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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 XI - Remedies on insolvency

1. This Article applies only where a Contracting State that is the primary insolvency jurisdiction has made a declaration pursuant to Article XXX(3).

Alternative A

2. Upon the occurrence of an insolvency-related event, the insolvency administrator or the debtor, as applicable, shall, subject to paragraph 7, give possession of the aircraft object to the creditor no later than the earlier of:

(a) the end of the waiting period; and

(b) the date on which the creditor would be entitled to possession of the aircraft object if this Article did not apply.

3. For the purposes of this Article, the "waiting period" shall be the period specified in a declaration of the Contracting State which is the primary insolvency jurisdiction.

4. References in this Article to the "insolvency administrator" shall be to that person in its official, not in its personal, capacity.

5. Unless and until the creditor is given the opportunity to take possession under paragraph 2:

(a) the insolvency administrator or the debtor, as applicable, shall preserve the aircraft object and maintain it and its value in accordance with the agreement; and

(b) the creditor shall be entitled to apply for any other forms of interim relief available under the applicable law.

6. Sub-paragraph (a) of the preceding paragraph shall not preclude the use of the aircraft object under arrangements designed to preserve the aircraft object and maintain it and its value.

7. The insolvency administrator or the debtor, as applicable, may retain possession of the aircraft object where, by the time specified in paragraph 2, it has cured all defaults other than a default constituted by the opening of insolvency proceedings and has agreed to perform all future obligations under the agreement. A second waiting period shall not apply in respect of a default in the performance of such future obligations.

8. With regard to the remedies in Article IX(1):

(a) they shall be made available by the registry authority and the administrative authorities in a Contracting State, as applicable, no later than five working days after the date on which the creditor notifies such authorities that it is entitled to procure those remedies in accordance with the Convention; and

(b) the applicable authorities shall expeditiously co-operate with and assist the creditor in the exercise of such remedies in conformity with the applicable aviation safety laws and regulations.

9. No exercise of remedies permitted by the Convention or this Protocol may be prevented or delayed after the date specified in paragraph 2.

10. No obligations of the debtor under the agreement may be modified without the consent of the creditor.

11. Nothing in the preceding paragraph shall be construed to affect the authority, if any, of the insolvency administrator under the applicable law to terminate the agreement.

12. No rights or interests, except for non-consensual rights or interests of a category covered by a declaration pursuant to Article 39(1), shall have priority in the insolvency over registered interests.

13. The Convention as modified by Article IX of this Protocol shall apply to the exercise of any remedies under this Article.

Alternative B

2. Upon the occurrence of an insolvency-related event, the insolvency administrator or the debtor, as applicable, upon the request of the creditor, shall give notice to the creditor within the time specified in a declaration of a Contracting State pursuant to Article XXX(3) whether it will:

(a) cure all defaults other than a default constituted by the opening of insolvency proceedings and agree to perform all future obligations, under the agreement and related transaction documents; or

(b) give the creditor the opportunity to take possession of the aircraft object, in accordance with the applicable law.

3. The applicable law referred to in sub-paragraph (b) of the preceding paragraph may permit the court to require the taking of any additional step or the provision of any additional guarantee.

4. The creditor shall provide evidence of its claims and proof that its international interest has been registered.

5. If the insolvency administrator or the debtor, as applicable, does not give notice in conformity with paragraph 2, or when he has declared that he will give the creditor the opportunity to take possession of the aircraft object but fails to do so, the court may permit the creditor to take possession of the aircraft object upon such terms as the court may order and may require the taking of any additional step or the provision of any additional guarantee.

6. The aircraft object shall not be sold pending a decision by a court regarding the claim and the international interest.


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