Leasing Company Practice definition

Leasing Company Practice means, in relation to an Aircraft and any particular issue or matter, the customary commercial practice of ILFC, having regard to the customary commercial practice that ILFC applies under similar circumstances in respect of other aircraft owned by it or its Affiliates and not a Pool Aircraft, as such practice may be required to be adjusted by the requirements of this Agreement and the other Loan Documents, including the requirements in respect of Collateral.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Leasing Company Practice means the reasonable commercial practices of leading international aircraft operating lessors.

Leasing Company Practice means, in relation to any particular issue or matter, acting with reasonable care and diligence as is customary and prudent in the international aircraft operating leasing industry for aircraft of the same type, but in any event no less care and diligence than the Servicer would use for its own aircraft.

Examples of Leasing Company Practice in a sentence

In reviewing and accepting the insurance brokers (if any) and reinsurance brokers (if any) and insurers and reinsurers (if any) providing coverage with respect to the Pool Aircraft, the relevant Grantor will utilize standards consistent with Leasing Company Practice with respect to similar aircraft.
In all cases, the relevant Grantor will set the standards, review and manage the insurances on the Pool Aircraft consistent with Leasing Company Practice with respect to similar aircraft.
The relevant Grantor will determine the necessary coverage for the Pool Aircraft in such situations consistent with Leasing Company Practice with respect to similar aircraft.
All insurance and reinsurances effected pursuant to this Schedule V shall be payable in Dollars, save that in the case of the insurances referred to in paragraph 2(c) (if such denomination is (a) required by the law of the state of registration of the Pool Aircraft; or (b) the normal practice of airlines in the relevant country that operate aircraft leased from lessors located outside such country; or (c) otherwise accepted in accordance with Leasing Company Practice) or paragraph 2(d).
Each Grantor shall, with respect to each Pool Aircraft that is not subject to a Lease, not cause any Engines to be substituted in a manner inconsistent with Leasing Company Practice.
Each Grantor shall, with respect to each Pool Aircraft that is not subject to an Eligible Lease, cause (i) any Parts to be replaced and (ii) any alterations, modifications or additions to any such Airframe or Engine to be performed, in each case, in a manner consistent with Leasing Company Practice with respect to similar aircraft.
Each Grantor shall, with respect to each Pool Aircraft Owned by such Grantor that is not subject to a Lease, maintain such Pool Aircraft in a state of repair and condition consistent with Leasing Company Practice with respect to similar aircraft.
If any time a Pool Aircraft is not subject to a Lease, the relevant Grantor shall cause to be maintained the Insurances required hereunder but it may have deductibles consistent with Leasing Company Practice for other off-lease aircraft or be “self-insured” by the Issuer or General Electric Company in a manner consistent with Leasing Company Practice for other off-lease aircraft.
The coverage and terms (including endorsements, deductibles and self-insurance arrangements) of any insurance maintained with respect to any Aircraft not subject to a Lease shall be substantially consistent with Leasing Company Practice regarding similar aircraft.
The Borrower shall maintain or cause, directly or indirectly through the Borrower Subsidiaries, to be maintained war risk hull and liability insurance in respect of each Aircraft in a manner which is substantially consistent with Leasing Company Practice.

More Definitions of Leasing Company Practice

Leasing Company Practice means, in relation to an Aircraft and any particular issue or matter, the customary commercial practice of the Servicers, having regard to the customary commercial practice that the Servicers applies under similar circumstances in respect of other aircraft owned and/or managed or serviced by it or any of its Affiliates and not subject to the Mortgage, as such practice may be required to be adjusted by the requirements of this Agreement and the other Loan Documents, including the requirements in respect of Collateral.

Leasing Company Practice means, in relation to a Pool Aircraft and any particular issue or matter, the customary commercial practice of GECAS, having regard to the customary commercial practice that GECAS applies under similar circumstances in respect of other aircraft owned by it or its Affiliates and not subject to this Agreement, as such practice may be required to be adjusted by the requirements of the Indenture, this Agreement and the other Security Documents, including the requirements in respect of Collateral.

Leasing Company Practice means the customary commercial practice of any leading international aircraft operating lessor, including the Servicer.

Leasing Company Practice means the reasonable commercial practices of leading international aircraft operating lessors, which, so long as AerCap or its Affiliate is the Servicer, shall mean, in relation to an Aircraft and any particular issue or matter, the customary commercial practice that the AerCap Group applies under similar circumstances in respect of other aircraft owned by the AerCap Group, as such practice may be required to be adjusted by the requirements of this Agreement and the other Transaction Documents, including the requirements in respect of Collateral.