{"kind":"expression","expression":{"expr_id":"343","doc_id":"343","label":"Act 2 of 2015","is_as_enacted":"t","commenced_on":"2015-11-01","superseded_on":null,"valid_from":"2015-11-01","valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/2015\/2\/eng@2015-11-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/2015\/2\", \"expression\": \"\/akn\/ky\/act\/2015\/2\/eng@2015-11-01\", \"manifestation\": \"\/akn\/ky\/act\/2015\/2\/eng@2015-11-01.pdf\"}, \"pdf\": {\"md5\": \"2ea048b2105e11eee1ee66f19dcf0ce4\", \"path\": \"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/2015\/2015-0002\/2015-0002_Act 2 of 2015.pdf\", \"pages\": 64, \"filename\": \"2015-0002_Act 2 of 2015.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 21509, \"paragraph_count\": 14, \"text_char_count\": 144809}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Law 2 of 2015 Article XXIII- Relationship with the Convention on the International Recognition of Rights in Article XXIV \u2014 Relationship with the Convention for the Unification of Certain Rules Relating to Chapter VI FORM OF IRREVOCABLE DE-REGISTRATION AND EXPORT REQUEST AUTHORISATION SCHEDULE 3 DECLARATIONS International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT (CAPE TOWN CONVENTION) LAW, 2015 (Law 2 of 2015) A LAW TO REPEAL AND REPLACE THE CAPE TOWN CONVENTION LAW, 2009; TO GIVE EFFECT TO THE CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT AND THE PROTOCOL THERETO ON MATTERS SPECIFIC TO AIRCRAFT EQUIPMENT CONCLUDED AT CAPE TOWN, SOUTH AFRICA ON 16 NOVEMBER, 2001 AND THE DECLARATIONS MADE BY THE CAYMAN ISLANDS IN RESPECT THEREOF; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands. PART l - PRELIMINARY\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title and commencement 1. (1) This Law may be cited as the International Interests in Mobile Equipment (Cape Town Convention) Law, 2015. (2) This Law shall come into force on such date as may be appointed by Order made by the Cabinet.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Interpretation 2. In this Law \u2014 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 \u201cCape Town Treaty\u201d means the Convention, the Protocol and the Declarations; \u201cConvention\u201d means the Convention on International Interests in Mobile Equipment concluded at Cape Town, South Africa, on 16th November, 2001, the text of which is set out in Schedule 1; \u201cDeclarations\u201d means the declarations deposited by the United Kingdom in respect of the Islands with UNIDROIT in connection with the Convention and the Protocol, the text of which is set out in Schedule 3; \u201cinternational interests\u201d has the same meaning as in the Convention; \u201cProtocol\u201d means the Protocol to the Convention on International Interests in Mobile Equipment on matters specific to Aircraft Equipment which was concluded at Cape Town, South Africa, on 16 th November 2001, the text of which is set out in Schedule 2; \u201cProtocol Regulations\u201d means regulations made or approved by the Supervisory Authority pursuant to the Protocol; \u201cSupervisory Authority\u201d means, in respect of the Protocol, the Supervisory Authority referred to in Article 17(1) of the Convention; and \u201cUNIDROIT\u201d means the International Institute for the Unification of Private Law acting as Depository pursuant to Article 62(1) of the Convention and Article XXXVII(1) of the Protocol. PART 2 - CAPE TOWN TREATY\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Treaty to have the force of law 3. The Cape Town Treaty shall have the force of law in the Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Protocol Regulations 4. (1) Registration of an international interest or other matter in accordance with the Convention has effect for the purposes of this Law only if and to the extent that it complies with the provisions of Articles 18 to 20 of the Convention (registration requirements; validity and time of registration; consent to registration) as modified by Article XX of the Protocol and by Protocol Regulations. (2) The effect of registration is subject to the obligations imposed under Article 25 of the Convention (discharge of registration) as modified by Article XX of the Protocol and by Protocol Regulations; and holders of interests, intending creditors or assignees, and persons in whose favour an incorrect or erroneous registration has been made, shall comply with those obligations. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Cabinet may amend or revoke the Declarations 5. The Cabinet may amend, revoke or replace Schedule 3.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"The relevant court 6. For the purposes of the Cape Town Treaty and of Article 53 of the Convention, the Grand Court is the relevant court. PART 3 - MISCELLANEOUS\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Repeal of Cape Town Convention Law, 2009 [Law 5 of 2009] 7. The Cape Town Convention Law, 2009 is repealed, but the repeal does not \u2014 (a) affect the previous operation of the repealed Law or anything duly done or suffered under that repealed Law; (b) affect any right, privilege, obligation or liability acquired, accrued or incurred under the repealed Law; (c) affect any penalty, fine, forfeiture or punishment incurred in respect of any offence committed against the repealed Law; or (d) affect any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, fine, forfeiture or punishment referred to in this section; and any such investigation, legal proceedings or remedy may be instituted, continued, or enforced, and any such penalty, fine, forfeiture or punishment may be imposed as if this Law had not been passed.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Conflict with other Laws 8. Subject to section 9, to the extent of any conflict or inconsistency between this Law and any other Law of the Islands addressing any matter governed by the Cape Town Treaty, this Law prevails over such other Law, and, to that extent, such other Law is hereby superseded.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Transitional provisions 9. This Law does not apply to a pre-existing right or interest, which retains the priority it enjoyed under the Laws of the Islands before the coming into force of this Law. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 SCHEDULE 1 CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT THE STATES PARTIES TO THIS CONVENTION, AWARE of the need to acquire and use mobile equipment of high value or particular economic significance and to facilitate the financing of the acquisition and use of such equipment in an efficient manner, RECOGNISING the advantages of asset-based financing and leasing for this purpose and desiring to facilitate these types of transaction by establishing clear rules to govern them, MINDFUL of the need to ensure that interests in such equipment are recognised and protected universally, DESIRING to provide broad and mutual economic benefits for all interested parties, BELIEVING that such rules must reflect the principles underlying asset-based financing and leasing and promote the autonomy of the parties necessary in these transactions, CONSCIOUS of the need to establish a legal framework for international interests in such equipment and for that purpose to create an international registration system for their protection, TAKING INTO CONSIDERATION the objectives and principles enunciated in existing Conventions relating to such equipment, HAVE AGREED upon the following provisions: Chapter I Sphere of application and general provisions Article 1 \u2014 Definitions 1. In this Convention, except where the context otherwise requires, the following terms are employed with the meanings set out below: (a) \u201cagreement\u201d means a security agreement, a title reservation agreement or a leasing agreement; (b) \u201cassignment\u201d means a contract which, whether by way of security or otherwise, confers on the assignee associated rights with or without a transfer of the related international interest; SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 (c) \u201cassociated rights\u201d means all rights to payment or other performance by a debtor under an agreement which are secured by or associated with the object; (d) \u201ccommencement of the insolvency proceedings\u201d means the time at which the insolvency proceedings are deemed to commence under the applicable insolvency law; (e) \u201cconditional buyer\u201d means a buyer under a title reservation agreement; (f) \u201cconditional seller\u201d means a seller under a title reservation agreement; (g) \u201ccontract of sale\u201d means a contract for the sale of an object by a seller to a buyer which is not an agreement as defined in (a) above; (h) \u201ccourt\u201d means a court of law or an administrative or arbitral tribunal established by a Contracting State; (i) \u201ccreditor\u201d means a chargee under a security agreement, a conditional seller under a title reservation agreement or a lessor under a leasing agreement; (j) \u201cdebtor\u201d means a chargor under a security agreement, a conditional buyer under a title reservation agreement, a lessee under a leasing agreement or a person whose interest in an object is burdened by a registrable non-consensual right or interest; (k) \u201cinsolvency administrator\u201d means a person authorised to administer the reorganisation or liquidation, including one authorised on an interim basis, and includes a debtor in possession if permitted by the applicable insolvency law; (l) \u201cinsolvency proceedings\u201d means bankruptcy, liquidation or other collective judicial or administrative proceedings, including interim proceedings, in which the assets and affairs of the debtor are subject to control or supervision by a court for the purposes of reorganisation or liquidation; (m) \u201cinterested persons\u201d means: (i) the debtor; (ii) any person who, for the purpose of assuring performance of any of the obligations in favour of the creditor, gives or issues a suretyship or demand guarantee or a standby letter of credit or any other form of credit insurance; (iii) any other person having rights in or over the object; (n) \u201cinternal transaction\u201d means a transaction of a type listed in Article 2(2)(a) to (c) where the centre of the main interests of all parties to such transaction is situated, and the relevant object located (as specified in the Protocol), in the same Contracting State at the time of the conclusion of the contract and where the interest created by the transaction has been International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 registered in a national registry in that Contracting State which has made a declaration under Article 50(1); (o) \u201cinternational interest\u201d means an interest held by a creditor to which Article 2 applies; (p) \u201cInternational Registry\u201d means the international registration facilities established for the purposes of this Convention or the Protocol; (q) \u201cleasing agreement\u201d means an agreement by which one person (the lessor) grants a right to possession or control of an object (with or without an option to purchase) to another person (the lessee) in return for a rental or other payment; (r) \u201cnational interest\u201d means an interest held by a creditor in an object and created by an internal transaction covered by a declaration under Article 50(1); (s) \u201cnon-consensual right or interest\u201d means a right or interest conferred under the law of a Contracting State which has made a declaration under Article 39 to secure the performance of an obligation, including an obligation to a State, State entity or an intergovernmental or private organisation; (t) \u201cnotice of a national interest\u201d means notice registered or to be registered in the International Registry that a national interest has been created; (u) \u201cobject\u201d means an object of a category to which Article 2 applies; (v) \u201cpre-existing right or interest\u201d means a right or interest of any kind in or over an object created or arising before the effective date of this Convention as defined by Article 60(2)(a); (w) \u201cproceeds\u201d means money or non-money proceeds of an object arising from the total or partial loss or physical destruction of the object or its total or partial confiscation, condemnation or requisition; (x) \u201cprospective assignment\u201d means an assignment that is intended to be made in the future, upon the occurrence of a stated event, whether or not the occurrence of the event is certain; (y) \u201cprospective international interest\u201d means an interest that is intended to be created or provided for in an object as an international interest in the future, upon the occurrence of a stated event (which may include the debtor\u2019s acquisition of an interest in the object), whether or not the occurrence of the event is certain; (z) \u201cprospective sale\u201d means a sale which is intended to be made in the future, upon the occurrence of a stated event, whether or not the occurrence of the event is certain; SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 (aa) \u201cProtocol\u201d means, in respect of any category of object and associated rights to which this Convention applies, the Protocol in respect of that category of object and associated rights; (bb) \u201cregistered\u201d means registered in the International Registry pursuant to Chapter V; (cc) \u201cregistered interest\u201d means an international interest, a registrable nonconsensual right or interest or a national interest specified in a notice of a national interest registered pursuant to Chapter V; (dd) \u201cregistrable non-consensual right or interest\u201d means a non-consensual right or interest registrable pursuant to a declaration deposited under Article 40; (ee) \u201cRegistrar\u201d means, in respect of the Protocol, the person or body designated by that Protocol or appointed under Article 17(2)(b); (ff) \u201cregulations\u201d means regulations made or approved by the Supervisory Authority pursuant to the Protocol; (gg) \u201csale\u201d means a transfer of ownership of an object pursuant to a contract of sale; (hh) \u201csecured obligation\u201d means an obligation secured by a security interest; (ii) \u201csecurity agreement\u201d means an agreement by which a chargor grants or agrees to grant to a chargee an interest (including an ownership interest) in or over an object to secure the performance of any existing or future obligation of the chargor or a third person; (jj) \u201csecurity interest\u201d means an interest created by a security agreement; (kk) \u201cSupervisory Authority\u201d means, in respect of the Protocol, the Supervisory Authority referred to in Article 17(1); (ll) \u201ctitle reservation agreement\u201d means an agreement for the sale of an object on terms that ownership does not pass until fulfilment of the condition or conditions stated in the agreement; (mm) \u201cunregistered interest\u201d means a consensual interest or nonconsensual right or interest (other than an interest to which Article 39 applies) which has not been registered, whether or not it is registrable under this Convention; and (nn) \u201cwriting\u201d means a record of information (including information communicated by teletransmission) which is in tangible or other form and is capable of being reproduced in tangible form on a subsequent occasion and which indicates by reasonable means a person\u2019s approval of the record. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 Article 2 \u2014 The international interest 1. This Convention provides for the constitution and effects of an international interest in certain categories of mobile equipment and associated rights. 2. For the purposes of this Convention, an international interest in mobile equipment is an interest, constituted under Article 7, in a uniquely identifiable object of a category of such objects listed in paragraph 3 and designated in the Protocol: (a) granted by the chargor under a security agreement; (b) vested in a person who is the conditional seller under a title reservation agreement; or (c) vested in a person who is the lessor under a leasing agreement. An interest falling within subparagraph (a) does not also fall within subparagraph (b) or (c). 3. The categories referred to in the preceding paragraphs are: (a) airframes, aircraft engines and helicopters; (b) railway rolling stock; and (c) space assets. 4. The applicable law determines whether an interest to which paragraph 2 applies falls within subparagraph (a), (b) or (c) of that paragraph. 5. An international interest in an object extends to proceeds of that object. Article 3 \u2014 Sphere of application 1. This Convention applies when, at the time of the conclusion of the agreement creating or providing for the international interest, the debtor is situated in a Contracting State. 2. The fact that the creditor is situated in a non-Contracting State does not affect the applicability of this Convention. Article 4 \u2014 Where debtor is situated 1. For the purposes of Article 3(1), the debtor is situated in any Contracting State: (a) under the law of which it is incorporated or formed; (b) where it has its registered office or statutory seat; (c) where it has its centre of administration; or (d) where it has its place of business. 2. A reference in subparagraph (d) of the preceding paragraph to the debtor\u2019s place of business shall, if it has more than one place of business, mean its principal place of business or, if it has no place of business, its habitual residence. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 Article 5 \u2014 Interpretation and applicable law 1. In the interpretation of this Convention, regard is to be had to its purposes as set forth in the preamble, to its international character and to the need to promote uniformity and predictability in its application. 2. Questions concerning matters governed by this Convention which are not expressly settled in it are to be settled in conformity with the general principles on which it is based or, in the absence of such principles, in conformity with the applicable law. 3. References to the applicable law are to the domestic rules of the law applicable by virtue of the rules of private international law of the forum State. 4. Where a State comprises several territorial units, each of which has its own rules of law in respect of the matter to be decided, and where there is no indication of the relevant territorial unit, the law of that State decides which is the territorial unit whose rules shall govern. In the absence of any such rule, the law of the territorial unit with which the case is most closely connected shall apply. Article 6 \u2014 Relationship between the Convention and the Protocol 1. This Convention and the Protocol shall be read and interpreted together as a single instrument. 2. To the extent of any inconsistency between this Convention and the Protocol, the Protocol shall prevail. Chapter II Constitution of an international interest Article 7 \u2014 Formal requirements An interest is constituted as an international interest under this Convention where the agreement creating or providing for the interest: (a) is in writing; (b) relates to an object of which the chargor, conditional seller or lessor has power to dispose; (c) enables the object to be identified in conformity with the Protocol; and (d) in the case of a security agreement, enables the secured obligations to be determined, but without the need to state a sum or maximum sum secured. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 Chapter III Default remedies Article 8 \u2014 Remedies of chargee 1. In the event of default as provided in Article 11, the chargee may, to the extent that the chargor has at any time so agreed and subject to any declaration that may be made by a Contracting State under Article 54, exercise any one or more of the following remedies: (a) take possession or control of any object charged to it; (b) sell or grant a lease of any such object; (c) collect or receive any income or profits arising from the management or use of any such object. 2. The chargee may alternatively apply for a court order authorising or directing any of the acts referred to in the preceding paragraph. 3. Any remedy set out in sub-paragraph (a), (b) or (c) of paragraph 1 or by Article 13 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 security agreement except where such a provision is manifestly unreasonable. 4. A chargee proposing to sell or grant a lease of an object under paragraph 1 shall give reasonable prior notice in writing of the proposed sale or lease to: (a) interested persons specified in Article 1(m)(i) and (ii); and (b) interested persons specified in Article 1(m)(iii) who have given notice of their rights to the chargee within a reasonable time prior to the sale or lease. 5. Any sum collected or received by the chargee as a result of exercise of any of the remedies set out in paragraph 1 or 2 shall be applied towards discharge of the amount of the secured obligations. 6. Where the sums collected or received by the chargee as a result of the exercise of any remedy set out in paragraph 1 or 2 exceed the amount secured by the security interest and any reasonable costs incurred in the exercise of any such remedy, then unless otherwise ordered by the court the chargee shall distribute the surplus among holders of subsequently ranking interests which have been registered or of which the chargee has been given notice, in order of priority, and pay any remaining balance to the chargor. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 Article 9 \u2014 Vesting of object in satisfaction; redemption 1. At any time after default as provided in Article 11, the chargee and all the interested persons may agree that ownership of (or any other interest of the chargor in) any object covered by the security interest shall vest in the chargee in or towards satisfaction of the secured obligations. 2. The court may on the application of the chargee order that ownership of (or any other interest of the chargor in) any object covered by the security interest shall vest in the chargee in or towards satisfaction of the secured obligations. 3. The court shall grant an application under the preceding paragraph only if the amount of the secured obligations to be satisfied by such vesting is commensurate with the value of the object after taking account of any payment to be made by the chargee to any of the interested persons. 4. At any time after default as provided in Article 11 and before sale of the charged object or the making of an order under paragraph 2, the chargor or any interested person may discharge the security interest by paying in full the amount secured, subject to any lease granted by the chargee under Article 8(1)(b) or ordered under Article 8(2). Where, after such default, the payment of the amount secured is made in full by an interested person other than the debtor, that person is subrogated to the rights of the chargee. 5. Ownership or any other interest of the chargor passing on a sale under Article 8(1)(b) or passing under paragraph 1 or 2 of this Article is free from any other interest over which the chargee\u2019s security interest has priority under the provisions of Article 29. Article 10 \u2014 Remedies of conditional seller or lessor In the event of default under a title reservation agreement or under a leasing agreement as provided in Article 11, the conditional seller or the lessor, as the case may be, may: (a) subject to any declaration that may be made by a Contracting State under Article 54, terminate the agreement and take possession or control of any object to which the agreement relates; or (b) apply for a court order authorising or directing either of these acts. Article 11 \u2014 Meaning of default 1. The debtor and the creditor may at any time agree in writing as to the events that constitute a default or otherwise give rise to the rights and remedies specified in Articles 8 to 10 and 13. 2. Where the debtor and the creditor have not so agreed, \u201cdefault\u201d for the purposes of Articles 8 to 10 and 13 means a default which substantially deprives the creditor of what it is entitled to expect under the agreement. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 Article 12 \u2014 Additional remedies Any additional remedies permitted by the applicable law, including any remedies agreed upon by the parties, may be exercised to the extent that they are not inconsistent with the mandatory provisions of this Chapter as set out in Article 15. Article 13 \u2014 Relief pending final determination 1. Subject to any declaration that it may make under Article 55, a Contracting State shall ensure that a creditor who adduces evidence of default by the debtor may, pending final determination of its claim and to the extent that the debtor has at any time so agreed, obtain from a court speedy relief in the form of such one or more of the following orders as the creditor requests: (a) preservation of the object and its value; (b) possession, control or custody of the object; (c) immobilisation of the object; and (d) lease or, except where covered by subparagraphs (a) to (c), management of the object and the income therefrom. 2. In making any order under the preceding paragraph, the court may impose such terms as it considers necessary to protect the interested persons in the event that the creditor: (a) in implementing any order granting such relief, fails to perform any of its obligations to the debtor under this Convention or the Protocol; or (b) fails to establish its claim, wholly or in part, on the final determination of that claim. 3. Before making any order under paragraph 1, the court may require notice of the request to be given to any of the interested persons. 4. Nothing in this Article affects the application of Article 8(3) or limits the availability of forms of interim relief other than those set out in paragraph 1. Article 14 \u2014 Procedural requirements Subject to Article 54(2), any remedy provided by this Chapter shall be exercised in conformity with the procedure prescribed by the law of the place where the remedy is to be exercised. Article 15 \u2014 Derogation In their relations with each other, any two or more of the parties referred to in this Chapter may at any time, by agreement in writing, derogate from or vary the effect of any of the preceding provisions of this Chapter except Articles 8(3) to (6), 9(3) and (4), 13(2) and 14. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 Chapter IV The international registration system Article 16 \u2014 The International Registry 1. An International Registry shall be established for registrations of: (a) international interests, prospective international interests and registrable non-consensual rights and interests; (b) assignments and prospective assignments of international interests; (c) acquisitions of international interests by legal or contractual subrogations under the applicable law; (d) notices of national interests; and (e) subordinations of interests referred to in any of the preceding subparagraphs. 2. Different international registries may be established for different categories of object and associated rights. 3. For the purposes of this Chapter and Chapter V, the term \u201cregistration\u201d includes, where appropriate, an amendment, extension or discharge of a registration. Article 17 \u2014 The Supervisory Authority and the Registrar 1. There shall be a Supervisory Authority as provided by the Protocol. 2. The Supervisory Authority shall: (a) establish or provide for the establishment of the International Registry; (b) except as otherwise provided by the Protocol, appoint and dismiss the Registrar; (c) ensure that any rights required for the continued effective operation of the International Registry in the event of a change of Registrar will vest in or be assignable to the new Registrar; (d) after consultation with the Contracting States, make or approve and ensure the publication of regulations pursuant to the Protocol dealing with the operation of the International Registry; (e) establish administrative procedures through which complaints concerning the operation of the International Registry can be made to the Supervisory Authority; (f) supervise the Registrar and the operation of the International Registry; (g) at the request of the Registrar, provide such guidance to the Registrar as the Supervisory Authority thinks fit; International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 (h) set and periodically review the structure of fees to be charged for the services and facilities of the International Registry; (i) do all things necessary to ensure that an efficient notice-based electronic registration system exists to implement the objectives of this Convention and the Protocol; and (j) report periodically to Contracting States concerning the discharge of its obligations under this Convention and the Protocol. 3. The Supervisory Authority may enter into any agreement requisite for the performance of its functions, including any agreement referred to in Article 27(3). 4. The Supervisory Authority shall own all proprietary rights in the data bases and archives of the International Registry. 5. The Registrar shall ensure the efficient operation of the International Registry and perform the functions assigned to it by this Convention, the Protocol and the regulations. Chapter V Other matters relating to registration Article 18 \u2014 Registration requirements 1. The Protocol and regulations shall specify the requirements, including the criteria for the identification of the object: (a) for effecting a registration (which shall include provision for prior electronic transmission of any consent from any person whose consent is required under Article 20); (b) for making searches and issuing search certificates, and, subject thereto; (c) for ensuring the confidentiality of information and documents of the International Registry other than information and documents relating to a registration. 2. The Registrar shall not be under a duty to enquire whether a consent to registration under Article 20 has in fact been given or is valid. 3. Where an interest registered as a prospective international interest becomes an international interest, no further registration shall be required provided that the registration information is sufficient for a registration of an international interest. 4. The Registrar shall arrange for registrations to be entered into the International Registry data base and made searchable in chronological order of receipt, and the file shall record the date and time of receipt. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 5. The Protocol may provide that a Contracting State may designate an entity or entities in its territory as the entry point or entry points through which the information required for registration shall or may be transmitted to the International Registry. A Contracting State making such a designation may specify the requirements, if any, to be satisfied before such information is transmitted to the International Registry. Article 19 \u2014 Validity and time of registration 1. A registration shall be valid only if made in conformity with Article 20. 2. A registration, if valid, shall be complete upon entry of the required information into the International Registry data base so as to be searchable. 3. A registration shall be searchable for the purposes of the preceding paragraph at the time when: (a) the International Registry has assigned to it a sequentially ordered file number; and (b) the registration information, including the file number, is stored in durable form and may be accessed at the International Registry. 4. If an interest first registered as a prospective international interest becomes an international interest, that international interest shall be treated as registered from the time of registration of the prospective international interest provided that the registration was still current immediately before the international interest was constituted as provided by Article 7. 