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.
There is no “one rule fit’s all” for OCCM lease return consideration; this is an area where you need to consult you lease agreement and it can get quite complex and become a topic for conversation.
You might see a lease condition similar to “All Parts other than Hard Time & Life Limited Parts installed on the Aircraft in the previous thirty-six (36) months will have EASA documentation or FAA documentation acceptable under EASA.”
Component considerations during a lease review require knowledge of the specific lease conditions, it is vital you familiarise yourself with these.
While there are many variations consider the following example in the case of Hard time or Life Limited parts:
It is important to understand how a reliability program can affect an aircraft’s maintenance plan. When we think about trend analysis and aircraft reliability; we actually cover a complex and vast array of metrics, data gathering, and decisions based on this.
Factors considered would include Engine/APU trend data, Aircraft defect rates, component defect & failure rates, Aircraft technical delay/diversion rates and many more different considerations.
