Jetrader - September/October 2012 - 42
conditions are an agreement by the lessor to make the aircraft available for lease in an agreed condition. It is nevertheless up to the lessee to confirm that the aircraft meets those conditions. If it doesn’t, the lessee’s remedy is to reject it. If the lessee accepts the aircraft, the conditions expire and the lease begins with the lessee taking the risk of condition thereafter. Permitting otherwise would give the lessee a second bite at the apple.
Specify that delivery conditions expire at delivery and that compliance be verified by the lessee to the exclusion of the lessor. Choice of law must be considered carefully in light of this decision.
Precise drafting remains a best practice. As noted in last issue’s article, avoid using the terms “airworthy” and “serviceable.” Specify that delivery conditions expire at delivery and that compliance be verified by the lessee to the exclusion of the lessor. Choice of law must be considered carefully in light of this decision. For now, New York and other U.S. state’s laws, with the U.C.C., provide greater certainty. Don Mitchell is a partner with the law firm of Smith, Gambrell & Russell, LLP and con9:17:50 AM centrates his practice in U.S. and cross-border aviation equipment finance transactions and litigation. Please e-mail any questions, comments or suggestions for future topics to: dbmitchell@sgrlaw.com. ©2012 Donald B. Mitchell
1 Once ACG regained possession of the aircraft from Olympic, a further C-Check was performed, the aircraft was certifi ed as airworthy by the U.S. FAA and the aircraft was leased to AeroSur of Bolivia in 2011.
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Jetrader - September/October 2012
Table of Contents for the Digital Edition of Jetrader - September/October 2012
A Message from the President
Calendar/News
Boeing Fine Tunes 20-Year Current Market Outlook
Showers, Sunshine and (Some) Surprises
ISTAT Introduces Farnborough Airshow Chalet
Airline Finance from an Operating Lessor’s Perspective
Q&A: Leonard Kazmerski
State of the Regions: Europe
A Case of Olympic Proportions
Aircraft Appraisals
ISTAT Foundation
International Appraisers’ Program
Advertiser.com/Advertiser Index
Jetrader - September/October 2012 - cover1
Jetrader - September/October 2012 - cover2
Jetrader - September/October 2012 - 3
Jetrader - September/October 2012 - 4
Jetrader - September/October 2012 - A Message from the President
Jetrader - September/October 2012 - 6
Jetrader - September/October 2012 - 7
Jetrader - September/October 2012 - Calendar/News
Jetrader - September/October 2012 - 9
Jetrader - September/October 2012 - Boeing Fine Tunes 20-Year Current Market Outlook
Jetrader - September/October 2012 - 11
Jetrader - September/October 2012 - 12
Jetrader - September/October 2012 - 13
Jetrader - September/October 2012 - 14
Jetrader - September/October 2012 - 15
Jetrader - September/October 2012 - Showers, Sunshine and (Some) Surprises
Jetrader - September/October 2012 - 17
Jetrader - September/October 2012 - 18
Jetrader - September/October 2012 - 19
Jetrader - September/October 2012 - 20
Jetrader - September/October 2012 - 21
Jetrader - September/October 2012 - 22
Jetrader - September/October 2012 - 23
Jetrader - September/October 2012 - ISTAT Introduces Farnborough Airshow Chalet
Jetrader - September/October 2012 - 25
Jetrader - September/October 2012 - 26
Jetrader - September/October 2012 - 27
Jetrader - September/October 2012 - Airline Finance from an Operating Lessor’s Perspective
Jetrader - September/October 2012 - 29
Jetrader - September/October 2012 - 30
Jetrader - September/October 2012 - 31
Jetrader - September/October 2012 - 32
Jetrader - September/October 2012 - Q&A: Leonard Kazmerski
Jetrader - September/October 2012 - 34
Jetrader - September/October 2012 - 35
Jetrader - September/October 2012 - 36
Jetrader - September/October 2012 - State of the Regions: Europe
Jetrader - September/October 2012 - 38
Jetrader - September/October 2012 - 39
Jetrader - September/October 2012 - A Case of Olympic Proportions
Jetrader - September/October 2012 - 41
Jetrader - September/October 2012 - 42
Jetrader - September/October 2012 - 43
Jetrader - September/October 2012 - 44
Jetrader - September/October 2012 - Aircraft Appraisals
Jetrader - September/October 2012 - 46
Jetrader - September/October 2012 - 47
Jetrader - September/October 2012 - ISTAT Foundation
Jetrader - September/October 2012 - 49
Jetrader - September/October 2012 - 50
Jetrader - September/October 2012 - International Appraisers’ Program
Jetrader - September/October 2012 - 52
Jetrader - September/October 2012 - 53
Jetrader - September/October 2012 - Advertiser.com/Advertiser Index
Jetrader - September/October 2012 - cover3
Jetrader - September/October 2012 - cover4
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