5. The preceding paragraph applies with necessary modifications to the registration of a prospective assignment of an international interest. 6. A registration shall be searchable in the International Registry data base according to the criteria prescribed by the Protocol. Article 20 \u2014 Consent to registration 1. An international interest, a prospective international interest or an assignment or prospective assignment of an international interest may be registered, and any such registration amended or extended prior to its expiry, by either party with the consent in writing of the other. 2. The subordination of an international interest to another international interest may be registered by or with the consent in writing at any time of the person whose interest has been subordinated. 3. A registration may be discharged by or with the consent in writing of the party in whose favour it was made. 4. The acquisition of an international interest by legal or contractual subrogation may be registered by the subrogee. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 5. A registrable non-consensual right or interest may be registered by the holder thereof. 6. A notice of a national interest may be registered by the holder thereof. Article 21 \u2014 Duration of registration Registration of an international interest remains effective until discharged or until expiry of the period specified in the registration. Article 22 \u2014 Searches 1. Any person may, in the manner prescribed by the Protocol and regulations, make or request a search of the International Registry by electronic means concerning interests or prospective international interests registered therein. 2. Upon receipt of a request therefor, the Registrar, in the manner prescribed by the Protocol and regulations, shall issue a registry search certificate by electronic means with respect to any object: (a) stating all registered information relating thereto, together with a statement indicating the date and time of registration of such information; or (b) stating that there is no information in the International Registry relating thereto. 3. A search certificate issued under the preceding paragraph shall indicate that the creditor named in the registration information has acquired or intends to acquire an international interest in the object but shall not indicate whether what is registered is an international interest or a prospective international interest, even if this is ascertainable from the relevant registration information. Article 23 \u2014 List of declarations and declared non-consensual rights or interests The Registrar shall maintain a list of declarations, withdrawals of declaration and of the categories of non-consensual right or interest communicated to the Registrar by the Depositary as having been declared by Contracting States in conformity with Articles 39 and 40 and the date of each such declaration or withdrawal of declaration. Such list shall be recorded and searchable in the name of the declaring State and shall be made available as provided in the Protocol and regulations to any person requesting it. Article 24 \u2014 Evidentiary value of certificates A document in the form prescribed by the regulations which purports to be a certificate issued by the International Registry is prima facie proof: (a) that it has been so issued; and (b) of the facts recited in it, including the date and time of a registration. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 Article 25 \u2014 Discharge of registration 1. Where the obligations secured by a registered security interest or the obligations giving rise to a registered non-consensual right or interest have been discharged, or where the conditions of transfer of title under a registered title reservation agreement have been fulfilled, the holder of such interest shall, without undue delay, procure the discharge of the registration after written demand by the debtor delivered to or received at its address stated in the registration. 2. Where a prospective international interest or a prospective assignment of an international interest has been registered, the intending creditor or intending assignee shall, without undue delay, procure the discharge of the registration after written demand by the intending debtor or assignor which is delivered to or received at its address stated in the registration before the intending creditor or assignee has given value or incurred a commitment to give value. 3. Where the obligations secured by a national interest specified in a registered notice of a national interest have been discharged, the holder of such interest shall, without undue delay, procure the discharge of the registration after written demand by the debtor delivered to or received at its address stated in the registration. 4. Where a registration ought not to have been made or is incorrect, the person in whose favour the registration was made shall, without undue delay, procure its discharge or amendment after written demand by the debtor delivered to or received at its address stated in the registration. Article 26 \u2014 Access to the international registration facilities No person shall be denied access to the registration and search facilities of the International Registry on any ground other than its failure to comply with the procedures prescribed by this Chapter. Chapter VI Privileges and immunities of the Supervisory Authority and the Registrar Article 27 \u2014 Legal personality; immunity 1. The Supervisory Authority shall have international legal personality where not already possessing such personality. 2. The Supervisory Authority and its officers and employees shall enjoy such immunity from legal or administrative process as is specified in the Protocol. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 3. The Supervisory Authority shall enjoy exemption from taxes and such other privileges as may be provided by agreement with the host State. For the purposes of this paragraph, \u201chost State\u201d means the State in which the Supervisory Authority is situated. 4. The assets, documents, data bases and archives of the International Registry shall be inviolable and immune from seizure or other legal or administrative process. 5. For the purposes of any claim against the Registrar under Article 28(1) or Article 44, the claimant shall be entitled to access to such information and documents as are necessary to enable the claimant to pursue its claim. 6. The Supervisory Authority may waive the inviolability and immunity conferred by paragraph 4. Chapter VII Liability of the Registrar Article 28 \u2014 Liability and financial assurances 1. The Registrar shall be liable for compensatory damages for loss suffered by a person directly resulting from an error or omission of the Registrar and its officers and employees or from a malfunction of the international registration system except where the malfunction is caused by an event of an inevitable and irresistible nature, which could not be prevented by using the best practices in current use in the field of electronic registry design and operation, including those related to back-up and systems security and networking. 2. The Registrar shall not be liable under the preceding paragraph for factual inaccuracy of registration information received by the Registrar or transmitted by the Registrar in the form in which it received that information nor for acts or circumstances for which the Registrar and its officers and employees are not responsible and arising prior to receipt of registration information at the International Registry. 3. Compensation under paragraph 1 may be reduced to the extent that the person who suffered the damage caused or contributed to that damage. 4. The Registrar shall procure insurance or a financial guarantee covering the liability referred to in this Article to the extent determined by the Supervisory Authority, in accordance with the Protocol. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 Chapter VIII Effects of an international interest as against third parties Article 29 \u2014 Priority of competing interests 1. A registered interest has priority over any other interest subsequently registered and over an unregistered interest. 2. The priority of the first-mentioned interest under the preceding paragraph applies: (a) even if the first-mentioned interest was acquired or registered with actual knowledge of the other interest; and (b) even as regards value given by the holder of the first-mentioned interest with such knowledge. 3. The buyer of an object acquires its interest in it: (a) subject to an interest registered at the time of its acquisition of that interest; and (b) free from an unregistered interest even if it has actual knowledge of such an interest. 4. The conditional buyer or lessee acquires its interest in or right over that object: (a) subject to an interest registered prior to the registration of the international interest held by its conditional seller or lessor; and (b) free from an interest not so registered at that time even if it has actual knowledge of that interest. 5. The priority of competing interests or rights under this Article may be varied by agreement between the holders of those interests, but an assignee of a subordinated interest is not bound by an agreement to subordinate that interest unless at the time of the assignment a subordination had been registered relating to that agreement. 6. Any priority given by this Article to an interest in an object extends to proceeds. 7. This Convention: (a) does not affect the rights of a person in an item, other than an object, held prior to its installation on an object if under the applicable law those rights continue to exist after the installation; and (b) does not prevent the creation of rights in an item, other than an object, which has previously been installed on an object where under the applicable law those rights are created. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 Article 30 \u2014 Effects of insolvency 1. In insolvency proceedings against the debtor an international interest is effective if prior to the commencement of the insolvency proceedings that interest was registered in conformity with this Convention. 2. Nothing in this Article impairs the effectiveness of an international interest in the insolvency proceedings where that interest is effective under the applicable law. 3. Nothing in this Article affects: (a) any rules of law applicable in insolvency proceedings relating to the avoidance of a transaction as a preference or a transfer in fraud of creditors; or (b) any rules of procedure relating to the enforcement of rights to property which is under the control or supervision of the insolvency administrator. Chapter IX Assignments of associated rights and international interests; rights of subrogation Article 31 \u2014 Effects of assignment 1. Except as otherwise agreed by the parties, an assignment of associated rights made in conformity with Article 32 also transfers to the assignee: (a) the related international interest; and (b) all the interests and priorities of the assignor under this Convention. 2. Nothing in this Convention prevents a partial assignment of the assignor\u2019s associated rights. In the case of such a partial assignment the assignor and assignee may agree as to their respective rights concerning the related international interest assigned under the preceding paragraph but not so as adversely to affect the debtor without its consent. 3. Subject to paragraph 4, the applicable law shall determine the defences and rights of set-off available to the debtor against the assignee. 4. The debtor may at any time by agreement in writing waive all or any of the defences and rights of set-off referred to in the preceding paragraph other than defences arising from fraudulent acts on the part of the assignee. 5. In the case of an assignment by way of security, the assigned associated rights revest in the assignor, to the extent that they are still subsisting, when the obligations secured by the assignment have been discharged. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 Article 32 \u2014 Formal requirements of assignment 1. An assignment of associated rights transfers the related international interest only if it: (a) is in writing; (b) enables the associated rights to be identified under the contract from which they arise; and (c) in the case of an assignment by way of security, enables the obligations secured by the assignment to be determined in accordance with the Protocol but without the need to state a sum or maximum sum secured. 2. An assignment of an international interest created or provided for by a security agreement is not valid unless some or all related associated rights also are assigned. 3. This Convention does not apply to an assignment of associated rights which is not effective to transfer the related international interest. Article 33 \u2014 Debtor\u2019s duty to assignee 1. To the extent that associated rights and the related international interest have been transferred in accordance with Articles 31 and 32, the debtor in relation to those rights and that interest is bound by the assignment and has a duty to make payment or give other performance to the assignee, if but only if: (a) the debtor has been given notice of the assignment in writing by or with the authority of the assignor; and (b) the notice identifies the associated rights. 2. Irrespective of any other ground on which payment or performance by the debtor discharges the latter from liability, payment or performance shall be effective for this purpose if made in accordance with the preceding paragraph. 3. Nothing in this Article shall affect the priority of competing assignments. Article 34 \u2014 Default remedies in respect of assignment by way of security In the event of default by the assignor under the assignment of associated rights and the related international interest made by way of security, Articles 8, 9 and 11 to 14 apply in the relations between the assignor and the assignee (and, in relation to associated rights, apply in so far as those provisions are capable of application to intangible property) as if references: (a) to the secured obligation and the security interest were references to the obligation secured by the assignment of the associated rights and the related international interest and the security interest created by that assignment; International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 (b) to the chargee or creditor and chargor or debtor were references to the assignee and assignor; (c) to the holder of the international interest were references to the assignee; and (d) to the object were references to the assigned associated rights and the related international interest. Article 35 \u2014 Priority of competing assignments 1. Where there are competing assignments of associated rights and at least one of the assignments includes the related international interest and is registered, the provisions of Article 29 apply as if the references to a registered interest were references to an assignment of the associated rights and the related registered interest and as if references to a registered or unregistered interest were references to a registered or unregistered assignment. 2. Article 30 applies to an assignment of associated rights as if the references to an international interest were references to an assignment of the associated rights and the related international interest. Article 36 \u2014 Assignee\u2019s priority with respect to associated rights 1. The assignee of associated rights and the related international interest whose assignment has been registered only has priority under Article 35(1) over another assignee of the associated rights: (a) if the contract under which the associated rights arise states that they are secured by or associated with the object; and (b) to the extent that the associated rights are related to an object. 2. For the purposes of sub-paragraph (b) of the preceding paragraph, associated rights are related to an object only to the extent that they consist of rights to payment or performance that relate to: (a) a sum advanced and utilised for the purchase of the object; (b) a sum advanced and utilised for the purchase of another object in which the assignor held another international interest if the assignor transferred that interest to the assignee and the assignment has been registered; (c) the price payable for the object; (d) the rentals payable in respect of the object; or (e) other obligations arising from a transaction referred to in any of the preceding subparagraphs. 3. In all other cases, the priority of the competing assignments of the associated rights shall be determined by the applicable law. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 Article 37 \u2014 Effects of assignor\u2019s insolvency The provisions of Article 30 apply to insolvency proceedings against the assignor as if references to the debtor were references to the assignor. Article 38 \u2014 Subrogation 1. Subject to paragraph 2, nothing in this Convention affects the acquisition of associated rights and the related international interest by legal or contractual subrogation under the applicable law. 2. The priority between any interest within the preceding paragraph and a competing interest may be varied by agreement in writing between the holders of the respective interests but an assignee of a subordinated interest is not bound by an agreement to subordinate that interest unless at the time of the assignment a subordination had been registered relating to that agreement. Chapter X Rights or interests subject to declarations by Contracting States Article 39 \u2014 Rights having priority without registration 1. A Contracting State may at any time, in a declaration deposited with the Depositary of the Protocol declare, generally or specifically: (a) those categories of non-consensual right or interest (other than a right or interest to which Article 40 applies) which under that State\u2019s law have priority over an interest in an object equivalent to that of the holder of a registered international interest and which shall have priority over a registered international interest, whether in or outside insolvency proceedings; and (b) that nothing in this Convention shall affect the right of a State or State entity, intergovernmental organisation or other private provider of public services to arrest or detain an object under the laws of that State for payment of amounts owed to such entity, organisation or provider directly relating to those services in respect of that object or another object. 2. A declaration made under the preceding paragraph may be expressed to cover categories that are created after the deposit of that declaration. 3. A non-consensual right or interest has priority over an international interest if and only if the former is of a category covered by a declaration deposited prior to the registration of the international interest. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 4. Notwithstanding the preceding paragraph, a Contracting State may, at the time of ratification, acceptance, approval of, or accession to the Protocol, declare that a right or interest of a category covered by a declaration made under sub-paragraph (a) of paragraph 1 shall have priority over an international interest registered prior to the date of such ratification, acceptance, approval or accession. Article 40 \u2014 Registrable non-consensual rights or interests A Contracting State may at any time in a declaration deposited with the Depositary of the Protocol list the categories of non-consensual right or interest which shall be registrable under this Convention as regards any category of object as if the right or interest were an international interest and shall be regulated accordingly. Such a declaration may be modified from time to time. Chapter XI Application of the Convention to sales Article 41 \u2014 Sale and prospective sale This Convention shall apply to the sale or prospective sale of an object as provided for in the Protocol with any modifications therein. Chapter XII Jurisdiction Article 42 \u2014 Choice of forum 1. Subject to Articles 43 and 44, the courts of a Contracting State chosen by the parties to a transaction have jurisdiction in respect of any claim brought under this Convention, whether or not the chosen forum has a connection with the parties or the transaction. Such jurisdiction shall be exclusive unless otherwise agreed between the parties. 2. Any such agreement shall be in writing or otherwise concluded in accordance with the formal requirements of the law of the chosen forum. Article 43 \u2014 Jurisdiction under Article 13 1. The courts of a Contracting State chosen by the parties and the courts of the Contracting State on the territory of which the object is situated have jurisdiction to grant relief under Article 13(1)(a), (b), (c) and Article 13(4) in respect of that object. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 2. Jurisdiction to grant relief under Article 13(1)(d) or other interim relief by virtue of Article 13(4) may be exercised either: (a) by the courts chosen by the parties; or (b) by the courts of a Contracting State on the territory of which the debtor is situated, being relief which, by the terms of the order granting it, is enforceable only in the territory of that Contracting State. 3. A court has jurisdiction under the preceding paragraphs even if the final determination of the claim referred to in Article 13(1) will or may take place in a court of another Contracting State or by arbitration. Article 44 \u2014 Jurisdiction to make orders against the Registrar 1. The courts of the place in which the Registrar has its centre of administration shall have exclusive jurisdiction to award damages or make orders against the Registrar. 2. Where a person fails to respond to a demand made under Article 25 and that person has ceased to exist or cannot be found for the purpose of enabling an order to be made against it requiring it to procure discharge of the registration, the courts referred to in the preceding paragraph shall have exclusive jurisdiction, on the application of the debtor or intending debtor, to make an order directed to the Registrar requiring the Registrar to discharge the registration. 3. Where a person fails to comply with an order of a court having jurisdiction under this Convention or, in the case of a national interest, an order of a court of competent jurisdiction requiring that person to procure the amendment or discharge of a registration, the courts referred to in paragraph 1 may direct the Registrar to take such steps as will give effect to that order. 4. Except as otherwise provided by the preceding paragraphs, no court may make orders or give judgments or rulings against or purporting to bind the Registrar. Article 45 \u2014 Jurisdiction in respect of insolvency proceedings The provisions of this Chapter are not applicable to insolvency proceedings. Chapter XIII Relationship with other Conventions Article 45 bis \u2014 Relationship with the United Nations Convention on the Assignment of Receivables in International Trade This Convention shall prevail over the United Nations Convention on the Assignment of Receivables in International Trade, opened for signature in New York on 12 December International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 2001, as it relates to the assignment of receivables which are associated rights related to international interests in aircraft objects, railway rolling stock and space assets. Article 46 \u2014 Relationship with the UNIDROIT Convention on International Financial Leasing The Protocol may determine the relationship between this Convention and the UNIDROIT Convention on International Financial Leasing, signed at Ottawa on 28 May 1988. Chapter XIV Final provisions Article 47 \u2014 Signature, ratification, acceptance, approval or accession 1. This Convention shall be open for signature in Cape Town on 16 November 2001 by States participating in the Diplomatic Conference to Adopt a Mobile Equipment Convention and an Aircraft Protocol held at Cape Town from 29 October to 16 November 2001. After 16 November 2001, the Convention shall be open to all States for signature at the Headquarters of the International Institute for the Unification of Private Law (UNIDROIT) in Rome until it enters into force in accordance with Article 49. 2. This Convention shall be subject to ratification, acceptance or approval by States which have signed it. 3. Any State which does not sign this Convention may accede to it at any time. 4. Ratification, acceptance, approval or accession is effected by the deposit of a formal instrument to that effect with the Depositary. Article 48 \u2014 Regional Economic Integration Organisations 1. A Regional Economic Integration Organisation which is constituted by sovereign States and has competence over certain matters governed by this Convention may similarly sign, accept, approve or accede to this Convention. The Regional Economic Integration Organisation shall in that case have the rights and obligations of a Contracting State, to the extent that that Organisation has competence over matters governed by this Convention. Where the number of Contracting States is relevant in this Convention, the Regional Economic Integration Organisation shall not count as a Contracting State in addition to its Member States which are Contracting States. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 2. The Regional Economic Integration Organisation shall, at the time of signature, acceptance, approval or accession, make a declaration to the Depositary specifying the matters governed by this Convention in respect of which competence has been transferred to that Organisation by its Member States. The Regional Economic Integration Organisation shall promptly notify the Depositary of any changes to the distribution of competence, including new transfers of competence, specified in the declaration under this paragraph. 3. Any reference to a \u201cContracting State\u201d or \u201cContracting States\u201d or \u201cState Party\u201d or \u201cStates Parties\u201d in this Convention applies equally to a Regional Economic Integration Organisation where the context so requires. Article 49 \u2014 Entry into force 1. This Convention enters into force on the first day of the month following the expiration of three months after the date of the deposit of the third instrument of ratification, acceptance, approval or accession but only as regards a category of objects to which a Protocol applies: (a) as from the time of entry into force of that Protocol; (b) subject to the terms of that Protocol; and (c) as between States Parties to this Convention and that Protocol. 2. For other States this Convention enters into force on the first day of the month following the expiration of three months after the date of the deposit of their instrument of ratification, acceptance, approval or accession but only as regards a category of objects to which a Protocol applies and subject, in relation to such Protocol, to the requirements of sub-paragraphs (a), (b) and (c) of the preceding paragraph. Article 50 \u2014 Internal transactions 1. A Contracting State may, at the time of ratification, acceptance, approval of, or accession to the Protocol, declare that this Convention shall not apply to a transaction which is an internal transaction in relation to that State with regard to all types of objects or some of them. 2. Notwithstanding the preceding paragraph, the provisions of Articles 8(4), 9(1), 16, Chapter V, Article 29, and any provisions of this Convention relating to registered interests shall apply to an internal transaction. 3. Where notice of a national interest has been registered in the International Registry, the priority of the holder of that interest under Article 29 shall not be affected by the fact that such interest has become vested in another person by assignment or subrogation under the applicable law. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 Article 51 \u2014 Future Protocols 1. The Depositary may create working groups, in co-operation with such relevant nongovernmental organisations as the Depositary considers appropriate, to assess the feasibility of extending the application of this Convention, through one or more Protocols, to objects of any category of high-value mobile equipment, other than a category referred to in Article 2(3), each member of which is uniquely identifiable, and associated rights relating to such objects. 2. The Depositary shall communicate the text of any preliminary draft Protocol relating to a category of objects prepared by such a working group to all States Parties to this Convention, all member States of the Depositary, member States of the United Nations which are not members of the Depositary and the relevant intergovernmental organisations, and shall invite such States and organisations to participate in intergovernmental negotiations for the completion of a draft Protocol on the basis of such a preliminary draft Protocol. 3. The Depositary shall also communicate the text of any preliminary draft Protocol prepared by such a working group to such relevant non-governmental organisations as the Depositary considers appropriate. Such non-governmental organisations shall be invited promptly to submit comments on the text of the preliminary draft Protocol to the Depositary and to participate as observers in the preparation of a draft Protocol. 4. When the competent bodies of the Depositary adjudge such a draft Protocol ripe for adoption, the Depositary shall convene a diplomatic conference for its adoption. 5. Once such a Protocol has been adopted, subject to paragraph 6, this Convention shall apply to the category of objects covered thereby. 6. Article 45 bis of this Convention applies to such a Protocol only if specifically provided for in that Protocol. Article 52 \u2014 Territorial units 1. If a Contracting State has territorial units in which different systems of law are applicable in relation to the matters dealt with in this Convention, it may, at the time of ratification, acceptance, approval or accession, declare that this Convention is to extend to all its territorial units or only to one or more of them and may modify its declaration by submitting another declaration at any time. 2. Any such declaration shall state expressly the territorial units to which this Convention applies. 3. If a Contracting State has not made any declaration under paragraph 1, this Convention shall apply to all territorial units of that State. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 4. Where a Contracting State extends this Convention to one or more of its territorial units, declarations permitted under this Convention may be made in respect of each such territorial unit, and the declarations made in respect of one territorial unit may be different from those made in respect of another territorial unit. 5. If by virtue of a declaration under paragraph 1, this Convention extends to one or more territorial units of a Contracting State: (a) the debtor is considered to be situated in a Contracting State only if it is incorporated or formed under a law in force in a territorial unit to which this Convention applies or if it has its registered office or statutory seat, centre of administration, place of business or habitual residence in a territorial unit to which this Convention applies; (b) any reference to the location of the object in a Contracting State refers to the location of the object in a territorial unit to which this Convention applies; and (c) any reference to the administrative authorities in that Contracting State shall be construed as referring to the administrative authorities having jurisdiction in a territorial unit to which this Convention applies. Article 53 \u2014 Determination of courts A Contracting State may, at the time of ratification, acceptance, approval of, or accession to the Protocol, declare the relevant \u201ccourt\u201d or \u201ccourts\u201d for the purposes of Article 1 and Chapter XII of this Convention. Article 54 \u2014 Declarations regarding remedies 1. A Contracting State may, at the time of ratification, acceptance, approval of, or accession to the Protocol, declare that while the charged object is situated within, or controlled from its territory the chargee shall not grant a lease of the object in that territory. 