To pilot a commercial airline, captains must obtain an airline transport pilot's license from the Federal Aviation Administration (FAA). Applicants for this license must be at least 23 years old. Pilots also must also meet flight time requirements, pass a written and flight exam and meet health standards.
2 A. Introduction 1. Characteristics of a Ground Lease Most commercial leases which real estate lawyers encounter involve the lease of space in a building for a period of years. A ground lease, however, is a much different form of lease whereby the tenant leases the land rather than a building.
DIRECT FINANCING LEASE Definition. DIRECT FINANCING LEASE is one in which the lessor's only source of revenue is interest. The lessor (generally a bank or other financial institution) buys an asset and leases it to the lessee. This transaction is an alternative to the more customary lending arrangement in which a borrower uses the loan proceeds to purchase an asset. A direct financing lease is the functional equivalent of a loan. PASS-THROUGH is a mortgage or asset-backed security for which the payments on the underlying debt are passed from the debtor through the servicing agent (who receives a fee) to the security holder.