A key criterion is that the lessee must be at risk for more than the rental payments. I'd say over the last three to four years, it's become very popular. It's strictly a situation that needs to be tailored to a given lessee's particular tax circumstances and balance-sheet requirements. The good news is that financiers and lessors are customizing financial packages for aircraft operators like never before. The CFOs we deal with all have their own ideas on how they want to make their payments.
Some people opt for traditional monthly payments.
We've even got a couple of people with semi-annual payments. That is because every customer situation is a little bit different. Variables include the type of aircraft, whether it's new or used, the length of the lease, the interest rate and who gets the tax benefits of the transaction. But the financial requirements of the customer are paramount. Based on those answers, we'll try and generate a proposal that we hope addresses most of their concerns.