2. A Contracting State shall, at the time of ratification, acceptance, approval of, or accession to the Protocol, declare whether or not any remedy available to the creditor under any provision of this Convention which is not there expressed to require application to the court may be exercised only with leave of the court. Article 55 \u2014 Declarations regarding relief pending final determination A Contracting State may, at the time of ratification, acceptance, approval of, or accession to the Protocol, declare that it will not apply the provisions of Article 13 or Article 43, or both, wholly or in part. The declaration shall specify under which conditions the relevant Article will be applied, in case it will be applied partly, or otherwise which other forms of interim relief will be applied. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 Article 56 \u2014 Reservations and declarations 1. No reservations may be made to this Convention but declarations authorised by Articles 39, 40, 50, 52, 53, 54, 55, 57, 58 and 60 may be made in accordance with these provisions. 2. Any declaration or subsequent declaration or any withdrawal of a declaration made under this Convention shall be notified in writing to the Depositary. Article 57 \u2014 Subsequent declarations 1. A State Party may make a subsequent declaration, other than a declaration authorised under Article 60, at any time after the date on which this Convention has entered into force for it, by notifying the Depositary to that effect. 2. Any such subsequent declaration shall take effect on the first day of the month following the expiration of six months after the date of receipt of the notification by the Depositary. Where a longer period for that declaration to take effect is specified in the notification, it shall take effect upon the expiration of such longer period after receipt of the notification by the Depositary. 3. Notwithstanding the previous paragraphs, this Convention shall continue to apply, as if no such subsequent declarations had been made, in respect of all rights and interests arising prior to the effective date of any such subsequent declaration. Article 58 \u2014 Withdrawal of declarations 1. Any State Party having made a declaration under this Convention, other than a declaration authorised under Article 60, may withdraw it at any time by notifying the Depositary. Such withdrawal is to take effect on the first day of the month following the expiration of six months after the date of receipt of the notification by the Depositary. 2. Notwithstanding the previous paragraph, this Convention shall continue to apply, as if no such withdrawal of declaration had been made, in respect of all rights and interests arising prior to the effective date of any such withdrawal. Article 59 \u2014 Denunciations 1. Any State Party may denounce this Convention by notification in writing to the Depositary. 2. Any such denunciation shall take effect on the first day of the month following the expiration of twelve months after the date on which notification is received by the Depositary. 3. Notwithstanding the previous paragraphs, this Convention shall continue to apply, as if no such denunciation had been made, in respect of all rights and interests arising prior to the effective date of any such denunciation. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 Article 60 \u2014 Transitional provisions 1. Unless otherwise declared by a Contracting State at any time, the Convention does not apply to a pre-existing right or interest, which retains the priority it enjoyed under the applicable law before the effective date of this Convention. 2. For the purposes of Article 1(v) and of determining priority under this Convention: (a) \u201ceffective date of this Convention\u201d means in relation to a debtor the time when this Convention enters into force or the time when the State in which the debtor is situated becomes a Contracting State, whichever is the later; and (b) the debtor is situated in a State where it has its centre of administration or, if it has no centre of administration, its place of business or, if it has more than one place of business, its principal place of business or, if it has no place of business, its habitual residence. 3. A Contracting State may in its declaration under paragraph 1 specify a date, not earlier than three years after the date on which the declaration becomes effective, when this Convention and the Protocol will become applicable, for the purpose of determining priority, including the protection of any existing priority, to preexisting rights or interests arising under an agreement made at a time when the debtor was situated in a State referred to in sub-paragraph (b) of the preceding paragraph but only to the extent and in the manner specified in its declaration. Article 61 \u2014 Review Conferences, amendments and related matters 1. The Depositary shall prepare reports yearly or at such other time as the circumstances may require for the States Parties as to the manner in which the international regimen established in this Convention has operated in practice. In preparing such reports, the Depositary shall take into account the reports of the Supervisory Authority concerning the functioning of the international registration system. 2. At the request of not less than twenty-five per cent of the States Parties, Review Conferences of States Parties shall be convened from time to time by the Depositary, in consultation with the Supervisory Authority, to consider: (a) the practical operation of this Convention and its effectiveness in facilitating the asset-based financing and leasing of the objects covered by its terms; (b) the judicial interpretation given to, and the application made of the terms of this Convention and the regulations; (c) the functioning of the international registration system, the performance of the Registrar and its oversight by the Supervisory Authority, taking into account the reports of the Supervisory Authority; and International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 1 Law 2 of 2015 (d) whether any modifications to this Convention or the arrangements relating to the International Registry are desirable. 3. Subject to paragraph 4, any amendment to this Convention shall be approved by at least a two-thirds majority of States Parties participating in the Conference referred to in the preceding paragraph and shall then enter into force in respect of States which have ratified, accepted or approved such amendment when ratified, accepted, or approved by three States in accordance with the provisions of Article 49 relating to its entry into force. 4. Where the proposed amendment to this Convention is intended to apply to more than one category of equipment, such amendment shall also be approved by at least a two-thirds majority of States Parties to each Protocol that are participating in the Conference referred to in paragraph 2. Article 62 \u2014 Depositary and its functions 1. Instruments of ratification, acceptance, approval or accession shall be deposited with the International Institute for the Unification of Private Law (UNIDROIT), which is hereby designated the Depositary. 2. The Depositary shall: (a) inform all Contracting States of: (i) each new signature or deposit of an instrument of ratification, acceptance, approval or accession, together with the date thereof; (ii) the date of entry into force of this Convention; (iii) each declaration made in accordance with this Convention, together with the date thereof; (iv) the withdrawal or amendment of any declaration, together with the date thereof; and (v) the notification of any denunciation of this Convention together with the date thereof and the date on which it takes effect; (b) transmit certified true copies of this Convention to all Contracting States; (c) provide the Supervisory Authority and the Registrar with a copy of each instrument of ratification, acceptance, approval or accession, together with the date of deposit thereof, of each declaration or withdrawal or amendment of a declaration and of each notification of denunciation, together with the date of notification thereof, so that the information contained therein is easily and fully available; and (d) perform such other functions customary for depositaries. SCHEDULE 1 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 IN WITNESS WHEREOF the undersigned Plenipotentiaries, having been duly authorised, have signed this Convention. DONE at Cape Town, this sixteenth day of November, two thousand and one, in a single original in the English, Arabic, Chinese, French, Russian and Spanish languages, all texts being equally authentic, such authenticity to take effect upon verification by the Joint Secretariat of the Conference under the authority of the President of the Conference within ninety days hereof as to the conformity of the texts with one another. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 2 Law 2 of 2015 SCHEDULE 2 PROTOCOL TO THE CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT ON MATTERS SPECIFIC TO AIRCRAFT EQUIPMENT THE STATES PARTIES TO THIS PROTOCOL, CONSIDERING it necessary to implement the Convention on International Interests in Mobile Equipment (hereinafter referred to as \u201cthe Convention\u201d) as it relates to aircraft equipment, in the light of the purposes set out in the preamble to the Convention, MINDFUL of the need to adapt the Convention to meet the particular requirements of aircraft finance and to extend the sphere of application of the Convention to include contracts of sale of aircraft equipment, MINDFUL of the principles and objectives of the Convention on International Civil Aviation, signed at Chicago on 7 December 1944, HAVE AGREED upon the following provisions relating to aircraft equipment: Chapter I Sphere of application and general provisions Article I \u2014 Defined terms 1. In this Protocol, except where the context otherwise requires, terms used in it have the meanings set out in the Convention. 2. In this Protocol the following terms are employed with the meanings set out below: (a) \u201caircraft\u201d means aircraft as defined for the purposes of the Chicago Convention which are either airframes with aircraft engines installed thereon or helicopters; (b) \u201caircraft engines\u201d means aircraft engines (other than those used in military, customs or police services) powered by jet propulsion or turbine or piston technology and: (i) in the case of jet propulsion aircraft engines, have at least 1750 lb of thrust or its equivalent; and (ii) in the case of turbine-powered or piston-powered aircraft engines, have at least 550 rated take-off shaft horsepower or its equivalent, SCHEDULE 2 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 together with all modules and other installed, incorporated or attached accessories, parts and equipment and all data, manuals and records relating thereto; (c) \u201caircraft objects\u201d means airframes, aircraft engines and helicopters; (d) \u201caircraft register\u201d means a register maintained by a State or a common mark registering authority for the purposes of the Chicago Convention; (e) \u201cairframes\u201d means airframes (other than those used in military, customs or police services) that, when appropriate aircraft engines are installed thereon, are type certified by the competent aviation authority to transport: (i) at least eight (8) persons including crew; or (ii) goods in excess of 2750 kilograms, together with all installed, incorporated or attached accessories, parts and equipment (other than aircraft engines), and all data, manuals and records relating thereto; (f) \u201cauthorised party\u201d means the party referred to in Article XIII(3); (g) \u201cChicago Convention\u201d means the Convention on International Civil Aviation, signed at Chicago on 7 December 1944, as amended, and its Annexes; (h) \u201ccommon mark registering authority\u201d means the authority maintaining a register in accordance with Article 77 of the Chicago Convention as implemented by the Resolution adopted on 14 December 1967 by the Council of the International Civil Aviation Organization on nationality and registration of aircraft operated by international operating agencies; (i) \u201cde-registration of the aircraft\u201d means deletion or removal of the registration of the aircraft from its aircraft register in accordance with the Chicago Convention; (j) \u201cguarantee contract\u201d means a contract entered into by a person as guarantor; (k) \u201cguarantor\u201d means a person who, for the purpose of assuring performance of any obligations in favour of a creditor secured by a security agreement or under an agreement, gives or issues a suretyship or demand guarantee or a standby letter of credit or any other form of credit insurance; (l) \u201chelicopters\u201d means heavier-than-air machines (other than those used in military, customs or police services) supported in flight chiefly by the reactions of the air on one or more power-driven rotors on substantially vertical axes and which are type certified by the competent aviation authority to transport: (i) at least five (5) persons including crew; or International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 2 Law 2 of 2015 (ii) goods in excess of 450 kilograms, together with all installed, incorporated or attached accessories, parts and equipment (including rotors), and all data, manuals and records relating thereto; (m) \u201cinsolvency-related event\u201d means: (i) the commencement of the insolvency proceedings; or (ii) the declared intention to suspend or actual suspension of payments by the debtor where the creditor\u2019s right to institute insolvency proceedings against the debtor or to exercise remedies under the Convention is prevented or suspended by law or State action; (n) \u201cprimary insolvency jurisdiction\u201d means the Contracting State in which the centre of the debtor\u2019s main interests is situated, which for this purpose shall be deemed to be the place of the debtor\u2019s statutory seat or, if there is none, the place where the debtor is incorporated or formed, unless proved otherwise; (o) \u201cregistry authority\u201d means the national authority or the common mark registering authority, maintaining an aircraft register in a Contracting State and responsible for the registration and deregistration of an aircraft in accordance with the Chicago Convention; and (p) \u201cState of registry\u201d means, in respect of an aircraft, the State on the national register of which an aircraft is entered or the State of location of the common mark registering authority maintaining the aircraft register. Article II \u2014 Application of Convention as regards aircraft objects 1. The Convention shall apply in relation to aircraft objects as provided by the terms of this Protocol. 2. The Convention and this Protocol shall be known as the Convention on International Interests in Mobile Equipment as applied to aircraft objects. Article III \u2014 Application of Convention to sales The following provisions of the Convention apply as if references to an agreement creating or providing for an international interest were references to a contract of sale and as if references to an international interest, a prospective international interest, the debtor and the creditor were references to a sale, a prospective sale, the seller and the buyer respectively: Articles 3 and 4; Article 16(1)(a); Article 19(4); Article 20(1) (as regards registration of a contract of sale or a prospective sale); SCHEDULE 2 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 Article 25(2) (as regards a prospective sale); and Article 30. In addition, the general provisions of Article 1, Article 5, Chapters IV to VII, Article 29 (other than Article 29(3) which is replaced by Article XIV(1) and (2)), Chapter X, Chapter XII (other than Article 43), Chapter XIII and Chapter XIV (other than Article 60) shall apply to contracts of sale and prospective sales. Article IV \u2014 Sphere of application 1. Without prejudice to Article 3(1) of the Convention, the Convention shall also apply in relation to a helicopter, or to an airframe pertaining to an aircraft, registered in an aircraft register of a Contracting State which is the State of registry, and where such registration is made pursuant to an agreement for registration of the aircraft it is deemed to have been effected at the time of the agreement. 2. For the purposes of the definition of \u201cinternal transaction\u201d in Article 1 of the Convention: (a) an airframe is located in the State of registry of the aircraft of which it is a part; (b) an aircraft engine is located in the State of registry of the aircraft on which it is installed or, if it is not installed on an aircraft, where it is physically located; and (c) a helicopter is located in its State of registry, at the time of the conclusion of the agreement creating or providing for the interest. 3. The parties may, by agreement in writing, exclude the application of Article XI and, in their relations with each other, derogate from or vary the effect of any of the provisions of this Protocol except Article IX (2)-(4). Article V \u2014 Formalities, effects and registration of contracts of sale 1. For the purposes of this Protocol, a contract of sale is one which: (a) is in writing; (b) relates to an aircraft object of which the seller has power to dispose; and (c) enables the aircraft object to be identified in conformity with this Protocol. 2. A contract of sale transfers the interest of the seller in the aircraft object to the buyer according to its terms. 3. Registration of a contract of sale remains effective indefinitely. Registration of a prospective sale remains effective unless discharged or until expiry of the period, if any, specified in the registration. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 2 Law 2 of 2015 Article VI \u2014 Representative capacities A person may enter into an agreement or a sale, and register an international interest in, or a sale of, an aircraft object, in an agency, trust or other representative capacity. In such case, that person is entitled to assert rights and interests under the Convention. Article VII \u2014 Description of aircraft objects A description of an aircraft object that contains its manufacturer\u2019s serial number, the name of the manufacturer and its model designation is necessary and sufficient to identify the object for the purposes of Article 7(c) of the Convention and Article V(1)(c) of this Protocol. Article VIII \u2014 Choice of law 1. This Article applies only where a Contracting State has made a declaration pursuant to Article XXX(1). 2. The parties to an agreement, or a contract of sale, or a related guarantee contract or subordination agreement may agree on the law which is to govern their contractual rights and obligations, wholly or in part. 3. Unless otherwise agreed, the reference in the preceding paragraph to the law chosen by the parties is to the domestic rules of law of the designated State or, where that State comprises several territorial units, to the domestic law of the designated territorial unit. Chapter II Default remedies, priorities and assignments Article IX \u2014 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. SCHEDULE 2 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 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\u2019 prior written notice of a proposed sale or lease to interested persons shall be deemed to satisfy the requirement of providing \u201creasonable prior notice\u201d 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 deregistration 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 deregistration 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 deregistration 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. Article X \u2014 Modification of provisions regarding relief pending final determination 1. This Article applies only where a Contracting State has made a declaration under Article XXX(2) and to the extent stated in such declaration. 2. For the purposes of Article 13(1) of the Convention, \u201cspeedy\u201d in the context of obtaining relief means within such number of working days from the date of filing of the application for relief as is specified in a declaration made by the Contracting State in which the application is made. 3. Article 13(1) of the Convention applies with the following being added immediately after subparagraph (d): International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 2 Law 2 of 2015 \u201c(e) if at any time the debtor and the creditor specifically agree, sale and application of proceeds therefrom\u201d, and Article 43(2) applies with the insertion after the words \u201cArticle 13(1)(d)\u201d of the words \u201cand (e)\u201d. 4. Ownership or any other interest of the debtor passing on a sale under the preceding paragraph is free from any other interest over which the creditor\u2019s international interest has priority under the provisions of Article 29 of the Convention. 5. The creditor and the debtor or any other interested person may agree in writing to exclude the application of Article 13(2) of the Convention. 6. With regard to the remedies in Article IX(1): (a) they shall be made available by the registry authority and other administrative authorities, as applicable, in a Contracting State no later than five working days after the creditor notifies such authorities that the relief specified in Article IX(1) is granted or, in the case of relief granted by a foreign court, recognised by a court of that Contracting State, and that the creditor 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. 7. Paragraphs 2 and 6 shall not affect any applicable aviation safety laws and regulations. Article XI \u2014 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 \u201cwaiting period\u201d 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 \u201cinsolvency administrator\u201d shall be to that person in its official, not in its personal, capacity. SCHEDULE 2 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 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. Subparagraph (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.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"No obligations of the debtor under the agreement may be modified without the consent of the creditor.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"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.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"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 insolvency proceedings over registered interests.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"The Convention as modified by Article IX of this Protocol shall apply to the exercise of any remedies under this Article. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 2 Law 2 of 2015 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 the insolvency administrator or the debtor has declared that it 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. Article XII \u2014 Insolvency assistance 1. This Article applies only where a Contracting State has made a declaration pursuant to Article XXX(1). 2. The courts of a Contracting State in which an aircraft object is situated shall, in accordance with the law of the Contracting State, co-operate to the maximum extent possible with foreign courts and foreign insolvency administrators in carrying out the provisions of Article XI. Article XIII \u2014 De-registration and export request authorisation 1. This Article applies only where a Contracting State has made a declaration pursuant to Article XXX(1). 2. Where the debtor has issued an irrevocable de-registration and export request authorisation substantially in the form annexed to this Protocol and has submitted such authorisation for recordation to the registry authority, that authorisation shall be so recorded. SCHEDULE 2 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 3. The person in whose favour the authorisation has been issued (the \u201cauthorised party\u201d) or its certified designee shall be the sole person entitled to exercise the remedies specified in Article IX(1) and may do so only in accordance with the authorisation and applicable aviation safety laws and regulations. Such authorisation may not be revoked by the debtor without the consent in writing of the authorised party. The registry authority shall remove an authorisation from the registry at the request of the authorised party. 4. The registry authority and other administrative authorities in Contracting States shall expeditiously co-operate with and assist the authorised party in the exercise of the remedies specified in Article IX. Article XIV \u2014 Modification of priority provisions 1. A buyer of an aircraft object under a registered sale acquires its interest in that object free from an interest subsequently registered and from an unregistered interest, even if the buyer has actual knowledge of the unregistered interest. 2. A buyer of an aircraft object acquires its interest in that object subject to an interest registered at the time of its acquisition. 3. Ownership of or another right or interest in an aircraft engine shall not be affected by its installation on or removal from an aircraft. 4. Article 29(7) of the Convention applies to an item, other than an object, installed on an airframe, aircraft engine or helicopter. Article XV \u2014 Modification of assignment provisions Article 33(1) of the Convention applies as if the following were added immediately after subparagraph (b): \u201cand (c) the debtor has consented in writing, whether or not the consent is given in advance of the assignment or identifies the assignee.\u201d Article XVI \u2014 Debtor provisions 1. In the absence of a default within the meaning of Article 11 of the Convention, the debtor shall be entitled to the quiet possession and use of the object in accordance with the agreement as against: (a) its creditor and the holder of any interest from which the debtor takes free pursuant to Article 29(4) of the Convention or, in the capacity of buyer, Article XIV(1) of this Protocol, unless and to the extent that the debtor has otherwise agreed; and (b) the holder of any interest to which the debtor\u2019s right or interest is subject pursuant to Article 29(4) of the Convention or, in the capacity of buyer, International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 2 Law 2 of 2015 Article XIV(2) of this Protocol, but only to the extent, if any, that such holder has agreed. 2. Nothing in the Convention or this Protocol affects the liability of a creditor for any breach of the agreement under the applicable law in so far as that agreement relates to an aircraft object. Chapter III Registry provisions relating to international interests in aircraft objects Article XVII \u2014 The Supervisory Authority and the Registrar 1. The Supervisory Authority shall be the international entity designated by a Resolution adopted by the Diplomatic Conference to Adopt a Mobile Equipment Convention and an Aircraft Protocol. 2. Where the international entity referred to in the preceding paragraph is not able and willing to act as Supervisory Authority, a Conference of Signatory and Contracting States shall be convened to designate another Supervisory Authority. 3. The Supervisory Authority and its officers and employees shall enjoy such immunity from legal and administrative process as is provided under the rules applicable to them as an international entity or otherwise. 4. The Supervisory Authority may establish a commission of experts, from among persons nominated by Signatory and Contracting States and having the necessary qualifications and experience, and entrust it with the task of assisting the Supervisory Authority in the discharge of its functions. 5. The first Registrar shall operate the International Registry for a period of five years from the date of entry into force of this Protocol. Thereafter, the Registrar shall be appointed or reappointed at regular five-yearly intervals by the Supervisory Authority. Article XVIII \u2014 First regulations The first regulations shall be made by the Supervisory Authority so as to take effect upon the entry into force of this Protocol. Article XIX \u2014 Designated entry points 1. Subject to paragraph 2, a Contracting State may at any time designate an entity or entities in its territory as the entry point or entry points through which there shall or may be transmitted to the International Registry information required for registration other than registration of a notice of a national interest or a right or interest under Article 40 in either case arising under the laws of another State. SCHEDULE 2 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 2. A designation made under the preceding paragraph may permit, but not compel, use of a designated entry point or entry points for information required for registrations in respect of aircraft engines. Article XX \u2014 Additional modifications to Registry provisions 1. For the purposes of Article 19(6) of the Convention, the search criteria for an aircraft object shall be the name of its manufacturer, its manufacturer\u2019s serial number and its model designation, supplemented as necessary to ensure uniqueness. Such supplementary information shall be specified in the regulations. 2. For the purposes of Article 25(2) of the Convention and in the circumstances there described, the holder of a registered prospective international interest or a registered prospective assignment of an international interest or the person in whose favour a prospective sale has been registered shall take such steps as are within its power to procure the discharge of the registration no later than five working days after the receipt of the demand described in such paragraph. 3. The fees referred to in Article 17(2)(h) of the Convention shall be determined so as to recover the reasonable costs of establishing, operating and regulating the International Registry and the reasonable costs of the Supervisory Authority associated with the performance of the functions, exercise of the powers, and discharge of the duties contemplated by Article 17(2) of the Convention. 4. The centralised functions of the International Registry shall be operated and administered by the Registrar on a twenty-four hour basis. The various entry points shall be operated at least during working hours in their respective territories. 5. The amount of the insurance or financial guarantee referred to in Article 28(4) of the Convention shall, in respect of each event, not be less than the maximum value of an aircraft object as determined by the Supervisory Authority. 6. Nothing in the Convention shall preclude the Registrar from procuring insurance or a financial guarantee covering events for which the Registrar is not liable under Article 28 of the Convention. Chapter IV Jurisdiction Article XXI \u2014 Modification of jurisdiction provisions For the purposes of Article 43 of the Convention and subject to Article 42 of the Convention, a court of a Contracting State also has jurisdiction where the object is a helicopter, or an airframe pertaining to an aircraft, for which that State is the State of registry. