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Aircraft Pfandbrief

The Aircraft Pfandbrief became the fourth Pfandbrief type to be governed by the Pfandbrief Act when the Law on the Onward Development of Pfandbrief Legislation entered into force on March 26, 2009. With the debut issue of the Aircraft Pfandbrief on 10th of July 2012, this new Pfandbrief type had a successful start.


Statutory Basis

The legal basis for the Aircraft Pfandbrief is set forth in the provisions of § 26a – 26f Pfandbrief Act, which are modeled on the subsection on Ship Pfandbriefe. Claims secured by registered liens in accordance with § 1 Law on Rights in Aircraft (LuftFzRG) or by foreign aircraft mortgages may be used as cover for Aircraft Pfandbriefe.

As with Ship Pfandbriefe, eligibility as cover is limited to the first 60 percent of the aircraft mortgage lending value. The duration of the loan may not exceed 20 years. For the Aircraft Pfandbrief, too, further assets which are eligible as cover are claims under bonds of or guaranteed by central governments and sub-sovereign public-sector bodies. Money claims against suitable credit institutions and claims under derivative transactions are likewise permissible.

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