lending

Former NAFA president Chris Miller recently joined Jet Support Services Inc. (JSSI) to launch and lead newly formed JSSI Aviation Capital. Mr. Miller brings 25 years of experience working in the aviation industry to the team. In this feature, Mr. Miller sheds light on how traditional lending has evolved, and the different options that are available to better serve clients such as financing as a partnership with the borrower. Additionally, NAFA Board Member Megha Bhatia, Chief Strategy and Marketing Officer at JSSI and former Rolls-Royce executive, details how financing as a partnership creates value for the borrower.

 “With traditional lending, the loan application process is a critical step for a financial institution to assess the credit worthiness of a client and requires credit checks and audited financials. This enables favorable rates but can take time, as the loan is executed against the credit profile of an individual or organization. Additionally, most banks are less likely to participate in loans for aircraft over ~15 years.

The surge in new entrants to our industry over the last few years filled up demand for OEM deliveries and consequently pre-owned aircraft, leading to record low inventory levels and an increased interest in older planes. While we are seeing these trends normalizing, and OEMs increasing production rates to match demand – options to the traditional lending process have developed as a response to the need for speed and ease throughout the financing process, especially for mid-to-older vintage jets.

Specialty asset-based lenders are able to underwrite an aircraft as a whole, providing more flexible financing structures. Since a credit application isn’t required, this is especially helpful for applicants who may not meet the investment profile of traditional lending. The loan is structured differently, against the asset value instead of the credit profile of the owner; this forms a synergistic partnership between the Lessor and Lessee to maintain or even enhance the residual value of the aircraft.”

NAFA Board Member Megha Bhatia, Chief Strategy and Marketing Officer at JSSI, further explains how such partnership can create additional value for the borrower.

“The aircraft ownership journey is standardized, regardless of organization or operation type: from aircraft selection, inspection, and appraisal, to financing, maintenance, and eventually re-sale or disassembly. It is helpful for a new owner to consider each of these steps early in the process, and the value of organizations that specialize in and assist with each.

The Lessor often plays a big role in setting requirements and making recommendations, to maximize the investment on both sides. Performing asset-based lending requires deep aircraft valuation expertise. Such lenders are incentivized to maximize the value of the asset throughout and beyond the loan term, inspiring great thought leadership throughout the process, especially for a new owner entering the industry for the first time.”

By Chris Miller, Managing Partner, JSSI Aviation Capital and Megha Bhatia, Chief Strategy Officer & Chief Marketing Officer, JSSI

Scott Powell 
Managing Director, Aviation 
214.932.3059 
214.709.3347 
spowell@bokf.com 
5956 Sherry Lane #900 
Dallas, TX  75225 

NAFA Welcomes New Member: BOK Financial 

National Aircraft Finance Association (NAFA) is pleased to announce that BOK Financial has recently joined its network of aviation professionals. The lending professionals at BOK Financial create custom, affordable aircraft financing solutions for their BOK Financial Private Wealth clients.  

“NAFA members proudly finance, support or enable the financing of general and business aviation aircraft throughout the world, and we are happy to add BOK Financial to our association,” said Jim Blessing, President of NAFA.  
 

About BOK Financial: 

Whether you are a busy executive looking for a more convenient way to travel, a family with a busy schedule or an aviation enthusiast pursuing a passion, BOK Financial provides financing solutions to keep clients soaring. 

The lending professionals at BOK Financial Private Wealth create custom, affordable aircraft financing solutions that help clients achieve their cash flow and liquidity requirements. BOK Financial understands the complexities of purchasing and financing personal aircraft.  

The BOK Financial program includes: 

• Financing for new and used jet and turboprop aircraft (including aircraft greater than 20 years old) 
• Competitive fixed and variable rate loans 
• Ability to refinance existing aircraft and/or finance improvements
• Customized terms for FAR Part 91 or FAR Part 135 financing 

With operations in eight states, BOK Financial is a top 30 regional financial services organization serving the complete financial needs to consumers, businesses, mortgage and wealth clients.  

For more information, visit: https://www.bokfinancial.com/wealth/products-and-services/private-banking-and-wealth-management/private-banking/credit-solutions/aircraft-financing. 
 

