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Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment

[Preamble]

Chapter I - Sphere of application and general provisions

Article I - Defined terms

Article II - Application of Convention as regards aircraft objects

Article III - Application of Convention to sales

Article IV - Sphere of application

Article V - Formalities, effects and registration of contracts of sale

Article VI - Representative capacities

Article VII - Description of aircraft objects

Article VIII - Choice of law

Chapter II - Default remedies, priorities and assignments

Article IX - Modification of default remedies provisions

Article X - Modification of provisions regarding relief pending final determination

Article XI - Remedies on insolvency

Article XII - Insolvency assistance

Article XIII - De-registration and export request authorisation

Article XIV - Modification of priority provisions

Article XV - Modification of assignment provisions

Article XVI - Debtor provisions

Chapter III - Registry provisions relating to international interests in aircraft objects

Article XVII - The Supervisory Authority and the Registrar

Article XVIII - First regulations

Article XIX - Designated entry points

Article XX - Additional modifications to Registry provisions

Chapter IV - Jurisdiction

Article XXI - Modification of jurisdiction provisions

Article XXII - Waivers of sovereign immunity

Chapter V - Relationship with other conventions

Article XXIII - Relationship with the Convention on the International Recognition of Rights in Aircraft

Article XXIV - Relationship with the Convention for the Unification of Certain Rules Relating to the Precautionary Attachment of Aircraft

Article XXV - Relationship with the UNIDROIT Convention on International Financial Leasing

Chapter VI - Final provisions

Article XXVI - Signature, ratification, acceptance, approval or accession

Article XXVII - Regional Economic Integration Organisations

Article XXVIII - Entry into force

Article XXIX - Territorial units

Article XXX - Declarations relating to certain provisions

Article XXXI - Declarations under the Convention

Article XXXII - Reservations and declarations

Article XXXIII - Subsequent declarations

Article XXXIV - Withdrawal of declarations

Article XXXV - Denunciations

Article XXXVI - Review Conferences, amendments and related matters

Article XXXVII - Depositary and its functions

[Post Provisions]

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

Annex - Form of Irrevocable De-Registration and Export Request Authorisation

Endnotes

Endnotes

Metadata

SiSU Metadata, document information

Manifest

SiSU Manifest, alternative outputs etc.

Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, UNIDROIT 2001

UNIDROIT

copy @ Lex Mercatoria

Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment

Chapter II - Default remedies, priorities and assignments

Article IX - Modification of default remedies provisions

1. In addition to the remedies specified in Chapter III of the Convention, the creditor may, to the extent that the debtor has at any time so agreed and in the circumstances specified in that Chapter:

(a) procure the de-registration of the aircraft; and

(b) procure the export and physical transfer of the aircraft object from the territory in which it is situated.

2. The creditor shall not exercise the remedies specified in the preceding paragraph without the prior consent in writing of the holder of any registered interest ranking in priority to that of the creditor.

3. Article 8(3) of the Convention shall not apply to aircraft objects. Any remedy given by the Convention in relation to an aircraft object shall be exercised in a commercially reasonable manner. A remedy shall be deemed to be exercised in a commercially reasonable manner where it is exercised in conformity with a provision of the agreement except where such a provision is manifestly unreasonable.

4. A chargee giving ten or more working days' prior written notice of a proposed sale or lease to interested persons shall be deemed to satisfy the requirement of providing "reasonable prior notice" specified in Article 8(4) of the Convention. The foregoing shall not prevent a chargee and a chargor or a guarantor from agreeing to a longer period of prior notice.

5. The registry authority in a Contracting State shall, subject to any applicable safety laws and regulations, honour a request for de-registration and export if:

(a) the request is properly submitted by the authorised party under a recorded irrevocable de-registration and export request authorisation; and (b) the authorised party certifies to the registry authority, if required by that authority, that all registered interests ranking in priority to that of the creditor in whose favour the authorisation has been issued have been discharged or that the holders of such interests have consented to the de-registration and export.

6. A chargee proposing to procure the de-registration and export of an aircraft under paragraph 1 otherwise than pursuant to a court order shall give reasonable prior notice in writing of the proposed de-registration and export to:

(a) interested persons specified in Article 1(m)(i) and (ii) of the Convention; and

(b) interested persons specified in Article 1(m)(iii) of the Convention who have given notice of their rights to the chargee within a reasonable time prior to the de-registration and export.


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