The 1 September 2011 version of the Aircraft Sector Understanding [TAD/ASU(2011)1], (also incorporated as Annex III to the Arrangement on officially supported export credits), modifies some provisions of the 1st February 2011 Aircraft Sector Understanding [TAD/PG(2011)3] in order to clarify the text.
The clarifications made to the 1 February ASU Text are as follows:
In ASU Appendix II:
- A new Article 34 to explain formula used for the calculation of the minimum premium rates.
- A new Section 2-II and a new Annex 2, to update the provisions relating to the reduction of minimum premium rates in relation with the impact of the Cape Town Convention on aircraft transactions.
In ASU Appendix IV:
- A new Article 1 a) to include Bank Bill Swap Bid Rate (BBSY) as an option for floating rate loans.
- A new Article 8 to specify the calculation formula and effective date of Market Benchmarks.
In ASU appendix V:
- A new definition of Premium Holding Period.
More on the review of the 2007 ASU, which resulted in the 1 February 2011 ASU.
The 2010 Review of the Sector Understanding on Aircraft
The 2007 Aircraft Sector Understanding [TAD/PG(2007)4/FINAL] is effective as of 1 July 2007.