Aviation Finance

4 days 20-23 Mar 2017, Barcelona Spain 4,500.00 + VAT* Download brochure Add to basket
4 days 10-13 Jul 2017, London United Kingdom £3,750.00 + VAT* Download brochure Add to basket
4 days 5-8 Sep 2017, Munich Germany 4,500.00 + VAT* Download brochure Add to basket
4 days 11-14 Dec 2017, London United Kingdom £3,750.00 + VAT* Download brochure Add to basket

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Overview

The aviation industry is greatly affected by the continually changing economic climate. The often technical and complex issues, as well as the myriad of liabilities surrounding it, can make financing aircraft a potentially expensive minefield.


Despite the risks involved, aviation finance is a potentially lucrative venture. With the correct financing and security structures, in conjunction with effective tax planning, many of these liabilities can be identified and accounted for.


This course, organised in association with course director Kenneth Gray, aims to provide an understanding of the key issues involved in aviation finance in order to identify and minimise the inherent risks and liabilities. The course utilises a variety of lectures and workshops to analyse the key legal, regulatory and documentary issues involved in aviation finance.


About the course


Topics covered include:

  • Common financing tools
  • Legal documentation
  • Different types of leases and similar instruments
  • Ownership rights
  • Insurances
  • Analysis of some specific events of default
  • Residual value guarantees
  • Pre-delivery payment financing

Instructors

We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

London
Kenneth Gray

Kenneth Gray is regarded as a foremost expert in Aviation Finance and Aircraft Leasing. Kenneth trained as a barrister before joining Norton Rose Fulbright, a leading international law firm, in 1986. In 1990 he moved to Paris to found Norton Rose Fulbright’s office there. He was elected to the partnership in 1993 and returned to London in 1999, before retiring from the partnership in 2001. Since then he has continued to work as a consultant at Norton Rose Fulbright in addition to providing legal training. His practice at Norton Rose Fulbright consists primarily in representing airlines and banks, as well as the export credit agencies of several European countries, in implementing complex cross-border finance transactions – and advising them on work outs when the borrower encounters financial problems.

Kenneth has won numerous awards, including being voted one of the top 20 aviation lawyers in the world by the Best of the Best Guide and one of the Hot 100 lawyers in the United Kingdom as voted by The Lawyer Magazine. He has been involved in many ground-breaking transactions over the years, including Jane’s Transport Finance “Aircraft Innovator of the Year”, and the Airfinance Journals’ deal of the year on four occasions. Kenneth is qualified as a solicitor and as an avocat at the Paris bar.

Munich
Kenneth Gray

Kenneth Gray is regarded as a foremost expert in Aviation Finance and Aircraft Leasing. Kenneth trained as a barrister before joining Norton Rose Fulbright, a leading international law firm, in 1986. In 1990 he moved to Paris to found Norton Rose Fulbright’s office there. He was elected to the partnership in 1993 and returned to London in 1999, before retiring from the partnership in 2001. Since then he has continued to work as a consultant at Norton Rose Fulbright in addition to providing legal training. His practice at Norton Rose Fulbright consists primarily in representing airlines and banks, as well as the export credit agencies of several European countries, in implementing complex cross-border finance transactions – and advising them on work outs when the borrower encounters financial problems.

Kenneth has won numerous awards, including being voted one of the top 20 aviation lawyers in the world by the Best of the Best Guide and one of the Hot 100 lawyers in the United Kingdom as voted by The Lawyer Magazine. He has been involved in many ground-breaking transactions over the years, including Jane’s Transport Finance “Aircraft Innovator of the Year”, and the Airfinance Journals’ deal of the year on four occasions. Kenneth is qualified as a solicitor and as an avocat at the Paris bar.

