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AYR » Topics » If our lessees fail to appropriately discharge aircraft liens, we might find it necessary to pay such claims, which could have a negative effect on our cash position and our business.These excerpts taken from the AYR 10-K filed Mar 2, 2009. If our
lessees fail to appropriately discharge aircraft liens, we might
find it necessary to pay such claims, which could have a
negative effect on our cash position and our
business.
In the normal course of business, liens that secure the payment
of airport fees and taxes, custom duties, air navigation charges
(including charges imposed by Eurocontrol), landing charges,
crew wages, repairer’s charges, salvage or other liens, or
Aircraft Liens, are likely, depending on the jurisdiction in
question, to attach to the aircraft. The Aircraft Liens may
secure substantial sums that may, in certain jurisdictions or
for limited types of Aircraft Liens (particularly fleet liens),
exceed the value of the particular aircraft to which the
Aircraft Liens have attached. Although the financial obligations
relating to these Aircraft Liens are the responsibilities of our
lessees, if they fail to fulfill their obligations, Aircraft
Liens may attach to our aircraft and ultimately become our
responsibility. In some jurisdictions, Aircraft Liens may give
the holder thereof the right to detain or, in limited cases,
sell or cause the forfeiture of the aircraft.
Until they are discharged, Aircraft Liens could impair our
ability to repossess, re-lease or resell our aircraft. Our
lessees may not comply with their obligations under their
respective leases to discharge Aircraft Liens arising during the
terms of their leases, whether or not due to financial
difficulties. If they do not, we may, in some cases, find it
necessary to pay the claims secured by such
Table of Contents
Aircraft Liens in order to repossess the aircraft. Such payments
would adversely affect our cash position and our business
generally.
If our lessees fail to appropriately discharge aircraft liens, we might find it necessary to pay such claims, which could have a negative effect on our cash position and our business. In the normal course of business, liens that secure the payment of airport fees and taxes, custom duties, air navigation charges (including charges imposed by Eurocontrol), landing charges, crew wages, repairer’s charges, salvage or other liens, or Aircraft Liens, are likely, depending on the jurisdiction in question, to attach to the aircraft. The Aircraft Liens may secure substantial sums that may, in certain jurisdictions or for limited types of Aircraft Liens (particularly fleet liens), exceed the value of the particular aircraft to which the Aircraft Liens have attached. Although the financial obligations relating to these Aircraft Liens are the responsibilities of our lessees, if they fail to fulfill their obligations, Aircraft Liens may attach to our aircraft and ultimately become our responsibility. In some jurisdictions, Aircraft Liens may give the holder thereof the right to detain or, in limited cases, sell or cause the forfeiture of the aircraft. Until they are discharged, Aircraft Liens could impair our ability to repossess, re-lease or resell our aircraft. Our lessees may not comply with their obligations under their respective leases to discharge Aircraft Liens arising during the terms of their leases, whether or not due to financial difficulties. If they do not, we may, in some cases, find it necessary to pay the claims secured by such
Table of ContentsAircraft Liens in order to repossess the aircraft. Such payments would adversely affect our cash position and our business generally. This excerpt taken from the AYR 10-Q filed Nov 17, 2008. If our
lessees fail to appropriately discharge aircraft liens, we might
find it necessary to pay such claims, which could have a
negative effect on our cash position and our
business.
In the normal course of business, liens that secure the payment
of airport fees and taxes, custom duties, air navigation charges
(including charges imposed by Eurocontrol), landing charges,
crew wages, repairer’s charges, salvage or other liens, or
Aircraft Liens, are likely, depending on the jurisdiction in
question, to attach to the aircraft. The Aircraft Liens may
secure substantial sums that may, in certain jurisdictions or
for limited types of Aircraft Liens (particularly fleet liens),
exceed the value of the particular aircraft to which the
Aircraft Liens have attached. Although the financial obligations
relating to these Aircraft Liens are the responsibilities of our
lessees, if they fail to fulfill their obligations, Aircraft
Liens may attach to our aircraft and ultimately become our
responsibility. In some jurisdictions, Aircraft Liens may give
the holder thereof the right to detain or, in limited cases,
sell or cause the forfeiture of the aircraft.
Until they are discharged, Aircraft Liens could impair our
ability to repossess, re-lease or resell our aircraft. Our
lessees may not comply with their obligations under their
respective leases to discharge Aircraft Liens arising during the
terms of their leases, whether or not due to financial
difficulties. If they do not, we may, in some cases, find it
necessary to pay the claims secured by such Aircraft Liens in
order to repossess the aircraft. Such payments would adversely
affect our cash position and our business generally.
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