About NAFA:  

The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for 50 years. Our network of members is comprised of lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members on the most up-to-date industry trends and best practices. Government legislation, market influences and industry insights allow member companies to provide the highest quality services the industry has to offer. The company now has three offices: Geneva, New York City and Dubai. 

CurrencyAir Joins National Aircraft Finance Association 

National Aircraft Finance Association (NAFA) is pleased to announce that CurrencyAir has recently joined its network of aviation professionals. CurrencyAir arranges competitive financing choices for aircraft purchases. 

“NAFA members extend a warm welcome to CurrencyAir into our association,” said Jim Blessing, president of NAFA.  
 

About CurrencyAir: 

CurrencyAir offers an extensive network of lenders for all kinds of aircraft purchases, regardless of aircraft age, purchase price, or the type of aircraft being acquired. With a wide range of attractive terms and rates, CurrencyAir provides competitive financing options and superior customer service. A dedicated CurrencyAir financing expert works with aircraft buyers through the entire process, coordinating all details with the buyer, seller, escrow and insurance to ensure a smooth closing.    
 

Products & Services: 

• Term loans

• Leases 

• Financing for jets, turboprops, piston aircraft, helicopters, light sport, kit and experimental aircraft  

CurrencyAir is a lending product designed for Controller.com, the world’s largest pre-owned aircraft sales site. With a lender network that covers the spectrum of deal sizes, aircraft types, and missions, CurrencyAir arranges competitive financing choices for aircraft purchase from $25,000 up to $50 million and beyond. Whether the mission is Part 91, Part 135, flight school leaseback, or even essential use, CurrencyAir has customized financing options to suit both consumer and corporate clients. For more information, visit: https://www.gocurrency.com/air/. 
 

About NAFA:  

The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for 50 years. Our network of members is comprised of lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members with the most up-to-date industry trends and best practices. Government legislation, market influences and industry insights allow member companies to provide the highest quality services the industry has to offer. The company now has three offices: Geneva, New York City and Dubai. 

AvBuyer’s Matt Harris asked NAFA Member David Hudak of 1st Source Bank’s Aircraft Finance Division for his insights into the market for financing private airplanes. How did the market develop during 2021, and what will the financing industry look like in 2022? Find out here.

Considered a leading source for aircraft financing, 1st Source Bank’s history stretches further back than aviation itself. Established 158 years ago in 1863, aircraft financing has been offered by 1st Source for more than 35 years.

Today, the Aircraft Finance Division at 1st Source can accommodate more than 300 transactions annually, with the main focus currently being the turboprop and jet markets across the United States, Mexico and Brazil. Nevertheless, the bank will actively finance turbine helicopters, too.

“The total value of our aircraft financing portfolio is in the mid-nine-figures range, via traditional loan terms,” David Hudak tells AvBuyer as he sits down to discuss the market.

Read full article here

This article was originally published by AvBuyer on January 6, 2022.

NAFA member, Adam Meredith, President of AOPA Aviation Finance Company, discusses why lenders request logbooks and what they are looking for.

Lenders need to know that an asset—their asset—is in good shape. Logbooks tell the story of the airplane—where it was owned, how it was maintained, if it needed repairs. If it did need repairs, how often and who did the work? Did each owner take equally good (or bad) care of the airplane? Logbooks are a forensically valuable part of what the lender sees as a property they’re going to own.

Look at it another way. Think of logbooks as you might think of your own medical history. From the first page to the last, logbooks paint a picture of the airplane’s overall health. The lender may not scan every page, but certainly enough pages to discern any trends. Logbooks can significantly raise or lower the value of an aircraft. If pages—or complete logbooks—are missing, that lessens the airplane’s overall value.

Read full article here

This article was originally published by AOPA Finance on October 4, 2021.

NAFA member, Jason Zilberbrand, President & CTO of VREF, discusses aircraft loans.

Getting a loan for an aircraft of your choice can be an endeavor; however, financing is an available option (of course, depending on a few factors).

You might first assume that obtaining a loan for aircraft is a similar process to buying a car. In reality, funding your plane through a lender follows more closely with buying a home.

The time frame is longer. Lenders offer different rates depending on your net worth, credit history, and aircraft model. How you plan to use the airplane can also be a consideration. There are also more types of lenders than one might be aware of, from large banks to regional credit unions. We will go through them all.

Read full article here.

