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Engine Stand Lease Agreement

 

Engine Stand Lease Agreement No:

 

Lessee details

  1. This Agreement specifies terms and conditions of Engine Transportation Base and / or Engine Cradle (hereinafter – the “Engine Stand”) lease, whereby Magnetic MRO leases to the Lessee its Engine Stand defined herein.
  2. Lease shall commence on agreed Lease Term start date or on the date when Engine Stand is ready for delivery, whichever comes later. Leased Engine Stand shall not be rented or leased or otherwise made available to any third party without prior written approval of Magnetic MRO. In case Lessee breaches this obligation, Lessee shall pay liquidated damages in the amount of 30 days’ Lease Fee (for each event of breach).
  3. At delivery Lessee shall sign and present to Magnetic MRO a Delivery Receipt in the form of Exhibit A. Lessee shall photograph Engine Stand upon receipt and present such photos to Magnetic MRO together with Delivery Receipt (in case Lessee fails to perform such obligation, it shall not rely on deficiencies of Engine Stand at Delivery).
  4. Whenever Engine Stand leaves Magnetic MRO facility, Lessee assumes risk of loss until it is redelivered to Magnetic MRO. Lessee agrees and warrants that title to, and ownership of, the Engine Stand shall remain with Magnetic MRO.
  5. Should Lessee wish to change customs status of the Engine Stand during the Lease it shall notify Magnetic MRO of its intention in advance. Notwithstanding Magnetic MRO’s consent, the Lessee shall be obliged to return the Engine Stand to Magnetic MRO in the same customs status as at delivery.
  6. Lessee agrees to return the Engine Stand to Magnetic MRO in the same condition as that supplied, all data specified in documents (weight, value, measurement, p/n, s/n) must be the same, customs status must be the same, otherwise Lessee shall reimburse Magnetic MRO any associated costs and losses. Should Lessee fail to return the Engine Stand to Magnetic MRO in the same customs status, it shall remain responsible for changing the customs status to the same as at delivery and provisions of clause 7(iv) shall apply. In case Lessee refuses to perform this obligation, it shall reimburse Magnetic MRO any associated costs and losses, including customs duties, taxes, etc.
  7. The Lease shall end on the later of: (i) the day the Engine Stand is returned to Magnetic MRO or on Lease Term expiry date (as may be extended upon mutual written agreement of the Parties), whichever comes later; (ii) if the Engine Stand is returned in an unserviceable condition – (a) the day on which the Engine Stand is returned to a serviceable condition or (b) if Engine Stand is determined to be BER by the Workshop – the day Lessee reimburses Magnetic MRO with the outright value of the Engine Stand; (iii) if the Engine Stand is returned incomplete – the day Lessee delivers all missing items and Lessor installs them on the Engine Stand or the day Lessee reimburses Lessor’s acquisition costs of such missing items; (iv) if the Engine Stand is returned in another customs status than delivered – the day on which the customs status of the Engine Stand is changed to the same as at delivery.
  8. In case Lessee wishes to extend Lease Term, it shall notify Magnetic MRO accordingly at least 5 days in advance, and such extension shall be subject to Magnetic MRO approval (including commercial terms of the extension).
  9. In case the Engine Stand is not redelivered to Magnetic MRO in 2 months from the Agreement termination / agreed Lease Term expiry day in accordance with requirements of this Agreement, (i) the Engine Stand may be deemed lost and Lessee shall in addition to the Lease Fees reimburse Magnetic MRO with the outright value of the Engine Stand; or, if agreed by Magnetic MRO (ii) the Lessee shall replace leased Engine Stand with another Engine Stand of the same or better type, condition and value.
  10. Lessee shall pay the Deposit (if applicable) 2 days prior to commencement of the Lease. Lessee shall pay Lease Fee for the agreed Lease Term in accordance with Payment terms specified herein. If the Lease does not end on agreed Lease Term expiry date (if not extended upon mutual written agreement of the Parties), escalated Lease Fee (150% of Lease Fee) might be applied at Magnetic MRO’s sole discretion. However, application of escalated Lease Fee shall not be deemed as Magnetic MRO consent to prolong Lease Term and in any case Lessee’s obligation to redeliver the Engine Stand in shortest possible time shall remain.
  11. The Engine Stand is equipped with tracking device to enable monitoring of its movement. In case Engine Stand country of end use falls within countries listed in Section B of End Use / End User Statement attached hereto, tracking fee in the amount of EUR 150 shall apply. In case Tracking device is damaged or missing, Lessee shall reimburse Magnetic MRO with its outright value, as well as pay the tracking fee, which, however, shall be applicable at Magnetic MRO’s sole discretion.
  12. In case Lessee wishes to change Engine Stand Redelivery incoterms and / or location, it shall notify Magnetic MRO accordingly at least 5 days in advance, and such change shall be subject to Magnetic MRO approval (including commercial terms of the change).
