How to Finance Your Private Jet Purchase: Options and Strategies

Embracing the freedom and luxury of owning a private jet is no small investment, and understanding how to finance this dream is a crucial step towards making it a reality. This article puts a spotlight on the complex yet fascinating world of private jet financing, breaking down every essential detail from a deep dive into costs and financing options, to tax benefits, global financing trends, and more. We will analyze financing vs leasing, navigating the role of brokers, and even offer tips for first-time buyers. For those intrigued by the idea of a jet as an investment opportunity, we’ll explore that angle too. Trust us to guide you through the journey of financing your own private jet, proving that the sky’s the limit only when you want it to be!

Overview of Private Jet Financing

Whether it’s the faster travel times, flexible schedules, or the luxury and privacy, owning a private jet comes with countless benefits. But as you might imagine, it also comes with a hefty price tag. That’s where financing a private jet comes into play, providing a feasible way to spread the cost over a period of time and make ownership more manageable. In essence, private jet financing involves securing a loan or lease agreement to cover the purchase cost of the aircraft.

Key players in this arena include traditional banks, specialized aviation lenders, and even the manufacturers themselves through specific financing programs. However, the complexity of these agreements demands that every prospective owner should have a strong understanding of private jet financing options.

Importance of Understanding Financing Options

Taking the leap and investing in a private jet is no small decision—it’s a substantial financial commitment that necessitates a deep understanding of the various financing avenues available. Knowing your options isn’t just about finding a solution you can afford; it’s a strategic decision that can influence your long-term financial stability and business operations.

For instance, some owners may be more suited to a loan where they can eventually gain full ownership and possibly benefit from the jet’s appreciating value or depreciation for tax deductions. Others may favor lease agreements, which typically involve lower upfront costs and the freedom to upgrade as newer models come into the market.

There’s no one-size-fits-all solution when it comes to financing a private jet. The right approach depends on your specific circumstances, including your cash flow, tax situation, and even how often you plan to use the jet. And this is exactly why understanding your financing options is not just important—it’s essential.

Understanding Private Jet Costs

When considering the purchase of a private jet, it’s important to have a thorough understanding of all the costs involved. The total cost of private jet ownership is not just limited to the initial purchase price but also includes various other additional costs. Let’s delve deeper into the details:

Purchase Price Breakdown

The purchase price of a private jet can vary greatly and is determined by numerous factors such as the make and model of the aircraft, the jet’s age, mileage, size, and whether it’s pre-owned or new.

New private jets can range from around $3 million for a small, light jet, to more than $50 million for a large, long-range jet. Buying used can decrease these costs significantly but it’s crucial to include thorough inspection costs to avoid expensive maintenance surprises down the road.

Additional Costs

Beyond the initial purchase price, there are several other costs to consider when owning a private jet:

Maintenance

Maintenance costs can be one of the most significant ongoing expenses of owning a jet, especially for used aircraft. These costs can be broken down into routine maintenance, which includes items like oil changes, tire replacements, and aircraft inspections, and unforeseen repairs. A budget-conscious jet owner should set aside at least $1 million annually for maintenance costs.

Insurance

Aviation insurance is another major cost to consider. Depending on the aircraft’s value, the area of operation and the owner’s accident history, insurance can run anywhere from $50,000 to $200,000 per year. It’s worth consulting with a specialized aviation insurance broker to get the most competitive rates and appropriate coverage.

Crew

A professional crew is vital for operating your private jet safely. At minimum, you’ll need to pay for the salaries of a pilot and a co-pilot. Depending on the size of your jet and how often you fly, you may also need a flight attendant on board. Other personnel costs might include a maintenance crew and a flight scheduler. The annual cost for a crew can range from $200,000 to $300,000.

Understanding these costs is integral to managing your budget effectively and making the best financing decisions when purchasing a private jet.

Financing vs. Leasing: Which is Right for You?

Choosing between financing and leasing a private jet depends entirely on your personal or business circumstances. Both options have their own unique benefits and it’s crucial to consider each before making any decisions.

Benefits of Financing

Buying and financing a private jet has several perks that leasing does not. For one, you have full control of the jet, allowing you to customize it to your preference. You can also charter out your jet when not in use, turning it into a passive income source.