Barcelona
Kenneth Gray

Kenneth Gray is regarded as a foremost expert in Aviation Finance and Aircraft Leasing. Kenneth trained as a barrister before joining Norton Rose Fulbright, a leading international law firm, in 1986. In 1990 he moved to Paris to found Norton Rose Fulbright’s office there. He was elected to the partnership in 1993 and returned to London in 1999, before retiring from the partnership in 2001. Since then he has continued to work as a consultant at Norton Rose Fulbright in addition to providing legal training. His practice at Norton Rose Fulbright consists primarily in representing airlines and banks, as well as the export credit agencies of several European countries, in implementing complex cross-border finance transactions – and advising them on work outs when the borrower encounters financial problems.

Kenneth has won numerous awards, including being voted one of the top 20 aviation lawyers in the world by the Best of the Best Guide and one of the Hot 100 lawyers in the United Kingdom as voted by The Lawyer Magazine. He has been involved in many ground-breaking transactions over the years, including Jane’s Transport Finance “Aircraft Innovator of the Year”, and the Airfinance Journals’ deal of the year on four occasions. Kenneth is qualified as a solicitor and as an avocat at the Paris bar.

Venue

Barcelona

Barcelona hotel

This programme takes place on a non-residential basis at a central Barcelona hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

As with all Euromoney Training programmes on-site administrators are with you throughout the programme to ensure smooth administration and group interaction.

London

Hotel in Central London

All  courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

Munich

Munich Hotel

This programme takes place on a non-residential basis at a central Munich hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Related Courses

Inhouse

We can bring this course to your company's office.

If you simply want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

We produce learning solutions that are completely unique to your business. Our tailored learning solutions are designed specifically for your organisation’s needs.

We’ll be here to support you every step of the way. From the initial consultancy through to evaluating the success of the full learning experience. We'll ensure you get the maximum return on your training investment.

Find out more

Agenda

Agendas are localised, please select your preferred location.

DAY 1
Introduction to Aircraft Finance
  • What makes it so different?
Who are the different players in the market?
  • Financial institutions
  • Operating lessors
  • Scheduled and charter airlines
  • Manufacturers
  • Insurance companies
Introduction to Common Financing Tools
  • Secured Loans
  • Operating and Finance Leases
  • Residual Value Guarantees
  • Securitisation Products
  • Tax Leases
  • Export Credits
Overview of the Basic Legal Documentation
  • Purchase Agreement
  • Loan, Lease, Mortgage
  • Assignment of Lease
  • Assignment of Insurances

 

Ownership, Different types of leases and similar instruments
  • How do you decide what type of lease you want?

  • Operating leases and finance leases
  • Hire purchase agreements
  • Sale and leasebacks
  • Tax Leases
Overview of the Contents of a Lease
  • Why the different clauses are there and what they seek to achieve?

  • Covenants and Conditions Precedent
  • Examination of those that are specific to aircraft finance transaction
  • Maintenance, Operations and Return Condition
Sub-Leasing
  • Why might a lessee want to sub-lease an aircraft?
  • What concerns might a bank have if a lessee requests the right to sub-lease an aircraft
Exercise
  • How can these be reconciled?


DAY 2

Insurances:  The Contractual Provisions
  • Indemnities
  • What is a contract of insurance?
  • The rights of a creditor relating to a contract of insurance
Insurances: The Policy
  • A practical review of the actual contents of an insurance policy, its terms and their impact and consideration of how the policy and the insurance clauses have been affected by world events.

Security
  • Mortgages and other types of security
  • Aircraft Mortgages
  • A comparison of different jurisdiction and international conventions
  • Taking security over the aircraft, its engines and constituent parts
  • Other Liens
  • Compared to rights of mortgagee
Ownership rights
  • Compared to rights of a mortgagee
  • Worked example on the rights of owners & mortgages on an airline’s default
The Cape Town Convention

 

DAY 3

Cross-border leases
  • Why they are done
  • Spcs: different kinds and when they are used
  • Insolvency Proofing

Withholding Taxes
  • What they are
  • Double Tax Treaties
  • Solving potential problems
  • Legal strategy
  • Dealing with issues arising from a multiplicity of jurisdictions
  • Legal opinions: what really matters
Structuring a Tax Lease
  • What is a tax lease?

