Aviation Finance

Aviation Finance

Euromoney Training
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Description

Course overview The aviation industry is greatly affected by the continually changing economic climate. The often technical and complex issues, as well as the myriad of liabilities surrounding it, can make financing aircraft a potentially expensive minefield. Despite the risks involved, aviation finance is a potentially lucrative venture. With the correct financing and security structures, in conjunction with effective tax planning, many of these liabilities can be identified and accounted for. This Euromoney Legal Training course, organised in association with course director Kenneth Gray, aims to provide an understanding of the key issues involved in aviation finance in order to identify a…

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Didn't find what you were looking for? See also: Aviation, Business Finance, Airline & Airport Services, Balance Sheet, and Discipline and Grievance.

Course overview The aviation industry is greatly affected by the continually changing economic climate. The often technical and complex issues, as well as the myriad of liabilities surrounding it, can make financing aircraft a potentially expensive minefield. Despite the risks involved, aviation finance is a potentially lucrative venture. With the correct financing and security structures, in conjunction with effective tax planning, many of these liabilities can be identified and accounted for. This Euromoney Legal Training course, organised in association with course director Kenneth Gray, aims to provide an understanding of the key issues involved in aviation finance in order to identify and minimise the inherent risks and liabilities. The course utilises a variety of lectures and workshops to analyse the key legal, regulatory and documentary issues involved in aviation finance. Topics covered include: Common financing tools Legal documentation Different types of leases and similar instruments Insurances Analysis of some specific events of default Residual value guarantees Pre-delivery payment financing Cape Town Convention Who should attend: The course will provide invaluable information to all involved in aviation finance, especially: Aviation finance executives Lenders Risk advisors Lawyers in banks Lawyers in the aviation industry Bankers involved in aviation financing
Day 1 Introduction to aircraft finance What makes it so different? Who are the different players in the market? Financial institutions Operating lessors Scheduled and charter airlines Manufacturers Insurance companies Introduction to common financing tools Secured loans Operating and finance leases Residual value guarantees Securitisation products Tax leases Export credits Overview of the basic legal documentation Purchase agreement Loan, lease, mortgage Assignment of lease Assignment of insurances Ownership, different types of leases and similar instruments Operating leases and finance leases Hire purchase agreements, conditional sale agreements Sale and leasebacks Tax leases Overview of the contents of a lease Why the different clauses are there and what they seek to achieve? Covenants and conditions precedent Examination of those that are specific to aircraft finance transactions Maintenance reserves What they are and how are they calculated? Return Conditions Negotiating the schedule What remedies are there for noncompliance? Sub-leasing Why might a lessee want to sub-lease an aircraft? What concerns might a bank have if a lessee requests the right to sub-lease an aircraft Exercise: How can these be reconciled? Day 2 Insurances: the contractual provisions Indemnities What is a contract of insurance? The rights of a creditor relating to a contract of insurance Insurances: the policy A practical review of the actual contents of an insurance policy, its terms and their impact and consideration of how the policy and the insurance clauses have been affected by world events. Events of default Where they are relevant in lease documentation An analysis of some specific events of default Enforcement action: what to do when it all goes wrong Security Mortgages and other types of security The impact of the Basel Accords The Blue Sky decision Aircraft mortgages A comparison of different jurisdiction and international conventions Taking security over the aircraft, its engines and constituent parts Other liens Compared to rights of a mortgagee The Cape Town Convention To what it applies Global Implementation What are its practical consequences Day 3 Cross-border leases Why they are done Spcs: different kinds and when they are used Insolvency proofing Withholding taxes What they are Double tax treaties Solving potential problems Dealing with issues arising from a multiplicity of jurisdictions Legal opinions: what really matters Residual value guarantees What are they? How they interact with the lease documents Structuring a synthetic operating lease Export credits What are export credit agencies, what support do they give and what are their requirements in aircraft finance transactions? The New Aircraft Sector Understanding Using capital markets and sukkuks Pre-delivery payment facilities How to structure a PDP facility What security is available for lenders to a PDP facility? Day 4 (Optional) Alternative Sources Of Finance And Half Day Workshop Morning Alternative sources of finance Capital Markets Private Placements EETCs Securitising an operating lease portfolio ECA Wraps Sukkuks Tax Leases What they are and how they work JOLCOs German Operating Leases French Tax Leases Spanish Operating Leases Islamic Finance The underlying principles of Islamic finance Different structures Afternoon Workshop: Participants will be asked to put together a structure for an aircraft financing transaction on the basis of term sheets supplied to them. They will need to: Identify and resolve structural problems Consider the application of Cape Town Resolve tax implications of the structure Mitigate risk Negotiate key provisions
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