CHAPTER II OPERATING LICENCE

its principal place of business is located in that Member State;

it holds a valid AOC issued in accordance with Regulation (EU) 2018/1139 of the European Parliament and of the Council ( 1 ) either by a national authority of a Member State, by several national authorities of Member States acting jointly in accordance with Article 62(5) of that Regulation or by the European Union Aviation Safety Agency;

it has one or more aircraft at its disposal through ownership or a dry lease agreement;

its main occupation is to operate air services in isolation or combined with any other commercial operation of aircraft or the repair and maintenance of aircraft;

its company structure allows the competent licensing authority to implement the provisions of this Chapter;

Member States and/or nationals of Member States own more than 50 % of the undertaking and effectively control it, whether directly or indirectly through one or more intermediate undertakings, except as provided for in an agreement with a third country to which the Community is a party;

it meets the financial conditions specified in Article 5;

it complies with the insurance requirements specified in Article 11 and in Regulation (EC) No 785/2004; and

it complies with the provisions on good repute as specified in Article 7.