Narrative
Full Description
Project narrative
On October 11, 2018, the London Branch of the Bank of China (BOC) entered into the GBP-equivalent of a $35,000,000 USD loan agreement with Dart Group plc — a British airline — for the acquisition of one Boeing 737-800NG aircraft. This loan was secured by (i.e. collateralized against) a first priority aircraft mortgage on one Boeing 737-800NG aircraft, except engines, bearing manufacturer's serial number 64440 and Registration Mark G-JZBP, and CFM56-7B24E model engines bearing manufacturer's serial numbers 854366 and 854369, as charged by Dart Group and outlined in a charge dated October 17, 2018, the rights, title, and interest in an engine warranties agreement to two CFM56-7B24E engines with serial numbers 854366 and 854369, in favor of BOC as charged by Dart Group and outlined in a charge dated October 17, 2018, the rights, title, and interest in the airframe warranties agreement for said aircraft, in favor of BOC as charged by Dart Group and outlined in a charge dated October 17, 2018, an assignment of the aircraft lease agreement for said aircraft, as charged by Dart Group and outlined in a charge dated October 17, 2018, and an assignment of insurances on said aircraft, except engines, in favor of BOC as charged by Jet2.com Limited and outlined in a charge dated October 17, 2018. BOC served as security trustee. Dart Group signed a purchase agreement for the 737-800NG with The Boeing Company on September 2, 2015. Jet2.com Limited, a low-cost airline and subsidiary of Dart, entered into a lease agreement with Dart Group for use of the aircraft on October 10, 2018. On August 27, 2020, the parties amended the security arrangements; Dart Group pledged a second priority global aircraft mortgage and a second priority global assignment of the aircraft leases and Jet2.com Limited pledged a second priority global assignment of insurances relating to six Boeing 737-800NG aircraft with MSNs 63144, 63568, 63163, 63169, 64439, and 64440 to BOC for each respective loan agreement.