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 2 Law 2 of 2015 Article XXII \u2014 Waivers of sovereign immunity 1. Subject to paragraph 2, a waiver of sovereign immunity from jurisdiction of the courts specified in Article 42 or Article 43 of the Convention or relating to enforcement of rights and interests relating to an aircraft object under the Convention shall be binding and, if the other conditions to such jurisdiction or enforcement have been satisfied, shall be effective to confer jurisdiction and permit enforcement, as the case may be. 2. A waiver under the preceding paragraph must be in writing and contain a description of the aircraft object. Chapter V Relationship with other conventions Article XXIII- Relationship with the Convention on the International Recognition of Rights in Aircraft The Convention shall, for a Contracting State that is a party to the Convention on the International Recognition of Rights in Aircraft, signed at Geneva on 19 June 1948, supersede that Convention as it relates to aircraft, as defined in this Protocol, and to aircraft objects. However, with respect to rights or interests not covered or affected by the present Convention, the Geneva Convention shall not be superseded. Article XXIV \u2014 Relationship with the Convention for the Unification of Certain Rules Relating to the Precautionary Attachment of Aircraft 1. The Convention shall, for a Contracting State that is a Party to the Convention for the Unification of Certain Rules Relating to the Precautionary Attachment of Aircraft, signed at Rome on 29 May 1933, supersede that Convention as it relates to aircraft, as defined in this Protocol. 2. A Contracting State Party to the above Convention may declare, at the time of ratification, acceptance, approval of, or accession to this Protocol, that it will not apply this Article. Article XXV \u2014 Relationship with the UNIDROIT Convention on International Financial Leasing The Convention shall supersede the UNIDROIT Convention on International Financial Leasing, signed at Ottawa on 28 May 1988, as it relates to aircraft objects. SCHEDULE 2 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 Chapter VI Final provisions Article XXVI \u2014 Signature, ratification, acceptance, approval or accession 1. This Protocol shall be open for signature in Cape Town on 16 November 2001 by States participating in the Diplomatic Conference to Adopt a Mobile Equipment Convention and an Aircraft Protocol held at Cape Town from 29 October to 16 November 2001. After 16 November 2001, this Protocol shall be open to all States for signature at the Headquarters of the International Institute for the Unification of Private Law (UNIDROIT) in Rome until it enters into force in accordance with Article XXVIII. 2. This Protocol shall be subject to ratification, acceptance or approval by States which have signed it. 3. Any State which does not sign this Protocol may accede to it at any time. 4. Ratification, acceptance, approval or accession is effected by the deposit of a formal instrument to that effect with the Depositary. 5. A State may not become a Party to this Protocol unless it is or becomes also a Party to the Convention. Article XXVII \u2014 Regional Economic Integration Organisations 1. A Regional Economic Integration Organisation which is constituted by sovereign States and has competence over certain matters governed by this Protocol may similarly sign, accept, approve or accede to this Protocol. The Regional Economic Integration Organisation shall in that case have the rights and obligations of a Contracting State, to the extent that that Organisation has competence over matters governed by this Protocol. Where the number of Contracting States is relevant in this Protocol, the Regional Economic Integration Organisation shall not count as a Contracting State in addition to its Member States which are Contracting States. 2. The Regional Economic Integration Organisation shall, at the time of signature, acceptance, approval or accession, make a declaration to the Depositary specifying the matters governed by this Protocol in respect of which competence has been transferred to that Organisation by its Member States. The Regional Economic Integration Organisation shall promptly notify the Depositary of any changes to the distribution of competence, including new transfers of competence, specified in the declaration under this paragraph. 3. Any reference to a \u201cContracting State\u201d or \u201cContracting States\u201d or \u201cState Party\u201d or \u201cStates Parties\u201d in this Protocol applies equally to a Regional Economic Integration Organisation where the context so requires. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 2 Law 2 of 2015 Article XXVIII \u2014 Entry into force 1. This Protocol enters into force on the first day of the month following the expiration of three months after the date of the deposit of the eighth instrument of ratification, acceptance, approval or accession, between the States which have deposited such instruments. 2. For other States this Protocol enters into force on the first day of the month following the expiration of three months after the date of the deposit of its instrument of ratification, acceptance, approval or accession. Article XXIX \u2014 Territorial units 1. If a Contracting State has territorial units in which different systems of law are applicable in relation to the matters dealt with in this Protocol, it may, at the time of ratification, acceptance, approval or accession, declare that this Protocol is to extend to all its territorial units or only to one or more of them and may modify its declaration by submitting another declaration at any time. 2. Any such declaration shall state expressly the territorial units to which this Protocol applies. 3. If a Contracting State has not made any declaration under paragraph 1, this Protocol shall apply to all territorial units of that State. 4. Where a Contracting State extends this Protocol to one or more of its territorial units, declarations permitted under this Protocol may be made in respect of each such territorial unit, and the declarations made in respect of one territorial unit may be different from those made in respect of another territorial unit. 5. If by virtue of a declaration under paragraph 1, this Protocol extends to one or more territorial units of a Contracting State: (a) the debtor is considered to be situated in a Contracting State only if it is incorporated or formed under a law in force in a territorial unit to which the Convention and this Protocol apply or if it has its registered office or statutory seat, centre of administration, place of business or habitual residence in a territorial unit to which the Convention and this Protocol apply; (b) any reference to the location of the object in a Contracting State refers to the location of the object in a territorial unit to which the Convention and this Protocol apply; and (c) any reference to the administrative authorities in that Contracting State shall be construed as referring to the administrative authorities having jurisdiction in a territorial unit to which the Convention and this Protocol apply and any reference to the national register or to the registry authority in that Contracting State shall be construed as referring to the SCHEDULE 2 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 aircraft register in force or to the registry authority having jurisdiction in the territorial unit or units to which the Convention and this Protocol apply. Article XXX \u2014 Declarations relating to certain provisions 1. A Contracting State may, at the time of ratification, acceptance, approval of, or accession to this Protocol, declare that it will apply any one or more of Articles VIII, XII and XIII of this Protocol. 2. A Contracting State may, at the time of ratification, acceptance, approval of, or accession to this Protocol, declare that it will apply Article X of this Protocol, wholly or in part. If it so declares with respect to Article X(2), it shall specify the time-period required thereby. 3. A Contracting State may, at the time of ratification, acceptance, approval of, or accession to this Protocol, declare that it will apply the entirety of Alternative A, or the entirety of Alternative B of Article XI and, if so, shall specify the types of insolvency proceeding, if any, to which it will apply Alternative A and the types of insolvency proceeding, if any, to which it will apply Alternative B. A Contracting State making a declaration pursuant to this paragraph shall specify the time-period required by Article XI. 4. The courts of Contracting States shall apply Article XI in conformity with the declaration made by the Contracting State which is the primary insolvency jurisdiction. 5. A Contracting State may, at the time of ratification, acceptance, approval of, or accession to this Protocol, declare that it will not apply the provisions of Article XXI, wholly or in part. The declaration shall specify under which conditions the relevant Article will be applied, in case it will be applied partly, or otherwise which other forms of interim relief will be applied. Article XXXI \u2014 Declarations under the Convention Declarations made under the Convention, including those made under Articles 39, 40, 50, 53, 54, 55, 57, 58 and 60 of the Convention, shall be deemed to have also been made under this Protocol unless stated otherwise. Article XXXII \u2014 Reservations and declarations 1. No reservations may be made to this Protocol but declarations authorised by Articles XXIV, XXIX, XXX, XXXI, XXXIII and XXXIV may be made in accordance with these provisions. 2. Any declaration or subsequent declaration or any withdrawal of a declaration made under this Protocol shall be notified in writing to the Depositary. International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 2 Law 2 of 2015 Article XXXIII \u2014 Subsequent declarations 1. A State Party may make a subsequent declaration, other than a declaration made in accordance with Article XXXI under Article 60 of the Convention, at any time after the date on which this Protocol has entered into force for it, by notifying the Depositary to that effect. 2. Any such subsequent declaration shall take effect on the first day of the month following the expiration of six months after the date of receipt of the notification by the Depositary. Where a longer period for that declaration to take effect is specified in the notification, it shall take effect upon the expiration of such longer period after receipt of the notification by the Depositary. 3. Notwithstanding the previous paragraphs, this Protocol shall continue to apply, as if no such subsequent declarations had been made, in respect of all rights and interests arising prior to the effective date of any such subsequent declaration. Article XXXIV \u2014 Withdrawal of declarations 1. Any State Party having made a declaration under this Protocol, other than a declaration made in accordance with Article XXXI under Article 60 of the Convention, may withdraw it at any time by notifying the Depositary. Such withdrawal is to take effect on the first day of the month following the expiration of six months after the date of receipt of the notification by the Depositary. 2. Notwithstanding the previous paragraph, this Protocol shall continue to apply, as if no such withdrawal of declaration had been made, in respect of all rights and interests arising prior to the effective date of any such withdrawal. Article XXXV \u2014 Denunciations 1. Any State Party may denounce this Protocol by notification in writing to the Depositary. 2. Any such denunciation shall take effect on the first day of the month following the expiration of twelve months after the date of receipt of the notification by the Depositary. 3. Notwithstanding the previous paragraphs, this Protocol shall continue to apply, as if no such denunciation had been made, in respect of all rights and interests arising prior to the effective date of any such denunciation. SCHEDULE 2 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 Article XXXVI \u2014 Review Conferences, amendments and related matters 1. The Depositary, in consultation with the Supervisory Authority, shall prepare reports yearly, or at such other time as the circumstances may require, for the States Parties as to the manner in which the international regime established in the Convention as amended by this Protocol has operated in practice. In preparing such reports, the Depositary shall take into account the reports of the Supervisory Authority concerning the functioning of the international registration system. 2. At the request of not less than twenty-five per cent of the States Parties, Review Conferences of the States Parties shall be convened from time to time by the Depositary, in consultation with the Supervisory Authority, to consider: (a) the practical operation of the Convention as amended by this Protocol and its effectiveness in facilitating the asset-based financing and leasing of the objects covered by its terms; (b) the judicial interpretation given to, and the application made of the terms of this Protocol and the regulations; (c) the functioning of the international registration system, the performance of the Registrar and its oversight by the Supervisory Authority, taking into account the reports of the Supervisory Authority; and (d) whether any modifications to this Protocol or the arrangements relating to the International Registry are desirable. 3. Any amendment to this Protocol shall be approved by at least a two-thirds majority of States Parties participating in the Conference referred to in the preceding paragraph and shall then enter into force in respect of States which have ratified, accepted or approved such amendment when it has been ratified, accepted or approved by eight States in accordance with the provisions of Article XXVIII relating to its entry into force. Article XXXVII \u2014 Depositary and its functions 1. Instruments of ratification, acceptance, approval or accession shall be deposited with the International Institute for the Unification of Private Law (UNIDROIT), which is hereby designated the Depositary. 2. The Depositary shall: (a) inform all Contracting States of: (i) each new signature or deposit of an instrument of ratification, acceptance, approval or accession, together with the date thereof; (ii) the date of entry into force of this Protocol; (iii) each declaration made in accordance with this Protocol, together with the date thereof; International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 2 Law 2 of 2015 (iv) the withdrawal or amendment of any declaration, together with the date thereof; and (v) the notification of any denunciation of this Protocol together with the date thereof and the date on which it takes effect; (b) transmit certified true copies of this Protocol to all Contracting States; (c) provide the Supervisory Authority and the Registrar with a copy of each instrument of ratification, acceptance, approval or accession, together with the date of deposit thereof, of each declaration or withdrawal or amendment of a declaration and of each notification of denunciation, together with the date of notification thereof, so that the information contained therein is easily and fully available; and (d) perform such other functions customary for depositaries. IN WITNESS WHEREOF the undersigned Plenipotentiaries, having been duly authorised, have signed this Protocol. DONE at Cape Town, this sixteenth day of November, two thousand and one, in a single original in the English, Arabic, Chinese, French, Russian and Spanish languages, all texts being equally authentic, such authenticity to take effect upon verification by the Joint Secretariat of the Conference under the authority of the President of the Conference within ninety days hereof as to the conformity of the texts with one another. Annex FORM OF IRREVOCABLE DE-REGISTRATION AND EXPORT REQUEST AUTHORISATION Annex referred to in Article XIII [Insert Date] To: [Insert Name of Registry Authority] Re: Irrevocable De-Registration and Export Request Authorisation The undersigned is the registered [operator] [owner]* of the [insert the airframe\/helicopter manufacturer name and model number] bearing manufacturers serial number [insert manufacturer\u2019s serial number] and registration [number] [mark] [insert registration number\/mark] (together with all installed, incorporated or attached accessories, parts and equipment, \u201caircraft\u201d). --------------------------------------------------- *Select the term that reflects the relevant nationality registration criterion SCHEDULE 2 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 This instrument is an irrevocable de-registration and export request authorisation issued by the undersigned in favour of [insert name of creditor] (\u201cthe authorised party\u201d) under the authority of Article XIII of the Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment. In accordance with that Article, the undersigned hereby requests: (i) recognition that the authorised party or the person it certifies as its designee is the sole person entitled to: (a) procure the de-registration of the aircraft from the [insert name of aircraft register] maintained by the [insert name of registry authority] for the purposes of Chapter III of the Convention on International Civil Aviation, signed at Chicago, on 7 December 1944, and (b) procure the export and physical transfer of the aircraft from [insert name of country]; and (ii) confirmation that the authorised party or the person it certifies as its designee may take the action specified in clause (i) above on written demand without the consent of the undersigned and that, upon such demand, the authorities in [insert name of country] shall co-operate with the authorised party with a view to the speedy completion of such action. The rights in favour of the authorised party established by this instrument may not be revoked by the undersigned without the written consent of the authorised party. Please acknowledge your agreement to this request and its terms by appropriate notation in the space provided below and lodging this instrument in [insert name of registry authority]. [insert name of operator\/owner] __________________________ Agreed to and lodged this                                                     By: [insert name of signatory] [insert date]                                                          Its: [insert title of signatory] _______________________________ [insert relevant notational details] International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 SCHEDULE 3 Law 2 of 2015 SCHEDULE 3 DECLARATIONS LODGED BY THE UNITED KINGDOM IN RESPECT OF THE CAYMAN ISLANDS UNDER THE CAPE TOWN CONVENTION (THE \u201cCONVENTION\u201d) AT THE TIME OF THE DEPOSIT OF THE INSTRUMENT OF RATIFICATION BY THE UNITED KINGDOM IN RESPECT THEREOF The United Kingdom of Great Britain and Northern Ireland is to make the following declarations in respect of the Cayman Islands pursuant to the Convention and the Protocol to the Convention on Matters Specific to Aircraft Equipment: In these declarations the phrase \u201cGovernment of the Cayman Islands\u201d means any public or governmental body, including any statutory body or company or association in which the Cayman Islands has an interest and which performs a public function or duty and any entity that provides any public function or duty for or on behalf of the government of the Cayman Islands and includes, without limitation, the Civil Aviation Authority of the Cayman Islands and the Cayman Islands Airports Authority. 1. Declarations pursuant to Article 39(1) of the Convention: (a) that all categories of non-consensual rights or interests which under the laws of the Cayman Islands at the date of this declaration or created after that date have priority over an interest in an object equivalent to that of the holder of a registered international interest shall to that extent have priority over a registered international interest, whether in or outside insolvency proceedings. (b) that nothing in the Convention shall affect the right of the Government of the Cayman Islands or any other provider of public services (whether an intergovernmental organisation or a private or public entity or otherwise) to arrest or detain an aircraft object under the laws of the Cayman Islands for payment of amounts owed to such entity, organisation or provider directly relating to those services in respect of that aircraft object or another aircraft object. 2. Declaration pursuant to Article 39(4) of the Convention: declares that a right or interest of a category covered by a declaration made under paragraph 1(a) above pursuant to Article 39(1)(a) of the Convention shall have priority over an international interest registered prior to the date of deposit of the United Kingdom of Great Britain and Northern Ireland\u2019s instrument of ratification. SCHEDULE 3 International Interests in Mobile Equipment (Cape Town Convention) Law, 2015 Law 2 of 2015 3. Declaration Pursuant to Article 53 of the Convention: that the relevant \u201ccourt\u201d for the purposes of Article 1 and Chapter XII of the Convention is the Grand Court of the Cayman Islands. 4. Declaration pursuant to Article 54(2) of the Convention: that all remedies available to the creditor under any provision of the Convention or Protocol which are not expressed to require application to the court may be exercised without leave of the court. 5. Declarations Pursuant to Article XXX(1) of the Protocol: (a) that it will apply Article VIII of the Protocol. (b) that it will apply Article XII of the Protocol. (c) that it will apply Article XIII of the Protocol. 6. Declaration pursuant to Article XXX(2) of the Protocol: that it will apply Article X of the Protocol in its entirety and that the number of days to be used for the purposes of the time-limit laid down in Article X(2) of the Protocol shall be 10 working days in the Cayman Islands from the date the application for relief is filed. 7. Declaration pursuant to Article XXX(3) of the Protocol: that it will apply Article XI, Alternative A of the Protocol in its entirety to all types of all insolvency proceedings and that the waiting period for the purposes of Article XI(3) of that Alternative shall be sixty (60) calendar days. Passed by the Legislative Assembly the 17th day of April, 2015. Juliana O\u2019Connor-Connolly Speaker. Zena Merren-Chin Clerk of the Legislative Assembly.\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2015_11_01\", \"date\": \"2015-11-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2015_11_01\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_2015_11_01\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/2015\/2\", \"FRBRdate\": [{\"date\": \"2015-11-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/2015\/2\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"2015-0002\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"2 of 2015\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"principal\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/2015\/2\/eng@2015-11-01\", \"FRBRdate\": [{\"date\": \"2015-11-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/2015\/2\/eng@2015-11-01\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/2015\/2\/eng@2015-11-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/2015\/2\/eng@2015-11-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"International Interests in Mobile Equipment (Cape Town Convention) Act\", \"actNumber\": \"2 of 2015\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nINTERNATIONAL INTERESTS IN MOBILE\nEQUIPMENT (CAPE TOWN CONVENTION)\nLAW, 2015\n(Law 2 of 2015)\nSupplement No. 1 published with Extraordinary Gazette No. 32 dated 1st May, 2015.\n\nPage 2\nLaw 2 of 2015\nc\n\nPUBLISHING DETAILS\nCommenced: 1st November, 2015\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nArrangement of Sections\n\nc\nLaw 2 of 2015\nPage 3\n\nCAYMAN ISLANDS\n\nINTERNATIONAL INTERESTS IN MOBILE\nEQUIPMENT (CAPE TOWN CONVENTION)\nLAW, 2015\n(Law 2 of 2015)\nArrangement of Sections\nSection\nPage\nPART l - PRELIMINARY\n1.\nShort title and commencement ..................................................................................................9\n2.\nInterpretation .............................................................................................................................9\nPART 2 - CAPE TOWN TREATY\n3.\nTreaty to have the force of law ................................................................................................. 10\n4.\nProtocol Regulations ................................................................................................................ 10\n5.\nCabinet may amend or revoke the Declarations ....................................................................... 11\n6.\nThe relevant court .................................................................................................................... 11\nPART 3 - MISCELLANEOUS\n7.\nRepeal of Cape Town Convention Law, 2009 [Law 5 of 2009] ................................................. 11\n8.\nConflict with other Laws ........................................................................................................... 11\n9.\nTransitional provisions ............................................................................................................. 11\nSCHEDULE 1\n13\nCONVENTION ON INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT\n13\nChapter I\n13\nSphere of application and general provisions .................................................................................... 13\n\nArrangement of Sections\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 4\nLaw 2 of 2015\nc\n\nArticle 1 \u2014 Definitions ....................................................................................................................... 13\nArticle 2 \u2014 The international interest ................................................................................................. 17\nArticle 3 \u2014 Sphere of application ...................................................................................................... 17\nArticle 4 \u2014 Where debtor is situated ................................................................................................. 17\nArticle 5 \u2014 Interpretation and applicable law ..................................................................................... 18\nArticle 6 \u2014 Relationship between the Convention and the Protocol ................................................... 18\n\nChapter II\n18\nConstitution of an international interest.............................................................................................. 18\nArticle 7 \u2014 Formal requirements ....................................................................................................... 18\n\nChapter III\n19\nDefault remedies ............................................................................................................................... 19\nArticle 8 \u2014 Remedies of chargee ...................................................................................................... 19\nArticle 9 \u2014 Vesting of object in satisfaction; redemption .................................................................... 20\nArticle 10 \u2014 Remedies of conditional seller or lessor ........................................................................ 20\nArticle 11 \u2014 Meaning of default ........................................................................................................ 20\nArticle 12 \u2014 Additional remedies....................................................................................................... 21\nArticle 13 \u2014 Relief pending final determination ................................................................................. 21\nArticle 14 \u2014 Procedural requirements ............................................................................................... 21\nArticle 15 \u2014 Derogation .................................................................................................................... 21\n\nChapter IV\n22\nThe international registration system ................................................................................................. 22\nArticle 16 \u2014 The International Registry ............................................................................................. 22\nArticle 17 \u2014 The Supervisory Authority and the Registrar ................................................................. 22\n\nChapter V\n23\nOther matters relating to registration ................................................................................................. 23\nArticle 18 \u2014 Registration requirements ............................................................................................. 23\nArticle 19 \u2014 Validity and time of registration ..................................................................................... 24\nArticle 20 \u2014 Consent to registration .................................................................................................. 24\nArticle 21 \u2014 Duration of registration .................................................................................................. 25\nArticle 22 \u2014 Searches....................................................................................................................... 25\nArticle 23 \u2014 List of declarations and declared non-consensual rights or interests ............................. 25\nArticle 24 \u2014 Evidentiary value of certificates ..................................................................................... 25\nArticle 25 \u2014 Discharge of registration ............................................................................................... 26\nArticle 26 \u2014 Access to the international registration facilities ............................................................ 26\n\nChapter VI\n26\nPrivileges and immunities of the Supervisory Authority and the Registrar .......................................... 26\nArticle 27 \u2014 Legal personality; immunity ........................................................................................... 26\n\nChapter VII\n27\nLiability of the Registrar ..................................................................................................................... 27\nArticle 28 \u2014 Liability and financial assurances .................................................................................. 27\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nArrangement of Sections\n\nc\nLaw 2 of 2015\nPage 5\n\nChapter VIII\n28\nEffects of an international interest as against third parties ................................................................. 28\nArticle 29 \u2014 Priority of competing interests ....................................................................................... 28\nArticle 30 \u2014 Effects of insolvency ..................................................................................................... 29\n\nChapter IX\n29\nAssignments of associated rights and international interests; rights of subrogation ........................... 29\nArticle 31 \u2014 Effects of assignment .................................................................................................... 29\nArticle 32 \u2014 Formal requirements of assignment .............................................................................. 30\nArticle 33 \u2014 Debtor\u2019s duty to assignee .............................................................................................. 30\nArticle 34 \u2014 Default remedies in respect of assignment by way of security ....................................... 30\nArticle 35 \u2014 Priority of competing assignments ................................................................................. 