The Aircraft Operating Lease Agreement is a crucial document used in the UAE aviation sector when one party (lessor) agrees to lease an aircraft to another party (lessee) for operational purposes while retaining ownership. This agreement is essential for airlines, private operators, and aviation businesses operating in or from the UAE, requiring compliance with UAE Civil Aviation regulations and the General Civil Aviation Authority (GCAA) requirements. The document covers all aspects of the lease relationship including financial terms, operational requirements, maintenance obligations, insurance requirements, and specific UAE regulatory compliance matters. It's particularly important in the UAE market where aircraft leasing is a common practice for fleet expansion and operational flexibility. The agreement must conform to UAE law while often incorporating international aviation standards and practices.
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1. Parties: Identification of lessor and lessee with full legal names and addresses
2. Background: Context of the lease arrangement and brief description of the aircraft
3. Definitions: Comprehensive definitions of terms used throughout the agreement
4. Aircraft Description: Detailed description of the aircraft, engines, and parts
5. Lease Term and Delivery: Duration of lease, delivery conditions, and acceptance procedures
6. Rent and Payments: Rental amounts, payment schedules, and payment methods
7. Security Deposit: Terms and conditions of the security deposit or other financial security
8. Conditions Precedent: Prerequisites for lease effectiveness and aircraft delivery
9. Registration and Title: Requirements for aircraft registration and ownership rights
10. Operations and Maintenance: Operating conditions, maintenance requirements, and technical obligations
11. Insurance: Required insurance coverage and related obligations
12. Representations and Warranties: Statements of fact and assurances from both parties
13. Events of Default: Circumstances constituting default and consequences
14. Indemnities: Mutual indemnification obligations and liability provisions
15. Redelivery: Aircraft return conditions and procedures
16. Governing Law and Jurisdiction: Choice of UAE law and dispute resolution provisions
17. Miscellaneous: Standard boilerplate provisions including notices, amendments, and severability
1. Sublease Provisions: Include when sublease rights are to be granted to the lessee
2. Tax Provisions: Detailed tax provisions when dealing with cross-border leasing or specific tax structures
3. Cape Town Convention Provisions: Specific provisions when the aircraft is registered under the International Registry
4. Step-In Rights: Include when there are financiers requiring direct rights under the lease
5. Quiet Enjoyment: Include when there are multiple financiers or head-lessors
6. State Immunity Waiver: Include when one party is a government entity
7. Sharia Compliance: Include when the transaction needs to be Sharia-compliant
8. Export Provisions: Include when the aircraft may need to be exported from the UAE
1. Aircraft Specifications: Detailed technical specifications of the aircraft
2. Delivery Conditions: Specific conditions and requirements for aircraft delivery
3. Redelivery Conditions: Detailed requirements for aircraft return condition
4. Rent Payment Schedule: Detailed payment terms and schedules
5. Insurance Requirements: Specific insurance requirements and minimum coverage
6. Maintenance Reserve Payment Terms: Schedule of maintenance reserve payments and calculations
7. Form of Delivery Acceptance Certificate: Standard form for accepting aircraft delivery
8. Form of Redelivery Acceptance Certificate: Standard form for accepting aircraft redelivery
9. Permitted Sublessee Requirements: Criteria and conditions for acceptable sublessees
10. Required Documentation: List of technical and legal documents to be maintained
11. Power of Attorney: Standard form of power of attorney for aircraft registration/deregistration
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