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These excerpts taken from the AYR 10-K filed Mar 2, 2009. Lease
Rentals
We lease flight equipment under net operating leases with lease
terms typically ranging from three to seven years. We generally
do not offer renewal terms or purchase options to our lessees,
although certain of our operating leases allow the lessee the
option to extend the lease for an additional term. Operating
leases with fixed rentals and step rentals are recognized on a
straight-line basis over the term of the initial lease, assuming
no renewals. Operating lease rentals that adjust based on a
London Interbank Offered Rate (“LIBOR”) index are
recognized on a straight-line basis over the period the rentals
are fixed and accruable. Revenue is not recognized when
collection is not reasonably assured. When collectability is not
reasonably assured, the customer is placed on non-accrual status
and revenue is recognized when cash payments are received.
Lease Rentals We lease flight equipment under net operating leases with lease terms typically ranging from three to seven years. We generally do not offer renewal terms or purchase options to our lessees, although certain of our operating leases allow the lessee the option to extend the lease for an additional term. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the initial lease, assuming no renewals. Operating lease rentals that adjust based on a London Interbank Offered Rate (“LIBOR”) index are recognized on a straight-line basis over the period the rentals are fixed and accruable. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received. This excerpt taken from the AYR 8-K filed Sep 26, 2007. Lease Rentals We lease flight equipment under net operating leases with lease terms typically ranging from 3 to 7 years. We generally do not offer renewal terms or purchase options to our lessees, although certain of our operating leases allow the lessee the option to extend the lease for an additional term. Operating leases with
F-10
fixed rentals and step rentals are recognized on a straight-line basis over the term of the initial lease, assuming no renewals. Operating lease rentals that adjust based on a LIBOR index are recognized on a straight-line basis over the period the rentals are fixed and accruable. Revenue is not recognized when collection is not reasonably assured. | EXCERPTS ON THIS PAGE:
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