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.
Ohio Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine Overview: The Ohio Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a legal contract between an aircraft lessor and lessee in the state of Ohio. This agreement outlines the terms and conditions for leasing an aircraft, specifically focusing on the supply of a new engine by the lessee in exchange for a predetermined number of flight hours. Additionally, the lessor holds a security interest in the engine to safeguard their investment. Keywords: Ohio, aircraft, lease agreement, lessee, new engine, flight hours, security interest Types of Ohio 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 Agreement: This type of agreement establishes a specific, predetermined lease period during which the lessee will supply a new engine and carry out the required flight hours as per the agreement terms. The lessor will maintain a security interest in the engine throughout the lease term. 2. Open-Ended Lease Agreement: An open-ended lease agreement provides flexibility regarding the lease duration. The lessee agrees to supply a new engine and accumulate flight hours, but the specific timeframe may not be predefined. The lessor still retains a security interest in the engine until the lease agreement is terminated or modified. 3. Wet Lease Agreement: In a wet lease agreement variant, the lessee not only provides a new engine and fulfills the predetermined flight hours but also provides a full crew, including pilots and maintenance personnel. This type of agreement is commonly used for temporary periods or when the lessor requires comprehensive support beyond the engine supply. 4. Dry Lease Agreement: A dry lease agreement focuses primarily on the engine supply and corresponding flight hours. Unlike the wet lease agreement, the lessee is responsible solely for providing the engine and operating the aircraft. This type of lease is suitable when the lessor has their own crew or wishes to engage a separate crew. 5. Credit-Based Lease Agreement: A credit-based lease agreement incorporates a financial component. In addition to supplying a new engine and fulfilling the required flight hours, the lessee may receive a credit or reduction in lease payments based on the number of flight hours accumulated. This incentivizes flight operations and provides a financial benefit to the lessee. 6. Multi-Engine Lease Agreement: A multi-engine lease agreement involves the lessee supplying multiple engines for the same or different aircraft in exchange for flight hours. This type of agreement is suitable for lessees who possess multiple engines and wish to distribute their flight hours across various aircraft. Remember, it is crucial to consult legal professionals specializing in aviation law to draft and finalize an Ohio Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine tailored to your specific needs and circumstances.Ohio Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine Overview: The Ohio Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a legal contract between an aircraft lessor and lessee in the state of Ohio. This agreement outlines the terms and conditions for leasing an aircraft, specifically focusing on the supply of a new engine by the lessee in exchange for a predetermined number of flight hours. Additionally, the lessor holds a security interest in the engine to safeguard their investment. Keywords: Ohio, aircraft, lease agreement, lessee, new engine, flight hours, security interest Types of Ohio 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 Agreement: This type of agreement establishes a specific, predetermined lease period during which the lessee will supply a new engine and carry out the required flight hours as per the agreement terms. The lessor will maintain a security interest in the engine throughout the lease term. 2. Open-Ended Lease Agreement: An open-ended lease agreement provides flexibility regarding the lease duration. The lessee agrees to supply a new engine and accumulate flight hours, but the specific timeframe may not be predefined. The lessor still retains a security interest in the engine until the lease agreement is terminated or modified. 3. Wet Lease Agreement: In a wet lease agreement variant, the lessee not only provides a new engine and fulfills the predetermined flight hours but also provides a full crew, including pilots and maintenance personnel. This type of agreement is commonly used for temporary periods or when the lessor requires comprehensive support beyond the engine supply. 4. Dry Lease Agreement: A dry lease agreement focuses primarily on the engine supply and corresponding flight hours. Unlike the wet lease agreement, the lessee is responsible solely for providing the engine and operating the aircraft. This type of lease is suitable when the lessor has their own crew or wishes to engage a separate crew. 5. Credit-Based Lease Agreement: A credit-based lease agreement incorporates a financial component. In addition to supplying a new engine and fulfilling the required flight hours, the lessee may receive a credit or reduction in lease payments based on the number of flight hours accumulated. This incentivizes flight operations and provides a financial benefit to the lessee. 6. Multi-Engine Lease Agreement: A multi-engine lease agreement involves the lessee supplying multiple engines for the same or different aircraft in exchange for flight hours. This type of agreement is suitable for lessees who possess multiple engines and wish to distribute their flight hours across various aircraft. Remember, it is crucial to consult legal professionals specializing in aviation law to draft and finalize an Ohio Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine tailored to your specific needs and circumstances.