This article was originally published by VREF on July 7, 2021.

NAFA member, Chad Anderson, President of Jetcraft, discusses the trade-in transaction.

In private aviation, the decision to upgrade or replace an aircraft has traditionally required an owner to sell their asset to fund their purchase, a process that often takes months and involves considerable downtime on the ground. Trade-in transactions, on the other hand, provide a swift, and seamless alternative, where the broker or dealer accepts a client’s current aircraft in exchange for another. With a trade, the owner simultaneously transitions into ownership of their new aircraft, eliminating the risk of holding and selling their asset and avoiding a costly crossover period.

Reducing transaction time and complexity

A trade-in transaction essentially combines two events – the aircraft sale and purchase. There is only one contract, and an aircraft owner will deal with one invested partner for the trade, rather than two disconnected parties with bilateral interests. Importantly, the pre-buy inspections will also occur at the same time.

Read full article here.

This article was originally published by Jetcraft on August 31, 2021.

NAFA member, Adam Meredith, President of AOPA Aviation Finance Company, discusses airframe hours and financing.

With the market the way it is right now, we’ve seen a huge uptick in the number of people looking to get financing on airplanes that have 9,000, 10,000, even 13,000 hours on their airframes. Normally buyers don’t even look at these airplanes, but because that’s what’s available, that’s what they’re settling on.

Unfortunately, financing could be a challenge. Once you get past 10,000 hours on a piston aircraft airframe, some lenders will start to get weak in the knees. We’ve known lenders who become hesitant with fewer hours than that. So, your financing options are going to become increasingly limited as you approach that 10,000-hour threshold.

This same hesitancy does not apply to turbine aircraft—turboprops or jets. Because of the rigorous tests those pressurized aircraft go through during their annual inspections, and the scheduled maintenance that goes into keeping them airworthy, lenders will be comfortable, potentially, doing deals on these types of airplanes with more than 10,000 airframe hours.

Read full article here.

This article was originally published by AOPA Finance on September 1, 2021.

NAFA member, Adam Meredith, President of AOPA Aviation Finance Company shares five of the most common red flags lenders see. 

The most common red flags for lenders are:

• Missing or incomplete logs
• Abnormally high airframe hours
• An airplane that is close to or past the recommended time for engine overhaul (TBO)
• A history of damage
• Obsolete or aged turbine aircraft

With missing logbooks, if a borrower is in a strong financial position and what’s missing isn't significant, there may find be little or no impact on the loan. Still, it’s good to plan on the structure of the loan being affected.

We’ll address high airframe hours in an other article, but the short answer is, unless you’re acquiring a turboprop or jet, it will be an issue. At or close to TBO? Plan on extra reserve requirements, a lower LTV analysis or a higher down payment.

Read full article here.

This article was originally published by AOPA Aviation Finance Company on July 29, 2021.

NAFA member, Adam Meredith, President of AOPA Aviation Finance Company, discusses loan lengths in Adam Answers May edition.

Question: What determines the length of loan say between 15 and 20 years. I’m looking at a 1997 aircraft to finance 45k. What term might I expect to get?

Answer: Generally speaking the amount financed,  usage and age are what limits length of term. In this case age is not the issue, however, loan amount at $45k would likely limit you to 15 years. The reason being, after 3 years on this amortization schedule you will have only paid the loan by less than $4k. This doesn’t leave much room for surprise expenses like an engine overhaul and therefore benefits neither the owner nor the lender.

Question: Can I get a loan to finish off a project aircraft? I would need less than 20k to purchase the avionics. Everything else (engine and Airframe) are done. I could get a conditional Airworthiness inspection if needed. Thanks.

Answer: Thanks for the question. It really would depend on the specific aircraft and how much work (time) it will take to get it airworthy. We’d be happy to discuss further, please contact us directly so we can review your specific situation.

This article was originally published by AOPA Aviation Finance Company on April 30, 2021.

NAFA member, Adam Meredith, President of AOPA Aviation Finance Company, discusses asset-based loans.

Here are five cases for choosing an asset-based loan over a credit-based one:

1. Individuals with complicated financials. Aviation lenders must be able to clearly see the sources and timing of cash flow to understand a borrower’s debt service side of the equation in a typical credit-based loan. Having revenue streams from multiple assets often doesn’t provide such a clear understanding. A person possessing multiple assets, i.e. businesses generating revenue, might find asset-based loans a good choice.