  13. In addition to the Lease Fee and escalated Lease Fee, Magnetic MRO reserves the right to charge the Lessee the following additional charges: (i) Should the Engine Stand be returned to Magnetic MRO in an unserviceable condition – inspection charges and either: (a) repair charges, in the event that the Engine Stand is repaired by the Workshop; or (b) the Outright Price of the Engine Stand, should the Engine Stand be deemed BER by the Workshop; (ii) Should the Engine Stand be returned to Magnetic MRO incomplete – remedies defined in Clause 7(iii) shall apply; (iii) any transportation costs Magnetic MRO may incur for the inspection or repair of the Engine Stand or acquisition of missing items; (iv) transportation costs – should Parties agree that Magnetic MRO shall arrange transportation of Engine Stand from Delivery Location to Destination address; (v) charges for customs duties and taxes for transporting, importing and exporting the Engine Stand; (vi) Administration fee; (vii) AOG fee. Any Disbursements made by Magnetic MRO due to inspection or repair of the Engine Stand or acquisition of missing items will be charged at cost price plus a 10% mark-up.
  14. If so specified in this Agreement, Magnetic MRO shall issue a proforma invoice for the Lease Fee for the agreed Lease Term and Lessee shall settle such invoice in 3 days and in any case prior to Delivery of the Engine Stand. After the end of the Lease (or on monthly basis, if Lease lasts longer than 1 month) Magnetic MRO shall issue invoice for the Lease Fee and escalated Lease Fee (if applicable) and any related disbursements (less any advance payments, if applicable) and such invoice is to be paid by the Lessee in 3 days. Magnetic MRO shall have the right to set off any invoice not paid by its due date against the Deposit. At the time of Lease end, Magnetic MRO shall arrange for the release of the Deposit within three (3) days, less any amounts due from the Lessee.
  15. Lessee will pay to Magnetic MRO a daily late payment charge of three percent (3%) per month on all late payment.
  16. All payments shall be effected at Lessee’s costs in a contractual currency by bank transfer to Magnetic MRO account indicated in the invoice.
  17. All rates prescribed in this Agreement or addendums hereto do not include VAT (if such applies). Lessee shall pay any taxes, any levies and any other fees related to this Agreement.
  18. Magnetic MRO shall not be liable for any damage to, or loss of, property including the aircraft and Engines, or injury or death or any other damage directly or indirectly caused to the Lessee or third parties during or after, due to, or in connection with, or in consequence of the performance or non–performance of this Agreement between Magnetic MRO and the Lessee, unless caused by wilful misconduct or gross negligence of Magnetic MRO, and the Lessee shall indemnify and hold harmless Magnetic MRO and its subcontractors against any and all such claims including costs and expenses. Magnetic MRO’s total liability for any and all demands, pretensions or claims, whether in contract between Magnetic MRO and the Lessee, warranty, tort, product liability, patent infringement or otherwise, for any damages arising out or connected with, or resulting from the performance, or non–performance of any service will not exceed the price allocable to the services which give rise to the demand, pretension or claim. In no event, whether as a result of breach of Agreement, warranty, tort, product liability, patent infringement, or otherwise, Magnetic MRO will be liable for any special, consequential, incidental, resultant or indirect damage (including, without limitation, loss of use, revenue, good will) or punitive or exemplary damages.
  19. The party who is the importer or exporter of the Engine Stand will be responsible for obtaining any licence, exchange permit or other required governmental authorisation relating to the shipment of the Engine Stand and shall be responsible for complying with all licensing and reporting requirements in connection with this Agreement. The Lessee shall be responsible for all customs issues if not otherwise agreed by the Parties. Export of Engine Stand pursuant to this Agreement may be subject to U.S. or EU Export Regulations and Lessee agrees to comply with such regulations. At execution of this Agreement and in any case prior to delivery of Engine Stand the Lessee shall complete an End Use / End User statement.
  20. In case of breach of this Agreement, the aggrieved Party shall be entitled to terminate the Lease by delivering 10 days prior written notice, in case such breach is not remedied within notification period. Engine Stand shall be redelivered immediately (in no case longer than in 10 days) after such termination.
  21. It is further agreed that legal action required regarding this transaction will be subject to the laws of the Republic of Estonia and the disputes shall be settled by competent courts of the Republic of Estonia.
  22. It is likewise agreed that a fax / scanned signature is acceptable and binding. However non return of a signed Agreement but acting in accordance with this Agreement will be taken as full acceptance of conditions above.

