Structures involving intermediary lenders to benefit from a specific double taxation agreement may be affected by the MLI. A lease involving either a domestic party or an asset located in Ireland may be subject to foreign law – see 2.6.5 National courts` approach to foreign laws and judgments. The performance and supply of a contract of sale for an aircraft or engine registered in Ireland does not require formal requests or consents. When cash flows from aircraft leasing stuttered and got lost, the focus was directly on the financial product of our industry, which probably depends more than any other on constant leasing cash flows – ABS. With an estimated 80% of the world`s airlines seeking rents, how could an issuer continue to pay its contract debts or were we about to cancel a series of ABS bonds? In a number of cases, the reduction in debt coverage ratios triggered sweeping or cash capture (to the extent that it was available) and credit rating agencies changed so that bonds were downgraded or observed negatively. However, no aeronautical ABS note was actually late. While the pandemic has certainly put pressure on OMT`s structures, the availability of a revolving liquidity facility (in an amount corresponding to a nine-month interest rate for priority bonds) meant that even if none of the leases were in shape in the portfolio, the issuer would have sufficient liquidity to meet its priority interest rate obligations (and thus a default on u bonds) by early 2021. . .