ELI5: Explain Like I'm 5

Dry lease

When you ride a bike, you can either own it or borrow it from someone else. A dry lease is like borrowing a bike from someone else, but instead of a bike, we're talking about a plane. You can borrow a plane from someone who owns it and use it for a little while.

But unlike borrowing your friend's bike, a dry lease doesn't come with anything else along with it. It's just the plane, nothing else. You have to take care of everything else, like fuel, maintenance and insurance. It's like taking care of the bike you borrowed from your friend— you're responsible for making sure it has enough air in the tires, oil on the chain, and that it's safe to ride.

In short, a dry lease is when you borrow a plane from someone else and take care of everything else that comes with it, just like taking care of a bike you borrowed from a friend.