Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Delivery definition

What does Delivery mean? Delivery, in practice, is the seller handing over possession or control of goods to the buyer or the buyer’s agent at the agreed time and place. In the UK and Ireland it is defined in statute as the voluntary transfer of possession from one person to another (sale of goods Act 1979, s 61(1); Sale of Goods Act (Northern Ireland) 1979; Sale of Goods Act 1893 (Ireland), as amended). Delivery concerns possession and is distinct from the passing of property (title). Key features include actual delivery, constructive delivery (for example, to a carrier or by attornment), and symbolic...

Pre‑delivery payment (PDP) aircraft finance: purchase agreement security, consent/step‑in and novation structures, governing law, insolvency and clawback risks

Published by a LexisNexis Banking & Finance expert

Practice notes

Pre‑Delivery payment financing (PDP financing) has become a widely used funding tool for airlines and lessors. However, as the number of PDP transactions has risen, aircraft manufacturers have applied closer scrutiny to the industrial and commercial matters that arise when a Financier participates in aircraft purchase arrangements.

As a result, any PDP financing may involve significant commercial points to negotiate, together with, at times, complex legal questions, particularly in relation to security.

PDP financing, and the protections open to any Lender, differ substantially from other forms of aviation finance. Funding is supplied while the asset is still under construction, and security cannot be taken in the same way as for a completed aircraft. Therefore, the provisions setting out the steps to be taken on enforcement are of fundamental importance to the manufacturer, the purchaser and the lender.

PDPs and purchase agreements What are pre-delivery payments?

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Web page updated on 21/05/2026

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