The use of both Cayman Islands and Irish off balance sheet and on balance sheet special purpose vehicles (SPVs) in aircraft financings is well established. The SPV's role in the transaction is often to act either as an owner or as an intermediate lessor in a lease chain which passes rent up the lease chain or uses the rent paid by the aircraft operator so that it can be used to repay the borrowings used to acquire the aircraft. The SPV has a role to play in both finance and operating lease structures.