Company name:

Company No:

VAT No:

Company address:

Contact person:

Phone No:

Fax No:

Email:

 

Batch number:

Customs status at delivery:

 

Transportation Base details

Part No:

Serial No:

Description:

Condition:

Outright value:

 

Engine Cradle details

Part No:

Serial No:

Description:

Condition:

Outright value:

 

Transaction details

PO No:

Lease Term start date:

Lease Term expiry date:

Lease duration:

Deposit:

Lease Fee:

Administration fee:

Other costs:

Total amount:

Payment terms:

 

Delivery details

Delivery Incoterms and location:

Redelivery Incoterms and location:

Destination address:

 

Tracking details

User ID:

Password:

Tracking device outright value:

 

For and on behalf of the Magnetic MRO:

For and on behalf of the Lessee:

Signed:

 

Signed:

 

Name:

 

Name:

 

Title:

 

Title:

 

Date:

 

Date:

 

 

 

EXHIBIT A

Form of Delivery Receipt

 

DELIVERY RECEIPT

Batch number:

 

From (Lessee):

To (Lessor):

Date:

 

The undersigned hereby acknowledges that on this __ day of ___________ ____ Magnetic MRO AS did deliver to Lessee the Engine Stand defined below:

 

Transportation Base details

Engine Cradle details

Part No:

 

Part No:

 

Serial No:

 

Serial No:

 

Description:

 

Description:

 

Condition:

 

Condition:

 

Outright value:

 

Outright value:

 

 

The undersigned further acknowledges receipt and acceptance of the Engine Stand in compliance with all of the terms and conditions of that certain Engine Stand Lease Agreement dated as of __ day of ___________ ____ between Lessor and Lessee.

Photos of Engine Stand at Delivery are attached hereto.

 

 

Lessee:

By:                                                                                          

Name:                                                                                    

Title:                                                                                       

 

 

 


 

END USE / END USER STATEMENT

 

Section A

 

The Undersigned understands that the products it acquires from Magnetic MRO may be subject to export, re-export, or other restrictions under the laws of the country of manufacture, the country of the supplier, and the country in which the Undersigned resides. Therefore, the Undersigned, on behalf of itself, its subsidiaries and affiliates, warrants and agrees to abide by all applicable laws and regulations relating to the export and re-export of such products and the direct products thereof.

Therefore, with this Statement the Undersigned represented by its authorized official certifies the following:

- The products acquired from Magnetic MRO will not be used directly or indirectly, sold, re-exported or incorporated into products used directly or indirectly, in the design, development, production, stockpiling, or use of chemical or biological weapons, nuclear programs (including activities related to nuclear explosive devices, nuclear reactors, and nuclear fuel- cycle activities), missile (including cruise and ballistic missile systems, space launch vehicles, sounding rockets, target drones, remotely piloted vehicles, and reconnaissance drones), and maritime nuclear propulsion projects except as authorized under applicable laws and regulations relating to the export and / or re-export of these items.

- The products acquired from Magnetic MRO will not be used directly or indirectly, sold, re-exported or incorporated into products for the use in countries (including, but not limited to North Korea, Sudan, Syria Iran or Cuba) or of persons and / or organisations (including, but not limited to persons or organizations designated as terrorists, drug traffickers or weapons proliferators) subject to international sanctions or embargoes imposed by, inter alia, the United Nations, the European Union or the United States of America, or to support regional instability and terrorism activities.

