Under the Federal Aviation Act of 1958, any conveyance that affects the title to, or any interest in, any civil aircraft of the United States must be acknowledged and recorded with the Administrator of the Federal Aviation Administration in the manner prescribed by statute. After such an instrument is recorded, it is valid as to all persons without recording and regardless of notice.
Documents relating to interests in aircraft are filed with the FAA Registry in Oklahoma City, Oklahoma. Documents must be signed in ink by the appropriate party (e.g. seller, grantor, lien claimant, etc.) or by someone on behalf of the appropriate party with a title acceptable to the FAA (President, Chief Manager etc.). The FAA Registry Examination Guidelines contain a list of titles that are acceptable to the FAA.
To be eligible for recording, an instrument granting a security interest in an aircraft must be signed in ink and describe the aircraft by manufacturer, model, serial number, and registration number. The debtor must be the registered owner of the aircraft; be the owner of record on the date the instrument is executed, as evidenced by documents on file with the FAA Aircraft Registry; or the lien document be accompanied by the debtors evidence of ownership/, application.
Travis Texas Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine Overview Aircraft leasing is a common practice in aviation industry, facilitating the transportation needs of individuals and businesses alike. The Travis Texas Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a specific type of lease agreement tailored to cater to lessees looking to acquire a new engine for their aircraft while offering flight hours as compensation. In this agreement, the lessor (Travis Texas) agrees to supply a brand-new engine, meeting all industry safety and performance standards, to the lessee (the aircraft operator). In return, the lessee commits to fulfilling a predetermined number of flight hours over a specific time period. This unique arrangement benefits both parties involved, ensuring that the aircraft is properly maintained and utilized while providing the lessee access to a new engine without an upfront purchase or capital expenditure. Types of Travis Texas Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine 1. Fixed-Term Lease with Flight Hour Reimbursement: This type of agreement outlines a fixed lease term and establishes the number of flight hours the lessee must complete to fulfill their side of the agreement. The lessee reimburses the lessor for any additional flight hours flown beyond the agreed-upon limit. 2. Renewable Lease with Variable Flight Hour Commitment: In a renewable lease agreement, the lessor and lessee may negotiate the lease duration to automatically renew at specified intervals, subject to both parties' consent. Additionally, this agreement incorporates a variable flight hour commitment, allowing flexibility for the lessee to adjust their flight hour obligations based on changing operational demands. 3. Performance-Based Lease with Engine Purchase Option: This lease agreement variant includes performance-based clauses, wherein the lessee's flight hours are closely tied to achieving specific performance targets. If the lessee meets or exceeds these targets, they are offered the option to purchase the engine at a specified price, rewarding their cooperation and successful utilization of the engine during the lease term. Security Interest in Engine To further safeguard the lessor's interests in these arrangements, the Travis Texas Aircraft Lease Agreement also includes provisions for the lessor to take a security interest in the engine. This means that, in the event of default or non-payment by the lessee, the lessor has the right to reclaim the engine to ensure their investment is protected. This security interest provides reassurance to the lessor, allowing them to enter into agreements of this nature while mitigating potential financial risks associated with engine leasing. In conclusion, the Travis Texas Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine offers a mutually beneficial solution for lessees in need of a new engine while providing the lessor an opportunity to lease their equipment and secure their investment. The agreement offers flexibility through different variations, ensuring lessees can tailor their flight hour commitments to meet operational requirements.Travis Texas Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine Overview Aircraft leasing is a common practice in aviation industry, facilitating the transportation needs of individuals and businesses alike. The Travis Texas Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a specific type of lease agreement tailored to cater to lessees looking to acquire a new engine for their aircraft while offering flight hours as compensation. In this agreement, the lessor (Travis Texas) agrees to supply a brand-new engine, meeting all industry safety and performance standards, to the lessee (the aircraft operator). In return, the lessee commits to fulfilling a predetermined number of flight hours over a specific time period. This unique arrangement benefits both parties involved, ensuring that the aircraft is properly maintained and utilized while providing the lessee access to a new engine without an upfront purchase or capital expenditure. Types of Travis Texas Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine 1. Fixed-Term Lease with Flight Hour Reimbursement: This type of agreement outlines a fixed lease term and establishes the number of flight hours the lessee must complete to fulfill their side of the agreement. The lessee reimburses the lessor for any additional flight hours flown beyond the agreed-upon limit. 2. Renewable Lease with Variable Flight Hour Commitment: In a renewable lease agreement, the lessor and lessee may negotiate the lease duration to automatically renew at specified intervals, subject to both parties' consent. Additionally, this agreement incorporates a variable flight hour commitment, allowing flexibility for the lessee to adjust their flight hour obligations based on changing operational demands. 3. Performance-Based Lease with Engine Purchase Option: This lease agreement variant includes performance-based clauses, wherein the lessee's flight hours are closely tied to achieving specific performance targets. If the lessee meets or exceeds these targets, they are offered the option to purchase the engine at a specified price, rewarding their cooperation and successful utilization of the engine during the lease term. Security Interest in Engine To further safeguard the lessor's interests in these arrangements, the Travis Texas Aircraft Lease Agreement also includes provisions for the lessor to take a security interest in the engine. This means that, in the event of default or non-payment by the lessee, the lessor has the right to reclaim the engine to ensure their investment is protected. This security interest provides reassurance to the lessor, allowing them to enter into agreements of this nature while mitigating potential financial risks associated with engine leasing. In conclusion, the Travis Texas Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine offers a mutually beneficial solution for lessees in need of a new engine while providing the lessor an opportunity to lease their equipment and secure their investment. The agreement offers flexibility through different variations, ensuring lessees can tailor their flight hour commitments to meet operational requirements.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.