  • What are the parties’ objectives and how can they be achieved?
  • Introduction to a common defeasance structure
  • What are the concerns of the finance parties and how can they best be addressed?
Workshop
  • Combining the requirements of parties to a transaction: how to structure a deal so that everyone’s concerns are dealt with.

DAY 4

Residual Value Guarantees
  • What they are
  • How they interact with the lease documents
  • Structuring a synthetic operating lease
Workshop: Matching the requirements of a residual value guarantor with those of a lender.
Export Credits
  • What are export credit agencies, what support do they give and what are their requirements in aircraft finance transactions?
  • How can export credit facilities be combined with other structures – tax leases
Workshop: What issues arise when taking security over a purchase agreement?
Pre-Delivery Payment Facilities
  • How to structure a PDP facility
  • What security is available for Lenders to a PDP facility?
Capital Markets
  • What products are available on the market
  • What are the concerns of an airline?
  • EETCs:  what they are and how they are structured
  • How they can be combined with other structures
  • ECA wraps
  • Lease portfolio securitisations
Workshop: Identifying and solving problems in complicated aircraft finance transactions.
DAY 1
Introduction to Aircraft Finance
  • What makes it so different?
Who are the different players in the market?
  • Financial institutions
  • Operating lessors
  • Scheduled and charter airlines
  • Manufacturers
  • Insurance companies
Introduction to Common Financing Tools
  • Secured Loans
  • Operating and Finance Leases
  • Residual Value Guarantees
  • Securitisation Products
  • Tax Leases
  • Export Credits
Overview of the Basic Legal Documentation
  • Purchase Agreement
  • Loan, Lease, Mortgage
  • Assignment of Lease
  • Assignment of Insurances


 

Ownership, Different types of leases and similar instruments
  • How do you decide what type of lease you want?

  • Operating leases and finance leases
  • Hire purchase agreements
  • Sale and leasebacks
  • Tax Leases
Overview of the Contents of a Lease
  • Why the different clauses are there and what they seek to achieve?

  • Covenants and Conditions Precedent
  • Examination of those that are specific to aircraft finance transaction
  • Maintenance, Operations and Return Condition
Sub-Leasing
  • Why might a lessee want to sub-lease an aircraft?
  • What concerns might a bank have if a lessee requests the right to sub-lease an aircraft
Exercise
  • How can these be reconciled?


DAY 2

Insurances:  The Contractual Provisions
  • Indemnities
  • What is a contract of insurance?
  • The rights of a creditor relating to a contract of insurance
Insurances: The Policy
  • A practical review of the actual contents of an insurance policy, its terms and their impact and consideration of how the policy and the insurance clauses have been affected by world events.

Security
  • Mortgages and other types of security
  • Aircraft Mortgages
  • A comparison of different jurisdiction and international conventions
  • Taking security over the aircraft, its engines and constituent parts
  • Other Liens
  • Compared to rights of mortgagee
Ownership rights
  • Compared to rights of a mortgagee
  • Worked example on the rights of owners & mortgages on an airline’s default

 

The Cape Town Convention


 

DAY 3

Cross-border leases
  • Why they are done
  • Spcs: different kinds and when they are used
  • Insolvency Proofing

Withholding Taxes
  • What they are
  • Double Tax Treaties
  • Solving potential problems
  • Legal strategy
  • Dealing with issues arising from a multiplicity of jurisdictions
  • Legal opinions: what really matters
Structuring a Tax Lease
  • What is a tax lease?

  • What are the parties’ objectives and how can they be achieved?
  • Introduction to a common defeasance structure
  • What are the concerns of the finance parties and how can they best be addressed?
Workshop
  • Combining the requirements of parties to a transaction: how to structure a deal so that everyone’s concerns are dealt with.

