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.
Title: Understanding the Tennessee Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine Keywords: Tennessee aircraft lease agreement, lessee, new engine, flight hours, security interest in engine, types of agreements Introduction: The Tennessee Aircraft Lease Agreement is a contractual arrangement between a lessor and lessee, specifically designed to facilitate the exchange of a new engine for flight hours. The lessor provides the lessee with a new engine, and in return, the lessee agrees to provide a predetermined number of flight hours. Additionally, this agreement grants the lessor a security interest in the engine, enabling them to protect their investment. Types of Tennessee Aircraft Lease Agreements: 1. Standard Tennessee Aircraft Lease Agreement: This type of agreement follows the traditional structure and conditions of an aircraft lease. It outlines the terms and conditions related to the lease period, monthly payments, maintenance responsibilities, insurance coverage, and other relevant details. The inclusion of the new engine in exchange for flight hours, along with the security interest clause, will be explicitly stated. 2. Deferred Payment Tennessee Aircraft Lease Agreement: In this variation, the lessee may not pay the regular monthly lease payments upfront. Instead, the lease payments are deferred until the lessee fulfills the predetermined flight hour requirement. This type of agreement benefits lessees who might need time to generate revenue before making lease payments, while also securing the lessor's interests through the security interest clause. 3. Income-Share Tennessee Aircraft Lease Agreement: This agreement structure allows the lessee to share a portion of their generated revenue from the aircraft with the lessor. Instead of paying monthly lease payments, the lessee supplies the new engine and agrees to provide a specific percentage of their flight revenue. This type of agreement can align the interests of both parties while ensuring the lessor's investment in the engine is protected through the security interest clause. Detailed Description: The Tennessee Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a comprehensive legal document that covers various critical aspects. To ensure clarity and transparency, it includes the following information: 1. Parties: Clearly identifies the lessor and lessee involved in the agreement. This includes their legal names, contact information, and relevant details. 2. Aircraft Details: Provides a detailed description of the aircraft involved in the agreement, including its make, model, serial number, registration number, and any additional equipment or features. 3. Lease Duration: Specifies the duration of the lease, including the start and end dates. Additionally, it may outline any provisions for lease extensions or early termination under certain circumstances. 4. Flight Hour Requirement: States the specific number of flight hours the lessee is obligated to fulfill during the lease term. This requirement acts as the basis of the lessee's commitment and establishes their obligation in exchange for the new engine. 5. New Engine Provision: Clearly outlines the details of the new engine being provided by the lessor, including information on its manufacturer, model, serial number, and any warranties that may be applicable. 6. Security Interest: Establishes the lessor's security interest in the engine, allowing them to secure their investment. This may include a pledge of the engine as collateral, as well as provisions for repossession or remedies in the event of default or non-compliance. Conclusion: The Tennessee Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a specialized lease agreement that provides a means for lessees to obtain a new engine in exchange for fulfilling flight hour requirements. By incorporating the security interest clause, the lessor can safeguard their investment. The different types of agreements within this framework cater to varying financial situations and preferences of the lessor and lessee.
