Aircraft Refinancing - Madagascar
We acted for a well-known Dublin-based aviation finance house in relation to the sale and lease back of three commercial aircrafts as well as the dry lease of two further aircrafts. Our work consisted of reviewing the transaction documents (lease agreements, government guarantees, irrevocable de-registration authorization, de-registration POA and local authorities’ letters); drafting and issuing a legal opinion for each aircraft in respect of (i) the national carrier’s capacity to enter into the transaction documents, (ii) the enforceability of the government guarantee and (iii) the enforceability and registration of the mortgages over the aircrafts given by our client in favour of Security Trustee and mortgagee; and issuing a 'bring down’ opinion further to a change in the lender group.
We also advised the same client in connection with a redelivery agreement further to the failure by a national carrier to complete its financial obligations under the lease; and drafted a capacity opinion in respect of the execution by the national carrier of the redelivery agreement.