For example, individuals with real estate holdings usually hold them in multiple entities, complicating matters from a lender’s viewpoint. Car dealers are another example. Regardless of how well-established or profitable a car dealer is in real life, the nature of that business generally has them highly leveraged. On paper, to a bank they look like they’re carrying a lot of debt. Both examples tend to make a lot of banks hesitant to issue credit-based loans.

2. Individuals who derive income from multiple businesses of which they may have minority or partial ownership. Conventional aircraft financers tend to require those businesses as a guarantor on the loan. As a partial owner, you may not be able to comply with that request.

3. Other cases include instances where a person cannot provide business recourse. An asset-based loan typically isn’t going to require business recourse.

4. Another example would be serial entrepreneurs, or mezzanine-type financiers, who generate revenue in an uneven fashion. In other words, year-to-year their income may look sporadic, but over a three- or five-year period it has a consistent arc. Because a project has a three-year timeline, say, the amount of debt carried in the first two years may be high, but the third year could be profitable. If lenders are looking at financials a year at a time, they would reject the financials, so an asset-based loan is your best bet.

5. A fifth example involves people with a complicated tax and estate planning structure whose income might derive from trusts. Retired people can fall into this category too. If you don’t have traditional cash flow coming through, that’s going to be problematic. Hence it’s worth it to consider an asset-based loan.

Last of all, asset-based loans can be done generally more quickly because lenders won’t require a full financial audit. Their concerns center around whether you’ve sued or been sued by anybody, if you have a prison record, or if you have other anomalies that might surface.

This article was originally published by AOPA Finance on March 19, 2021.

FOR IMMEDIATE RELEASE: May 25, 2021                                  

Contact: Tracey Cheek

TLC@NAFA.aero

405.850.1292

Dallas Capital Bank Joins National Aircraft Finance Association
 

Edgewater, MD: National Aircraft Finance Association (NAFA) is pleased to announce that Dallas Capital Bank (DCB) has recently joined its professional network of aviation lenders under the leadership of Scott Powell (Executive Vice President, Private Banking) and Leighton Callan (Vice President, Private Banking).

This Dallas-owned and managed boutique commercial and private bank was founded to provide entrepreneurs, business owners, and affluent individuals and families access to customized banking solutions. Dallas Capital Bank combines highly talented and experienced bankers with real-time local decision making, innovative technology, and white-glove service to create a higher level of banking service.

“NAFA members form a network of aviation finance services who diligently and competently operate with integrity and objectivity throughout the world. We’re excited to welcome Dallas Capital Bank to our growing organization as we celebrate our 50th anniversary,” said Jim Blessing, president of NAFA.

About Scott Powell:

Scott leads the Private Banking group for Dallas Capital Bank. He has over 20 years of private wealth finance experience, providing clients with private banking lending and depository services, as well as risk and asset management. Prior to joining Dallas Capital Bank, Scott served as Market Executive, Private Wealth at Bank of Texas. He earned his Bachelor of Sciences in Organizational Management from John Brown University and his MBA from the Sam M. Walton College of Business at the University of Arkansas, where he currently serves on the Alumni Advisory Board. Previously, he served on the boards of the United Way, My Possibilities, and Circle of Life Hospice. Scott is also a Private Pilot and holds membership with AOPA, NBAA, and NAFA.

About Leighton Callan:

Leighton is a member of the Dallas Capital Bank Private Baking team. He has over 12 years of experience with a focus on private wealth, including developing and implementing custom, strategic banking solutions for high-net-worth clients and family offices. Prior to joining Dallas Capital Bank, Leighton served as Private Banking Relationship Manager at Texas Capital Bank. He earned his bachelor’s degree in Economics from Southern Methodist University and is a graduate of the Southwestern Graduate School of Banking.

For more information about Dallas Capital Bank, visit https://www.nafa.aero/companies/dallas-capital-bank.

 

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About NAFA: The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for 50 years. Our network of members is comprised of lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members with the most up-to-date industry trends and best practices. Government legislation, market influences, and industry insights allow member companies to provide the highest quality services the industry has to offer.

NAFA member, Adam Meredith, President of AOPA Aviation Finance Company, answers your aircraft finance questions.

