The grant and validity of an operating licence1 is dependent upon the possession of a valid air operator's certificate2. An undertaking3 must be granted an operating licence by a member state provided that:
(1) its principal place of business is located in that member state4;
(2) it holds a valid air operator's certificate issued by a national authority of the same member state whose competent licensing authority is responsible for granting, refusing, revoking or suspending the operating licence of the Community air carrier5;
(3) it has one or more aircraft at its disposal through ownership or a dry lease
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