In terms of stability, long-term financing helps protect against possible fluctuations in charter rates, as well as market price depreciation. This ensures that despite market changes, price stability is maintained, giving you a level of certainty.

Additionally, financing a private jet can offer substantial tax advantages with depreciation tax write-offs and deductions for business use.

Lastly, private jet ownership has an intrinsic value often understated. The prestige and convenience of owning a private jet is irresistible to some and certainly cannot be discounted.

Advantages of Leasing

On the other hand, leasing is an excellent choice if you want to avoid the upfront capital outlay of purchasing a private jet. It provides a more flexible commitment, often allowing you to walk away from the lease at the end of the term.

Leasing is particularly beneficial for those who only need occasional use of a jet, or for businesses that need to keep assets off the books for financial or tax purposes.

You also won’t have to worry about the depreciation of the aircraft or the selling process once you decide to upgrade to a newer model. Maintenance and repair, which can be one of the costly aspects of owning a jet, is typically the responsibility of the lessor, relieving you of these concerns.

Keep in mind that while leasing provides flexibility, it usually comes with restrictive terms on usage and customization.

In conclusion, both financing and leasing have their pros and cons, and the decision should be based on your individual financial situation, needs, and long-term plans. Always consult with experts in the aviation industry when considering such a significant choice.

Types of Financing Options

When looking to break into the world of private jet ownership, there are several financing options available. Let’s take a closer look at the three major methods: traditional bank loans, specialised aviation lenders, and manufacturer financing programs.Before selecting one, it is essential to understand the pros and cons of each.

Traditional Bank Loans

Traditional bank loans serve as one of the most common ways to finance private jet purchases. This method involves a third-party financial institution providing the required loan amount, which is then repaid over time with interest.

The benefits of this route are the flexibility and familiarity it offers. Most banks provide various loan options to suit different financial circumstances. Plus, if you’ve ever taken out a loan (e.g., for a car or home), the process will be familiar. Additionally, established relationships with a bank could lead to more favourable terms.

However, applying for a bank loan involves rigorous credit checks and possible collateral demands. The length of the loan approval process can vary and might be longer than with other options.

Specialized Aviation Lenders

Then there are specialized aviation lenders, those financial entities that focus solely on the aviation industry. Their expertise means they understand the unique aspects and potential pitfalls of this type of financing, and they often have relations with various significant aviation companies.

In comparison to banks, they can often provide quicker decisions due to their specific focus. However, as they take on more risk, their interest rates might be higher.

Manufacturer Financing Programs

Private jet manufacturers also often offer their in-house financing programs. These options are typically structured to specifically make buying their private jets easier. They might even offer better rates or terms to sell their aircraft.

Manufacturer financing programs could create a more streamlined process. You’ll be working with experts in the aircraft you’re purchasing, which can be beneficial for first-time buyers. The downside is a lack of flexibility, as these loans typically must be used on their aircraft.

When making a choice, consider your personal financial situation, the terms of the loan, and the reputation of the lender—all of which can significantly impact your private jet buying experience.

Key Factors Lenders Consider

When it comes to financing private jet purchases, lenders will look at several key factors to assess your suitability for a loan. Here, we will discuss the specifics of each factor, delineating credit score requirements, down payment expectations, and loan terms including interest rates. Understanding these elements will help prepare you for the financing process and potentially enhance your chances of securing the deal you desire.

Credit Score Requirements

A paramount element that lenders scrutinize during the loan approval process is your credit score. This three-digit number, ranging from 300 to 850, assesses your creditworthiness based on your past borrowing habits. While each lender has its own credit score requirements, most typically look for a score of at least 680. For those interested in purchasing a private jet, it’s important to monitor your credit score closely and take steps to improve it if necessary. This could involve paying bills on time, reducing overall debt, and not applying for new credit unnecessarily. Remember, the higher your credit score, the lower the risk you pose to lenders, potentially leading to more favorable loan terms.

Down Payment Expectations

Another key factor that lenders consider when assessing your loan application is the amount of money you plan on depositing as a down payment. This representation of your investment in the purchase often dictates the loan amount and terms you may qualify for. Generally, a larger down payment often means lower interest rates and smaller monthly payments. For private jet purchases, lenders typically expect a down payment ranging between 10% to 20% of the aircraft’s purchase price. However, these expectations can vary based on the model of the jet, its age, and your individual financial profile.

