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.
A Hawaii Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a contractual arrangement between the lessor (the owner of the aircraft) and the lessee (the party seeking to lease the aircraft) in the state of Hawaii. This agreement pertains to the leasing of an aircraft along with the lessee's obligation to provide a new engine in exchange for a predetermined number of flight hours. Additionally, the lessor is given a security interest in the engine to protect their investments and ensure the lessee's compliance with the agreement. Keywords: Hawaii, Aircraft Lease Agreement, Lessee, Supply, New Engine, Flight Hours, Security Interest. Types of Hawaii Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine: 1. Fixed-Term Agreement: This type of lease agreement establishes a specific lease term during which the lessee is obligated to provide the new engine in exchange for flight hours. The duration of the lease is pre-determined and agreed upon by both parties. 2. Open-Ended Agreement: Unlike the fixed-term agreement, this lease type does not have a specific end date. Instead, the lessee is obligated to provide the new engine for a continuous period, typically until they fulfill the agreed-upon flight hour requirement. 3. Conditional Agreement: In this form of the lease, the lessee's obligation to supply a new engine is contingent upon certain conditions being met. These conditions may include specific maintenance requirements, engine performance criteria, or other stipulations deemed crucial to the lessor's satisfaction. 4. Non-Exclusive Agreement: This type of agreement allows the lessor to enter into similar lease arrangements with other lessees simultaneously. It means the aircraft may be leased to multiple parties, all of whom are obligated to provide a new engine in exchange for flight hours. 5. Convertible Agreement: A convertible lease agreement gives the lessee the option to convert the lease into a purchase agreement, enabling them to eventually own the aircraft and engine outright after fulfilling certain obligations outlined in the contract. Overall, a Hawaii Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine provides a framework for lessees to access aircraft, while also incentivizing them to maintain and operate the leased aircraft in a manner that fulfills their obligation to provide a new engine.
