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EXHIBIT 10.10
September 30, 1997
INTERNATIONAL AIRCRAFT INVESTORS
0000 Xxxxxxxx Xxxxxxxxx, Xxxxx 000
Xxxxxxxx, Xxxxxxxxxx 00000
Re: International Aircraft Investors ("IAI") or one of its
subsidiaries agreement to purchase from International Lease
Finance Corporation ("ILFC") one (1) Boeing 757-2S3ER aircraft
bearing manufacturer's serial number 24772 and Canadian
registration mark C-GTSJ (the "B757 AIRCRAFT") (the B737 Aircraft
and the B757 Aircraft are collectively referred to herein as the
"AIRCRAFT")
Gentlemen:
ILFC hereby agrees to sell the B757 Aircraft to IAI or a wholly owned
subsidiary of IAI on the terms and conditions set forth in Exhibit A to this
Letter Agreement (this "LETTER AGREEMENT"). IAI hereby agrees that it will
purchase the B757 Aircraft on the terms and conditions contained in Exhibit A to
this Letter Agreement.
The foregoing is acceptable and agreed to by ILFC. If it is acceptable
and agreed to by IAI, please so indicate in the space provided below.
Very truly yours,
INTERNATIONAL LEASE FINANCE
CORPORATION
By: Xxxxx Xxxx
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Title: Vice President
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THE FOREGOING IS ACCEPTED AND AGREED TO
INTERNATIONAL AIRCRAFT INVESTORS
By: Xxxxxxx Xxxxxxx
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Its: Chief Executive Officer
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EXHIBIT A
ILFC BOEING 757-2S3ER
RR RB211-535E4
Manufactured: March 1990
Registration: C-GTSJ
MSN: 24772
Production Number: NA399
Lessee: Air Transat
Price: $36,325,000
Closing: December 10, 1997
Security Deposit: $750,000 cash
Reserves (as of 9/97): $3.2 million + (paid $250/hour)
Lease rates to: 4/30/98 $325,500/month
4/98-4/99 $350,000/month
5/99-4/00 $355,000/month
5/00-4/01 $360,000/month
5/01-4/02 $365,000/month
5/02-4/03 $370,000/month
Lease Expiry: April 30, 2003
ILFC can provide on request an AVG to a third party lender for $20 million for
May 2003. Fee = $20,000.
