The aim of the module is to provide students with an understanding of the legal framework that governs the financing and leasing of aircraft and engines. The module is designed to strengthen the overall objective of the programme by setting the general issues in aviation finance and leasing within the law, both national and international. It will introduce students to an overview of the contractual relationship before exploring in greater depth the characteristics that make aviation contracts different from more normal type arrangements, including the role of international conventions in the creation of ownership and security interests in mobile assets such as aircraft, in particular the Cape Town Convention and the Registry of Aircraft. It will further explore the nature of finance and leasing contracts in the aviation sector, including the use of operating leases and special purpose companies, the liability of the parties to such arrangements, how security interests are protected and the mechanism for the resolution of disputes in these types of transactions.

Introduction to Contract Law, covering formation, enforcement, formalities and remedies. Credit, Security and Leases explained; Special characteristics of aviation finance and leasing contracts including regulatory framework, the Cape Town Convention on International Interests of Mobile Nature and the Aircraft Protocol, ownership: aircraft and engines distinguished, International Registry of Mobile Assets, mobility of the asset, return of the asset with proper maintenance, insurance and operational issues, forum and choice of law clauses in aviation finance and leasing contracts. Credit structures in Aviation Finance and Leasing including direct lending, secured credit, leasing, operating leases: dry and wet leases, financing leases and the use of special purpose companies in aviation finance and leasing. Liability of financier and lessor in aviation finance and leasing, a brief overview of allocation of risk through contract provisions, non-contractual liability on the parties, including statutory provisions Security interests in aviation finance and leasing contracts, taking security, International Registry of Moblie Assets, priority of security, liens, possessory liens and detention Disputes and enforcement, breach of contract actions, arbitration and mediation under the Cape Town Convention, High Court, Ireland

On completion of this module, students should be able to: • Understand basic contract law principles in terms of formation, enforceability and remedies • Appreciate the difference characteristics of aviation leasing contracts • Assess the most appropriate form of credit or lease agreement to specific aviation situations. • Comprehend the liability of the parties to aviation finance and leasing contracts arising both from the agreement and from the external legal environment. • Identify the primary security interests that can be created over mobile assets such as aircraft and engines. • Appreciate the different options available to resolve disputes that arise in aviation finance and leasing, including both judicial and ADR mechanisms

On completion of this module, students should: • Be challenged to think more broadly about the unique nature of aviation finance and leasing in a legal context • Be able to connect the different interests of parties to a standard aviation finance and leasing agreement. • Question the extent to which the legal framework provides protection for both parties to the financing and leasing agreement • Engage with the international environment in aviation regulation

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Student will be assigned reading materials, and will be expected to conduct independent research and engage in self-directed study prior to each seminar. Through such research and class discussion and analysis, students will gain a deep understanding of how the various processes work. Students will also be given an opportunity to present and discuss various case studies, giving them a better understanding of the practical application of the underlying theory of aviation financing and leasing. This practical, experiential insight will help develop their critical thinking about the use of these processes in real-world situations. They will become more articulate through engaging in discussion in class and taking part in case studies. This will also accommodate multiple learning styles so that all students gain a deeper understanding of the relevant topics. Recent developments in the area of aviation finance and leasing will be enhanced through the use of guest lectures by practitioners in the area and the assignment of recent law review articles and cutting edge theory behind these transactions. For the purposes of the Postgraduate Diploma in Aviation Leasing and Finance, the module will be taught via the blended learning model successfully used by the Continuing and Professional Education (CPE) learning programmes. Blended learning combines using the moodle online Virtual Learning Environment (VLE) and typically 4 on-campus workshops throughout the semester. The VLE provides a learning environment for the module incorporating on-line lecture content, core texts and recommended readings. The workshop sessions are typically used for introducing/summarising material, exercises, planning and feedback on assignments, interactive group work and guided discussions and exercises.