Norton Rose Fulbright

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Contributions by Norton Rose Fulbright

20

Aircraft lease maintenance obligations
Practice notes

This Practice Note considers the obligations the lessor will ask the lessee to undertake during operation of the aircraft and in particular covers mandatory checks and inspections, manuals and technical records, approved maintenance programmes, airworthiness directives, service bulletins and customer care programmes

Aviation finance and the Cape Town Convention
Practice notes

This Practice Note covers the purpose of the Cape Town Convention, the types of interest that can be registered under it, the priority of international interests under the Cape Town Convention, remedies, enforcement and deregistration, all in the context of aviation finance transactions.

Aviation finance—aircraft operating leases
Practice notes

This Practice Note explains the key characteristics of an aircraft operating lease and the key differences between an operating lease and a finance lease. It considers the key provisions in operating leases, in particular, delivery conditions, the case of ACG v Olympic, rent and deposits, the right to quiet enjoyment of the aircraft and operational indemnity together with subleasing, wet leasing and common events of default and redelivery.

Aviation finance—an introduction
Practice notes

This Practice Note explains the legal and structural specificities which set aviation finance apart from other types of finance such as the value of the asset, internationality, taxes and liability and insurance. It also covers the sources of funding, common transaction structures and leasing.

Aviation finance—Export Credit Agency financing
Practice notes

This Practice Note explains the role of Export Credit Agencies (ECAs) in aviation finance and looks at which ECAs are the most active in aviation finance, the nature and types of support they offer and the benefits of ECA financing. It also explains the key structures and documentation issues, including the security package, to consider in ECA financings for aviation finance and the jurisdictional questionnaires required as part of the due diligence process in an ECA financing.

Aviation finance—finance leases
Practice notes

This Practice Note looks at aircraft finance leases in comparison to secured lending structures and operating leases. It covers the common types of payment required under a finance lease, calculation of interest and early termination payments, the factors which impact on the nature of payments under a finance lease (such as taxes, increased costs, market disruption and indemnities), security over the aircraft (including aircraft mortgages and assignment of the lease), insurances and possession of the aircraft and events of default under a finance lease structure.

Aviation finance—Islamic finance considerations
Practice notes

This Practice Note covers the main principles of Islamic finance, Islamic finance structures (in particular murabaha and ijara) and the key features of an Islamic lease

Aviation finance—PDP financing
Practice notes

This Practice Note covers pre-delivery payments (PDPs), how PDP financing is documented (particularly the terms of the aircraft purchase agreement), the structure of the PDP financing facility, common security issues, governing law concerns under a PDP financing, enforcement, insolvency and clawback, the terms of consent agreements, step-in rights and the consent agreement setting out lender rights.

Aviation finance—PDP financing: insolvency, enforcement and step-in rights
Practice notes

This Practice Note covers enforcement, insolvency and clawback, the terms of consent agreements, step-in rights in a Pre-Delivery Payment (PDP) financing and the consent agreement setting out lender rights

Aviation finance—tax leases
Practice notes

This Practice Note considers when tax leases are used, the typical tax lease and leveraged lease structures. The Note covers Japanese operating leases, German operating leases and French tax leases as well as the risks involved in tax leasing structures and the consequences of early termination

EU emissions trading system and aviation
Practice notes

This Practice Note explains the legislative background to the EU emissions trading system in the context of the aviation industry and considers the parties and flights affected by the scheme. It also covers the principal obligations of a UK aircraft operator under the EU emissions trading system, enforcement action after non-compliance and practical issues for lessors, lessees and financiers.

Export debts—Rome I and the assignment of debts
Practice notes

This Practice Note explains the key issues arising under Council Regulation (EC) 593/2008 (Rome I) in relation to English law choice of law rules and the voluntary assignment of receivables (also known as debts) in the context of receivables financing. It covers: (1) treatment under Rome I of the law governing an assignment of receivables and the law governing any claim for payment against a debtor, (2) issues relating to the law governing the effectiveness and priority of the assignment of receivables against parties other than the assignor, assignee and debtor (paragraph 3 issues), (3) practical issues under Rome I, (4) challenges by a debtor, (5) challenges by an administrator or other liquidator or creditor, and (6) challenges by third parties.

Purchase agreements for new aircraft
Practice notes

This Practice Note looks at the parties involved and the most important provisions in a purchase agreement for new aircraft, factors affecting the price of the aircraft, engine contracts and pre-delivery payments

Registration of aircraft—initial registration and deregistration
Practice notes

This Practice Note considers the reasons why an aircraft must be registered with an aviation authority in order to operate internationally. It looks at the registration process and the consequences of registration. The Note also considers the different types of aircraft register—‘Owner’ and ‘Operator’ registers and explains the different requirements for particular aircraft registers, in particular the Civil Aviation Authority (CAA) and Federal Aviation Authority (FAA). Finally the Note sets out the steps involved in the deregistration process

Registration of aircraft—security
Practice notes

This Practice Note covers the process for registering a security interest in the UK, priority of mortgages, changes made to a mortgage registration, searching the register, deregistration, the Cape Town Convention and registering the security interests in other jurisdictions

Sale and purchase of second hand aircraft
Practice notes

This Practice Note covers the key provisions of a purchase agreement, financing of the transaction, the sale of any aircraft which are on lease, taxes and the importance of the delivery location, as well as the Cape Town Convention

Taking security over aircraft
Practice notes

This Practice Note covers what an aircraft mortgage is, which laws should govern the creation of an aircraft mortgage, creating a mortgage under English law, registration of aircraft mortgages in the UK and overseas, priority, claw-back and enforcing English mortgages and the alternative of structuring the transaction as a finance lease.

