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Dardani Studio Legale | Italy | 2 Jun 2021

Quiet enjoyment letters in lease financing transactions

In the context of lease financing transactions, it is not uncommon for the financier (registered owner) to refinance part of the transaction by recourse to third-party lenders, concluding a loan agreement which is typically secured by a mortgage over the vessel. Under Italian law, a charterer's right to enjoyment of a vessel receives a certain level of protection even if nothing is......
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Vedder Price PC | United Kingdom | 20 Feb 2019

Aircraft Purchase Fleet Limited sought $260 million in damages from Compagnia Aerea Italia

In a recent High Court Case, Aircraft Purchase Fleet Limited (APFL) sought $260 million in damages from Compagnia Aerea Italia (CAI) for an alleged repudiatory breach of a framework agreement under which CAI had agreed to lease certain new Airbus A320 family aircraft. APFL had agreed to buy these aircraft from Airbus. However, CAI argued that it had become impossible for either party to......
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RPC | United Kingdom | 25 Oct 2016

Intention to be bound: High Court construes commitment letter against equity participant

The High Court recently held that the defendant signatory to a commitment letter had intended to be legally bound by that document. In so finding, the court held that the defendant was in anticipatory repudiatory breach of contract. While the decision ultimately turned on the words of the commitment letter, it demonstrates that the court will take a pragmatic approach to determining intention......
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Basch & Rameh Advogados Associados | Brazil | 2 Dec 2015

Revisions to Aeronautical Code

The Senate is undertaking a serious effort to revise and modernise the Aeronautical Code, which dates back to 1986. Although it is too early to know the special senate committee's final recommendations, the new code is expected to conform to the Cape Town Convention and relax existing restrictions on foreign investment in Brazilian airlines.
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George Etomi & Partners | Nigeria | 26 Aug 2015

A brief guide to aircraft financing

The outright purchase of an aircraft is a highly capital-intensive venture. The emergence of alternative financing models to alleviate the financial burden associated with outright purchase has been welcomed by the aviation industry. This update highlights popular financing models adopted by Nigerian airlines, including lease financing, direct lending and Islamic financing.
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Basch & Rameh Advogados Associados | Brazil | 1 Jul 2015

Post-closure matters in aircraft finance – common misunderstandings

A common misunderstanding that arises in Brazilian aircraft finance transactions relates to post-closure requirements as, due to delays, a significant amount of the legal work on a transaction occurs after the closure date. As no magic solutions exist to avoid post-closure issues completely, lessors and financiers must accept that Brazilian transactions may take longer compared with those in......
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Vedder Price PC | United Kingdom | 22 May 2013

Court highlights primacy of clear and unambiguous language in aircraft leases

The Court of Appeal recently issued a decision that is of considerable importance to aircraft lessors, lenders and airlines. The decision sends a clear message that aircraft leases and their related certificates of acceptance should be construed in accordance with their plain, unambiguous terms, and that the risk allocation set forth in those documents between lessee and lessor should be......
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Wikborg Rein | United Kingdom | 23 Nov 2011

Sunshine breaks through for Rainy Sky

The Supreme Court recently ruled in favour of the buyers of six Korean newbuildings, Rainy Sky SA and five other entities, reversing the Court of Appeal's decision which rejected their claim under refund guarantees. The decision represents a victory for commercial common sense over the strict legal interpretation of the language used in guarantees.
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Wikborg Rein | United Kingdom | 19 Oct 2011

Enforcing ship mortgages under English law

The procedure for enforcement of a ship mortgage under English law is based on a contractual right. Thus, the rights of a mortgagee are derived from specific terms agreed with the mortgagor. Typically, the loan documentation will identify those events of default by the mortgagor which give rise to the right on the part of the mortgagee to take enforcement action.
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Lombardi Segni e Associati | Italy | 24 Jun 2011

Satisfying creditors under reformed composition rules

Bankruptcy is increasingly regarded as a last resort for a struggling company. Changes to the composition procedure promote the parties' shared interest in negotiating a solution to the debtor's difficulties. The result is a legislative framework that is better suited to a commercial environment in which competitiveness, reactivity and flexibility are key requirements.
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