By definition a “covenant” is a formal agreement between the owner (Lessor) and the airline (Lessee) to perform specified actions.
After reviewing a copy of the technical lease requirements, the lessor, or consultant representing the lessor, should be aware of the specified “covenants” and pay particular attention to those actions relating to qualifying maintenance events and the condition and certification of the airframe and its various components at redelivery.
The technical team will correctly interpret these lease technical covenants and the operating standards, whether it is EU-Ops or FAR 121, under which the asset is governed. It should be noted that incorrect interpretation of either may result in unnecessary work or rework being carried out on the aircraft.
Some typical Lessee Covenants include the Lessee (Airline);
* Advise location, operating environment
* To provide monthly utilisation reports (Hours and Cycles)
* Access to mid-lease Aircraft/record inspection
* Advise of change to AMP (Aircraft Maintenance Program)
* Advise of impending major maintenance visits (MRO C-Checks)
* Advise of engine removal for shop visit
* Maintain the technical records to industry and local standard, and in English
* Advise of all changes to LLP (Life Limit Part) maintenance planning /program
* Advise of any suspension or revocation of airworthiness approval
* Advise of any accident/incident
* To advise on LLP (Life Limit Parts) swaps within the airline fleet
* To advise on Landing Gear/APU/Engine replacement due to incident/accident
* Not to use PMA parts (Parts Manufacturer Approval)
* Not to sub-lease without authorisation from lessor
* To pay all taxes and charges
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