The Aircraft LLC Operating Agreement is essential when multiple parties wish to share ownership and operation of an aircraft through a limited liability structure in England and Wales. This document sets out the foundation for the LLC's governance, including member rights and responsibilities, operational procedures, cost-sharing arrangements, and compliance with aviation regulations. It's particularly crucial for ensuring clear understanding among members regarding aircraft usage, maintenance obligations, and financial commitments while maintaining compliance with CAA requirements and UK aviation law.
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1. Parties: Details of LLC members and their respective interests
2. Background: Context of the LLC formation and aircraft operation purpose
3. Definitions: Key terms used throughout the agreement including relevant regulatory references
4. Company Formation: Details of LLC structure, registration, and compliance with Companies Act 2006
5. Capital Contributions: Members' financial commitments and capital structure
6. Management Structure: Governance and decision-making processes for the LLC
7. Aircraft Operations: Operating procedures and compliance with CAA regulations and Air Navigation Order
8. Financial Provisions: Cost sharing, revenue distribution, and accounting practices
9. Regulatory Compliance: Compliance obligations under UK aviation law and international standards
10. Term and Termination: Duration of the agreement and termination provisions
1. Interstate Operations: Provisions for international flights and compliance with foreign regulations
2. Financing Arrangements: Terms of external financing and related obligations
3. Charter Operations: Rules and requirements for third-party charter operations
4. Environmental Compliance: Additional provisions for environmental regulations and emissions standards
1. Schedule 1 - Aircraft Specifications: Detailed technical information about the aircraft including registration details
2. Schedule 2 - Member Capital Contributions: Detailed breakdown of financial commitments from each member
3. Schedule 3 - Operating Procedures: Detailed operational protocols and safety procedures
4. Schedule 4 - Maintenance Schedule: Required maintenance and inspection schedules per CAA requirements
5. Schedule 5 - Insurance Requirements: Details of required insurance coverage and minimum liability limits
6. Schedule 6 - Regulatory Compliance Checklist: Comprehensive list of applicable regulations and compliance requirements
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