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Course details

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Aviation Finance

Minimise the inherent risks and liabilities, identity aviation requirements
  • Course Overview

    The aviation industry is greatly affected by the continually changing economic climate. The often technical and complex issues, as well as the myriad of liabilities surrounding it, can make financing aircraft a potentially expensive minefield.

    Despite the risks involved, aviation finance is a potentially lucrative venture. With the correct financing and security structures, in conjunction with effective tax planning, many of these liabilities can be identified and accounted for.

    This course, organised in association with course director Kenneth Gray, aims to provide an understanding of the key issues involved in aviation finance in order to identify and minimise the inherent risks and liabilities. The course utilises a variety of lectures and workshops to analyse the key legal, regulatory and documentary issues involved in aviation finance.

    Topics covered include:

    • Common financing tools
    • Legal documentation
    • Different types of leases and similar instruments
    • Ownership rights
    • Insurances
    • Analysis of some specific events of default
    • Residual value guarantees
    • Pre-delivery payment financing

  • About this course


    Topics covered include:

    ·       Current state of the market

    ·       Sources of liquidity

    ·       Common financing tools

    ·       Legal documentation

    ·       Different types of leases

    ·       Security and the Cape Town Convention

    ·       Insurances

    ·       SPCs

    ·       GATS

    ·       Export credits

    ·       Pre delivery payment financing.



    Day 1

    Introduction to Aircraft Finance

    ·       What makes it so different?

    ·       The current state of the market


    Who are the different players in the market?

    ·       Financial institutions

    ·       New sources of liquidity

    ·       Operating lessors

    ·       Airlines

    ·       Manufacturers

    ·       Insurance companies.


    Introduction to Common Financing Tools

    ·       Secured loans

    ·       Operating and finance leases

    ·       Capital markets

    ·       Tax leases

    ·       Export credits

    ·       AFIC and Balthasar structures


    Overview of the Basic Legal Documentation

    ·       Purchase agreement

    ·       Loan, lease, mortgage

    ·       Assignment of lease

    ·       Assignment of insurances



    ·       The Chicago Convention

    ·       Where to register an aircraft

    ·       Deregistration

    ·       Case Studies


    Different Types of Leases

    ·       How do you decide what type of lease you want?

    ·       Operating leases and finance leases

    ·       Sale and leasebacks

    ·       Tax leases


    Overview of the Contents of a Lease

    ·       Covenants and conditions precedent

    ·       Examination of those that are specific to aircraft finance transaction

    ·       Maintenance, operations and return conditions


    Sub Leasing

    ·       Why might a lease want to sub-lease on aircraft?

    ·       Concerns for lessors


    Day 2


    Insurances: the Contractual Provisions

    ·       Indemnities

    ·       What is a contract of insurance?

    ·       The rights of a creditor relating to a contract of insurance

    ·       Total and partial loss –case studies


    Insurances: The Policy

    ·       A practical review of the actual contents of an insurance policy, its terms and their impact and consideration of how the policy and the insurance clause have been affected by world events.



    ·       Mortgages and other types of security

    ·       The impact of the Basel Accords

    ·       Aircraft mortgages

    ·       A comparison of mortgages in different jurisdictions


    The Cape Town Convention

    ·       The International Registry

    ·       International interests

    ·       Remedies

    ·       IDERAs


    Day 3


    Single Purpose Companies

    ·       Why and when they are used

    ·       Insolvency proofing


    Withholding Taxes

    ·       What they are

    ·       Double Tax Treaties

    ·       The BEPS proposals


    Legal strategy

    ·       Dealing with multiple jurisdictions

    ·       Legal opinions


    Structuring a Tax Lease

    ·       What is a tax lease?

    ·       JOLCOs

    ·       Risk allocation


    Trading aircraft

    ·       Novations

    ·       The trust structure

    ·       GATS



    ·       Combining the requirements of parties to a transactions: how to structure a deal so that everyone’s concerns are dealt with.


    Day 4


    Residual Value Guarantees

    ·       What they are

    ·       How they interact with the lease documents


    Export Credits

    ·       What are export credit agencies?

    ·       Their role in aircraft finance

    ·       The Aircraft Sector Understanding

    ·       Eximbonds and ECA Wraps

    ·       The AFIC and Balthasar structures


    Pre-Delivery Payment Facilities

    ·       How to structure a PDP facility

    ·       What security is available for Lenders to a PDP facility?

    ·       Clawback


    Capital Markets

    ·       Lease Portfolio securitisations

    ·       EETCs: what they are and how they are structured

    ·       How they can be combined with other structures

    ·       ECA wraps

  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme


  • Kenneth Gray

    My consultancy career has focused primarily on aircraft and other asset finance, and so all of my training courses draw on first-hand experiences, insights, and examples.


    Kenneth Gray is regarded as a foremost expert in Aviation Finance and Aircraft Leasing. Kenneth trained as a barrister before joining Norton Rose Fulbright, a leading international law firm, in 1986. In 1990 he moved to Paris to found Norton Rose Fulbright’s office there. He was elected to the partnership in 1993 and returned to London in 1999, before retiring from the partnership in 2001. Since then he has continued to work as a consultant at Norton Rose Fulbright in addition to providing legal training. His practice at Norton Rose Fulbright consists primarily in representing airlines and banks, as well as the export credit agencies of several European countries, in implementing complex cross-border finance transactions – and advising them on work outs when the borrower encounters financial problems. Kenneth has won numerous awards, including being voted one of the top 20 aviation lawyers in the world by the Best of the Best Guide and one of the Hot 100 lawyers in the United Kingdom as voted by The Lawyer Magazine. He has been involved in many ground-breaking transactions over the years, including Jane’s Transport Finance “Aircraft Innovator of the Year”, and the Airfinance Journals’ deal of the year on four occasions. Kenneth is qualified as a solicitor and as an avocat at the Paris bar.


Marriott London County Hall

The course will take place at the Marriott London County Hall.

The map attached details some of our most frequently used venues

If you need help booking accommodation for your visit, please contact and one of our partners will help you get the best rate possible.