31\nArticle 36 \u2014 Assignee\u2019s priority with respect to associated rights ...................................................... 31\nArticle 37 \u2014 Effects of assignor\u2019s insolvency ..................................................................................... 32\nArticle 38 \u2014 Subrogation .................................................................................................................. 32\n\nChapter X\n32\nRights or interests subject to declarations by Contracting States ....................................................... 32\nArticle 39 \u2014 Rights having priority without registration ...................................................................... 32\nArticle 40 \u2014 Registrable non-consensual rights or interests .............................................................. 33\n\nChapter XI\n33\nApplication of the Convention to sales ............................................................................................... 33\nArticle 41 \u2014 Sale and prospective sale ............................................................................................. 33\n\nChapter XII\n33\nJurisdiction ........................................................................................................................................ 33\nArticle 42 \u2014 Choice of forum ............................................................................................................. 33\nArticle 43 \u2014 Jurisdiction under Article 13 .......................................................................................... 33\nArticle 44 \u2014 Jurisdiction to make orders against the Registrar .......................................................... 34\nArticle 45 \u2014 Jurisdiction in respect of insolvency proceedings .......................................................... 34\n\nChapter XIII\n34\nRelationship with other Conventions.................................................................................................. 34\nArticle 45 bis \u2014 Relationship with the United Nations Convention on the Assignment of\nReceivables in International Trade ........................................................................................... 34\nArticle 46 \u2014 Relationship with the UNIDROIT Convention on International Financial Leasing ........... 35\n\nChapter XIV\n35\nFinal provisions ................................................................................................................................. 35\nArticle 47 \u2014 Signature, ratification, acceptance, approval or accession ............................................ 35\nArticle 48 \u2014 Regional Economic Integration Organisations ............................................................... 35\nArticle 49 \u2014 Entry into force .............................................................................................................. 36\nArticle 50 \u2014 Internal transactions ...................................................................................................... 36\nArticle 51 \u2014 Future Protocols ............................................................................................................ 37\nArticle 52 \u2014 Territorial units .............................................................................................................. 37\nArticle 53 \u2014 Determination of courts ................................................................................................. 38\nArticle 54 \u2014 Declarations regarding remedies ................................................................................... 38\n\nArrangement of Sections\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 6\nLaw 2 of 2015\nc\n\nArticle 55 \u2014 Declarations regarding relief pending final determination .............................................. 38\nArticle 56 \u2014 Reservations and declarations ...................................................................................... 39\nArticle 57 \u2014 Subsequent declarations ............................................................................................... 39\nArticle 58 \u2014 Withdrawal of declarations ............................................................................................ 39\nArticle 59 \u2014 Denunciations ............................................................................................................... 39\nArticle 60 \u2014 Transitional provisions .................................................................................................. 40\nArticle 61 \u2014 Review Conferences, amendments and related matters................................................ 40\nArticle 62 \u2014 Depositary and its functions .......................................................................................... 41\nSCHEDULE 2\n43\nPROTOCOL TO THE CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE\nEQUIPMENT ON MATTERS SPECIFIC TO AIRCRAFT EQUIPMENT\n43\n\nChapter I\n43\nSphere of application and general provisions .................................................................................... 43\nArticle I \u2014 Defined terms .................................................................................................................. 43\nArticle II \u2014 Application of Convention as regards aircraft objects ...................................................... 45\nArticle III \u2014 Application of Convention to sales ................................................................................. 45\nArticle IV \u2014 Sphere of application ..................................................................................................... 46\nArticle V \u2014 Formalities, effects and registration of contracts of sale .................................................. 46\nArticle VI \u2014 Representative capacities .............................................................................................. 47\nArticle VII \u2014 Description of aircraft objects ........................................................................................ 47\nArticle VIII \u2014 Choice of law ............................................................................................................... 47\n\nChapter II\n47\nDefault remedies, priorities and assignments .................................................................................... 47\nArticle IX \u2014 Modification of default remedies provisions .................................................................... 47\nArticle X \u2014 Modification of provisions regarding relief pending final determination ............................ 48\nArticle XI \u2014 Remedies on insolvency ................................................................................................ 49\nArticle XII \u2014 Insolvency assistance ................................................................................................... 51\nArticle XIII \u2014 De-registration and export request authorisation .......................................................... 51\nArticle XIV \u2014 Modification of priority provisions ................................................................................. 52\nArticle XV \u2014 Modification of assignment provisions .......................................................................... 52\nArticle XVI \u2014 Debtor provisions ........................................................................................................ 52\n\nChapter III\n53\nRegistry provisions relating to international interests in aircraft objects .............................................. 53\nArticle XVII \u2014 The Supervisory Authority and the Registrar .............................................................. 53\nArticle XVIII \u2014 First regulations ......................................................................................................... 53\nArticle XIX \u2014 Designated entry points ............................................................................................... 53\nArticle XX \u2014 Additional modifications to Registry provisions ............................................................. 54\n\nChapter IV\n54\nJurisdiction ........................................................................................................................................ 54\nArticle XXI \u2014 Modification of jurisdiction provisions ........................................................................... 54\nArticle XXII \u2014 Waivers of sovereign immunity ................................................................................... 55\n\nChapter V\n55\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nArrangement of Sections\n\nc\nLaw 2 of 2015\nPage 7\n\nRelationship with other conventions .................................................................................................. 55\nArticle XXIII- Relationship with the Convention on the International Recognition of Rights in\nAircraft ..................................................................................................................................... 55\nArticle XXIV \u2014 Relationship with the Convention for the Unification of Certain Rules Relating to\nthe Precautionary Attachment of Aircraft .................................................................................. 55\nArticle XXV \u2014 Relationship with the UNIDROIT Convention on International Financial Leasing ........ 55\n\nChapter VI\n56\nFinal provisions ................................................................................................................................. 56\nArticle XXVI \u2014 Signature, ratification, acceptance, approval or accession ........................................ 56\nArticle XXVII \u2014 Regional Economic Integration Organisations .......................................................... 56\nArticle XXVIII \u2014 Entry into force ........................................................................................................ 57\nArticle XXIX \u2014 Territorial units .......................................................................................................... 57\nArticle XXX \u2014 Declarations relating to certain provisions .................................................................. 58\nArticle XXXI \u2014 Declarations under the Convention ........................................................................... 58\nArticle XXXII \u2014 Reservations and declarations ................................................................................. 58\nArticle XXXIII \u2014 Subsequent declarations ......................................................................................... 59\nArticle XXXIV \u2014 Withdrawal of declarations ...................................................................................... 59\nArticle XXXV \u2014 Denunciations .......................................................................................................... 59\nArticle XXXVI \u2014 Review Conferences, amendments and related matters ......................................... 60\nArticle XXXVII \u2014 Depositary and its functions ................................................................................... 60\n\nFORM OF IRREVOCABLE DE-REGISTRATION AND EXPORT REQUEST AUTHORISATION\n61\nSCHEDULE 3\n63\nDECLARATIONS\n63\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSection 1\n\nc\nLaw 2 of 2015\nPage 9\n\nCAYMAN ISLANDS\n\nINTERNATIONAL INTERESTS IN MOBILE\nEQUIPMENT (CAPE TOWN CONVENTION)\nLAW, 2015\n(Law 2 of 2015)\nA LAW TO REPEAL AND REPLACE THE CAPE TOWN CONVENTION LAW, 2009; TO\nGIVE EFFECT TO THE CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE\nEQUIPMENT AND THE PROTOCOL THERETO ON MATTERS SPECIFIC TO\nAIRCRAFT EQUIPMENT CONCLUDED AT CAPE TOWN, SOUTH AFRICA ON 16\nNOVEMBER, 2001 AND THE DECLARATIONS MADE BY THE CAYMAN ISLANDS IN\nRESPECT THEREOF; AND FOR INCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\nPART l - PRELIMINARY\n1.\nShort title and commencement\n1.\n(1) This Law may be cited as the International Interests in Mobile Equipment\n(Cape Town Convention) Law, 2015.\n(2) This Law shall come into force on such date as may be appointed by Order\nmade by the Cabinet.\n2.\nInterpretation\n2.\nIn this Law \u2014\n\nSection 3\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 10\nLaw 2 of 2015\nc\n\n\u201cCape Town Treaty\u201d means the Convention, the Protocol and the\nDeclarations;\n\u201cConvention\u201d means the Convention on International Interests in Mobile\nEquipment concluded at Cape Town, South Africa, on 16th November, 2001,\nthe text of which is set out in Schedule 1;\n\u201cDeclarations\u201d means the declarations deposited by the United Kingdom in\nrespect of the Islands with UNIDROIT in connection with the Convention and\nthe Protocol, the text of which is set out in Schedule 3;\n\u201cinternational interests\u201d has the same meaning as in the Convention;\n\u201cProtocol\u201d means the Protocol to the Convention on International Interests in\nMobile Equipment on matters specific to Aircraft Equipment which was\nconcluded at Cape Town, South Africa, on 16 th November 2001, the text of\nwhich is set out in Schedule 2;\n\u201cProtocol Regulations\u201d means regulations made or approved by the\nSupervisory Authority pursuant to the Protocol;\n\u201cSupervisory Authority\u201d means, in respect of the Protocol, the Supervisory\nAuthority referred to in Article 17(1) of the Convention; and\n\u201cUNIDROIT\u201d means the International Institute for the Unification of Private\nLaw acting as Depository pursuant to Article 62(1) of the Convention and\nArticle XXXVII(1) of the Protocol.\nPART 2 - CAPE TOWN TREATY\n3.\nTreaty to have the force of law\n3.\nThe Cape Town Treaty shall have the force of law in the Islands.\n4.\nProtocol Regulations\n4.\n(1) Registration of an international interest or other matter in accordance with the\nConvention has effect for the purposes of this Law only if and to the extent\nthat it complies with the provisions of Articles 18 to 20 of the Convention\n(registration requirements; validity and time of registration; consent to\nregistration) as modified by Article XX of the Protocol and by Protocol\nRegulations.\n(2) The effect of registration is subject to the obligations imposed under Article 25\nof the Convention (discharge of registration) as modified by Article XX of the\nProtocol and by Protocol Regulations; and holders of interests, intending\ncreditors or assignees, and persons in whose favour an incorrect or erroneous\nregistration has been made, shall comply with those obligations.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSection 5\n\nc\nLaw 2 of 2015\nPage 11\n\n5.\nCabinet may amend or revoke the Declarations\n5.\nThe Cabinet may amend, revoke or replace Schedule 3.\n6.\nThe relevant court\n6.\nFor the purposes of the Cape Town Treaty and of Article 53 of the Convention, the\nGrand Court is the relevant court.\nPART 3 - MISCELLANEOUS\n7.\nRepeal of Cape Town Convention Law, 2009 [Law 5 of 2009]\n7.\nThe Cape Town Convention Law, 2009 is repealed, but the repeal does not \u2014\n(a)\naffect the previous operation of the repealed Law or anything duly done\nor suffered under that repealed Law;\n(b) affect any right, privilege, obligation or liability acquired, accrued or\nincurred under the repealed Law;\n(c)\naffect any penalty, fine, forfeiture or punishment incurred in respect of\nany offence committed against the repealed Law; or\n(d) affect any investigation, legal proceeding or remedy in respect of any\nsuch right, privilege, obligation, liability, penalty, fine, forfeiture or\npunishment referred to in this section; and any such investigation, legal\nproceedings or remedy may be instituted, continued, or enforced, and any\nsuch penalty, fine, forfeiture or punishment may be imposed as if this\nLaw had not been passed.\n8.\nConflict with other Laws\n8.\nSubject to section 9, to the extent of any conflict or inconsistency between this Law\nand any other Law of the Islands addressing any matter governed by the Cape Town\nTreaty, this Law prevails over such other Law, and, to that extent, such other Law is\nhereby superseded.\n9.\nTransitional provisions\n9.\nThis Law does not apply to a pre-existing right or interest, which retains the priority\nit enjoyed under the Laws of the Islands before the coming into force of this Law.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 13\n\n SCHEDULE 1\nCONVENTION ON INTERNATIONAL INTERESTS IN MOBILE\nEQUIPMENT\nTHE STATES PARTIES TO THIS CONVENTION,\nAWARE of the need to acquire and use mobile equipment of high value or particular\neconomic significance and to facilitate the financing of the acquisition and use of such\nequipment in an efficient manner,\nRECOGNISING the advantages of asset-based financing and leasing for this purpose and\ndesiring to facilitate these types of transaction by establishing clear rules to govern them,\nMINDFUL of the need to ensure that interests in such equipment are recognised and\nprotected universally,\nDESIRING to provide broad and mutual economic benefits for all interested parties,\nBELIEVING that such rules must reflect the principles underlying asset-based financing\nand leasing and promote the autonomy of the parties necessary in these transactions,\nCONSCIOUS of the need to establish a legal framework for international interests in\nsuch equipment and for that purpose to create an international registration system for\ntheir protection,\nTAKING INTO CONSIDERATION the objectives and principles enunciated in existing\nConventions relating to such equipment,\nHAVE AGREED upon the following provisions:\n\nChapter I\nSphere of application and general provisions\nArticle 1 \u2014 Definitions\n1.\nIn this Convention, except where the context otherwise requires, the following\nterms are employed with the meanings set out below:\n(a)\n\u201cagreement\u201d means a security agreement, a title reservation agreement\nor a leasing agreement;\n(b) \u201cassignment\u201d means a contract which, whether by way of security or\notherwise, confers on the assignee associated rights with or without a\ntransfer of the related international interest;\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 14\nLaw 2 of 2015\nc\n\n(c)\n\u201cassociated rights\u201d means all rights to payment or other performance by\na debtor under an agreement which are secured by or associated with the\nobject;\n(d) \u201ccommencement of the insolvency proceedings\u201d means the time at\nwhich the insolvency proceedings are deemed to commence under the\napplicable insolvency law;\n(e)\n\u201cconditional buyer\u201d means a buyer under a title reservation agreement;\n(f)\n\u201cconditional seller\u201d means a seller under a title reservation agreement;\n(g) \u201ccontract of sale\u201d means a contract for the sale of an object by a seller to\na buyer which is not an agreement as defined in (a) above;\n(h) \u201ccourt\u201d means a court of law or an administrative or arbitral tribunal\nestablished by a Contracting State;\n(i)\n\u201ccreditor\u201d means a chargee under a security agreement, a conditional\nseller under a title reservation agreement or a lessor under a leasing\nagreement;\n(j)\n\u201cdebtor\u201d means a chargor under a security agreement, a conditional\nbuyer under a title reservation agreement, a lessee under a leasing\nagreement or a person whose interest in an object is burdened by a\nregistrable non-consensual right or interest;\n(k) \u201cinsolvency administrator\u201d means a person authorised to administer the\nreorganisation or liquidation, including one authorised on an interim\nbasis, and includes a debtor in possession if permitted by the applicable\ninsolvency law;\n(l)\n\u201cinsolvency proceedings\u201d means bankruptcy, liquidation or other\ncollective judicial or administrative proceedings, including interim\nproceedings, in which the assets and affairs of the debtor are subject to\ncontrol or supervision by a court for the purposes of reorganisation or\nliquidation;\n(m) \u201cinterested persons\u201d means:\n(i)\nthe debtor;\n(ii) any person who, for the purpose of assuring performance of any of\nthe obligations in favour of the creditor, gives or issues a suretyship\nor demand guarantee or a standby letter of credit or any other form\nof credit insurance;\n(iii) any other person having rights in or over the object;\n(n) \u201cinternal transaction\u201d means a transaction of a type listed in Article\n2(2)(a) to (c) where the centre of the main interests of all parties to such\ntransaction is situated, and the relevant object located (as specified in the\nProtocol), in the same Contracting State at the time of the conclusion of\nthe contract and where the interest created by the transaction has been\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 15\n\nregistered in a national registry in that Contracting State which has made\na declaration under Article 50(1);\n(o) \u201cinternational interest\u201d means an interest held by a creditor to which\nArticle 2 applies;\n(p) \u201cInternational Registry\u201d means the international registration facilities\nestablished for the purposes of this Convention or the Protocol;\n(q) \u201cleasing agreement\u201d means an agreement by which one person (the\nlessor) grants a right to possession or control of an object (with or\nwithout an option to purchase) to another person (the lessee) in return for\na rental or other payment;\n(r)\n\u201cnational interest\u201d means an interest held by a creditor in an object and\ncreated by an internal transaction covered by a declaration under Article\n50(1);\n(s)\n\u201cnon-consensual right or interest\u201d means a right or interest conferred\nunder the law of a Contracting State which has made a declaration under\nArticle 39 to secure the performance of an obligation, including an\nobligation to a State, State entity or an intergovernmental or private\norganisation;\n(t)\n\u201cnotice of a national interest\u201d means notice registered or to be\nregistered in the International Registry that a national interest has been\ncreated;\n(u) \u201cobject\u201d means an object of a category to which Article 2 applies;\n(v) \u201cpre-existing right or interest\u201d means a right or interest of any kind in\nor over an object created or arising before the effective date of this\nConvention as defined by Article 60(2)(a);\n(w) \u201cproceeds\u201d means money or non-money proceeds of an object arising\nfrom the total or partial loss or physical destruction of the object or its\ntotal or partial confiscation, condemnation or requisition;\n(x) \u201cprospective assignment\u201d means an assignment that is intended to be\nmade in the future, upon the occurrence of a stated event, whether or not\nthe occurrence of the event is certain;\n(y) \u201cprospective international interest\u201d means an interest that is intended\nto be created or provided for in an object as an international interest in\nthe future, upon the occurrence of a stated event (which may include the\ndebtor\u2019s acquisition of an interest in the object), whether or not the\noccurrence of the event is certain;\n(z)\n\u201cprospective sale\u201d means a sale which is intended to be made in the\nfuture, upon the occurrence of a stated event, whether or not the\noccurrence of the event is certain;\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 16\nLaw 2 of 2015\nc\n\n(aa) \u201cProtocol\u201d means, in respect of any category of object and associated\nrights to which this Convention applies, the Protocol in respect of that\ncategory of object and associated rights;\n(bb) \u201cregistered\u201d means registered in the International Registry pursuant to\nChapter V;\n(cc) \u201cregistered interest\u201d means an international interest, a registrable nonconsensual right or interest or a national interest specified in a notice of a\nnational interest registered pursuant to Chapter V;\n(dd) \u201cregistrable non-consensual right or interest\u201d means a non-consensual\nright or interest registrable pursuant to a declaration deposited under\nArticle 40;\n(ee) \u201cRegistrar\u201d means, in respect of the Protocol, the person or body\ndesignated by that Protocol or appointed under Article 17(2)(b);\n(ff) \u201cregulations\u201d means regulations made or approved by the Supervisory\nAuthority pursuant to the Protocol;\n(gg) \u201csale\u201d means a transfer of ownership of an object pursuant to a contract\nof sale;\n(hh) \u201csecured obligation\u201d means an obligation secured by a security interest;\n(ii) \u201csecurity agreement\u201d means an agreement by which a chargor grants or\nagrees to grant to a chargee an interest (including an ownership interest)\nin or over an object to secure the performance of any existing or future\nobligation of the chargor or a third person;\n(jj) \u201csecurity interest\u201d means an interest created by a security agreement;\n(kk) \u201cSupervisory Authority\u201d means, in respect of the Protocol, the\nSupervisory Authority referred to in Article 17(1);\n(ll) \u201ctitle reservation agreement\u201d means an agreement for the sale of an\nobject on terms that ownership does not pass until fulfilment of the\ncondition or conditions stated in the agreement;\n(mm) \u201cunregistered interest\u201d means a consensual interest or nonconsensual\nright or interest (other than an interest to which Article 39 applies) which\nhas not been registered, whether or not it is registrable under this\nConvention; and\n(nn) \u201cwriting\u201d means a record of information (including information\ncommunicated by teletransmission) which is in tangible or other form\nand is capable of being reproduced in tangible form on a subsequent\noccasion and which indicates by reasonable means a person\u2019s approval of\nthe record.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 17\n\nArticle 2 \u2014 The international interest\n1.\nThis Convention provides for the constitution and effects of an international interest\nin certain categories of mobile equipment and associated rights.\n2.\nFor the purposes of this Convention, an international interest in mobile equipment is\nan interest, constituted under Article 7, in a uniquely identifiable object of a\ncategory of such objects listed in paragraph 3 and designated in the Protocol:\n(a)\ngranted by the chargor under a security agreement;\n(b) vested in a person who is the conditional seller under a title reservation\nagreement; or\n(c)\nvested in a person who is the lessor under a leasing agreement.\nAn interest falling within subparagraph (a) does not also fall within\nsubparagraph (b) or (c).\n3.\nThe categories referred to in the preceding paragraphs are:\n(a)\nairframes, aircraft engines and helicopters;\n(b) railway rolling stock; and\n(c)\nspace assets.\n4.\nThe applicable law determines whether an interest to which paragraph 2 applies\nfalls within subparagraph (a), (b) or (c) of that paragraph.\n5.\nAn international interest in an object extends to proceeds of that object.\nArticle 3 \u2014 Sphere of application\n1.\nThis Convention applies when, at the time of the conclusion of the agreement\ncreating or providing for the international interest, the debtor is situated in a\nContracting State.\n2.\nThe fact that the creditor is situated in a non-Contracting State does not affect the\napplicability of this Convention.\nArticle 4 \u2014 Where debtor is situated\n1.\nFor the purposes of Article 3(1), the debtor is situated in any Contracting State:\n(a)\nunder the law of which it is incorporated or formed;\n(b) where it has its registered office or statutory seat;\n(c)\nwhere it has its centre of administration; or\n(d) where it has its place of business.\n2.\nA reference in subparagraph (d) of the preceding paragraph to the debtor\u2019s place of\nbusiness shall, if it has more than one place of business, mean its principal place of\nbusiness or, if it has no place of business, its habitual residence.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 18\nLaw 2 of 2015\nc\n\nArticle 5 \u2014 Interpretation and applicable law\n1.\nIn the interpretation of this Convention, regard is to be had to its purposes as set\nforth in the preamble, to its international character and to the need to promote\nuniformity and predictability in its application.\n2.\nQuestions concerning matters governed by this Convention which are not expressly\nsettled in it are to be settled in conformity with the general principles on which it is\nbased or, in the absence of such principles, in conformity with the applicable law.\n3.\nReferences to the applicable law are to the domestic rules of the law applicable by\nvirtue of the rules of private international law of the forum State.\n4.\nWhere a State comprises several territorial units, each of which has its own rules of\nlaw in respect of the matter to be decided, and where there is no indication of the\nrelevant territorial unit, the law of that State decides which is the territorial unit\nwhose rules shall govern. In the absence of any such rule, the law of the territorial\nunit with which the case is most closely connected shall apply.\nArticle 6 \u2014 Relationship between the Convention and the Protocol\n1.\nThis Convention and the Protocol shall be read and interpreted together as a single\ninstrument.\n2.\nTo the extent of any inconsistency between this Convention and the Protocol, the\nProtocol shall prevail.\nChapter II\nConstitution of an international interest\nArticle 7 \u2014 Formal requirements\nAn interest is constituted as an international interest under this Convention where the\nagreement creating or providing for the interest:\n(a)\nis in writing;\n(b) relates to an object of which the chargor, conditional seller or lessor has\npower to dispose;\n(c)\nenables the object to be identified in conformity with the Protocol; and\n(d) in the case of a security agreement, enables the secured obligations to be\ndetermined, but without the need to state a sum or maximum sum\nsecured.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 19\n\nChapter III\nDefault remedies\nArticle 8 \u2014 Remedies of chargee\n1.\nIn the event of default as provided in Article 11, the chargee may, to the extent that\nthe chargor has at any time so agreed and subject to any declaration that may be\nmade by a Contracting State under Article 54, exercise any one or more of the\nfollowing remedies:\n(a)\ntake possession or control of any object charged to it;\n(b) sell or grant a lease of any such object;\n(c)\ncollect or receive any income or profits arising from the management or\nuse of any such object.\n2.\nThe chargee may alternatively apply for a court order authorising or directing any of\nthe acts referred to in the preceding paragraph.\n3.\nAny remedy set out in sub-paragraph (a), (b) or (c) of paragraph 1 or by Article 13\nshall be exercised in a commercially reasonable manner. A remedy shall be deemed\nto be exercised in a commercially reasonable manner where it is exercised in\nconformity with a provision of the security agreement except where such a\nprovision is manifestly unreasonable.\n4.\nA chargee proposing to sell or grant a lease of an object under paragraph 1 shall\ngive reasonable prior notice in writing of the proposed sale or lease to:\n(a)\ninterested persons specified in Article 1(m)(i) and (ii); and\n(b) interested persons specified in Article 1(m)(iii) who have given notice of\ntheir rights to the chargee within a reasonable time prior to the sale or\nlease.\n5.\nAny sum collected or received by the chargee as a result of exercise of any of the\nremedies set out in paragraph 1 or 2 shall be applied towards discharge of the\namount of the secured obligations.\n6.