Aircraft Finance

Name: Aircraft Finance | Recent Developments and Prospects
Brand: Kluwer Law International
Price: 144.99 EUR
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Recent Developments and Prospects

Berend J. H. Crans(Herausgeber*in)

Kluwer Law International (Verlag)

Erschienen am 1. Oktober 1996

164 Seiten

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978-90-411-7272-3 (ISBN)

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Inhalt

Cover
Half Title Page
Title Page
Copyright Page
Foreword
Table of Contents
Selected pitfalls and booby-traps in aircraft finance
1. INTRODUCTION
2. THE GENEVA CONVENTION
3. ENGINES: THE PROBLEMS OF INTERCHANGEABILITY
4. ASSIGNMENT OF CLAIMS UNDER LEASE/SUBLEASE AGREEMENTS
5. THIRD PARTY RIGHTS
6. HOW TO FACILITATE ENFORCEMENT OF YOUR LEASE AGREEMENT IN 18 EUROPEAN JURISDICTIONS
7. HOW TO STRUCTURE YOUR SECURITIES WITH AN EYE ON ENFORCEMENT
8. HOW TO AVOID TRUE SALE PROBLEMS IN THE NETHERLANDS
Review of important funding sources
1. INTRODUCTION
2. HOW MUCH FINANCING WILL BE REQUIRED IN 1995/1996 AND WHERE?
2.1. New aircraft deliveries
2.2. Review of Regions
3. REVIEW OF MARKETS AND TRENDS
3.1. The JLL market
3.2. The FSC market
3.3. Manufacturer supported financings
3.4. Commercial bank market
3.5. Institutional debt
3.6. The sale and lease back market
Aspects of aircraft leasing in Germany
1. GENERAL INTRODUCTION
1.1. Development of leasing in Germany
1.2. Leasing as a booming industry
2. CHARACTERISTICS OF A GERMAN LEASE
2.1. Terms of a typical German aircraft lease
2.2. Early termination provisions
2.3. Sub-lease and transferability provisions
2.4. Refinancing of the lease
2.5. Legal status of the aircraft and its engines
3. SECURITY RIGHTS
3.1. Aircraft mortgage
3.2. Registration of the mortgage
3.3. Priority of the aircraft mortgage
concurrence with other rights
3.4. Extent of the encumbrance
3.5. Foreclosure
3.6. Security interest in lease rentals
3.7. Security assignment and pledge of lease rentals
3.8. Security assignment/pledge in the lessor's bankruptcy
3.9. Other securities
4. TAX ASPECTS
4.1. 'Economic ownership' as the key issue
4.2. Tax requirements as to the term of the lease
4.3. Treatment of full pay-out leases
4.4. Treatment of non-full pay-out leases
4.5. Lessee as 'economic owner'
4.6. Depreciation
4.7. Potential of a German lease for double-dip benefits in cross-border financing
4.8. Tax issues in refinancing
4.9. German tax status of non-resident lessors
5. SUMMARY
Prospects for the aviaton industry: has the recession ended? A banker's view
1. INTRODUCTION
1.1. Intro
1.2. Nucleus
1.3. Design
2. AIR TRAFFIC
2.1. Introduction: economic growth and air traffic growth
key: GDP/capita and air traffic growth
2.2. Recent developments
historical air-traffic growth
2.3. Outlook
expectations by region
3.AIRLINES
3.1. Introduction: air traffic and profitability yield developments
cost developments
3.2. Recent developments
restructuring, losses worldwide
3.3. Outlook
globalisation and liberalisation
4. AIRCRAFT MANUFACTURERS
4.1. Introduction
airline profits and orders
orders and deliveries
4.2. Recent developments
fewer deliveries, losses at manufacturers, customer financing
4.3. Outlook
we are approaching the bottom
5. CONCLUSIONS
5.1. Intro
