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Document Preview Aircraft Lease Agreement [Form] |
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Title: |
Aircraft Lease Agreement [Form] |
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Entities: |
Atlas Air Worldwide Holdings Inc.; Bankers Trust Co.; Boeing Co.; Deutsche Bank Trust Company Americas; McGraw-Hill Companies Inc.; Wilmington Trust Co.; Atlas Freighter Leasing III, Inc.; Atlas Air Inc. |
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Date: |
2003 |
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Size: |
Preview shows 13KB of 320KB total |
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Price: |
$87 |
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ID: |
#142546 |
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[FORM OF AIRCRAFT LEASE AGREEMENT]
--------------------------------------------------------------------------------
LEASE AGREEMENT
[(N_____)]
DATED AS OF APRIL 25, 2000
BETWEEN
ATLAS FREIGHTER LEASING III, INC.,
Lessor
and
ATLAS AIR, INC.,
Lessee
--------------------------------
One Boeing B747-200 Aircraft
U.S. Registration No. [N_____]
Manufacturer's Serial No. [____]
---------------------------------
--------------------------------------------------------------------------------
THE LESSOR HAS ASSIGNED TO THE AGENT CERTAIN OF ITS RIGHT, TITLE AND INTEREST IN
AND TO THIS LEASE. TO THE EXTENT, IF ANY, THAT THIS LEASE CONSTITUTES CHATTEL
PAPER (AS SUCH TERM IS DEFINED IN THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN
ANY APPLICABLE JURISDICTION), NO SECURITY INTEREST IN THIS LEASE MAY BE CREATED
THROUGH THE TRANSFER OR POSSESSION OF ANY COUNTERPART OTHER THAN THE ORIGINAL
EXECUTED COUNTERPART CONTAINING THE RECEIPT THEREFOR EXECUTED BY THE AGENT ON
THE SIGNATURE PAGE HEREOF.
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
SECTION 1. Definitions......................................................................................... 1
SECTION 2. Acceptance and Lease................................................................................ 22
SECTION 3. Term and Rent....................................................................................... 22
(a) Term and Basic Rent..................................................................................... 22
(b) Adjustments to Basic Rent............................................................................... 22
(c) Supplemental Rent....................................................................................... 22
(d) Payments in General..................................................................................... 23
(e) Minimum Rent............................................................................................ 23
(f) Prepayment of Rent Payments:............................................................................ 23
SECTION 4. Certain Representations and Warranties.............................................................. 24
SECTION 5. Lessee's Representations and Warranties............................................................. 25
SECTION 6. Lessee's Affirmative Covenants...................................................................... 30
SECTION 7. Lessee's Negative Covenants......................................................................... 37
SECTION 8. Return of the Aircraft.............................................................................. 51
(a) Condition Upon Return................................................................................... 51
(b) Overhaul and Repair..................................................................................... 52
(c) Repairs................................................................................................. 52
(d) Modifications........................................................................................... 52
(e) Airworthiness Directives................................................................................ 52
(f) Return of the Engines................................................................................... 52
(g) Deferred Maintenance.................................................................................... 52
(h) Corrosion Treatment..................................................................................... 52
(i) Manuals................................................................................................. 52
(j) Storage Upon Return..................................................................................... 53
(k) Severable Parts......................................................................................... 53
(l) Survival................................................................................................ 53
(m) Deregistration and Export............................................................................... 53
SECTION 9. Liens .............................................................................................. 54
SECTION 10. Registration, Maintenance and Operation; Possession and Subleases; Insignia........................ 54
(a) Maintenance and Operation............................................................................... 54
{/TABLE}
(i)
{PAGE}
{TABLE}
{CAPTION}
Page
----
{S} {C}
(b) Possession.............................................................................................. 56