Question: What determines the length of loan say between 15 and 20 years. I’m looking at a 1997 aircraft to finance 45k. What term might I expect to get?

Answer: Generally speaking the amount financed,  usage and age are what limits length of term. In this case age is not the issue, however, loan amount at $45k would likely limit you to 15 years. The reason being, after 3 years on this amortization schedule you will have only paid the loan by less than $4k. This doesn’t leave much room for surprise expenses like an engine overhaul and therefore benefits neither the owner nor the lender.

Question: Can I get a loan to finish off a project aircraft? I would need less than 20k to purchase the avionics. Everything else (engine and Airframe) are done. I could get a conditional Airworthiness inspection if needed. Thanks.

Answer: Thanks for the question. It really would depend on the specific aircraft and how much work (time) it will take to get it airworthy. We’d be happy to discuss further, please contact us directly so we can review your specific situation.

Have questions for Adam? He is happy to answer them. Submit your questions here. 

This article was originally published by AOPA Aviation Finance Company on April 30, 2021.

NAFA members, Jim Simpson and Anthony Kioussis, discuss aircraft financing provided by First Republic Bank to the Business Aircraft community.

Areas covered include:

• The types of transactions structured by First Republic Bank.
• The typical characteristics of an aircraft loan.
• What should a prospective borrower expect in the market today.
  Some of the changes in financing as aircraft size increases.
• Unique financing considerations that people should keep in mind?

Click here to listen to the podcast.

This podcast was originally published by Asset Insight.

NAFA member, David G. Mayer, Partner at Shackelford, Bowen, McKinley & Norton, LLC, shares what first-time business jet buyers need to know.

Virtually all first-time business jet buyers are sophisticated, successful, and motivated. Often consisting of high- and ultra-high-net-worth individuals and diverse private companies, these prospective buyers might be prompted to buy a business jet by fears of Covid-19 exposure or missing the 100 percent bonus depreciation deduction.

As vaccine injections spread across the globe, some buyers have entered the market with the optimism that more personal/business travel lies ahead. Some first-time buyers, including millennials, buy jets of all sizes simply because they can.

A PURCHASE LIKE NONE OTHER

Buying a business jet is complicated but feasible and worth the effort if you can afford it. Private aircraft can inspire thoughts of positive life-changing possibilities. A jet is a time machine, a tool for productivity, and a haven of health and safety—especially during Covid-19. With the right purchase, a jet is a mode of travel that enhances convenience, security, autonomy, and comfort above and beyond any airline offering.

Many first-time buyers recognize or admit, and most others quickly learn, that buying a jet is unlike purchasing real estate, automobiles, businesses, or other assets. You encounter unique, technical, and complex issues when purchasing and owning a jet.

Some buyers insist that, having closed many other complex deals, they can buy a jet with little or no help, only later to discover the error of their ways. But first-time buyers will benefit if they educate themselves and ask for guidance. In any case, do not embark on this journey alone.

WHERE TO START

How do you buy a jet? And who can help you figure out whether a jet will provide the benefits you seek rather than become an albatross? Before you begin a search for a jet or assemble a team of experts to help you, write down why you need or want a jet, where you will go, how many seats you need, and the number of hours you expect your aircraft to fly annually. In aviation jargon, you thereby establish your “mission profile.”

As you progress into the purchasing effort, you should, as basic principles, insist on transparency from all people involved, keep an open mind, participate (there are no “dumb questions”), and be patient. The purchase will probably take longer and be more demanding on your time than you may anticipate.

ENGAGE A TEAM OF SEASONED PROS

With the benefit of referrals and research, you can find quality professionals to hire for your transaction. But first, do not sign anything, not a letter of intent (LOI), an aircraft purchase agreement (APA), or other documents before engaging and obtaining input from both an aviation lawyer for new and used aircraft and an aircraft broker primarily for used aircraft. These individuals constitute the core of your team.

A quality broker will evaluate aircraft of interest to you, parse your mission profile, advise you on appropriate jets for sale, both on and off-market, and guide you on the best make, model, price, and terms for you. Your broker will be your chief aircraft negotiator and usually will lead off the deal.

Even though you have other lawyers whom you may think can handle the purchase—stop. Instead, rely on an aviation lawyer. He or she should practice extensively in business aviation, describe how and when to structure, negotiate, and document the legal aspects in the transaction.

