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ARTICLE · 23 AUGUST 2019

British Virgin Islands – Law And Practice

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There are no restrictions on foreign lenders financing an aircraft locally, nor on borrowers using the loan proceeds.

British Virgin IslandsTransport

3. Aircraft Debt Finance

3.1 Structuring

Restrictions on Lending and Borrowing

There are no restrictions on foreign lenders financing an aircraft locally, nor on borrowers using the loan proceeds.

Effect of Exchange Controls or Government Consents

There are no exchange controls or government consents that would be material to any financing or repatriation of realisation proceeds under a loan, guarantee or security document.

Granting of Security to Foreign Lenders

Borrowers are permitted to grant security to foreign lenders.

Downstream, Upstream and Cross-stream Guarantees

Downstream, upstream and/or cross-stream guarantees are permitted in favour of lenders. There are no consideration or corporate benefit or registration requirements. However, directors must act in the best interests of the Company and, if there is any doubt as to whether the guarantee is in the Company's best interest, it can be whitewashed by resolution of the members.

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