\nWhere the sums collected or received by the chargee as a result of the exercise of\nany remedy set out in paragraph 1 or 2 exceed the amount secured by the security\ninterest and any reasonable costs incurred in the exercise of any such remedy, then\nunless otherwise ordered by the court the chargee shall distribute the surplus among\nholders of subsequently ranking interests which have been registered or of which\nthe chargee has been given notice, in order of priority, and pay any remaining\nbalance to the chargor.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 20\nLaw 2 of 2015\nc\n\nArticle 9 \u2014 Vesting of object in satisfaction; redemption\n1.\nAt any time after default as provided in Article 11, the chargee and all the interested\npersons may agree that ownership of (or any other interest of the chargor in) any\nobject covered by the security interest shall vest in the chargee in or towards\nsatisfaction of the secured obligations.\n2.\nThe court may on the application of the chargee order that ownership of (or any\nother interest of the chargor in) any object covered by the security interest shall vest\nin the chargee in or towards satisfaction of the secured obligations.\n3.\nThe court shall grant an application under the preceding paragraph only if the\namount of the secured obligations to be satisfied by such vesting is commensurate\nwith the value of the object after taking account of any payment to be made by the\nchargee to any of the interested persons.\n4.\nAt any time after default as provided in Article 11 and before sale of the charged\nobject or the making of an order under paragraph 2, the chargor or any interested\nperson may discharge the security interest by paying in full the amount secured,\nsubject to any lease granted by the chargee under Article 8(1)(b) or ordered under\nArticle 8(2). Where, after such default, the payment of the amount secured is made\nin full by an interested person other than the debtor, that person is subrogated to the\nrights of the chargee.\n5.\nOwnership or any other interest of the chargor passing on a sale under Article\n8(1)(b) or passing under paragraph 1 or 2 of this Article is free from any other\ninterest over which the chargee\u2019s security interest has priority under the provisions\nof Article 29.\nArticle 10 \u2014 Remedies of conditional seller or lessor\nIn the event of default under a title reservation agreement or under a leasing agreement as\nprovided in Article 11, the conditional seller or the lessor, as the case may be, may:\n(a)\nsubject to any declaration that may be made by a Contracting State under\nArticle 54, terminate the agreement and take possession or control of any\nobject to which the agreement relates; or\n(b) apply for a court order authorising or directing either of these acts.\nArticle 11 \u2014 Meaning of default\n1.\nThe debtor and the creditor may at any time agree in writing as to the events that\nconstitute a default or otherwise give rise to the rights and remedies specified in\nArticles 8 to 10 and 13.\n2.\nWhere the debtor and the creditor have not so agreed, \u201cdefault\u201d for the purposes of\nArticles 8 to 10 and 13 means a default which substantially deprives the creditor of\nwhat it is entitled to expect under the agreement.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 21\n\nArticle 12 \u2014 Additional remedies\nAny additional remedies permitted by the applicable law, including any remedies agreed\nupon by the parties, may be exercised to the extent that they are not inconsistent with the\nmandatory provisions of this Chapter as set out in Article 15.\nArticle 13 \u2014 Relief pending final determination\n1.\nSubject to any declaration that it may make under Article 55, a Contracting State\nshall ensure that a creditor who adduces evidence of default by the debtor may,\npending final determination of its claim and to the extent that the debtor has at any\ntime so agreed, obtain from a court speedy relief in the form of such one or more of\nthe following orders as the creditor requests:\n(a)\npreservation of the object and its value;\n(b) possession, control or custody of the object;\n(c)\nimmobilisation of the object; and\n(d) lease or, except where covered by subparagraphs (a) to (c), management\nof the object and the income therefrom.\n2.\nIn making any order under the preceding paragraph, the court may impose such\nterms as it considers necessary to protect the interested persons in the event that the\ncreditor:\n(a)\nin implementing any order granting such relief, fails to perform any of its\nobligations to the debtor under this Convention or the Protocol; or\n(b) fails to establish its claim, wholly or in part, on the final determination of\nthat claim.\n3.\nBefore making any order under paragraph 1, the court may require notice of the\nrequest to be given to any of the interested persons.\n4.\nNothing in this Article affects the application of Article 8(3) or limits the\navailability of forms of interim relief other than those set out in paragraph 1.\nArticle 14 \u2014 Procedural requirements\nSubject to Article 54(2), any remedy provided by this Chapter shall be exercised in\nconformity with the procedure prescribed by the law of the place where the remedy is to\nbe exercised.\nArticle 15 \u2014 Derogation\nIn their relations with each other, any two or more of the parties referred to in this\nChapter may at any time, by agreement in writing, derogate from or vary the effect of any\nof the preceding provisions of this Chapter except Articles 8(3) to (6), 9(3) and (4), 13(2)\nand 14.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 22\nLaw 2 of 2015\nc\n\nChapter IV\nThe international registration system\nArticle 16 \u2014 The International Registry\n1.\nAn International Registry shall be established for registrations of:\n(a)\ninternational interests, prospective international interests and registrable\nnon-consensual rights and interests;\n(b) assignments and prospective assignments of international interests;\n(c)\nacquisitions of international interests by legal or contractual subrogations\nunder the applicable law;\n(d) notices of national interests; and\n(e)\nsubordinations of interests referred to in any of the preceding\nsubparagraphs.\n2.\nDifferent international registries may be established for different categories of\nobject and associated rights.\n3.\nFor the purposes of this Chapter and Chapter V, the term \u201cregistration\u201d includes,\nwhere appropriate, an amendment, extension or discharge of a registration.\nArticle 17 \u2014 The Supervisory Authority and the Registrar\n1.\nThere shall be a Supervisory Authority as provided by the Protocol.\n2.\nThe Supervisory Authority shall:\n(a)\nestablish or provide for the establishment of the International Registry;\n(b) except as otherwise provided by the Protocol, appoint and dismiss the\nRegistrar;\n(c)\nensure that any rights required for the continued effective operation of\nthe International Registry in the event of a change of Registrar will vest\nin or be assignable to the new Registrar;\n(d) after consultation with the Contracting States, make or approve and\nensure the publication of regulations pursuant to the Protocol dealing\nwith the operation of the International Registry;\n(e)\nestablish administrative procedures through which complaints concerning\nthe operation of the International Registry can be made to the\nSupervisory Authority;\n(f)\nsupervise the Registrar and the operation of the International Registry;\n(g) at the request of the Registrar, provide such guidance to the Registrar as\nthe Supervisory Authority thinks fit;\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 23\n\n(h) set and periodically review the structure of fees to be charged for the\nservices and facilities of the International Registry;\n(i)\ndo all things necessary to ensure that an efficient notice-based electronic\nregistration system exists to implement the objectives of this Convention\nand the Protocol; and\n(j)\nreport periodically to Contracting States concerning the discharge of its\nobligations under this Convention and the Protocol.\n3.\nThe Supervisory Authority may enter into any agreement requisite for the\nperformance of its functions, including any agreement referred to in Article 27(3).\n4.\nThe Supervisory Authority shall own all proprietary rights in the data bases and\narchives of the International Registry.\n5.\nThe Registrar shall ensure the efficient operation of the International Registry and\nperform the functions assigned to it by this Convention, the Protocol and the\nregulations.\nChapter V\nOther matters relating to registration\nArticle 18 \u2014 Registration requirements\n1.\nThe Protocol and regulations shall specify the requirements, including the criteria\nfor the identification of the object:\n(a)\nfor effecting a registration (which shall include provision for prior\nelectronic transmission of any consent from any person whose consent is\nrequired under Article 20);\n(b) for making searches and issuing search certificates, and, subject thereto;\n(c)\nfor ensuring the confidentiality of information and documents of the\nInternational Registry other than information and documents relating to a\nregistration.\n2.\nThe Registrar shall not be under a duty to enquire whether a consent to registration\nunder Article 20 has in fact been given or is valid.\n3.\nWhere an interest registered as a prospective international interest becomes an\ninternational interest, no further registration shall be required provided that the\nregistration information is sufficient for a registration of an international interest.\n4.\nThe Registrar shall arrange for registrations to be entered into the International\nRegistry data base and made searchable in chronological order of receipt, and the\nfile shall record the date and time of receipt.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 24\nLaw 2 of 2015\nc\n\n5.\nThe Protocol may provide that a Contracting State may designate an entity or\nentities in its territory as the entry point or entry points through which the\ninformation required for registration shall or may be transmitted to the International\nRegistry. A Contracting State making such a designation may specify the\nrequirements, if any, to be satisfied before such information is transmitted to the\nInternational Registry.\nArticle 19 \u2014 Validity and time of registration\n1.\nA registration shall be valid only if made in conformity with Article 20.\n2.\nA registration, if valid, shall be complete upon entry of the required information\ninto the International Registry data base so as to be searchable.\n3.\nA registration shall be searchable for the purposes of the preceding paragraph at the\ntime when:\n(a)\nthe International Registry has assigned to it a sequentially ordered file\nnumber; and\n(b) the registration information, including the file number, is stored in\ndurable form and may be accessed at the International Registry.\n4.\nIf an interest first registered as a prospective international interest becomes an\ninternational interest, that international interest shall be treated as registered from\nthe time of registration of the prospective international interest provided that the\nregistration was still current immediately before the international interest was\nconstituted as provided by Article 7.\n5.\nThe preceding paragraph applies with necessary modifications to the registration of\na prospective assignment of an international interest.\n6.\nA registration shall be searchable in the International Registry data base according\nto the criteria prescribed by the Protocol.\nArticle 20 \u2014 Consent to registration\n1.\nAn international interest, a prospective international interest or an assignment or\nprospective assignment of an international interest may be registered, and any such\nregistration amended or extended prior to its expiry, by either party with the consent\nin writing of the other.\n2.\nThe subordination of an international interest to another international interest may\nbe registered by or with the consent in writing at any time of the person whose\ninterest has been subordinated.\n3.\nA registration may be discharged by or with the consent in writing of the party in\nwhose favour it was made.\n4.\nThe acquisition of an international interest by legal or contractual subrogation may\nbe registered by the subrogee.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 25\n\n5.\nA registrable non-consensual right or interest may be registered by the holder\nthereof.\n6.\nA notice of a national interest may be registered by the holder thereof.\nArticle 21 \u2014 Duration of registration\nRegistration of an international interest remains effective until discharged or until expiry\nof the period specified in the registration.\nArticle 22 \u2014 Searches\n1.\nAny person may, in the manner prescribed by the Protocol and regulations, make or\nrequest a search of the International Registry by electronic means concerning\ninterests or prospective international interests registered therein.\n2.\nUpon receipt of a request therefor, the Registrar, in the manner prescribed by the\nProtocol and regulations, shall issue a registry search certificate by electronic means\nwith respect to any object:\n(a)\nstating all registered information relating thereto, together with a\nstatement indicating the date and time of registration of such information;\nor\n(b) stating that there is no information in the International Registry relating\nthereto.\n3.\nA search certificate issued under the preceding paragraph shall indicate that the\ncreditor named in the registration information has acquired or intends to acquire an\ninternational interest in the object but shall not indicate whether what is registered is\nan international interest or a prospective international interest, even if this is\nascertainable from the relevant registration information.\nArticle 23 \u2014 List of declarations and declared non-consensual rights or interests\nThe Registrar shall maintain a list of declarations, withdrawals of declaration and of the\ncategories of non-consensual right or interest communicated to the Registrar by the\nDepositary as having been declared by Contracting States in conformity with Articles 39\nand 40 and the date of each such declaration or withdrawal of declaration. Such list shall\nbe recorded and searchable in the name of the declaring State and shall be made available\nas provided in the Protocol and regulations to any person requesting it.\nArticle 24 \u2014 Evidentiary value of certificates\nA document in the form prescribed by the regulations which purports to be a certificate\nissued by the International Registry is prima facie proof:\n(a)\nthat it has been so issued; and\n(b) of the facts recited in it, including the date and time of a registration.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 26\nLaw 2 of 2015\nc\n\nArticle 25 \u2014 Discharge of registration\n1.\nWhere the obligations secured by a registered security interest or the obligations\ngiving rise to a registered non-consensual right or interest have been discharged, or\nwhere the conditions of transfer of title under a registered title reservation\nagreement have been fulfilled, the holder of such interest shall, without undue\ndelay, procure the discharge of the registration after written demand by the debtor\ndelivered to or received at its address stated in the registration.\n2. Where a prospective international interest or a prospective assignment of an\ninternational interest has been registered, the intending creditor or intending\nassignee shall, without undue delay, procure the discharge of the registration after\nwritten demand by the intending debtor or assignor which is delivered to or received\nat its address stated in the registration before the intending creditor or assignee has\ngiven value or incurred a commitment to give value.\n3.\nWhere the obligations secured by a national interest specified in a registered notice\nof a national interest have been discharged, the holder of such interest shall, without\nundue delay, procure the discharge of the registration after written demand by the\ndebtor delivered to or received at its address stated in the registration.\n4.\nWhere a registration ought not to have been made or is incorrect, the person in\nwhose favour the registration was made shall, without undue delay, procure its\ndischarge or amendment after written demand by the debtor delivered to or received\nat its address stated in the registration.\nArticle 26 \u2014 Access to the international registration facilities\nNo person shall be denied access to the registration and search facilities of the\nInternational Registry on any ground other than its failure to comply with the procedures\nprescribed by this Chapter.\nChapter VI\nPrivileges and immunities of the Supervisory Authority and the Registrar\nArticle 27 \u2014 Legal personality; immunity\n1.\nThe Supervisory Authority shall have international legal personality where not\nalready possessing such personality.\n2.\nThe Supervisory Authority and its officers and employees shall enjoy such\nimmunity from legal or administrative process as is specified in the Protocol.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 27\n\n3.\nThe Supervisory Authority shall enjoy exemption from taxes and such other\nprivileges as may be provided by agreement with the host State. For the purposes of\nthis paragraph, \u201chost State\u201d means the State in which the Supervisory Authority is\nsituated.\n4.\nThe assets, documents, data bases and archives of the International Registry shall be\ninviolable and immune from seizure or other legal or administrative process.\n5.\nFor the purposes of any claim against the Registrar under Article 28(1) or Article\n44, the claimant shall be entitled to access to such information and documents as are\nnecessary to enable the claimant to pursue its claim.\n6.\nThe Supervisory Authority may waive the inviolability and immunity conferred by\nparagraph 4.\nChapter VII\nLiability of the Registrar\nArticle 28 \u2014 Liability and financial assurances\n1.\nThe Registrar shall be liable for compensatory damages for loss suffered by a\nperson directly resulting from an error or omission of the Registrar and its officers\nand employees or from a malfunction of the international registration system except\nwhere the malfunction is caused by an event of an inevitable and irresistible nature,\nwhich could not be prevented by using the best practices in current use in the field\nof electronic registry design and operation, including those related to back-up and\nsystems security and networking.\n2.\nThe Registrar shall not be liable under the preceding paragraph for factual\ninaccuracy of registration information received by the Registrar or transmitted by\nthe Registrar in the form in which it received that information nor for acts or\ncircumstances for which the Registrar and its officers and employees are not\nresponsible and arising prior to receipt of registration information at the\nInternational Registry.\n3.\nCompensation under paragraph 1 may be reduced to the extent that the person who\nsuffered the damage caused or contributed to that damage.\n4.\nThe Registrar shall procure insurance or a financial guarantee covering the liability\nreferred to in this Article to the extent determined by the Supervisory Authority, in\naccordance with the Protocol.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 28\nLaw 2 of 2015\nc\n\nChapter VIII\nEffects of an international interest as against third parties\nArticle 29 \u2014 Priority of competing interests\n1.\nA registered interest has priority over any other interest subsequently registered and\nover an unregistered interest.\n2.\nThe priority of the first-mentioned interest under the preceding paragraph applies:\n(a)\neven if the first-mentioned interest was acquired or registered with actual\nknowledge of the other interest; and\n(b) even as regards value given by the holder of the first-mentioned interest\nwith such knowledge.\n3.\nThe buyer of an object acquires its interest in it:\n(a)\nsubject to an interest registered at the time of its acquisition of that\ninterest; and\n(b) free from an unregistered interest even if it has actual knowledge of such\nan interest.\n4.\nThe conditional buyer or lessee acquires its interest in or right over that object:\n(a)\nsubject to an interest registered prior to the registration of the\ninternational interest held by its conditional seller or lessor; and\n(b) free from an interest not so registered at that time even if it has actual\nknowledge of that interest.\n5.\nThe priority of competing interests or rights under this Article may be varied by\nagreement between the holders of those interests, but an assignee of a subordinated\ninterest is not bound by an agreement to subordinate that interest unless at the time\nof the assignment a subordination had been registered relating to that agreement.\n6.\nAny priority given by this Article to an interest in an object extends to proceeds.\n7.\nThis Convention:\n(a)\ndoes not affect the rights of a person in an item, other than an object, held\nprior to its installation on an object if under the applicable law those\nrights continue to exist after the installation; and\n(b) does not prevent the creation of rights in an item, other than an object,\nwhich has previously been installed on an object where under the\napplicable law those rights are created.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 29\n\nArticle 30 \u2014 Effects of insolvency\n1.\nIn insolvency proceedings against the debtor an international interest is effective if\nprior to the commencement of the insolvency proceedings that interest was\nregistered in conformity with this Convention.\n2.\nNothing in this Article impairs the effectiveness of an international interest in the\ninsolvency proceedings where that interest is effective under the applicable law.\n3.\nNothing in this Article affects:\n(a)\nany rules of law applicable in insolvency proceedings relating to the\navoidance of a transaction as a preference or a transfer in fraud of\ncreditors; or\n(b) any rules of procedure relating to the enforcement of rights to property\nwhich is under the control or supervision of the insolvency administrator.\nChapter IX\nAssignments of associated rights and international interests; rights of\nsubrogation\nArticle 31 \u2014 Effects of assignment\n1.\nExcept as otherwise agreed by the parties, an assignment of associated rights made\nin conformity with Article 32 also transfers to the assignee:\n(a)\nthe related international interest; and\n(b) all the interests and priorities of the assignor under this Convention.\n2.\nNothing in this Convention prevents a partial assignment of the assignor\u2019s\nassociated rights. In the case of such a partial assignment the assignor and assignee\nmay agree as to their respective rights concerning the related international interest\nassigned under the preceding paragraph but not so as adversely to affect the debtor\nwithout its consent.\n3. Subject to paragraph 4, the applicable law shall determine the defences and rights of\nset-off available to the debtor against the assignee.\n4.\nThe debtor may at any time by agreement in writing waive all or any of the defences\nand rights of set-off referred to in the preceding paragraph other than defences\narising from fraudulent acts on the part of the assignee.\n5.\nIn the case of an assignment by way of security, the assigned associated rights\nrevest in the assignor, to the extent that they are still subsisting, when the\nobligations secured by the assignment have been discharged.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 30\nLaw 2 of 2015\nc\n\nArticle 32 \u2014 Formal requirements of assignment\n1.\nAn assignment of associated rights transfers the related international interest only if\nit:\n(a)\nis in writing;\n(b) enables the associated rights to be identified under the contract from\nwhich they arise; and\n(c)\nin the case of an assignment by way of security, enables the obligations\nsecured by the assignment to be determined in accordance with the\nProtocol but without the need to state a sum or maximum sum secured.\n2.\nAn assignment of an international interest created or provided for by a security\nagreement is not valid unless some or all related associated rights also are assigned.\n3.\nThis Convention does not apply to an assignment of associated rights which is not\neffective to transfer the related international interest.\nArticle 33 \u2014 Debtor\u2019s duty to assignee\n1.\nTo the extent that associated rights and the related international interest have been\ntransferred in accordance with Articles 31 and 32, the debtor in relation to those\nrights and that interest is bound by the assignment and has a duty to make payment\nor give other performance to the assignee, if but only if:\n(a)\nthe debtor has been given notice of the assignment in writing by or with\nthe authority of the assignor; and\n(b) the notice identifies the associated rights.\n2.\nIrrespective of any other ground on which payment or performance by the debtor\ndischarges the latter from liability, payment or performance shall be effective for\nthis purpose if made in accordance with the preceding paragraph.\n3.\nNothing in this Article shall affect the priority of competing assignments.\nArticle 34 \u2014 Default remedies in respect of assignment by way of security\nIn the event of default by the assignor under the assignment of associated rights and the\nrelated international interest made by way of security, Articles 8, 9 and 11 to 14 apply in\nthe relations between the assignor and the assignee (and, in relation to associated rights,\napply in so far as those provisions are capable of application to intangible property) as if\nreferences:\n(a)\nto the secured obligation and the security interest were references to the\nobligation secured by the assignment of the associated rights and the\nrelated international interest and the security interest created by that\nassignment;\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 31\n\n(b) to the chargee or creditor and chargor or debtor were references to the\nassignee and assignor;\n(c)\nto the holder of the international interest were references to the assignee;\nand\n(d) to the object were references to the assigned associated rights and the\nrelated international interest.\nArticle 35 \u2014 Priority of competing assignments\n1.\nWhere there are competing assignments of associated rights and at least one of the\nassignments includes the related international interest and is registered, the\nprovisions of Article 29 apply as if the references to a registered interest were\nreferences to an assignment of the associated rights and the related registered\ninterest and as if references to a registered or unregistered interest were references\nto a registered or unregistered assignment.\n2.\nArticle 30 applies to an assignment of associated rights as if the references to an\ninternational interest were references to an assignment of the associated rights and\nthe related international interest.\nArticle 36 \u2014 Assignee\u2019s priority with respect to associated rights\n1.\nThe assignee of associated rights and the related international interest whose\nassignment has been registered only has priority under Article 35(1) over another\nassignee of the associated rights:\n(a)\nif the contract under which the associated rights arise states that they are\nsecured by or associated with the object; and\n(b) to the extent that the associated rights are related to an object.\n2.\nFor the purposes of sub-paragraph (b) of the preceding paragraph, associated rights\nare related to an object only to the extent that they consist of rights to payment or\nperformance that relate to:\n(a)\na sum advanced and utilised for the purchase of the object;\n(b) a sum advanced and utilised for the purchase of another object in which\nthe assignor held another international interest if the assignor transferred\nthat interest to the assignee and the assignment has been registered;\n(c)\nthe price payable for the object;\n(d) the rentals payable in respect of the object; or\n(e)\nother obligations arising from a transaction referred to in any of the\npreceding subparagraphs.\n3.\nIn all other cases, the priority of the competing assignments of the associated rights\nshall be determined by the applicable law.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 32\nLaw 2 of 2015\nc\n\nArticle 37 \u2014 Effects of assignor\u2019s insolvency\nThe provisions of Article 30 apply to insolvency proceedings against the assignor as if\nreferences to the debtor were references to the assignor.\nArticle 38 \u2014 Subrogation\n1.\nSubject to paragraph 2, nothing in this Convention affects the acquisition of\nassociated rights and the related international interest by legal or contractual\nsubrogation under the applicable law.\n2.\nThe priority between any interest within the preceding paragraph and a competing\ninterest may be varied by agreement in writing between the holders of the respective\ninterests but an assignee of a subordinated interest is not bound by an agreement to\nsubordinate that interest unless at the time of the assignment a subordination had\nbeen registered relating to that agreement.\nChapter X\nRights or interests subject to declarations by Contracting States\nArticle 39 \u2014 Rights having priority without registration\n1.\nA Contracting State may at any time, in a declaration deposited with the Depositary\nof the Protocol declare, generally or specifically:\n(a)\nthose categories of non-consensual right or interest (other than a right or\ninterest to which Article 40 applies) which under that State\u2019s law have\npriority over an interest in an object equivalent to that of the holder of a\nregistered international interest and which shall have priority over a\nregistered international interest, whether in or outside insolvency\nproceedings; and\n(b) that nothing in this Convention shall affect the right of a State or State\nentity, intergovernmental organisation or other private provider of public\nservices to arrest or detain an object under the laws of that State for\npayment of amounts owed to such entity, organisation or provider\ndirectly relating to those services in respect of that object or another\nobject.\n2.\nA declaration made under the preceding paragraph may be expressed to cover\ncategories that are created after the deposit of that declaration.\n3.\nA non-consensual right or interest has priority over an international interest if and\nonly if the former is of a category covered by a declaration deposited prior to the\nregistration of the international interest.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 33\n\n4.\nNotwithstanding the preceding paragraph, a Contracting State may, at the time of\nratification, acceptance, approval of, or accession to the Protocol, declare that a\nright or interest of a category covered by a declaration made under sub-paragraph\n(a) of paragraph 1 shall have priority over an international interest registered prior\nto the date of such ratification, acceptance, approval or accession.\nArticle 40 \u2014 Registrable non-consensual rights or interests\nA Contracting State may at any time in a declaration deposited with the Depositary of the\nProtocol list the categories of non-consensual right or interest which shall be registrable\nunder this Convention as regards any category of object as if the right or interest were an\ninternational interest and shall be regulated accordingly. Such a declaration may be\nmodified from time to time.\nChapter XI\nApplication of the Convention to sales\nArticle 41 \u2014 Sale and prospective sale\nThis Convention shall apply to the sale or prospective sale of an object as provided for in\nthe Protocol with any modifications therein.\nChapter XII\nJurisdiction\nArticle 42 \u2014 Choice of forum\n1.