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Master Lease Agreement.pdf
7 pages
Page 1
1. PARTIES TO THE AGREEMENT
This Aircraft Lease Agreement ("Agreement") is entered into as of 2018-02-07 by and between:
LESSOR: ICBC Leasing, a corporation organized and existing under the laws of Ireland, with its principal place of business at Dublin, Ireland ("Lessor")
and
LESSEE: Qatar Airways Group Q.C.S.C., a company organized and existing under the laws of the State of Qatar, with its principal place of business at Qatar Airways Tower, Doha, Qatar ("Lessee")
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Page 2
2. AIRCRAFT DESCRIPTION
The Lessor hereby agrees to lease to the Lessee, and the Lessee hereby agrees to lease from the Lessor, the following aircraft:
Aircraft Type: Airbus A380-800
Registration: A7-AAQ
Manufacturer Serial Number: MSN-24460
The Aircraft shall be delivered in accordance with the Delivery Conditions specified in Schedule A attached hereto.
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Page 3
3. LEASE TERM
The term of this Lease shall commence on the Delivery Date (2018-02-07) and shall continue for a period ending on 2027-02-07 ("Lease Term"), unless earlier terminated in accordance with the provisions of this Agreement.
The Lessee shall have the option to extend the Lease Term for additional periods of twelve (12) months each, subject to mutual agreement on rental rates.
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Page 4
4. RENT AND PAYMENT TERMS
4.1 Basic Rent
The Lessee shall pay to the Lessor a monthly rental of USD 1,232,287 ("Basic Rent"), payable in advance on the first business day of each calendar month.
4.2 Security Deposit
Upon execution of this Agreement, the Lessee shall pay to the Lessor a security deposit of USD 3,633,340 ("Security Deposit"). The Security Deposit shall be held by the Lessor as security for the Lessee's obligations under this Agreement.
4.3 Maintenance Reserve
In addition to Basic Rent, the Lessee shall pay a monthly maintenance reserve contribution of USD 108,462 ("Maintenance Reserve").
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Page 5
5. MAINTENANCE OBLIGATIONS
5.1 The Lessee shall, at its own expense, maintain the Aircraft in accordance with an approved maintenance program acceptable to the applicable aviation authority.
5.2 The Lessee shall ensure that all maintenance, repairs, and overhauls are performed by approved maintenance organizations.
5.3 Maintenance Reserve Rates:
- Airframe Reserve: $450 per flight hour
- Engine Reserve: $850 per engine flight hour
- Landing Gear Reserve: $150 per landing
- APU Reserve: $125 per APU hour
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Page 6
6. INSURANCE REQUIREMENTS
The Lessee shall maintain the following insurance coverage throughout the Lease Term:
6.1 Hull All Risks Insurance: Coverage for the full agreed value of the Aircraft
6.2 Liability Insurance: Minimum combined single limit of USD 500,000,000
6.3 War and Allied Perils Insurance: As required by applicable regulations
All insurance policies shall name the Lessor as additional insured and loss payee.
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Page 7
7. RETURN CONDITIONS
Upon expiration or termination of this Lease, the Lessee shall return the Aircraft to the Lessor in the following condition:
Fresh C-Check, LLP 50%+ remaining
The Aircraft shall be free of all liens and encumbrances, with all records and documentation complete and current.
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Extracted Information
14 fields extracted
Lessor
ICBC Leasing
Lessee
Qatar Airways Group Q.C.S.C.
Aircraft Type
Airbus A380-800
Registration
A7-AAQ
Lease Start Date
2018-02-07
Lease End Date
2027-02-07
Monthly Rent
USD 1,232,287
Security Deposit
USD 3,633,340
Monthly Maintenance Reserve
USD 108,462
Airframe Reserve Rate
$450 per flight hour
Engine Reserve Rate
$850 per engine flight hour
Landing Gear Reserve Rate
$150 per landing
APU Reserve Rate
$125 per APU hour
Return Conditions
Fresh C-Check, LLP 50%+ remaining