Narrative
Full Description
Project narrative
On June 22, 2016, the London Branch of the Bank of China (BOC) entered into $37,500,000 USD loan agreement with Dart Group plc — a British airline — for the acquisition of one Boeing 737-800NG aircraft. The loan had an option to convert to its face value to GBP. 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 63568 and Registration Mark G-JZHL, and CFM56-7B24E model engines, as charged by Dart Group and outlined in a charge dated November 11, 2016, the rights, title, and interest in an engine warranties agreement to two CFM56-7B24E engines with serial numbers 864507 and 864509, in favor of BOC as charged by Dart Group and outlined in a charge dated November 11, 2016, its 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 November 11, 2016, an assignment of the aircraft lease agreement for said aircraft, as charged by Dart Group and outlined in a charge dated November 11, 2016, an assignment of insurances on said aircraft, excluding the model engines, in favor of BOC as charged by Jet2.com Limited and outlined in a charge dated November 11, 2016. 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 28, 2016. BOC served as sole lender, agent, and security trustee. The deal closed in November 2016. 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.