Air Lease Corp was incorporated in Delaware and launched in February 2010. It is an aircraft leasing company. The Company is engaged in purchasing new commercial jet transport aircraft directly from the manufacturers, such as The Boeing Company ("Boeing") and Airbus S.A.S. ("Airbus"), and leasing those aircraft to airlines throughout the world to generate attractive returns on equity. The Company sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies and airlines. The Company also provides fleet management services to investors and owners of aircraft portfolios for a management fee. The Company has relationships with approximately over 200 airlines across 70 countries. It operates its business on a global basis, providing aircraft to airline customers in geographical region, including markets such as Asia, the Pacific Rim, Latin America, the Middle East and Eastern Europe. As of December 31, 2013, the Company owned 193 aircraft in operating lease portfolio and leased the aircraft to a globally diversified customer base comprised of 79 airlines in 47 countries. As on 2013 Company entered into commitments to purchase up to 73 additional aircraft from Airbus and Boeing. From Airbus, it agreed to purchase up to 30 A350 XWB family aircraft, five of which are subject to reconfirmation. From Boeing, it agreed to purchase an additional 10 Boeing 777-300ER aircraft, 30 787-10 aircraft and three additional 787-9 aircraft. The Company's fleet is principally comprised of fuel-efficient and newer technology aircraft, consisting of narrowbody aircraft, such as the Boeing 737-700/800, the Airbus A320/321 and the Embraer E190, select widebody aircraft, such as the Boeing 777-300ER and the Airbus A330-200/300, and the ATR 72-600 turboprop aircraft. The Company faces competition from aircraft manufacturers, banks, financial institutions, other leasing companies, aircraft brokers and airlines. The Company is subject to the regulatory authority of the DOS and the U.S. Department of Commerce. The Company also requires its lessees to comply with the standards of either the U.S. Federal Aviation Administration ("FAA") or its equivalent in foreign jurisdictions.