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Aircraft Purchase Agreement - Docx-7

The document outlines various covenants made by the seller of an aircraft. The seller agrees to: 1) keep logbooks and maintenance records up to date; 2) have the aircraft painted with the buyer's logo before closing; and 3) remove a $250,000 default on a maintenance agreement prior to closing. Failure to remove the default gives the buyer the right to not close the deal or sue for damages.

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Debs Max
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235 views1 page

Aircraft Purchase Agreement - Docx-7

The document outlines various covenants made by the seller of an aircraft. The seller agrees to: 1) keep logbooks and maintenance records up to date; 2) have the aircraft painted with the buyer's logo before closing; and 3) remove a $250,000 default on a maintenance agreement prior to closing. Failure to remove the default gives the buyer the right to not close the deal or sue for damages.

Uploaded by

Debs Max
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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(c) keep the Aircraft’s logbook and other flight maintenance records accurate,

complete, and current.

5.4 Modifications. The Seller shall deliver the Aircraft to a paint shop of Seller’s choice to
have the Aircraft’s tail painted with the Buyer’s logo, satisfactory to the Buyer. The paintjob is to be
completed upon the Closing Date. The Seller shall pay for the paintjob.

5.5 Ordinary Course. Except with the prior written consent of the Buyer, the Seller shall
not sell, transfer, or otherwise dispose of any material assets other than in the ordinary course of business.

5.6 Material Liens. The Seller shall cause to have the default under the Maintenance
Agreement with Greasemonkeys, Inc. removed prior to the Closing Date. The Maintenance Agreement
with Greasemonkeys, Inc. is the only agreement the Aircraft under a default. The default is in the amount
of $250,000. The Seller grants the Buyer the right to not close and the right to sue for damages, if the
default is not removed prior to the Closing Date.

5.7 Seller’s Delivery of the Aircraft. The On the Closing Date, the Seller shall deliver the
Aircraft, free and clean of all liens, to the Buyer at Reagan National Airport in Washington, D.C., no later
than 7 P.M. local time, or another reasonable and mutually convenient location and time that Buyer
designates.

(a) Aviation Fuel. The Seller shall deliver the Aircraft to the Buyer with the
Aircraft’s fuel gauge registering as full.

5.8 Flight Hours. The Seller shall not permit the Aircraft to be flown more than an
aggregate of 2,500 hours, exclusive of any flying time necessary to deliver the Aircraft to Reagan
National Airport in Washington, D.C., or such other reasonable and mutually convenient location as
Buyer shall designate.

5.9 Buyer’s Financing. The Seller shall permit the Buyer

(a) to obtain proper financing for the Aircraft from the Bank prior to the Closing
Date; and

(b) to not close if the Buyer cannot obtain proper financing from the Bank prior to
the Closing Date.

5.10 Access to Properties, etc. The Seller shall give to the Buyer and to its counsel,
accountants, and other representatives

(a) access during normal business hours (on reasonable prior notice) to copies of all
of its Contracts and Permits, books and records; and

(b) all such documents and information with respect to the affairs of the Seller as the
Buyer may from time to time reasonably request.

Article 6 — Buyer’s Covenants

The Buyer shall do the following from the date of this Agreement to the Closing Date:

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