Who approves the leasing of an aircraft?

Prior lease approval is still required, but such approval may fall under the CAA's General Approval of Leasing Agreements (in the CAA's Official Record Series 4), provided it fits within the set criteria of the General Approval.

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Contract for the Lease of Aircraft

King Washington Contract for the Lease of Aircraft

Name: King Washington Contract for the Lease of Aircraft
Brand: US Legal Forms
Rating: 4.67 (369 reviews)

Category:

Leases - Aircrafts

State:

Multi-State

County:

King

Control #:

US-01624

Format:

Instant download

Description

This is a contract for the lease of an air craft. The form provides that the lessor leases to the lessee and the lessee takes possession of and rents from the lessor a certain aircraft described in the document. It is further understood and agreed by and between the lessor and lessee that, on account of breach or default by either party of any of their obligations, it will become necessary for the other party to employ and/or consult with an attorney to give advice, or to enforce or demand any of either party's rights or remedies hereunder, then, and in any such event, the defaulting or breaching party will pay all attorney fees, court costs and other expenses occasioned by such default(s) or breach(es).

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FAQ

The loan is structured as a lease and the lender is designated as the lessor, but the lessee is treated as the owner for some purposes. The lease usually has a fixed buyout at the end of the lease, usually at a value that is less than the true residual value of the aircraft. The buyout is optional for the lessee.

Leasing transfers possession of the aircraft without transferring the title. A dry lease furnishes an aircraft, but the lessor provides no crew. (A lease that includes crew is called a wet lease, and requires an FAA commercial certifb01cate unless specifb01cally authorized under FAR 91.501 or FAR 91.321.)

An operating lease is a short-term lease for the use and possession of the aircraft by the lessee for a specified amount of time typically less than the full life of the aircraft.

Buy Or Lease? Many airlines do not really own the aircraft they fly. Like a lot of people do for cars, they lease them, from aircraft leasing firms. Four out of 10 commercial aircraft worldwide are on lease.

Aircraft for Immediate ACMI/Wet/Dry Lease/Sale AircraftYOMPriceAirbus A3192000USD $ 158,000/MonthAirbus A319TBAUSD $ 165,000/MonthAirbus A3201996/97USD $ 160,000/Month + Maintenance ReservesAirbus A320TBAUSD $ 245,000/Month + Maintenance Reserves88 more rows ?

With a dry lease, an aircraft owner/lessor leases an aircraft to a lessee/operator without a crew. Neither the lessor nor the lessee is required to hold a charter certificate. In a dry lease situation, the lessee provides its own crew and exercises operational control of its flights.

In a wet lease situation, because the lessor is providing both aircraft and crew, the lessor maintains operational control of all flights. In a dry lease situation, the lessee provides its own crew and the lessee exercises operational control of its flights.

There are four main benefits to leasing aircraft instead of buying. They are financial liquidity, capacity flexibility, rapid expansion, fleet consistency and reduced maintenance costs. Financial liquidity has been critical for low cost carriers, but this benefit can accrue to any firm in the industry.

Lessors RankOperating LessorFleet1AerCap1,1532GECAS9313Air Lease Corporation2714SMBC Aviation Capital (ex RBS)44516 more rows

Prior lease approval is still required, but such approval may fall under the CAA's General Approval of Leasing Agreements (in the CAA's Official Record Series 4), provided it fits within the set criteria of the General Approval.

Dry lease: In a dry lease, the owner provides the aircraft to the lessee without a crew. Neither party is required to have an air carrier certificate so long as the aircraft does not carry people or property for compensation or hire.

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The other aircraft in the family include the smaller King Air 250, the King Air C90GTx and an extended range King Air 350ER. The Forest Service uses planes of many types and sizes to manage wildland fires.Monthly rental agreements (MRAs) were not adjusted from 2008 levels. Welcome to the Caselaw Access Project! We allow free access to up to 500 cases per person per day — see our terms of use for details. FLY leases its aircraft under multiyear operating lease contracts to a diverse group of airlines throughout the world. In a recent US bankruptcy case, King v. The first operational flight was on 22 May 1975 of a fixed wing aircraft. The Air Wing initially leased single engine and twin engine fixed wing aircraft. No more filling out lengthy applications!

King Washington Contract for the Lease of Aircraft

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