Aircraft Essay

2753 WordsSep 21, 201512 Pages
Exercise 31-2 AIRCRAFT PURCHASE AGREEMENT AGREEMENT, dated October 30, 20XX, by and among Supersonic Wings Corp., a Delaware corporation, (the “Seller”) and Fly-by-Night Aviation, Inc., a New York corporation having its principal place of business at 987 East 48th Street, New York, New York 12345 (“Buyer”). WHEREAS, the Seller desires to sell to Buyer, and Buyer desires to purchase from the Seller, the Aircraft; and WHEREAS, the Buyer hereby agrees to pay the Seller $23,000,000 in immediately available funds. NOW, THEREFORE, in consideration of the mutual promises herein set forth and subject to the terms and conditions hereof, the parties agree as follows: Article 1. Definitions 1.1 Defined Terms. As used in this Agreement, terms defined in the preamble and recitals of this Agreement have the meanings set forth therein, and the following terms have the meanings set forth below: “Agreement” means this Agreement of Sale and all Schedules and Exhibits hereto, as the same may be amended from time to time. “Aircraft” means the Airframe, equipped with two Rolls-Royce Tay engines model number MK611-8 bearing Serial Numbers 72725 and 72726, together with all appliances, avionics, furnishings, and other components, equipment, and property incorporated in, attached to, or otherwise related to, the Airframe and engines. “Airframe” means the Gulfstream Aerospace Corporation G550 aircraft, bearing United States Registration No. N765BW and Manufacturer’s Serial No. 8181. “Assigned Contracts” means the Maintenance Agreement (as hereafter defined) and the Pilot Agreement (as hereafter defined). “Assumed Liabilities” means all liabilities and obligations that (i) arise under the Maintenance Agreement on or after the date hereof and (ii) arise under the Pilot Agreement on or after the date of the Closing. “Aviation Fuel” means any gas or liquid that is used to

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