\nSubject to Articles 43 and 44, the courts of a Contracting State chosen by the parties\nto a transaction have jurisdiction in respect of any claim brought under this\nConvention, whether or not the chosen forum has a connection with the parties or\nthe transaction. Such jurisdiction shall be exclusive unless otherwise agreed\nbetween the parties.\n2.\nAny such agreement shall be in writing or otherwise concluded in accordance with\nthe formal requirements of the law of the chosen forum.\nArticle 43 \u2014 Jurisdiction under Article 13\n1.\nThe courts of a Contracting State chosen by the parties and the courts of the\nContracting State on the territory of which the object is situated have jurisdiction to\ngrant relief under Article 13(1)(a), (b), (c) and Article 13(4) in respect of that object.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 34\nLaw 2 of 2015\nc\n\n 2. Jurisdiction to grant relief under Article 13(1)(d) or other interim relief by virtue of\nArticle 13(4) may be exercised either:\n(a)\nby the courts chosen by the parties; or\n(b) by the courts of a Contracting State on the territory of which the debtor is\nsituated, being relief which, by the terms of the order granting it, is\nenforceable only in the territory of that Contracting State.\n3.\nA court has jurisdiction under the preceding paragraphs even if the final\ndetermination of the claim referred to in Article 13(1) will or may take place in a\ncourt of another Contracting State or by arbitration.\nArticle 44 \u2014 Jurisdiction to make orders against the Registrar\n1.\nThe courts of the place in which the Registrar has its centre of administration shall\nhave exclusive jurisdiction to award damages or make orders against the Registrar.\n2.\nWhere a person fails to respond to a demand made under Article 25 and that person\nhas ceased to exist or cannot be found for the purpose of enabling an order to be\nmade against it requiring it to procure discharge of the registration, the courts\nreferred to in the preceding paragraph shall have exclusive jurisdiction, on the\napplication of the debtor or intending debtor, to make an order directed to the\nRegistrar requiring the Registrar to discharge the registration.\n3.\nWhere a person fails to comply with an order of a court having jurisdiction under\nthis Convention or, in the case of a national interest, an order of a court of\ncompetent jurisdiction requiring that person to procure the amendment or discharge\nof a registration, the courts referred to in paragraph 1 may direct the Registrar to\ntake such steps as will give effect to that order.\n4.\nExcept as otherwise provided by the preceding paragraphs, no court may make\norders or give judgments or rulings against or purporting to bind the Registrar.\nArticle 45 \u2014 Jurisdiction in respect of insolvency proceedings\nThe provisions of this Chapter are not applicable to insolvency proceedings.\nChapter XIII\nRelationship with other Conventions\nArticle 45 bis \u2014 Relationship with the United Nations Convention on the\nAssignment of Receivables in International Trade\nThis Convention shall prevail over the United Nations Convention on the Assignment of\nReceivables in International Trade, opened for signature in New York on 12 December\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 35\n\n2001, as it relates to the assignment of receivables which are associated rights related to\ninternational interests in aircraft objects, railway rolling stock and space assets.\nArticle 46 \u2014 Relationship with the UNIDROIT Convention on International\nFinancial Leasing\nThe Protocol may determine the relationship between this Convention and the\nUNIDROIT Convention on International Financial Leasing, signed at Ottawa on 28 May\n1988.\nChapter XIV\nFinal provisions\nArticle 47 \u2014 Signature, ratification, acceptance, approval or accession\n1.\nThis Convention shall be open for signature in Cape Town on 16 November 2001\nby States participating in the Diplomatic Conference to Adopt a Mobile Equipment\nConvention and an Aircraft Protocol held at Cape Town from 29 October to 16\nNovember 2001. After 16 November 2001, the Convention shall be open to all\nStates for signature at the Headquarters of the International Institute for the\nUnification of Private Law (UNIDROIT) in Rome until it enters into force in\naccordance with Article 49.\n2.\nThis Convention shall be subject to ratification, acceptance or approval by States\nwhich have signed it.\n3.\nAny State which does not sign this Convention may accede to it at any time.\n4.\nRatification, acceptance, approval or accession is effected by the deposit of a formal\ninstrument to that effect with the Depositary.\nArticle 48 \u2014 Regional Economic Integration Organisations\n1.\nA Regional Economic Integration Organisation which is constituted by sovereign\nStates and has competence over certain matters governed by this Convention may\nsimilarly sign, accept, approve or accede to this Convention. The Regional\nEconomic Integration Organisation shall in that case have the rights and obligations\nof a Contracting State, to the extent that that Organisation has competence over\nmatters governed by this Convention. Where the number of Contracting States is\nrelevant in this Convention, the Regional Economic Integration Organisation shall\nnot count as a Contracting State in addition to its Member States which are\nContracting States.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 36\nLaw 2 of 2015\nc\n\n2.\nThe Regional Economic Integration Organisation shall, at the time of signature,\nacceptance, approval or accession, make a declaration to the Depositary specifying\nthe matters governed by this Convention in respect of which competence has been\ntransferred to that Organisation by its Member States. The Regional Economic\nIntegration Organisation shall promptly notify the Depositary of any changes to the\ndistribution of competence, including new transfers of competence, specified in the\ndeclaration under this paragraph.\n3.\nAny reference to a \u201cContracting State\u201d or \u201cContracting States\u201d or \u201cState Party\u201d or\n\u201cStates Parties\u201d in this Convention applies equally to a Regional Economic\nIntegration Organisation where the context so requires.\nArticle 49 \u2014 Entry into force\n1.\nThis Convention enters into force on the first day of the month following the\nexpiration of three months after the date of the deposit of the third instrument of\nratification, acceptance, approval or accession but only as regards a category of\nobjects to which a Protocol applies:\n(a)\nas from the time of entry into force of that Protocol;\n(b) subject to the terms of that Protocol; and\n(c)\nas between States Parties to this Convention and that Protocol.\n2.\nFor other States this Convention enters into force on the first day of the month\nfollowing the expiration of three months after the date of the deposit of their\ninstrument of ratification, acceptance, approval or accession but only as regards a\ncategory of objects to which a Protocol applies and subject, in relation to such\nProtocol, to the requirements of sub-paragraphs (a), (b) and (c) of the preceding\nparagraph.\nArticle 50 \u2014 Internal transactions\n1.\nA Contracting State may, at the time of ratification, acceptance, approval of, or\naccession to the Protocol, declare that this Convention shall not apply to a\ntransaction which is an internal transaction in relation to that State with regard to all\ntypes of objects or some of them.\n2.\nNotwithstanding the preceding paragraph, the provisions of Articles 8(4), 9(1), 16,\nChapter V, Article 29, and any provisions of this Convention relating to registered\ninterests shall apply to an internal transaction.\n3.\nWhere notice of a national interest has been registered in the International Registry,\nthe priority of the holder of that interest under Article 29 shall not be affected by the\nfact that such interest has become vested in another person by assignment or\nsubrogation under the applicable law.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 37\n\nArticle 51 \u2014 Future Protocols\n1.\nThe Depositary may create working groups, in co-operation with such relevant nongovernmental organisations as the Depositary considers appropriate, to assess the\nfeasibility of extending the application of this Convention, through one or more\nProtocols, to objects of any category of high-value mobile equipment, other than a\ncategory referred to in Article 2(3), each member of which is uniquely identifiable,\nand associated rights relating to such objects.\n2.\nThe Depositary shall communicate the text of any preliminary draft Protocol\nrelating to a category of objects prepared by such a working group to all States\nParties to this Convention, all member States of the Depositary, member States of\nthe United Nations which are not members of the Depositary and the relevant\nintergovernmental organisations, and shall invite such States and organisations to\nparticipate in intergovernmental negotiations for the completion of a draft Protocol\non the basis of such a preliminary draft Protocol.\n3.\nThe Depositary shall also communicate the text of any preliminary draft Protocol\nprepared by such a working group to such relevant non-governmental organisations\nas the Depositary considers appropriate. Such non-governmental organisations shall\nbe invited promptly to submit comments on the text of the preliminary draft\nProtocol to the Depositary and to participate as observers in the preparation of a\ndraft Protocol.\n4.\nWhen the competent bodies of the Depositary adjudge such a draft Protocol ripe for\nadoption, the Depositary shall convene a diplomatic conference for its adoption.\n5.\nOnce such a Protocol has been adopted, subject to paragraph 6, this Convention\nshall apply to the category of objects covered thereby.\n6.\nArticle 45 bis of this Convention applies to such a Protocol only if specifically\nprovided for in that Protocol.\nArticle 52 \u2014 Territorial units\n1.\nIf a Contracting State has territorial units in which different systems of law are\napplicable in relation to the matters dealt with in this Convention, it may, at the time\nof ratification, acceptance, approval or accession, declare that this Convention is to\nextend to all its territorial units or only to one or more of them and may modify its\ndeclaration by submitting another declaration at any time.\n2.\nAny such declaration shall state expressly the territorial units to which this\nConvention applies.\n3.\nIf a Contracting State has not made any declaration under paragraph 1, this\nConvention shall apply to all territorial units of that State.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 38\nLaw 2 of 2015\nc\n\n4.\nWhere a Contracting State extends this Convention to one or more of its territorial\nunits, declarations permitted under this Convention may be made in respect of each\nsuch territorial unit, and the declarations made in respect of one territorial unit may\nbe different from those made in respect of another territorial unit.\n5.\nIf by virtue of a declaration under paragraph 1, this Convention extends to one or\nmore territorial units of a Contracting State:\n(a)\nthe debtor is considered to be situated in a Contracting State only if it is\nincorporated or formed under a law in force in a territorial unit to which\nthis Convention applies or if it has its registered office or statutory seat,\ncentre of administration, place of business or habitual residence in a\nterritorial unit to which this Convention applies;\n(b) any reference to the location of the object in a Contracting State refers to\nthe location of the object in a territorial unit to which this Convention\napplies; and\n(c)\nany reference to the administrative authorities in that Contracting State\nshall be construed as referring to the administrative authorities having\njurisdiction in a territorial unit to which this Convention applies.\nArticle 53 \u2014 Determination of courts\nA Contracting State may, at the time of ratification, acceptance, approval of, or accession\nto the Protocol, declare the relevant \u201ccourt\u201d or \u201ccourts\u201d for the purposes of Article 1 and\nChapter XII of this Convention.\nArticle 54 \u2014 Declarations regarding remedies\n1.\nA Contracting State may, at the time of ratification, acceptance, approval of, or\naccession to the Protocol, declare that while the charged object is situated within, or\ncontrolled from its territory the chargee shall not grant a lease of the object in that\nterritory.\n2.\nA Contracting State shall, at the time of ratification, acceptance, approval of, or\naccession to the Protocol, declare whether or not any remedy available to the\ncreditor under any provision of this Convention which is not there expressed to\nrequire application to the court may be exercised only with leave of the court.\nArticle 55 \u2014 Declarations regarding relief pending final determination\nA Contracting State may, at the time of ratification, acceptance, approval of, or accession\nto the Protocol, declare that it will not apply the provisions of Article 13 or Article 43, or\nboth, wholly or in part. The declaration shall specify under which conditions the relevant\nArticle will be applied, in case it will be applied partly, or otherwise which other forms of\ninterim relief will be applied.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 39\n\nArticle 56 \u2014 Reservations and declarations\n1.\nNo reservations may be made to this Convention but declarations authorised by\nArticles 39, 40, 50, 52, 53, 54, 55, 57, 58 and 60 may be made in accordance with\nthese provisions.\n2.\nAny declaration or subsequent declaration or any withdrawal of a declaration made\nunder this Convention shall be notified in writing to the Depositary.\nArticle 57 \u2014 Subsequent declarations\n1.\nA State Party may make a subsequent declaration, other than a declaration\nauthorised under Article 60, at any time after the date on which this Convention has\nentered into force for it, by notifying the Depositary to that effect.\n2.\nAny such subsequent declaration shall take effect on the first day of the month\nfollowing the expiration of six months after the date of receipt of the notification by\nthe Depositary. Where a longer period for that declaration to take effect is specified\nin the notification, it shall take effect upon the expiration of such longer period after\nreceipt of the notification by the Depositary.\n3.\nNotwithstanding the previous paragraphs, this Convention shall continue to apply,\nas if no such subsequent declarations had been made, in respect of all rights and\ninterests arising prior to the effective date of any such subsequent declaration.\nArticle 58 \u2014 Withdrawal of declarations\n1.\nAny State Party having made a declaration under this Convention, other than a\ndeclaration authorised under Article 60, may withdraw it at any time by notifying\nthe Depositary. Such withdrawal is to take effect on the first day of the month\nfollowing the expiration of six months after the date of receipt of the notification by\nthe Depositary.\n2.\nNotwithstanding the previous paragraph, this Convention shall continue to apply, as\nif no such withdrawal of declaration had been made, in respect of all rights and\ninterests arising prior to the effective date of any such withdrawal.\nArticle 59 \u2014 Denunciations\n1.\nAny State Party may denounce this Convention by notification in writing to the\nDepositary.\n2.\nAny such denunciation shall take effect on the first day of the month following the\nexpiration of twelve months after the date on which notification is received by the\nDepositary.\n3.\nNotwithstanding the previous paragraphs, this Convention shall continue to apply,\nas if no such denunciation had been made, in respect of all rights and interests\narising prior to the effective date of any such denunciation.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 40\nLaw 2 of 2015\nc\n\nArticle 60 \u2014 Transitional provisions\n1.\nUnless otherwise declared by a Contracting State at any time, the Convention does\nnot apply to a pre-existing right or interest, which retains the priority it enjoyed\nunder the applicable law before the effective date of this Convention.\n2.\nFor the purposes of Article 1(v) and of determining priority under this Convention:\n(a)\n\u201ceffective date of this Convention\u201d means in relation to a debtor the time\nwhen this Convention enters into force or the time when the State in\nwhich the debtor is situated becomes a Contracting State, whichever is\nthe later; and\n(b) the debtor is situated in a State where it has its centre of administration\nor, if it has no centre of administration, its place of business or, if it has\nmore than one place of business, its principal place of business or, if it\nhas no place of business, its habitual residence.\n3.\nA Contracting State may in its declaration under paragraph 1 specify a date, not\nearlier than three years after the date on which the declaration becomes effective,\nwhen this Convention and the Protocol will become applicable, for the purpose of\ndetermining priority, including the protection of any existing priority, to preexisting rights or interests arising under an agreement made at a time when the\ndebtor was situated in a State referred to in sub-paragraph (b) of the preceding\nparagraph but only to the extent and in the manner specified in its declaration.\nArticle 61 \u2014 Review Conferences, amendments and related matters\n1.\nThe Depositary shall prepare reports yearly or at such other time as the\ncircumstances may require for the States Parties as to the manner in which the\ninternational regimen established in this Convention has operated in practice. In\npreparing such reports, the Depositary shall take into account the reports of the\nSupervisory Authority concerning the functioning of the international registration\nsystem.\n2.\nAt the request of not less than twenty-five per cent of the States Parties, Review\nConferences of States Parties shall be convened from time to time by the\nDepositary, in consultation with the Supervisory Authority, to consider:\n(a)\nthe practical operation of this Convention and its effectiveness in\nfacilitating the asset-based financing and leasing of the objects covered\nby its terms;\n(b) the judicial interpretation given to, and the application made of the terms\nof this Convention and the regulations;\n(c)\nthe functioning of the international registration system, the performance\nof the Registrar and its oversight by the Supervisory Authority, taking\ninto account the reports of the Supervisory Authority; and\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 1\n\nc\nLaw 2 of 2015\nPage 41\n\n(d) whether any modifications to this Convention or the arrangements\nrelating to the International Registry are desirable.\n3.\nSubject to paragraph 4, any amendment to this Convention shall be approved by at\nleast a two-thirds majority of States Parties participating in the Conference referred\nto in the preceding paragraph and shall then enter into force in respect of States\nwhich have ratified, accepted or approved such amendment when ratified, accepted,\nor approved by three States in accordance with the provisions of Article 49 relating\nto its entry into force.\n4.\nWhere the proposed amendment to this Convention is intended to apply to more\nthan one category of equipment, such amendment shall also be approved by at least\na two-thirds majority of States Parties to each Protocol that are participating in the\nConference referred to in paragraph 2.\nArticle 62 \u2014 Depositary and its functions\n1.\nInstruments of ratification, acceptance, approval or accession shall be deposited\nwith the International Institute for the Unification of Private Law (UNIDROIT),\nwhich is hereby designated the Depositary.\n2.\nThe Depositary shall:\n(a)\ninform all Contracting States of:\n(i)\neach new signature or deposit of an instrument of ratification,\nacceptance, approval or accession, together with the date thereof;\n(ii) the date of entry into force of this Convention;\n(iii) each declaration made in accordance with this Convention, together\nwith the date thereof;\n(iv) the withdrawal or amendment of any declaration, together with the\ndate thereof; and\n(v) the notification of any denunciation of this Convention together\nwith the date thereof and the date on which it takes effect;\n(b) transmit certified true copies of this Convention to all Contracting States;\n(c)\nprovide the Supervisory Authority and the Registrar with a copy of each\ninstrument of ratification, acceptance, approval or accession, together\nwith the date of deposit thereof, of each declaration or withdrawal or\namendment of a declaration and of each notification of denunciation,\ntogether with the date of notification thereof, so that the information\ncontained therein is easily and fully available; and\n(d) perform such other functions customary for depositaries.\n\nSCHEDULE 1\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 42\nLaw 2 of 2015\nc\n\nIN WITNESS WHEREOF the undersigned Plenipotentiaries, having been duly\nauthorised, have signed this Convention.\n\nDONE at Cape Town, this sixteenth day of November, two thousand and one, in a single\noriginal in the English, Arabic, Chinese, French, Russian and Spanish languages, all texts\nbeing equally authentic, such authenticity to take effect upon verification by the Joint\nSecretariat of the Conference under the authority of the President of the Conference\nwithin ninety days hereof as to the conformity of the texts with one another.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 2\n\nc\nLaw 2 of 2015\nPage 43\n\nSCHEDULE 2\nPROTOCOL TO THE CONVENTION ON INTERNATIONAL INTERESTS\nIN MOBILE EQUIPMENT ON MATTERS SPECIFIC TO AIRCRAFT\nEQUIPMENT\n\nTHE STATES PARTIES TO THIS PROTOCOL,\nCONSIDERING it necessary to implement the Convention on International Interests in\nMobile Equipment (hereinafter referred to as \u201cthe Convention\u201d) as it relates to aircraft\nequipment, in the light of the purposes set out in the preamble to the Convention,\nMINDFUL of the need to adapt the Convention to meet the particular requirements of\naircraft finance and to extend the sphere of application of the Convention to include\ncontracts of sale of aircraft equipment,\nMINDFUL of the principles and objectives of the Convention on International Civil\nAviation, signed at Chicago on 7 December 1944,\nHAVE AGREED upon the following provisions relating to aircraft equipment:\nChapter I\nSphere of application and general provisions\nArticle I \u2014 Defined terms\n1.\nIn this Protocol, except where the context otherwise requires, terms used in it have\nthe meanings set out in the Convention.\n2.\nIn this Protocol the following terms are employed with the meanings set out below:\n(a)\n\u201caircraft\u201d means aircraft as defined for the purposes of the Chicago\nConvention which are either airframes with aircraft engines installed\nthereon or helicopters;\n(b) \u201caircraft engines\u201d means aircraft engines (other than those used in\nmilitary, customs or police services) powered by jet propulsion or turbine\nor piston technology and:\n(i)\nin the case of jet propulsion aircraft engines, have at least 1750 lb of\nthrust or its equivalent; and\n(ii) in the case of turbine-powered or piston-powered aircraft engines,\nhave at least 550 rated take-off shaft horsepower or its equivalent,\n\nSCHEDULE 2\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 44\nLaw 2 of 2015\nc\n\ntogether with all modules and other installed, incorporated or attached\naccessories, parts and equipment and all data, manuals and records relating\nthereto;\n(c)\n\u201caircraft objects\u201d means airframes, aircraft engines and helicopters;\n(d) \u201caircraft register\u201d means a register maintained by a State or a common\nmark registering authority for the purposes of the Chicago Convention;\n(e)\n\u201cairframes\u201d means airframes (other than those used in military, customs\nor police services) that, when appropriate aircraft engines are installed\nthereon, are type certified by the competent aviation authority to\ntransport:\n(i)\nat least eight (8) persons including crew; or\n(ii) goods in excess of 2750 kilograms,\ntogether with all installed, incorporated or attached accessories, parts and\nequipment (other than aircraft engines), and all data, manuals and records\nrelating thereto;\n(f)\n\u201cauthorised party\u201d means the party referred to in Article XIII(3);\n(g) \u201cChicago Convention\u201d means the Convention on International Civil\nAviation, signed at Chicago on 7 December 1944, as amended, and its\nAnnexes;\n(h) \u201ccommon mark registering authority\u201d means the authority maintaining\na register in accordance with Article 77 of the Chicago Convention as\nimplemented by the Resolution adopted on 14 December 1967 by the\nCouncil of the International Civil Aviation Organization on nationality\nand registration of aircraft operated by international operating agencies;\n(i)\n\u201cde-registration of the aircraft\u201d means deletion or removal of the\nregistration of the aircraft from its aircraft register in accordance with the\nChicago Convention;\n(j)\n\u201cguarantee contract\u201d means a contract entered into by a person as\nguarantor;\n(k) \u201cguarantor\u201d means a person who, for the purpose of assuring\nperformance of any obligations in favour of a creditor secured by a\nsecurity agreement or under an agreement, gives or issues a suretyship or\ndemand guarantee or a standby letter of credit or any other form of credit\ninsurance;\n(l)\n\u201chelicopters\u201d means heavier-than-air machines (other than those used in\nmilitary, customs or police services) supported in flight chiefly by the\nreactions of the air on one or more power-driven rotors on substantially\nvertical axes and which are type certified by the competent aviation\nauthority to transport:\n(i)\nat least five (5) persons including crew; or\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 2\n\nc\nLaw 2 of 2015\nPage 45\n\n(ii) goods in excess of 450 kilograms,\ntogether with all installed, incorporated or attached accessories, parts and\nequipment (including rotors), and all data, manuals and records relating\nthereto;\n(m) \u201cinsolvency-related event\u201d means:\n(i)\nthe commencement of the insolvency proceedings; or\n(ii) the declared intention to suspend or actual suspension of payments\nby the debtor where the creditor\u2019s right to institute insolvency\nproceedings against the debtor or to exercise remedies under the\nConvention is prevented or suspended by law or State action;\n(n) \u201cprimary insolvency jurisdiction\u201d means the Contracting State in\nwhich the centre of the debtor\u2019s main interests is situated, which for this\npurpose shall be deemed to be the place of the debtor\u2019s statutory seat or,\nif there is none, the place where the debtor is incorporated or formed,\nunless proved otherwise;\n(o) \u201cregistry authority\u201d means the national authority or the common mark\nregistering authority, maintaining an aircraft register in a Contracting\nState and responsible for the registration and deregistration of an aircraft\nin accordance with the Chicago Convention; and\n(p) \u201cState of registry\u201d means, in respect of an aircraft, the State on the\nnational register of which an aircraft is entered or the State of location of\nthe common mark registering authority maintaining the aircraft register.\nArticle II \u2014 Application of Convention as regards aircraft objects\n1.\nThe Convention shall apply in relation to aircraft objects as provided by the terms of\nthis Protocol.\n2.\nThe Convention and this Protocol shall be known as the Convention on\nInternational Interests in Mobile Equipment as applied to aircraft objects.\nArticle III \u2014 Application of Convention to sales\nThe following provisions of the Convention apply as if references to an agreement\ncreating or providing for an international interest were references to a contract of sale and\nas if references to an international interest, a prospective international interest, the debtor\nand the creditor were references to a sale, a prospective sale, the seller and the buyer\nrespectively:\nArticles 3 and 4;\nArticle 16(1)(a);\nArticle 19(4);\nArticle 20(1) (as regards registration of a contract of sale or a prospective sale);\n\nSCHEDULE 2\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 46\nLaw 2 of 2015\nc\n\nArticle 25(2) (as regards a prospective sale); and\nArticle 30.\nIn addition, the general provisions of Article 1, Article 5, Chapters IV to VII, Article 29\n(other than Article 29(3) which is replaced by Article XIV(1) and (2)), Chapter X,\nChapter XII (other than Article 43), Chapter XIII and Chapter XIV (other than Article\n60) shall apply to contracts of sale and prospective sales.\nArticle IV \u2014 Sphere of application\n1.\nWithout prejudice to Article 3(1) of the Convention, the Convention shall also apply\nin relation to a helicopter, or to an airframe pertaining to an aircraft, registered in an\naircraft register of a Contracting State which is the State of registry, and where such\nregistration is made pursuant to an agreement for registration of the aircraft it is\ndeemed to have been effected at the time of the agreement.\n2.\nFor the purposes of the definition of \u201cinternal transaction\u201d in Article 1 of the\nConvention:\n(a)\nan airframe is located in the State of registry of the aircraft of which it is\na part;\n(b) an aircraft engine is located in the State of registry of the aircraft on\nwhich it is installed or, if it is not installed on an aircraft, where it is\nphysically located; and\n(c)\na helicopter is located in its State of registry,\nat the time of the conclusion of the agreement creating or providing for the\ninterest.\n3.\nThe parties may, by agreement in writing, exclude the application of Article XI and,\nin their relations with each other, derogate from or vary the effect of any of the\nprovisions of this Protocol except Article IX (2)-(4).\nArticle V \u2014 Formalities, effects and registration of contracts of sale\n1.\nFor the purposes of this Protocol, a contract of sale is one which:\n(a)\nis in writing;\n(b) relates to an aircraft object of which the seller has power to dispose; and\n(c)\nenables the aircraft object to be identified in conformity with this\nProtocol.\n2.\nA contract of sale transfers the interest of the seller in the aircraft object to the buyer\naccording to its terms.\n3.\nRegistration of a contract of sale remains effective indefinitely. Registration of a\nprospective sale remains effective unless discharged or until expiry of the period, if\nany, specified in the registration.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 2\n\nc\nLaw 2 of 2015\nPage 47\n\nArticle VI \u2014 Representative capacities\nA person may enter into an agreement or a sale, and register an international interest in,\nor a sale of, an aircraft object, in an agency, trust or other representative capacity. In such\ncase, that person is entitled to assert rights and interests under the Convention.\nArticle VII \u2014 Description of aircraft objects\nA description of an aircraft object that contains its manufacturer\u2019s serial number, the\nname of the manufacturer and its model designation is necessary and sufficient to identify\nthe object for the purposes of Article 7(c) of the Convention and Article V(1)(c) of this\nProtocol.\nArticle VIII \u2014 Choice of law\n1.\nThis Article applies only where a Contracting State has made a declaration pursuant\nto Article XXX(1).\n2.\nThe parties to an agreement, or a contract of sale, or a related guarantee contract or\nsubordination agreement may agree on the law which is to govern their contractual\nrights and obligations, wholly or in part.\n3.\nUnless otherwise agreed, the reference in the preceding paragraph to the law chosen\nby the parties is to the domestic rules of law of the designated State or, where that\nState comprises several territorial units, to the domestic law of the designated\nterritorial unit.