Loan Terms and Interest Rates

Lastly, the terms of your loan, including the interest rate, are also essential considerations for lenders. The term, or duration, of your loan can greatly impact your monthly payments and total repayment amount. Typically, longer loan terms come with lower monthly payments but result in a higher total repayment amount due to accrued interest. On the other hand, shorter terms result in larger monthly payments but potentially less interest over the lifespan of the loan. When it comes to interest rates, these can vary greatly based on your credit score and the current market conditions.

While securing a loan for a private jet purchase might seem daunting, knowing these key considerations that lenders look for can better equip you to navigate the financing process. It’s integral to approach lending institutions with a well-organized financial plan in place and a solid credit history to make the best impression. With these strategic considerations and diligent preparation, your dream of private jet ownership can become a reality.

Tax Benefits of Private Jet Ownership

Private jet ownership offers a myriad of financial benefits besides the obvious aspect of luxury and convenience. In terms of tax benefits, owners can avail of two key deductions: depreciation and deductions related to business use.

Depreciation Advantages

Depreciation on a private aircraft can be a significant tax benefit for jet owners. In fact, a private jet is classified as a depreciable asset, meaning its value is expected to decrease over time due primarily to wear and tear. This cost of depreciation can be deducted from your taxable income, consequently reducing the amount of tax you have to pay.

Depreciation is calculated through either straight-line depreciation methods, or using the Modified Accelerated Cost Recovery System (MACRS). MACRS is more common and allows the owner to take larger deductions in the early years of ownership. However, to take advantage of MACRS, the private jet must be used at least 50% of the time for business purposes.

Tax Deductions for Business Use

Tax deductions on a private plane are not limited to depreciation alone. If you’re utilising your jet for business purposes, there are several ways you can make significant savings through tax deductions.

For instance, all operating expenses that are directly related to business use – including fuel, maintenance, pilot salaries, and hangar fees – are tax-deductible. Additionally, costs associated with upgrading the aircraft, such as installation of new avionics or customized business features, can also be written off as a business expense.

However, it’s important to note that these tax benefits are highly scrutinized by the IRS, and the documentation for business use must be accurate and meticulous. It’s recommended that you consult with a tax specialist to ensure you meet all legal requirements when claiming these deductions.

Owning a private jet can indeed offer substantial tax benefits, whether through depreciation deductions or operating expenses related to business use. By maximizing these tax strategies, private jet owners can help offset some of the costs of aircraft ownership, turning what may have seemed like a luxury into a smart corporate investment.

Leasing Options Explained

Navigating the world of private jet ownership is not without its complexities. Perhaps none more so than figuring out the right financing strategy for you. In many cases, acquiring a private jet is not simply a matter of purchasing it outright, but understanding and choosing between various leasing options. Let’s take a closer look at the two primary options, operating leases and finance leases, as well as the implications of flexibility and cost.

Operating Leases vs. Finance Leases

An operating lease is appealing to those who want to limit their commitment and retain flexibility. In an operating lease, the financier retains ownership of the aircraft, and the lessee (the one using the aircraft) pays for the usage of the jet over a predetermined period. This translates into lower monthly payments compared to a finance lease and offers the flexibility to return the aircraft at the end of the lease term, allowing the lessee to avoid any steep depreciation costs.

On the other hand, a finance lease, sometimes known as a capital lease, behaves more like a loan. The lessee makes higher monthly payments, but at the end of the lease term, they can choose to purchase the aircraft at a significantly reduced price. This is often the preferred option for individuals or businesses who anticipate needing the aircraft for a longer duration and are comfortable with the higher commitment.

It’s worth consulting with financial experts to better understand which lease may be the most appropriate considering personal or business aims, financial health, and long-term strategic plans.

Flexibility and Cost Considerations

Both types of leases have their advantages and for any prospective private jet owner, understanding the balance between flexibility and cost is crucial when deciding which path to choose.

With operating leases, you enjoy greater flexibility, given that you can walk away when your lease term ends. This can be a good fit if your aircraft needs are likely to change in a few years, allowing you to upgrade or swap models as your preferences evolve or if you want to try out owning a private jet without the commitment.

Finance leases can be more costly in terms of monthly cash outflows, but they typically include an option to buy the aircraft for a nominal amount at the end of the lease. This can be an attractive option if you anticipate long-term usage of the aircraft and have the financial means to absorb the higher payments.