DAY 4

Residual Value Guarantees
  • What they are
  • How they interact with the lease documents
  • Structuring a synthetic operating lease
Workshop: Matching the requirements of a residual value guarantor with those of a lender.
Export Credits
  • What are export credit agencies, what support do they give and what are their requirements in aircraft finance transactions?
  • How can export credit facilities be combined with other structures – tax leases
Workshop: What issues arise when taking security over a purchase agreement?
Pre-Delivery Payment Facilities
  • How to structure a PDP facility
  • What security is available for Lenders to a PDP facility?
Capital Markets
  • What products are available on the market
  • What are the concerns of an airline?
  • EETCs:  what they are and how they are structured
  • How they can be combined with other structures
  • ECA wraps
  • Lease portfolio securitisations
Workshop: Identifying and solving problems in complicated aircraft finance transactions.


 

DAY 1
Introduction to Aircraft Finance
  • What makes it so different?
Who are the different players in the market?
  • Financial institutions
  • Operating lessors
  • Scheduled and charter airlines
  • Manufacturers
  • Insurance companies
Introduction to Common Financing Tools
  • Secured Loans
  • Operating and Finance Leases
  • Residual Value Guarantees
  • Securitisation Products
  • Tax Leases
  • Export Credits
Overview of the Basic Legal Documentation
  • Purchase Agreement
  • Loan, Lease, Mortgage
  • Assignment of Lease
  • Assignment of Insurances


 

Ownership, Different types of leases and similar instruments
  • How do you decide what type of lease you want?

  • Operating leases and finance leases
  • Hire purchase agreements
  • Sale and leasebacks
  • Tax Leases
Overview of the Contents of a Lease
  • Why the different clauses are there and what they seek to achieve?

  • Covenants and Conditions Precedent
  • Examination of those that are specific to aircraft finance transaction
  • Maintenance, Operations and Return Condition
Sub-Leasing
  • Why might a lessee want to sub-lease an aircraft?
  • What concerns might a bank have if a lessee requests the right to sub-lease an aircraft
Exercise
  • How can these be reconciled?


DAY 2

Insurances:  The Contractual Provisions
  • Indemnities
  • What is a contract of insurance?
  • The rights of a creditor relating to a contract of insurance
Insurances: The Policy
  • A practical review of the actual contents of an insurance policy, its terms and their impact and consideration of how the policy and the insurance clauses have been affected by world events.

Security
  • Mortgages and other types of security
  • Aircraft Mortgages
  • A comparison of different jurisdiction and international conventions
  • Taking security over the aircraft, its engines and constituent parts
  • Other Liens
  • Compared to rights of mortgagee
Ownership rights
  • Compared to rights of a mortgagee
  • Worked example on the rights of owners & mortgages on an airline’s default

 

The Cape Town Convention


 

DAY 3

Cross-border leases
  • Why they are done
  • Spcs: different kinds and when they are used
  • Insolvency Proofing

Withholding Taxes
  • What they are
  • Double Tax Treaties
  • Solving potential problems
  • Legal strategy
  • Dealing with issues arising from a multiplicity of jurisdictions
  • Legal opinions: what really matters
Structuring a Tax Lease
  • What is a tax lease?

  • What are the parties’ objectives and how can they be achieved?
  • Introduction to a common defeasance structure
  • What are the concerns of the finance parties and how can they best be addressed?
Workshop
  • Combining the requirements of parties to a transaction: how to structure a deal so that everyone’s concerns are dealt with.

DAY 4

Residual Value Guarantees
  • What they are
  • How they interact with the lease documents
  • Structuring a synthetic operating lease
Workshop: Matching the requirements of a residual value guarantor with those of a lender.
Export Credits
  • What are export credit agencies, what support do they give and what are their requirements in aircraft finance transactions?
  • How can export credit facilities be combined with other structures – tax leases
Workshop: What issues arise when taking security over a purchase agreement?
Pre-Delivery Payment Facilities
  • How to structure a PDP facility
  • What security is available for Lenders to a PDP facility?
Capital Markets
  • What products are available on the market
  • What are the concerns of an airline?
  • EETCs:  what they are and how they are structured
  • How they can be combined with other structures
  • ECA wraps
  • Lease portfolio securitisations
Workshop: Identifying and solving problems in complicated aircraft finance transactions.


 

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