Dry Lease

A dry lease: is a leasing arrangement whereby an aircraft financing entity, such as GECAS and ILFC (lessor), provides an aircraft without insurance, crew, ground staff, supporting equipment, maintenance, etc. Dry lease is typically utilized by leasing companies and banks, requiring the lessee to put the aircraft on its own Air Operator Certificate and provide aircraft registration. A typical dry lease starts from two years onwards and bears certain conditions with respect to depreciation, maintenance, insurances, etc, depending also on the geographical location, political circumstances, etc.
In the United Kingdom, a dry lease is when an aircraft is operated under the AOC of the lessee.