Aircraft Lease Agreement Example

(a) SO LONG AS NO EVENT OF DEFAULT EXISTS AND THE LEASE HAS NOT BEEN EARLIER TERMINATED, AND SUBJECT TO THE CONDITIONS SET FORTH IN SUBSECTION (b) BELOW, Determinant may, from each rental date during the basic term of the lease, at least ninety (90) days before written notification (the “communication”) to the renter, the aircraft (which terminates the lease agreement and register a new lease (the “new lease contract”) about the new plane. The communication is brought to the attention of Lessor`s asset management organization, 44 Old Ridgebury Road, Danbury, CT 06810-5105. 9. ASSURANCE: The tenant insures and maintains at his own expense the duration of the credit insurance against these risks and for the risks that the lessor may charge. All these insurances must be taken out with companies that are satisfactory to the lessor. Without restricting the universality of the above, the tenant retains: (i) the insurance responsible for civil liability and public property, freight and sudden coverage of accidental pollution, for amounts of at least fifty million (50,000,000) U.S. dollars for each event; (ii) an aircraft cover and insurance (including, but not limited to, engines or parts of the aircraft while they are removed from the aircraft and foreign personal injury insurance) of an amount not less than the loss value set at the time; and (iii) forfeiture, expropriation and risk of war and associated risks (including but not limited to terrorism) of insurance and removal of an amount of (x) for property damage, no less than the fixed loss value and (y) for liability insurance, no less than fifty million ($50,000,000) for each event. All insurance: 1. The lessor as the owner of the aircraft and as a beneficiary of losses and additional insured (without premium liability liability) (2) provides that any cancellation or substantial change in insurance coverage for the lessor will not be effective thirty (30) days after receiving a written notification from the insurer regarding this cancellation or modification 3) insure the interests of the lessor regardless of a breach of the guarantee or any other act or omission of the tenant. ( 4) contain an interest separation clause which provides that the policy works in the same way as if there were a separate policy for each insured, (5) a right of compensation against the taker or lessor and waives any right of insinuation towards the lessor and (6) is primary and is not the subject of any other insurance from the lessor or the lessor. The tenant appoints the lessor as the tenant`s lawyer, who is able to prove the loss and claim losses and claims for the payment and receipt of all documents, cheques or projects relating to all insurance policies relating to the aircraft, and who carries out or confirms them.

Posted in Uncategorized