In both cases costs can be further offset by making your jet available for charter when it’s not in use, potentially transforming what might initially seem like a luxury expenditure into a savvy investment.

In the end, understanding lease options enables a more informed, strategic, and ultimately beneficial approach to financing your private jet.

How to Prepare for Financing Approval

When it comes to financing a private jet purchase, preparation is key. This involves gathering the necessary documentation and taking decisive steps to improve your chances of approval. Let’s look at these two crucial stages of the process.

Documentation Needed

The first step towards securing financing for your private jet purchase involves preparing a comprehensive package of documents required by financial institutions. This primarily includes:

1. Proof of income: This includes tax return documents, salary slips, business revenue statements, or any other form of income verification.
2. Asset and Liability statements: Financial institutions want to assess your net worth. For this reason, you will need to provide an overview of your assets and liabilities.
3. Credit report: Your credit score plays a significant role in determining whether lenders approve your loan and the terms they offer. Therefore, obtain your recent credit report from a reputable agency.
4. Business Plan (for operational leases): If you intend to lease the jet for commercial purposes, lenders might require a detailed business plan demonstrating how the jet will generate income.
5. ID and Address Verification: Standard identification documents like passports, driver’s licenses, and utility bills may be required for verification.

Remember, the documentation required may vary from lender to lender, so it is best to consult directly with your chosen financial institution or broker for a precise list.

Steps to Improve Approval Chances

Apart from having complete documentation, it’s important to position yourself as a credible borrower in the eyes of lenders to improve your approval chances. Here’s how:

1. Maintain a Good Credit Score: A high credit score indicates lower risk for lenders. Pay bills on time, keep your credit balances low, and regularly check your report for any discrepancies that might hurt your score.
2. Analyze Your Debt-to-Income Ratio: Lenders consider your monthly debt payments relative to your income to assess if you can afford additional debt. The lower this ratio, the higher your loan approval chances.
3. Leverage Your Assets: Assets can serve as collateral, providing added security for the lender. Inform lenders of assets you’re willing to pledge, if necessary.
4. Show Stable Income: Lenders prefer borrowers with a reliable, steady income stream. If you’re self-employed or have variable income, ensure that you can demonstrate financial stability over time.
5. Consider a Down Payment: A significant down payment reduces the lender’s risk and demonstrates your financial commitment, potentially making your application more appealing.

Each of these steps can contribute to painting a favorable financial picture of you to lenders, hence, increasing your chances of securing approval for your private jet purchase. However, remember that every financial institution has its own specific criteria and approval processes. Therefore, thorough research and preparation remain the secret ingredients to navigate this course effectively.

Global Financing Trends in Business Aviation

As the business aviation sector expands on a global scale, financing options for purchasing private jets are becoming increasingly diverse and accessible. Here, we’ll explore some current key trends in financing private jets around the world, focusing on regional differences in financing options and recent developments in the habits of private jet owners.

Regional Differences in Financing Availability

Obtaining financing for a private jet purchase isn’t a uniform process worldwide. Regulating bodies, economic stability, and industry practices vary from one region to another, influencing what financing options are readily available.

For example, in North America – home to the largest private jet market – traditional banks and specialised aviation finance companies play a prominent role. Interest rates are relatively lower, and lender competition fosters favourable terms for borrowers.

In contrast, regions like Latin America face more restrictive lending environments due to economic volatility and regulatory issues. Buyers often need to lean on global financing options or manufacturer financing programs.

On the other hand, European and Middle Eastern markets exhibit robust growth in asset-based lending and opulent leasing, driven by high net worth individuals (HNWIs) and corporate clients’ strong appetite for private aviation.

Lastly, the rising Asian market, particularly China, showcases a growing trend towards operating leases due to their flexibility and lower upfront capital requirements.

Emerging Trends in Private Jet Ownership

In tandem with these geographical financing distinctions, new patterns of private jet ownership are emerging.

One of the most noteworthy is the rise in fractional ownership and jet card programs. Faced with the substantial cost and responsibility of full ownership, more buyers now opt to purchase a share of an aircraft or a set number of annual flight hours. This kind of ownership can be financed through direct payments or even loans, broadening accessibility to private aviation.

