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These excerpts taken from the AYR 10-K filed Mar 2, 2009. Government
Regulation
The air transportation industry is highly regulated; however, we
generally are not directly subject to most of these regulations
because we do not operate aircraft. In contrast, our lessees are
subject to extensive, direct regulation under the laws of the
jurisdiction in which they are registered and under which they
operate. Such laws govern, among other things, the registration,
operation and maintenance of our aircraft. Most of our aircraft
are registered in the jurisdiction in which the lessee of the
aircraft is certified as an air operator. As a result, our
aircraft are subject to the airworthiness and other standards
imposed by such jurisdictions. Laws affecting the airworthiness
of aircraft generally are designed to ensure that all aircraft
and related equipment are continuously maintained under a
program that will enable safe operation of the aircraft. Most
countries’ aviation laws require aircraft to be maintained
under an approved maintenance program having defined procedures
and intervals for inspection, maintenance, and repair.
Our lessees are sometimes obliged by us to obtain governmental
approval to import and lease our aircraft, to operate our
aircraft on certain routes and to pay us in U.S. dollars.
Usually, these approvals
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are obtained prior to lease commencement as a condition to our
delivery of the aircraft. Governmental leave to deregister
and/or
re-export an aircraft at lease expiration or termination may
also be required and may not be available in advance of the
lease expiration or termination, although in such a case, we
would normally require powers of attorney or other documentation
to assist us in effecting deregistration or export, if required.
Government Regulation The air transportation industry is highly regulated; however, we generally are not directly subject to most of these regulations because we do not operate aircraft. In contrast, our lessees are subject to extensive, direct regulation under the laws of the jurisdiction in which they are registered and under which they operate. Such laws govern, among other things, the registration, operation and maintenance of our aircraft. Most of our aircraft are registered in the jurisdiction in which the lessee of the aircraft is certified as an air operator. As a result, our aircraft are subject to the airworthiness and other standards imposed by such jurisdictions. Laws affecting the airworthiness of aircraft generally are designed to ensure that all aircraft and related equipment are continuously maintained under a program that will enable safe operation of the aircraft. Most countries’ aviation laws require aircraft to be maintained under an approved maintenance program having defined procedures and intervals for inspection, maintenance, and repair. Our lessees are sometimes obliged by us to obtain governmental approval to import and lease our aircraft, to operate our aircraft on certain routes and to pay us in U.S. dollars. Usually, these approvals
Table of Contentsare obtained prior to lease commencement as a condition to our delivery of the aircraft. Governmental leave to deregister and/or re-export an aircraft at lease expiration or termination may also be required and may not be available in advance of the lease expiration or termination, although in such a case, we would normally require powers of attorney or other documentation to assist us in effecting deregistration or export, if required. This excerpt taken from the AYR 8-K filed Sep 26, 2007. Government Regulation The air transportation industry is highly regulated. Since we do not operate aircraft, we generally are not directly subject to most of these laws. However, our lessees are subject to extensive regulation under the laws of the jurisdiction in which they are registered or under which they operate. Such laws govern, among other things, the registration, operation and maintenance of our aircraft. Most of our aircraft are registered in the jurisdiction in which the lessee of the aircraft is certified as an air operator. As a result, our aircraft are subject to the air worthiness and other standards imposed by such jurisdictions. Laws affecting the airworthiness of aircraft generally are designed to ensure that all aircraft and related equipment are
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continuously maintained in proper condition to enable safe operation of the aircraft. Most countries’ aviation laws require aircraft to be maintained under an approved maintenance program having defined procedures and intervals for inspection, maintenance, and repair. Our lessees are sometimes obliged to obtain governmental approval to import and lease our aircraft, to operate our aircraft on certain routes and to pay us in U.S. dollars. Usually these approvals are obtained prior to lease commencement as a condition to our delivery of the aircraft. Governmental leave to deregister and/or re-export an aircraft at lease expiry or termination may also be required and may not be available in advance of the lease expiration or termination, although we would normally in such a case require powers of attorney or other documentation to assist us in effecting deregistration or export if required. | EXCERPTS ON THIS PAGE:
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