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Unidroit Convention on International Financial Leasing (20 May 1988)

[Preamble]

CHAPTER I - SPHERE OF APPLICATION AND GENERAL PROVISIONS

Article 1

Article 2

Article 3

Article 4

Article 5

Article 6

CHAPTER II - RIGHTS AND DUTIES OF THE PARTIES

Article 7

Article 8

Article 9

Article 10

Article 11

Article 12

Article 13

Article 14

CHAPTER III - FINAL PROVISIONS

Article 15

Article 16

Article 17

Article 18

Article 19

Article 20

Article 21

Article 22

Article 23

Article 24

Article 25

[Post Provisions]

[Post Clauses (If any: Signed; Witnessed; Done; Authentic Texts; & Deposited Clauses)]

Metadata

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Manifest

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Unidroit Convention on International Financial Leasing (20 May 1988)

UNIDROIT

copy @ Lex Mercatoria

Unidroit Convention on International Financial Leasing (20 May 1988)

CHAPTER II - RIGHTS AND DUTIES OF THE PARTIES

Article 13

1. - In the event of default by the lessee, the lessor may recover accrued unpaid rentals, together with interest and damages.

2. - Where the lessee's default is substantial, then subject to paragraph 5 the lessor may also require accelerated payment of the value of the future rentals, where the leasing agreement so provides, or may terminate the leasing agreement and after such termination:

(a) recover possession of the equipment; and

(b) recover such damages as will place the lessor in the position in which it would have been had the lessee performed the leasing agreement in accordance with its terms.

3. - (a) The leasing agreement may provide for the manner in which the damages recoverable under paragraph 2 (b) are to be computed.

(b) Such provision shall be enforceable between the parties unless it would result in damages substantially in excess of those provided for under paragraph 2 (b). The parties may not derogate from or vary the effect of the provisions of the present sub-paragraph.

4. - Where the lessor has terminated the leasing agreement, it shall not be entitled to enforce a term of that agreement providing for acceleration of payment of future rentals, but the value of such rentals may be taken into account in computing damages under paragraphs 2(b) and 3. The parties may not derogate from or vary the effect of the provisions of the present paragraph.

5. - The lessor shall not be entitled to exercise its right of acceleration or its right of termination under paragraph 2 unless it has by notice given the lessee a reasonable opportunity of remedying the default so far as the same may be remedied.

6. - The lessor shall not be entitled to recover damages to the extent that it has failed to take all reasonable steps to mitigate its loss.


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