- The products acquired from Magnetic MRO will be used directly or indirectly, sold, re-exported or incorporated into products solely for civil / commercial end use and only by end user indicated below, unless agreed by Magnetic MRO in writing otherwise:

Batch Number:

Purchase Order No:

End User:

Location of End User:

End Use (purpose):

Country of End Use:

The Undersigned, on behalf of itself, its subsidiaries and affiliates, confirms its knowledge and understanding of all applicable export regulations, assumes all responsibilities for export compliance and warrants and agrees to indemnify and hold Magnetic MRO harmless against any losses, damages, fees, monetary sanctions or criminal punishment imposed as a result of failure to comply with any applicable export control laws or regulations.

 

By executing this Statement the Undersigned attests to the veracity of the information provided.

Date                                                        ________________________

Name of the Legal Entity                        ________________________

Name of the representative                    ________________________

Title of the representative                       ________________________

Signature, seal                                       ________________________

 

 


 

Section B

List of countries where tracking fee is applicable

 

 

Afghanistan AF

Algeria DZ

Angola AO

Antigua and Barbuda AG

Argentina AR

Australia AU

Azerbaijan AZ

Bahamas BS

Bahrain BH

Bangladesh BD

Barbados BB

Belarus BY

Belize BZ

Benin BJ

Bhutan BT

Bolivia BO

Botswana BW

Brazil BR

Brunei BN

Burkina Faso BF

Burundi BI

Cabo Verde CV

Cambodia KH

Cameroon CM

Canada CA

Central African Republic (CAR) CF

Chad TD

Chile CL

China CN

Colombia CO

Comoros KM

Costa Rica CR

Cote d'Ivoire CI

Cuba CU

Democratic Republic of the Congo CD

Djibouti DJ

Dominica DM

Dominican Republic DO

Ecuador EC

Egypt EG

El Salvador SV

Equatorial Guinea GQ

Eritrea ER

Ethiopia ET

Fiji FJ

Gabon GA

Gambia GM

Georgia GE

Ghana GH

Grenada GD

Guatemala GT

Guinea GN

Guinea-Bissau GW

Guyana GY

Haiti HT

Honduras HN

India IN

Indonesia ID

Iran IR

Iraq IQ

Israel IL

Jamaica JM

Japan JP

Jordan JO

Kazakhstan KZ

Kenya KE

Kiribati KI

Kuwait KW

Kyrgyzstan KG

Laos LA

Lebanon LB

Lesotho LS

Liberia LR

Libya LY

Liechtenstein LI

Madagascar MG

Malawi MW

Malaysia MY

Maldives MV

Mali ML

Marshall Islands MH

Mauritania MR

Mauritius MU

Mexico MX

Micronesia FM

Mongolia MN

Montenegro ME

Morocco MA

Mozambique MZ

Myanmar (Burma) MM

Namibia NA

Nauru NR

Nepal NP

New Zealand NZ

Nicaragua NI

Niger NE

Nigeria NG

North Korea KP

Oman OM

Pakistan PK

Palau PW

Palestine PS

Panama PA

Papua New Guinea PG

Paraguay PY

Peru PE

Philippines PH

Qatar QA

Republic of the Congo CG

Russia RU

Rwanda RW

Saint Kitts and Nevis KN

Saint Lucia LC

Saint Vincent and the Grenadines VC

Samoa WS

Sao Tome and Principe ST

Saudi Arabia SA

Senegal SN

Serbia RS

Seychelles SC

Sierra Leone SL

Singapore SG

Solomon Islands SB

Somalia SO

South Africa ZA

South Korea KR

South Sudan SS

Sri Lanka LK

Sudan SD

Suriname SR

Swaziland SZ

Syria SY

Taiwan TW

Tajikistan TJ

Tanzania TZ

Thailand TH

Timor-Leste TL

Togo TG

Tonga TO

Trinidad and Tobago TT

Tunisia TN

Turkmenistan TM

Tuvalu TV

Uganda UG

Ukraine UA

United Arab Emirates (UAE) AE

Uruguay UY

Uzbekistan UZ

Vanuatu VU

Venezuela VE

Vietnam VN

Yemen YE

Zambia ZM

Zimbabwe ZW

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