The use of residual value agreements in aviation finance
Practice notes

This Practice Note explains why residual value agreements are used in aviation finance and the key types of residual value agreement such as residual value guarantees, asset value guarantees, put options, residual value insurance policies and first loss deficiency guarantees. It also covers the common features of residual value agreements, the mechanics of making a claim under residual value guarantees and the key negotiation points including the liability of the guarantor, the lease terms and the potential consequences of a failure to sell the aircraft on the open market.

Use of insurance in aviation finance transactions
Practice notes

This Practice Note provides an overview of insurance in aviation finance, the main concerns for aviation financiers and lessors and considers key concepts such as averaging, run-off or tail cover insurances and reinsurance. It covers the key features and terms of aviation insurance policies including the lessor’s rights in relation to the policies, certificates of insurance and the role of insurance brokers, the contract parties and the loss payable clause. This Practice Note also covers causes of third party liability such as surface damage, negligence and damage to passengers, baggage or cargo, including the provisions of both the Warsaw Convention and the Montreal Convention.

Using special purpose vehicles in aviation finance—subsidiary companies, orphan trusts and limited partnerships
Practice notes

This Practice Note covers the advantages and key structural issues to consider when using the main types of special purpose vehicle (SPV) in aviation finance and sets out the advantages of using SPV’s in an aviation finance transaction such as protections in the event of bankruptcy, tax benefits and the ring-fencing of revenue streams.

Contributions by Norton Rose Fulbright Experts

35

Asset-based lending
Practice notes

This Practice Note is an overview of typical financing structures adopted by UK asset-based lenders. It provides a summary of the key legal issues that arise in relation to receivables financing (usually by means of an invoice discounting facility or factoring facility), as well as inventory financing, plant and machinery financing and real estate financing. It also considers the types of security which are taken in asset-based lending (ABL) transactions, the use of fixed and floating charges, non-vesting debts in receivables purchases and intercreditor issues.

CIETAC (2015)—emergency arbitrator procedures
Practice notes

This Practice Note sets out how to apply for the appointment of an emergency arbitrator under the China International Economic Trade Arbitration Commission (CIETAC) Arbitration Rules 2015. It also sets out the requirement for acceptance and appointment by CIETAC and the position on arbitrator disclosures and challenges. The note covers the procedure once an emergency arbitrator has been appointed and the arbitrator’s powers. It also covers the emergency arbitrator’s order.

CIETAC (2015)—evidence
Practice notes

This Practice Note sets out how a tribunal will deal with evidence in an arbitration under the arbitration rules of the China International Economic and Trade Arbitration Commission (CIETAC and the CIETAC Rules 2015). It covers documentary, witness and expert evidence. It also considers the CIETAC Guidelines on Evidence in force from 1 March 2015.

CIETAC (2015)—joinder and consolidation
Practice notes

This Practice Note provides guidance on applying to join additional parties to a pending arbitration and to consolidate two or more pending arbitrations pursuant to the China International Economic Trade Arbitration Commission (CIETAC) Arbitration Rules 2015.

CIETAC (2015)—responding to a Request for Arbitration
Practice notes

This Practice Note sets out how a defendant should respond when served with a request for arbitration under the CIETAC Arbitration Rules 2015. It covers what a Statement of Defense (Defence) must contain and how to file a counterclaim.

CIETAC (2015)—starting an arbitration
Practice notes

This Practice Note sets out how to start an arbitration under the CIETAC Arbitration Rules 2015 including what to consider prior to commencement, the information required by CIETAC and the fees that must be paid.

CIETAC (2015)—summary procedure
Practice notes

As a part of the arbitration rules of the China International Economic Trade Arbitration Commission 2015 (CIETAC and the CIETAC Rules 2015), there is an expedited arbitration procedure (known as the summary procedure) available in certain circumstances.

CIETAC (2015)—the award
Practice notes

This Practice Note sets out the requirements of an award made under the CIETAC Arbitration Rules 2015.

CIETAC (2015)—the tribunal
Practice notes

This Practice Note sets out how an arbitral tribunal will be appointed under the CIETAC Arbitration Rules 2015.

CIETAC—background to and structure of the institution
Practice notes

This Practice Note gives background to the China International Economic Trade Arbitration Commission (CIETAC) including the structure of the institution, its function and jurisdiction. The Practice Note also gives some information about the nature of CIETAC’s relationship with its sub-commissions. CIETAC is the leading Chinese international arbitration institution.

Green bonds
Practice notes

This Practice Note looks at what constitutes a green bond and covers: (1) green use of proceeds bonds, (2) green use of proceeds revenue bonds, (3) green project bonds, (4) green securitised bonds, (5) the components of the Green Bond Principles (use of proceeds, process for evaluation and selection, management of proceeds and reporting), (6) use of external assurance to confirm compliance with principles, (7) methods of verifying green credentials, and (8) how the green bond market is developing.

Green loans
Practice notes

This Practice Note considers the green loan market, focusing on the Green Loan Principles (GLP), published by the Loan Market Association (LMA) and the Asia Pacific Loan Market Association (APLMA).

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