When the lessor puts the aircraft on lease it will be concerned to ensure that the aircraft is operated in such a manner as will not unduly affect the market value of the aircraft (and therefore its value as quasi-security) during the term of the lease. As a bare minimum, the lessee will be asked to undertake to the lessor that it will operate the aircraft:

1. •

   in accordance with all applicable laws (which includes the state in which the aircraft is registered as well as those of jurisdictions where the aircraft is physically located)

2. •

   in accordance with all permits or licences which are required by the lessee to operate the aircraft

3. •

   in a way which will not invalidate any warranties granted by a manufacturer in respect of the aircraft

4. •

   in accordance with the specifications and tolerances and any manuals for the aircraft provided by a manufacturer

5. •

   in a way which will not invalidate the insurances or leave the aircraft uninsured, and

6. •

   legally or only for legal purpose