(c) Insignia................................................................................................ 58
(d) Holding Out............................................................................................. 59
(e) No Pledging of Credit................................................................................... 59
(f) Title................................................................................................... 59
(g) Information and Records................................................................................. 60
SECTION 11. Replacement and Pooling of Parts; Alterations, Modifications and Additions......................... 60
SECTION 12. Indemnities........................................................................................ 62
SECTION 13. Event of Loss...................................................................................... 63
SECTION 14. Insurance.......................................................................................... 65
SECTION 15. Assignment......................................................................................... 68
SECTION 16. Events of Default.................................................................................. 68
SECTION 17. Remedies .......................................................................................... 72
SECTION 18. Lessee's Cooperation Concerning Certain Matters.................................................... 74
SECTION 19. Notices ........................................................................................... 75
SECTION 20. Net Lease, True Lease, etc......................................................................... 75
SECTION 21. Purchase Option.................................................................................... 76
(a) Purchase Option......................................................................................... 76
(b) Notice of Purchase...................................................................................... 77
SECTION 22. Lessor's Right to Perform for Lessee............................................................... 77
SECTION 23. Miscellaneous...................................................................................... 77
SECTION 24. Security for Lessor's Obligations.................................................................. 78
{/TABLE}
(ii)
{PAGE}
SCHEDULES
SCHEDULE 5(a)(iii) Subsidiaries
SCHEDULE 7(a)(4) Indebtedness
SCHEDULE 7(b) Existing Liens
SCHEDULE 7(c)(v) Investments
SCHEDULE 7(d)(4) Contingent Obligations
EXHIBITS
EXHIBIT A Form of Lease Supplement
EXHIBIT B Basic Rent Schedule
EXHIBIT C Stipulated Loss Value Schedule
EXHIBIT D Compliance Certificate
(ii)
{PAGE}
LEASE AGREEMENT
LEASE AGREEMENT dated as of April 25, 2000, between ATLAS
FREIGHTER LEASING III, INC., a Delaware corporation (the "Lessor"), and ATLAS
AIR, INC., a Delaware corporation (the "Lessee").
W I T N E S S E T H :
WHEREAS, the Lessee desires to lease from the Lessor and the
Lessor is willing to lease to the Lessee the Aircraft upon the terms and subject
to the conditions of this Lease;
WHEREAS, the Lessor and the Lessee desire that this be a net
lease;
WHEREAS, the Lessor has incurred certain Loans under the
Credit Agreement in connection with the Aircraft to be leased pursuant to the
terms of this Lease and other similar aircraft and spare engines to be leased
pursuant to the other Leases:
WHEREAS, the Lessor and the Lessee desire that this Lease be,
and be treated as, a Lease for federal income tax purposes.
NOW, THEREFORE, in consideration of the mutual covenants
herein contained and other good and valuable consideration, the Lessor and the
Lessee hereby agree as follows:
SECTION 1. Definitions. All capitalized terms used herein
shall have the respective meanings set forth in this section.
"ACCEPTABLE ALTERNATE AIRFRAME" means a Boeing 747-200 that is in a
cargo configuration capable of immediate operation in the business of the Lessee
and has a maximum gross takeoff weight of at least 800,000 pounds and is of the
equivalent or greater residual value, condition, utility, airworthiness, and
remaining useful life and that shall have been maintained, serviced, repaired
and overhauled in substantially the same manner as required under this Lease
without in any way discriminating against such airframe.
"ACCEPTABLE ALTERNATE ENGINE" means a General Electric CF6-50E2 engine
or an engine of the same or another manufacturer of equivalent or greater
residual value, condition, utility, airworthiness, and remaining useful life and
suitable for installation and use on the Airframe; provided, that such engine
shall be of the same make, model and manufacturer as the other engines installed
on the Airframe, shall be an engine of a type then being utilized by Lessee on
other Boeing 747-200 aircraft operated by Lessee, and shall have been
maintained, serviced, repaired and overhauled in substantially the same manner
as required under this Lease without in any way discriminating against such
engine.
"ACMI CONTRACT" means (i) any contract entered into by the Lessee
pursuant to which the Lessee furnishes the aircraft, crew, maintenance and
insurance and customers bear all other operating expenses and (ii) any similar
contract in which the customer provides the flight crew, all substantially in
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