Additionally, there’s an increasing trend toward aircraft leasing over direct ownership. Operating leases, which enable lessors to change jets more frequently and avoid depreciation risks, are the most appealing.

Finally, there’s a noticeable surge in pre-owned jet sales. Amid economic uncertainties and extended wait times for new aircraft, pre-loved jets present cost-effective options and immediate availability. Consequently, lenders are expanding their portfolios to include used aircraft financing.

In a nutshell, private jet financing is a continually evolving landscape. Trends come and go, influenced by wider economic factors, changes in regulatory frameworks, and the ever-evolving preferences of jet owners. Regardless, understanding these trends is crucial to figuring out the best method to finance your private jet purchase, and it helps to stay updated with current market intelligence.

Tips for First-Time Buyers

Buying a private jet for the first time can be a daunting process. There are many aspects to consider such as costs, financing options, and regulatory requirements. Here are some expert tips to guide you through this complex process.

Common Mistakes to Avoid

Navigating the world of private jet financing can be complex, and it’s easy to fall into some common traps. The first mistake many first-time buyers make is not understanding the full cost of owning a private jet beyond the price of acquisition. These costs include maintenance, insurance, crew salaries, and more.

Another common mistake is not exploring all financing options. Financing a private jet is different from financing a home or car. There are specialized aviation lenders who know the industry inside out and can present tailored options suitable for your needs.

A crucial mistake to avoid is rushing into a deal without conducting a thorough pre-purchase inspection. This oversight could result in unexpected repair costs down the line. Partnering with trusted advisors who can aid in this process is a smart move.

Lastly, forgetting to plan for the tax implications of private jet ownership is another pitfall. Understanding how to leverage tax benefits and deductions can make a significant difference in the total cost of owning a private jet.

How to Find Trusted Advisors

When buying a private jet for the first time, having trusted advisors by your side can make the process less daunting. Advisors can come in the form of experienced aviation lawyers, tax consultants, and renowned jet brokers.

So how do you find these trusted advisors? Start by seeking recommendations from your network, other jet owners, or industry associations. Online research and reviews can also provide insight into potential advisors’ reputation and credibility.

Next, conduct interviews with your shortlisted advisors. Ask them about their experience in the field, specifically with clients who have a similar profile to you. Probe into their understanding of laws and regulations associated with private jets, and how they keep abreast of changes in these laws.

Ensure your chosen advisors are not only knowledgeable but also prioritize your interests. A good advisor should guide you through the process, ensuring transparency at every step, right from understanding financing options, conducting the pre-purchase inspection, to finally purchasing your private jet.

Remember, buying a private jet is a significant investment, and choosing your advisors wisely can make the difference between a smooth purchase and a costly mistake.

The Role of Brokers in Financing

Brokers can play an integral role when it comes to financing a private jet purchase. They have a deep understanding of the aviation sector, coupled with solid relationships with numerous lenders, making them an invaluable asset in your purchasing journey.

How Brokers Simplify the Process

Navigating the complex world of aviation financing can be a daunting task, especially if you’re new to it. This is where a skilled broker can simplify the process. Brokers work on your behalf, handling much of the nitty-gritty involved, and help streamline your loan application or lease agreement process.

A reliable broker will assess your financial situation, identify suitable financing options, and negotiate favourable terms on your behalf. They will handle the paperwork involved in the loan or lease agreement, ensuring each piece of documentation meets the lender’s or lessor’s criteria.

By leveraging their network of contacts, a broker can also source competitive interest rates, potentially saving you considerable sums over the life of a loan or lease.

Brokers also help clarify the intricacies involved in financing regulations and compliances. Understanding the legalities involved in the purchase of a private jet can be tricky, but a broker can clarify these, helping you avoid pitfalls and making your journey a lot smoother.

Choosing the Right Broker for Your Needs

Choosing the right broker is just as important as deciding on the right financing option. A broker’s expertise, industry connections, and ability to negotiate can make a significant difference to your overall purchasing experience.

When choosing a broker, consider their industry reputation and previous client feedback. Look for a broker with in-depth understanding of aviation finance regulations and a successful track record in obtaining positive results for clients.

Ask potential brokers about their relationships with lenders and insurers. A broker with strong industry connections will have a better chance of securing favourable terms.

Also, assess the broker’s transparency about their fee structure. Some brokers may charge upfront fees, while others might take a commission from the lender or lessor. Understanding this will prevent any unwelcome surprises further down the line.

