreal, QuebecCANADA H4Z 1M1Guidance Material and Best Practices for Aircraft LeasesISBN 978-92-9229-594-3 2017 International Air Transport Association. All rights reserved.Montreal—Geneva

Table of ContentsList of Figures . viiList of Tables . ixAbbreviations . xiScope. xvIntroduction. xviSection 1— Background . 11.1Maintaining Asset Value .21.2Common Misunderstandings .21.2.1Back-to-Birth Traceability . 31.2.2Repairs . 41.2.3Records Presentation . 5Section 2— Pre-Delivery . 62.1Letter of Intent . 62.2Representations and Warranties . 72.3Conditions Precedent . 82.4Insurance . 92.4.1Hull Insurance . 92.4.2Liability Insurance .102.5Payment and Security .102.5.1Security Deposit .112.5.2Commitment Fee .112.5.3Rent . 122.5.4Supplemental Rent or Maintenance Reserves (if applicable) . 122.5.5Maintenance Reserve Deposit .152.5.6End of Lease Compensation .152.5.7Letter of Credit .162.6Cape Town Convention .16Section 3— Delivery . 183.1Delivery Conditions .183.1.1Technical Aspects for Delivery .183.1.2Delivery of New Aircraft . 193.1.3Delivery of Used Aircraft . 204th Edition 2017i

Guidance Material and Best Practices for Aircraft Leases3.1.4Typical Delivery Conditions for Used Aircraft . 203.1.5Legal Aspects for Delivery .223.2Aircraft Acceptance and Audits Process . 233.2.1Physical Acceptance . 233.2.2Delivery Schedule . 243.2.3Delivery Maintenance Check . 253.2.4Records Acceptance . 253.2.5Demo Flight/Borescope . 273.2.6Inspection . 293.2.7Inspection Report . 303.2.8Certificate of Acceptance . 323.3Transferability (Regulatory) . 323.3.1Registration . 333.3.2Design Approval . 333.3.3Airworthiness Certification . 353.3.4Continuing Airworthiness . 363.3.5Additional Airworthiness .373.3.6Operational Requirements .373.3.7Airspace Requirements . 383.3.8Other Requirements . 393.3.9Cockpit Security. 393.4Bilaterals . 41Summary . 41Section 4— Operations . 434.14.1.1Cost Sharing Options . 434.1.2Maintenance Reserves: Payment and Claims . 444.2Events of Default . 464.2.1Non-payment . 464.2.2Insurances . 474.2.3Cross Default . 474.2.4Bankruptcy, Insolvency and Similar Proceedings . 484.2.5Change of Ownership . 484.2.6Adverse Change . 484.2.7Other Important EoDs . 494.3iiAlterations in Obligations . 43Sale-and-Leaseback . 494th Edition 2017

Table of Contents4.4Engine Power by the Hour Maintenance Agreements . 504.4.1Payment Options .514.4.2Entry/Exit Options and Number of Shop Visits . 524.4.3Flexibility in Work Scope . 534.4.4Flexibility in Engine Removal Planning . 534.5Engine Substitution . 554.6Technical Records . 55Section 5— Redelivery . 565.1Redelivery Conditions . 565.2Redelivery Process . 575.2.1Initial Phase . 625.2.2Pre-redelivery Phase . 625.2.3Redelivery Phase . 625.2.4Return Acceptance Certificate / Deregistration . 635.2.5General Recommendations . 635.2.6Example “Redelivery Inspection and Acceptance Protocol” . 64References. 72References in Annexes . 73Annex I: Example Physical Inspection . 75Annex II: Typical Redelivery Records . 78Annex III: Typical Index of Delivery Book . 85Annex IV: Engine Documentation Checklist. 87Annex V: Structural Repair File Guidelines . 881.Introduction . 882.Regulatory Basis. 882.1EASA . 882.2FAA . 912.3EU-US Bilateral . 913.Repair File Overview . 913.1Setup . 923.2Pitfalls . 934.Definitions. 944.1Airbus Repair Definitions . 944.2Boeing Repair Definitions .

CMM Component Maintenance Manual CMR Certification Maintenance Requirement CofA Certificate of Airworthiness CoR Certificate of Registration CP Conditions Precedent CPC(P) Corrosion Prevention and Control (Program) CRS Certificate Release to Service CSN Cycles Since New

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