The subjects include, among others, FAA regulatory, tax, insurance, risk management, pilot services, international, finance, and aircraft management. Non-aviation lawyers lack the required knowledge to support you properly.

Although transaction cost is a factor, do not choose a broker or lawyer based on the lowest fees. Choose on value, integrity, responsiveness, years of relevant experience, technical knowledge, and extensive resources in business aviation. These attributes also apply to any other specialist you may engage such as aircraft analysts, aircraft inspectors and appraisers, aviation insurance brokers, management companies, and aviation tax accountants. Ask your lawyer and/or broker for ideas.

DISCOVER WHAT YOUR TEAM CAN DO FOR YOU

Your aviation lawyer should provide an overview of the steps from inception through the delivery of your aircraft. As a priority, she or he should propose structures for managing and operating your jet that complies with the Federal Aviation Regulations (FARs), including Part 91 (private operations) and Parts 119 and 135 (commercial/charter operations), as applicable; plan for tax minimization (IRS federal, international, state, and local); and develop strategies to mitigate your personal liability, including, when appropriate, forming a limited liability company (LLC).

Liability insurance coverage is a critically important risk management tool. In the tight insurance market today, the insufficiency or unavailability of insurance can disrupt or stop your purchase. Engage one aviation insurance broker to find and place coverage acceptable to you after assessing your legal risks.

If you intend to lease or finance your jet, you should ideally obtain a financing commitment before you sign an LOI to avoid negative ramifications such as lacking adequate cash to close or loss of your purchase deposit. Most financiers require strong aircraft collateral, so ask upfront if your jet passes muster.

Try to remain objective no matter how strong your relationship with the financier–at least on your “hot button” issues. Amid a long list of loan or lease issues, for example, ask your lawyer to explain how the terms in your financier’s documents, including guaranties, might adversely affect your non-aircraft business operations, reach extra non-aircraft collateral, and limit how, when, and where you can use your aircraft.

In short, your broker, lawyer, and other specialists on your deal team should enable you to achieve optimal after-tax results and protect you from making avoidable mistakes.

UNDERSTAND WHAT IT TAKES TO OWN AND OPERATE A PRIVATE JET

Although a jet offers great benefits, it is essential to understand fully what you are getting into as a new or used jet owner—financially, emotionally, and operationally. Be prepared to hit some cost turbulence, including untimely or unexpected cash demands for capital improvements, maintenance, repairs, and compliance with FAA mandates.

You can manage some of these expenses with an engine and other maintenance programs, attentive management company work, and manufacturer’s warranties. Importantly, you might be able to charter your aircraft to generate cash flow that partially offsets your costs and even pays some debt. But forget about making a profit or breaking even on chartering. In all events, you should feel comfortable that buying a jet makes sense without relying on unguaranteed charter cash flow to defray your costs.

Work hard to avoid buyer’s remorse. Beware that you might feel some rush to buy and fly. While some first-time buyers cannot wait to take off, others realize that they should find other travel solutions. In all cases, as a first-time buyer, throttle your actions with a sober analysis of the costs and benefits.

CONSIDER THE OPTIONS

Buying a jet is a long-term proposition. So think about your missions and basics of other options to fly privately like purchasing a fractional share or a jet card, chartering, joining a membership or club program, trying a shared-use model, or traveling on a commercial airline. If you buy, you might still consider using these options to supplement or substitute private aircraft to operate your jet most efficiently and economically, or when it is unavailable, possibly as a result of chartering or repairs.

CONCLUSION

Buying your first jet can be an exhilarating, emotional, and exhausting experience. It is a complicated and unique transaction, demanding plenty of patience and the use of skilled advisors. If you do obtain the help you need and travel the distance to closing, though, you will likely feel fortunate to reach your destination and satisfied when you arrive.

This blog is purely informational and reflects the author’s experience and legal practice. It does not, and should not be construed to, provide advice of any kind, express or implied, create a lawyer-client relationship, or suggest or direct you to plan a course of action without expert guidance. Each person involved directly or indirectly in any issue, transaction, or other matter covered in this blog should inquire of, and rely on, his or her aviation professionals and other trusted advisors.

This article was originally published by AINonline on March 12, 2021.