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ARTICLE · 16 MARCH 2011

The 2011 Aircraft Sector Understanding On Export Credits

Dentons
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This note summarises the 2011 ASU rules that relate to asset-backed financings of new civil aircraft.

United StatesFinance and Banking
Brett Hailey
Brett Hailey
Nick Chandler
Nick Chandler
Serge Sergiou
Serge Sergiou
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This note summarises the 2011 ASU rules that relate to asset-backed financings of new civil aircraft. It also notes some key differences between those rules and their July 2007 predecessor (the 2007 ASU).

Effective date 1 February 2011

Signed on 25 February, the 2011 ASU takes effect as from 1 February 2011 – though subject to some grandfathering to the 2007 ASU and great grandfathering to the 1986 Large Aircraft Sector Understanding (LASU).

Grandfathering to 2007 ASU

This is allowed on two bases. The main features of the second basis are discussed under the next heading. The first basis is if the aircraft was subject to a firm contract on or before 31 December 2010 and is physically delivered on or before:

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