5.2. Diagram
5.3. Conclusion
Security rights in aircraft and engines under Netherlands law
1. INTRODUCTION
1.1. Types of security rights
2. THE CHARACTER OF AN AIRCRAFT AND THE ENGINES OF AN AIRCRAFT
2.1. Aircraft
2.2. Engines
3. THE RIGHT OF PLEDGE ON AN UNREGISTERED AIRCRAFT
4. THE RIGHT OF PLEDGE ON CLAIMS UNDER THE LEASE AGREEMENT
5. NO PUBLIC REGISTER
6. EXISTING AND FUTURE CLAIMS
7. THE RIGHT OF MORTGAGE ON A REGISTERED AIRCRAFT
8. PRIOR TEMPORE, POTIOR IURE
9. THE PRINCIPLE OF SUBSTITUTIE
10. FORECLOSURE BY SALE (UITWINNING) AFTER MORTGAGOR'S DEFAULT
11. SEIZURE AND EXECUTION
12. CONCLUSION
An overview on aircraft leasing in Spain
1. GENERAL INTRODUCTION IN RESPECT OF THE SPANISH MARKET
1.1. Economic features of the Spanish market
1.2. Registration of aircraft in Spain
2. CHARACTERISTICS OF A SPANISH LEASE
2.1. Features of a finance lease in Spain
2.2. Features of an operational lease
3. SECURITY RIGHTS
3.1. Status of mortgage
3.2. Assignment of lease-rentals to owner/financier
3.3. Other securities
4. TAX ASPECTS
4.1. Treatment of an aircraft under Spanish tax law
4.2. What depreciation is allowed? Residual value treatment
4.3. Rental payments
Recent developments in tax law
1. INTRODUCTION
2. DEVELOPMENTS IN THE EUROPEAN UNION
3. DEVELOPMENTS IN THE NETHERLANDS
Legal aspects of aircraft finance in Sweden
1. INTRODUCTION
2. FINANCE LEASING/OPERATING LEASING
3. LOAN FINANCING
4. REGISTRATION
5. FINAL REMARKS
Highlighting various tax and security law aspects of aircraft finance - France
1. FIRST ROUTE: DIRECT PURCHASE
1.1. Security law aspects
1.2. Tax aspects
2. SECOND ROUTE: LEASING
2.1. Security law aspects
2.2. Tax aspects
The third EC aviation package: its impact on the leasing industry
1. INTRODUCTION
2. THE BENEFITS OF AN OPERATING LICENCE
3. FINANCIAL FITNESS REQUIREMENTS
4. HOW TO ADAPT LEASE AGREEMENTS TO THE LICENSING REGULATION
5. THE USE, REGISTRATION AND LEASING OF AIRCRAFT
5.1. Community registration
5.2. Leasing
5.3. Conclusion
Security rights in aircraft under Belgian law
1. INTRODUCTION
2. AIRCRAFT
2.1. Definition
2.2. Private and state aircraft
2.3. Legal status
2.4. Registration and nationality
3. SECURITY INTERESTS, CONFLICTS OF LAW, NATIONALITY OF AIRCRAFT
3.1. General issues
3.2. Engines
4. GENEVA CONVENTION
5. TECHNIQUES FOR CREATING A SECURITY INTEREST IN AIRCRAFT
5.1. Mortgages on aircraft are not provided for
5.2. Pledging an aircraft
5.3. Pledge of the business of the owner of the aircraft
5.4. Rights of the unpaid seller
5.5. Hire-purchase - leasing
5.6. Indirectly securing claims on the basis of the aircraft - pledging the shares of an SPV
5.7. Creating a security interest in the income to be derived from the aircraft
The role of the notary under the laws of the Netherlands with respect to the transfer of title and encumbrance of registered aircraft
1. INTRODUCTION
2. DUTIES, SERVICES
3. NOTARIES AND ATTORNEYS
4. STATUS AND FORM OF A NOTARIAL DEED
5. REGISTERED AIRCRAFT ACT
6. CLOSING PROCEDURE
7. LEGAL OPINION
Relevant EC-law topics
1. INTRODUCTION
2. ANTITRUST LEGISLATION
3. LICENSING OF COMMUNITY AIR CARRIERS
4. STATE AID IN THE AVIATION SECTOR
5. STATE AID TO THE AIRCRAFT MANUFACTURING INDUSTRY
6. PUBLIC PROCUREMENT
7. CONCLUSION
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