Lastly, the broker should be someone you feel comfortable with. They will be guiding you through a significant purchase, so it’s important that you trust their advice and feel confident in their skills.

In conclusion, a broker can be a vital ally in the private jet purchasing process, simplifying complex procedures and negotiating optimal terms. However, choose your broker wisely to ensure they align with your financial goals and expectations.

Private Jet as an Investment Opportunity

An increasingly popular perspective is to view a private jet not just as a luxury asset, but also as a strategic investment opportunity. Let’s delve into how this can come to fruition.

ROI Potential through Chartering

Firstly, private jets can generate significant return on investment (ROI) through chartering. Unlike a luxury car or a speedboat, a private jet can indeed make money for its owner when not in use. Aircraft chartering is essentially renting your jet to others, allowing it to become a revenue-stream instead of an expense.

Consider that even when you’re not using it, your jet could be making transcontinental or international flights with paying passengers on board. Some private jet owners have found that they can offset the entire cost of ownership, and sometimes even turn a profit, by chartering their aircraft. There are a multitude of charter management companies that can handle the operational aspects of chartering, allowing you to enjoy the financial benefits with minimal effort.

However, while chartering can generate significant income, it is important to note that it may also increase wear and tear on your aircraft. Therefore, it’s essential to ensure that your charter management company has a robust maintenance program in place.

Resale Value Considerations

Another consideration when viewing a private jet as an investment is its resale value. Much like cars, jets depreciate over time. Some models and makes retain their value better than others, generally due to factors such as global brand recognition, reliability, maintenance costs, and technological features.

However, unlike cars, private jets can be refurbished and upgraded. High-quality upgrades, modifications, or complete overhauls can enhance both the enjoyment of the jet and its resale value. A well-maintained, upgraded jet could sell for significantly more than its original purchase price, particularly in today’s market where demand is strong and supply is limited.

Keep in mind that a considerable factor in a jet’s resale value is the remaining hours before the engine or airframe need a major overhaul (known as “time before overhaul”, or TBO). An aircraft close to its TBO is likely to have a lower resale value, so regular maintenance is crucial.

In conclusion, although being a private jet owner comes with its set of obligations, savvy owners often find ways to minimize costs and even generate revenue with their aircraft. Always consult experts and do your homework before making a decision to ensure you get the most out of your investment.

Navigating Legal and Regulatory Aspects

When purchasing a private jet, you’re not only purchasing a luxurious means of transportation; you’re also stepping into a world governed by strict legal and regulatory aspects. As such, it’s essential to be adequately informed.

Compliance with Aviation Authorities

Compliance with aviation authorities is a vital aspect of private jet ownership. Each country has its aviation regulations, primarily guided by the International Civil Aviation Organization (ICAO) standards. For instance, in the UK, the Civil Aviation Authority (CAA) is responsible for regulating the sector.

To be compliant, owners should ensure their aircraft registered, certified airworthy, the crew appropriately licensed, and operations conducted under specific flight rules. Owners should also adhere to maintenance schedules, obtain necessary insurance covers, and satisfy environmental obligations. Lack of compliance can result in penalties – or even worse, impounding of the aircraft.

Key Legal Documents in Financing Deals

Another significant factor when financing your private jet is understanding the key legal documents involved. These typically include:

• Sales Agreement/Purchase Agreement: This contract defines the terms of the sale, including the price, condition of the aircraft, and delivery date. You also determine who pays for inspections and any required repairs.
• Loan or Lease Agreement: This includes the specific terms of your financing deal, such as the amount financed, the interest rate, the payment schedule, and or collateral required.
• Security Agreement: If taking a loan, the lender will usually require an agreement that allows them to take possession of the aircraft if you fail to make payments.
• Registration Application: The aviation authority in your country will require you to register the aircraft in your name or your company’s name.
• Insurance Documents: You’ll need appropriate insurance coverage, and the documents should reflect what’s covered and the limits of the coverage.

These documents are necessary to secure the financing deal capture the mutual agreement between parties transparently and legally.

Prior to entering into such significant financial transactions, it’s strongly advised to consult with a legal expert experienced in aviation matters. This step is essential in protecting your rights, ensuring all compliance requirements are met and guaranteeing a smooth purchasing process.