\nChapter II\nDefault remedies, priorities and assignments\nArticle IX \u2014 Modification of default remedies provisions\n1.\nIn addition to the remedies specified in Chapter III of the Convention, the creditor\nmay, to the extent that the debtor has at any time so agreed and in the circumstances\nspecified in that Chapter:\n(a)\nprocure the de-registration of the aircraft; and\n(b) procure the export and physical transfer of the aircraft object from the\nterritory in which it is situated.\n2.\nThe creditor shall not exercise the remedies specified in the preceding paragraph\nwithout the prior consent in writing of the holder of any registered interest ranking\nin priority to that of the creditor.\n\nSCHEDULE 2\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 48\nLaw 2 of 2015\nc\n\n3.\nArticle 8(3) of the Convention shall not apply to aircraft objects. Any remedy given\nby the Convention in relation to an aircraft object shall be exercised in a\ncommercially reasonable manner. A remedy shall be deemed to be exercised in a\ncommercially reasonable manner where it is exercised in conformity with a\nprovision of the agreement except where such a provision is manifestly\nunreasonable.\n4.\nA chargee giving ten or more working days\u2019 prior written notice of a proposed sale\nor lease to interested persons shall be deemed to satisfy the requirement of\nproviding \u201creasonable prior notice\u201d specified in Article 8(4) of the Convention. The\nforegoing shall not prevent a chargee and a chargor or a guarantor from agreeing to\na longer period of prior notice.\n5.\nThe registry authority in a Contracting State shall, subject to any applicable safety\nlaws and regulations, honour a request for de-registration and export if:\n(a)\nthe request is properly submitted by the authorised party under a recorded\nirrevocable deregistration and export request authorisation; and\n(b) the authorised party certifies to the registry authority, if required by that\nauthority, that all registered interests ranking in priority to that of the\ncreditor in whose favour the authorisation has been issued have been\ndischarged or that the holders of such interests have consented to the\nderegistration and export.\n6.\nA chargee proposing to procure the de-registration and export of an aircraft under\nparagraph 1 otherwise than pursuant to a court order shall give reasonable prior\nnotice in writing of the proposed deregistration and export to:\n(a)\ninterested persons specified in Article 1(m)(i) and (ii) of the Convention;\nand\n(b) interested persons specified in Article 1(m)(iii) of the Convention who\nhave given notice of their rights to the chargee within a reasonable time\nprior to the de-registration and export.\nArticle X \u2014 Modification of provisions regarding relief pending final\ndetermination\n1.\nThis Article applies only where a Contracting State has made a declaration under\nArticle XXX(2) and to the extent stated in such declaration.\n2.\nFor the purposes of Article 13(1) of the Convention, \u201cspeedy\u201d in the context of\nobtaining relief means within such number of working days from the date of filing\nof the application for relief as is specified in a declaration made by the Contracting\nState in which the application is made.\n3.\nArticle 13(1) of the Convention applies with the following being added immediately\nafter subparagraph (d):\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 2\n\nc\nLaw 2 of 2015\nPage 49\n\n\u201c(e) if at any time the debtor and the creditor specifically agree, sale and\napplication of proceeds therefrom\u201d, and Article 43(2) applies with the\ninsertion after the words \u201cArticle 13(1)(d)\u201d of the words \u201cand (e)\u201d.\n4.\nOwnership or any other interest of the debtor passing on a sale under the preceding\nparagraph is free from any other interest over which the creditor\u2019s international\ninterest has priority under the provisions of Article 29 of the Convention.\n5.\nThe creditor and the debtor or any other interested person may agree in writing to\nexclude the application of Article 13(2) of the Convention.\n6.\nWith regard to the remedies in Article IX(1):\n(a)\nthey shall be made available by the registry authority and other\nadministrative authorities, as applicable, in a Contracting State no later\nthan five working days after the creditor notifies such authorities that the\nrelief specified in Article IX(1) is granted or, in the case of relief granted\nby a foreign court, recognised by a court of that Contracting State, and\nthat the creditor is entitled to procure those remedies in accordance with\nthe Convention; and\n(b) the applicable authorities shall expeditiously co-operate with and assist\nthe creditor in the exercise of such remedies in conformity with the\napplicable aviation safety laws and regulations.\n7.\nParagraphs 2 and 6 shall not affect any applicable aviation safety laws and\nregulations.\nArticle XI \u2014 Remedies on insolvency\n1.\nThis Article applies only where a Contracting State that is the primary insolvency\njurisdiction has made a declaration pursuant to Article XXX(3).\nAlternative A\n2.\nUpon the occurrence of an insolvency-related event, the insolvency administrator or\nthe debtor, as applicable, shall, subject to paragraph 7, give possession of the\naircraft object to the creditor no later than the earlier of:\n(a) the end of the waiting period; and\n(b) the date on which the creditor would be entitled to possession of the\naircraft object if this Article did not apply.\n3.\nFor the purposes of this Article, the \u201cwaiting period\u201d shall be the period specified\nin a declaration of the Contracting State which is the primary insolvency\njurisdiction.\n4.\nReferences in this Article to the \u201cinsolvency administrator\u201d shall be to that person\nin its official, not in its personal, capacity.\n\nSCHEDULE 2\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 50\nLaw 2 of 2015\nc\n\n5.\nUnless and until the creditor is given the opportunity to take possession under\nparagraph 2:\n(a)\nthe insolvency administrator or the debtor, as applicable, shall preserve\nthe aircraft object and maintain it and its value in accordance with the\nagreement; and\n(b) the creditor shall be entitled to apply for any other forms of interim relief\navailable under the applicable law.\n6.\nSubparagraph (a) of the preceding paragraph shall not preclude the use of the\naircraft object under arrangements designed to preserve the aircraft object and\nmaintain it and its value.\n7.\nThe insolvency administrator or the debtor, as applicable, may retain possession of\nthe aircraft object where, by the time specified in paragraph 2, it has cured all\ndefaults other than a default constituted by the opening of insolvency proceedings\nand has agreed to perform all future obligations under the agreement. A second\nwaiting period shall not apply in respect of a default in the performance of such\nfuture obligations.\n8.\nWith regard to the remedies in Article IX(1):\n(a)\nthey shall be made available by the registry authority and the\nadministrative authorities in a Contracting State, as applicable, no later\nthan five working days after the date on which the creditor notifies such\nauthorities that it is entitled to procure those remedies in accordance with\nthe Convention; and\n(b) the applicable authorities shall expeditiously co-operate with and assist\nthe creditor in the exercise of such remedies in conformity with the\napplicable aviation safety laws and regulations.\n9.\nNo exercise of remedies permitted by the Convention or this Protocol may be\nprevented or delayed after the date specified in paragraph 2.\n10. No obligations of the debtor under the agreement may be modified without the\nconsent of the creditor.\n11. Nothing in the preceding paragraph shall be construed to affect the authority, if any,\nof the insolvency administrator under the applicable law to terminate the agreement.\n12. No rights or interests, except for non-consensual rights or interests of a category\ncovered by a declaration pursuant to Article 39(1), shall have priority in insolvency\nproceedings over registered interests.\n13. The Convention as modified by Article IX of this Protocol shall apply to the\nexercise of any remedies under this Article.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 2\n\nc\nLaw 2 of 2015\nPage 51\n\nAlternative B\n2.\nUpon the occurrence of an insolvency-related event, the insolvency administrator or\nthe debtor, as applicable, upon the request of the creditor, shall give notice to the\ncreditor within the time specified in a declaration of a Contracting State pursuant to\nArticle XXX(3) whether it will:\n(a)\ncure all defaults other than a default constituted by the opening of\ninsolvency proceedings and agree to perform all future obligations, under\nthe agreement and related transaction documents; or\n(b) give the creditor the opportunity to take possession of the aircraft object,\nin accordance with the applicable law.\n3.\nThe applicable law referred to in sub-paragraph (b) of the preceding paragraph may\npermit the court to require the taking of any additional step or the provision of any\nadditional guarantee.\n4.\nThe creditor shall provide evidence of its claims and proof that its international\ninterest has been registered.\n5.\nIf the insolvency administrator or the debtor, as applicable, does not give notice in\nconformity with paragraph 2, or when the insolvency administrator or the debtor has\ndeclared that it will give the creditor the opportunity to take possession of the\naircraft object but fails to do so, the court may permit the creditor to take possession\nof the aircraft object upon such terms as the court may order and may require the\ntaking of any additional step or the provision of any additional guarantee.\n6.\nThe aircraft object shall not be sold pending a decision by a court regarding the\nclaim and the international interest.\nArticle XII \u2014 Insolvency assistance\n1.\nThis Article applies only where a Contracting State has made a declaration pursuant\nto Article XXX(1).\n2.\nThe courts of a Contracting State in which an aircraft object is situated shall, in\naccordance with the law of the Contracting State, co-operate to the maximum extent\npossible with foreign courts and foreign insolvency administrators in carrying out\nthe provisions of Article XI.\nArticle XIII \u2014 De-registration and export request authorisation\n1.\nThis Article applies only where a Contracting State has made a declaration pursuant\nto Article XXX(1).\n2.\nWhere the debtor has issued an irrevocable de-registration and export request\nauthorisation substantially in the form annexed to this Protocol and has submitted\nsuch authorisation for recordation to the registry authority, that authorisation shall\nbe so recorded.\n\nSCHEDULE 2\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 52\nLaw 2 of 2015\nc\n\n3.\nThe person in whose favour the authorisation has been issued (the \u201cauthorised\nparty\u201d) or its certified designee shall be the sole person entitled to exercise the\nremedies specified in Article IX(1) and may do so only in accordance with the\nauthorisation and applicable aviation safety laws and regulations. Such authorisation\nmay not be revoked by the debtor without the consent in writing of the authorised\nparty. The registry authority shall remove an authorisation from the registry at the\nrequest of the authorised party.\n4.\nThe registry authority and other administrative authorities in Contracting States\nshall expeditiously co-operate with and assist the authorised party in the exercise of\nthe remedies specified in Article IX.\nArticle XIV \u2014 Modification of priority provisions\n1.\nA buyer of an aircraft object under a registered sale acquires its interest in that\nobject free from an interest subsequently registered and from an unregistered\ninterest, even if the buyer has actual knowledge of the unregistered interest.\n2.\nA buyer of an aircraft object acquires its interest in that object subject to an interest\nregistered at the time of its acquisition.\n3.\nOwnership of or another right or interest in an aircraft engine shall not be affected\nby its installation on or removal from an aircraft.\n4.\nArticle 29(7) of the Convention applies to an item, other than an object, installed on\nan airframe, aircraft engine or helicopter.\nArticle XV \u2014 Modification of assignment provisions\nArticle 33(1) of the Convention applies as if the following were added immediately after\nsubparagraph (b):\n\u201cand (c) the debtor has consented in writing, whether or not the consent is\ngiven in advance of the assignment or identifies the assignee.\u201d\nArticle XVI \u2014 Debtor provisions\n1.\nIn the absence of a default within the meaning of Article 11 of the Convention, the\ndebtor shall be entitled to the quiet possession and use of the object in accordance\nwith the agreement as against:\n(a)\nits creditor and the holder of any interest from which the debtor takes free\npursuant to Article 29(4) of the Convention or, in the capacity of buyer,\nArticle XIV(1) of this Protocol, unless and to the extent that the debtor\nhas otherwise agreed; and\n(b) the holder of any interest to which the debtor\u2019s right or interest is subject\npursuant to Article 29(4) of the Convention or, in the capacity of buyer,\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 2\n\nc\nLaw 2 of 2015\nPage 53\n\nArticle XIV(2) of this Protocol, but only to the extent, if any, that such\nholder has agreed.\n2.\nNothing in the Convention or this Protocol affects the liability of a creditor for any\nbreach of the agreement under the applicable law in so far as that agreement relates\nto an aircraft object.\nChapter III\nRegistry provisions relating to international interests in aircraft objects\nArticle XVII \u2014 The Supervisory Authority and the Registrar\n1.\nThe Supervisory Authority shall be the international entity designated by a\nResolution adopted by the Diplomatic Conference to Adopt a Mobile Equipment\nConvention and an Aircraft Protocol.\n2.\nWhere the international entity referred to in the preceding paragraph is not able and\nwilling to act as Supervisory Authority, a Conference of Signatory and Contracting\nStates shall be convened to designate another Supervisory Authority.\n3.\nThe Supervisory Authority and its officers and employees shall enjoy such\nimmunity from legal and administrative process as is provided under the rules\napplicable to them as an international entity or otherwise.\n4.\nThe Supervisory Authority may establish a commission of experts, from among\npersons nominated by Signatory and Contracting States and having the necessary\nqualifications and experience, and entrust it with the task of assisting the\nSupervisory Authority in the discharge of its functions.\n5.\nThe first Registrar shall operate the International Registry for a period of five years\nfrom the date of entry into force of this Protocol. Thereafter, the Registrar shall be\nappointed or reappointed at regular five-yearly intervals by the Supervisory\nAuthority.\nArticle XVIII \u2014 First regulations\nThe first regulations shall be made by the Supervisory Authority so as to take effect upon\nthe entry into force of this Protocol.\nArticle XIX \u2014 Designated entry points\n1.\nSubject to paragraph 2, a Contracting State may at any time designate an entity or\nentities in its territory as the entry point or entry points through which there shall or\nmay be transmitted to the International Registry information required for\nregistration other than registration of a notice of a national interest or a right or\ninterest under Article 40 in either case arising under the laws of another State.\n\nSCHEDULE 2\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 54\nLaw 2 of 2015\nc\n\n2.\nA designation made under the preceding paragraph may permit, but not compel, use\nof a designated entry point or entry points for information required for registrations\nin respect of aircraft engines.\nArticle XX \u2014 Additional modifications to Registry provisions\n1.\nFor the purposes of Article 19(6) of the Convention, the search criteria for an\naircraft object shall be the name of its manufacturer, its manufacturer\u2019s serial\nnumber and its model designation, supplemented as necessary to ensure uniqueness.\nSuch supplementary information shall be specified in the regulations.\n2.\nFor the purposes of Article 25(2) of the Convention and in the circumstances there\ndescribed, the holder of a registered prospective international interest or a registered\nprospective assignment of an international interest or the person in whose favour a\nprospective sale has been registered shall take such steps as are within its power to\nprocure the discharge of the registration no later than five working days after the\nreceipt of the demand described in such paragraph.\n3.\nThe fees referred to in Article 17(2)(h) of the Convention shall be determined so as\nto recover the reasonable costs of establishing, operating and regulating the\nInternational Registry and the reasonable costs of the Supervisory Authority\nassociated with the performance of the functions, exercise of the powers, and\ndischarge of the duties contemplated by Article 17(2) of the Convention.\n4.\nThe centralised functions of the International Registry shall be operated and\nadministered by the Registrar on a twenty-four hour basis. The various entry points\nshall be operated at least during working hours in their respective territories.\n5.\nThe amount of the insurance or financial guarantee referred to in Article 28(4) of\nthe Convention shall, in respect of each event, not be less than the maximum value\nof an aircraft object as determined by the Supervisory Authority.\n6.\nNothing in the Convention shall preclude the Registrar from procuring insurance or\na financial guarantee covering events for which the Registrar is not liable under\nArticle 28 of the Convention.\nChapter IV\nJurisdiction\nArticle XXI \u2014 Modification of jurisdiction provisions\nFor the purposes of Article 43 of the Convention and subject to Article 42 of the\nConvention, a court of a Contracting State also has jurisdiction where the object is a\nhelicopter, or an airframe pertaining to an aircraft, for which that State is the State of\nregistry.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 2\n\nc\nLaw 2 of 2015\nPage 55\n\nArticle XXII \u2014 Waivers of sovereign immunity\n1.\nSubject to paragraph 2, a waiver of sovereign immunity from jurisdiction of the\ncourts specified in Article 42 or Article 43 of the Convention or relating to\nenforcement of rights and interests relating to an aircraft object under the\nConvention shall be binding and, if the other conditions to such jurisdiction or\nenforcement have been satisfied, shall be effective to confer jurisdiction and permit\nenforcement, as the case may be.\n2.\nA waiver under the preceding paragraph must be in writing and contain a\ndescription of the aircraft object.\nChapter V\nRelationship with other conventions\nArticle XXIII- Relationship with the Convention on the International Recognition\nof Rights in Aircraft\nThe Convention shall, for a Contracting State that is a party to the Convention on the\nInternational Recognition of Rights in Aircraft, signed at Geneva on 19 June 1948,\nsupersede that Convention as it relates to aircraft, as defined in this Protocol, and to\naircraft objects. However, with respect to rights or interests not covered or affected by the\npresent Convention, the Geneva Convention shall not be superseded.\nArticle XXIV \u2014 Relationship with the Convention for the Unification of Certain\nRules Relating to the Precautionary Attachment of Aircraft\n1.\nThe Convention shall, for a Contracting State that is a Party to the Convention for\nthe Unification of Certain Rules Relating to the Precautionary Attachment of\nAircraft, signed at Rome on 29 May 1933, supersede that Convention as it relates to\naircraft, as defined in this Protocol.\n2.\nA Contracting State Party to the above Convention may declare, at the time of\nratification, acceptance, approval of, or accession to this Protocol, that it will not\napply this Article.\nArticle XXV \u2014 Relationship with the UNIDROIT Convention on International\nFinancial Leasing\nThe Convention shall supersede the UNIDROIT Convention on International Financial\nLeasing, signed at Ottawa on 28 May 1988, as it relates to aircraft objects.\n\nSCHEDULE 2\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 56\nLaw 2 of 2015\nc\n\nChapter VI\nFinal provisions\nArticle XXVI \u2014 Signature, ratification, acceptance, approval or accession\n1.\nThis Protocol shall be open for signature in Cape Town on 16 November 2001 by\nStates participating in the Diplomatic Conference to Adopt a Mobile Equipment\nConvention and an Aircraft Protocol held at Cape Town from 29 October to 16\nNovember 2001. After 16 November 2001, this Protocol shall be open to all States\nfor signature at the Headquarters of the International Institute for the Unification of\nPrivate Law (UNIDROIT) in Rome until it enters into force in accordance with\nArticle XXVIII.\n2.\nThis Protocol shall be subject to ratification, acceptance or approval by States which\nhave signed it.\n3.\nAny State which does not sign this Protocol may accede to it at any time.\n4.\nRatification, acceptance, approval or accession is effected by the deposit of a formal\ninstrument to that effect with the Depositary.\n5.\nA State may not become a Party to this Protocol unless it is or becomes also a Party\nto the Convention.\nArticle XXVII \u2014 Regional Economic Integration Organisations\n1.\nA Regional Economic Integration Organisation which is constituted by sovereign\nStates and has competence over certain matters governed by this Protocol may\nsimilarly sign, accept, approve or accede to this Protocol. The Regional Economic\nIntegration Organisation shall in that case have the rights and obligations of a\nContracting State, to the extent that that Organisation has competence over matters\ngoverned by this Protocol. Where the number of Contracting States is relevant in\nthis Protocol, the Regional Economic Integration Organisation shall not count as a\nContracting State in addition to its Member States which are Contracting States.\n2.\nThe Regional Economic Integration Organisation shall, at the time of signature,\nacceptance, approval or accession, make a declaration to the Depositary specifying\nthe matters governed by this Protocol in respect of which competence has been\ntransferred to that Organisation by its Member States. The Regional Economic\nIntegration Organisation shall promptly notify the Depositary of any changes to the\ndistribution of competence, including new transfers of competence, specified in the\ndeclaration under this paragraph.\n3.\nAny reference to a \u201cContracting State\u201d or \u201cContracting States\u201d or \u201cState Party\u201d or\n\u201cStates Parties\u201d in this Protocol applies equally to a Regional Economic Integration\nOrganisation where the context so requires.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 2\n\nc\nLaw 2 of 2015\nPage 57\n\nArticle XXVIII \u2014 Entry into force\n1.\nThis Protocol enters into force on the first day of the month following the expiration\nof three months after the date of the deposit of the eighth instrument of ratification,\nacceptance, approval or accession, between the States which have deposited such\ninstruments.\n2.\nFor other States this Protocol enters into force on the first day of the month\nfollowing the expiration of three months after the date of the deposit of its\ninstrument of ratification, acceptance, approval or accession.\nArticle XXIX \u2014 Territorial units\n1.\nIf a Contracting State has territorial units in which different systems of law are\napplicable in relation to the matters dealt with in this Protocol, it may, at the time of\nratification, acceptance, approval or accession, declare that this Protocol is to extend\nto all its territorial units or only to one or more of them and may modify its\ndeclaration by submitting another declaration at any time.\n2.\nAny such declaration shall state expressly the territorial units to which this Protocol\napplies.\n3.\nIf a Contracting State has not made any declaration under paragraph 1, this Protocol\nshall apply to all territorial units of that State.\n4.\nWhere a Contracting State extends this Protocol to one or more of its territorial\nunits, declarations permitted under this Protocol may be made in respect of each\nsuch territorial unit, and the declarations made in respect of one territorial unit may\nbe different from those made in respect of another territorial unit.\n5.\nIf by virtue of a declaration under paragraph 1, this Protocol extends to one or more\nterritorial units of a Contracting State:\n(a)\nthe debtor is considered to be situated in a Contracting State only if it is\nincorporated or formed under a law in force in a territorial unit to which\nthe Convention and this Protocol apply or if it has its registered office or\nstatutory seat, centre of administration, place of business or habitual\nresidence in a territorial unit to which the Convention and this Protocol\napply;\n(b) any reference to the location of the object in a Contracting State refers to\nthe location of the object in a territorial unit to which the Convention and\nthis Protocol apply; and\n(c)\nany reference to the administrative authorities in that Contracting State\nshall be construed as referring to the administrative authorities having\njurisdiction in a territorial unit to which the Convention and this Protocol\napply and any reference to the national register or to the registry\nauthority in that Contracting State shall be construed as referring to the\n\nSCHEDULE 2\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 58\nLaw 2 of 2015\nc\n\naircraft register in force or to the registry authority having jurisdiction in\nthe territorial unit or units to which the Convention and this Protocol\napply.\nArticle XXX \u2014 Declarations relating to certain provisions\n1.\nA Contracting State may, at the time of ratification, acceptance, approval of, or\naccession to this Protocol, declare that it will apply any one or more of Articles\nVIII, XII and XIII of this Protocol.\n2.\nA Contracting State may, at the time of ratification, acceptance, approval of, or\naccession to this Protocol, declare that it will apply Article X of this Protocol,\nwholly or in part. If it so declares with respect to Article X(2), it shall specify the\ntime-period required thereby.\n3.\nA Contracting State may, at the time of ratification, acceptance, approval of, or\naccession to this Protocol, declare that it will apply the entirety of Alternative A, or\nthe entirety of Alternative B of Article XI and, if so, shall specify the types of\ninsolvency proceeding, if any, to which it will apply Alternative A and the types of\ninsolvency proceeding, if any, to which it will apply Alternative B. A Contracting\nState making a declaration pursuant to this paragraph shall specify the time-period\nrequired by Article XI.\n4.\nThe courts of Contracting States shall apply Article XI in conformity with the\ndeclaration made by the Contracting State which is the primary insolvency\njurisdiction.\n5.\nA Contracting State may, at the time of ratification, acceptance, approval of, or\naccession to this Protocol, declare that it will not apply the provisions of Article\nXXI, wholly or in part. The declaration shall specify under which conditions the\nrelevant Article will be applied, in case it will be applied partly, or otherwise which\nother forms of interim relief will be applied.\nArticle XXXI \u2014 Declarations under the Convention\nDeclarations made under the Convention, including those made under Articles 39, 40, 50,\n53, 54, 55, 57, 58 and 60 of the Convention, shall be deemed to have also been made\nunder this Protocol unless stated otherwise.\nArticle XXXII \u2014 Reservations and declarations\n1.\nNo reservations may be made to this Protocol but declarations authorised by\nArticles XXIV, XXIX, XXX, XXXI, XXXIII and XXXIV may be made in\naccordance with these provisions.\n2.\nAny declaration or subsequent declaration or any withdrawal of a declaration made\nunder this Protocol shall be notified in writing to the Depositary.\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 2\n\nc\nLaw 2 of 2015\nPage 59\n\nArticle XXXIII \u2014 Subsequent declarations\n1.\nA State Party may make a subsequent declaration, other than a declaration made in\naccordance with Article XXXI under Article 60 of the Convention, at any time after\nthe date on which this Protocol has entered into force for it, by notifying the\nDepositary to that effect.\n2.\nAny such subsequent declaration shall take effect on the first day of the month\nfollowing the expiration of six months after the date of receipt of the notification by\nthe Depositary. Where a longer period for that declaration to take effect is specified\nin the notification, it shall take effect upon the expiration of such longer period after\nreceipt of the notification by the Depositary.\n3.\nNotwithstanding the previous paragraphs, this Protocol shall continue to apply, as if\nno such subsequent declarations had been made, in respect of all rights and interests\narising prior to the effective date of any such subsequent declaration.\nArticle XXXIV \u2014 Withdrawal of declarations\n1.\nAny State Party having made a declaration under this Protocol, other than a\ndeclaration made in accordance with Article XXXI under Article 60 of the\nConvention, may withdraw it at any time by notifying the Depositary. Such\nwithdrawal is to take effect on the first day of the month following the expiration of\nsix months after the date of receipt of the notification by the Depositary.\n2.\nNotwithstanding the previous paragraph, this Protocol shall continue to apply, as if\nno such withdrawal of declaration had been made, in respect of all rights and\ninterests arising prior to the effective date of any such withdrawal.\nArticle XXXV \u2014 Denunciations\n1.\nAny State Party may denounce this Protocol by notification in writing to the\nDepositary.\n2.\nAny such denunciation shall take effect on the first day of the month following the\nexpiration of twelve months after the date of receipt of the notification by the\nDepositary.\n3.\nNotwithstanding the previous paragraphs, this Protocol shall continue to apply, as if\nno such denunciation had been made, in respect of all rights and interests arising\nprior to the effective date of any such denunciation.\n\nSCHEDULE 2\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 60\nLaw 2 of 2015\nc\n\nArticle XXXVI \u2014 Review Conferences, amendments and related matters\n1.\nThe Depositary, in consultation with the Supervisory Authority, shall prepare\nreports yearly, or at such other time as the circumstances may require, for the States\nParties as to the manner in which the international regime established in the\nConvention as amended by this Protocol has operated in practice. In preparing such\nreports, the Depositary shall take into account the reports of the Supervisory\nAuthority concerning the functioning of the international registration system.\n2.\nAt the request of not less than twenty-five per cent of the States Parties, Review\nConferences of the States Parties shall be convened from time to time by the\nDepositary, in consultation with the Supervisory Authority, to consider:\n(a)\nthe practical operation of the Convention as amended by this Protocol\nand its effectiveness in facilitating the asset-based financing and leasing\nof the objects covered by its terms;\n(b) the judicial interpretation given to, and the application made of the terms\nof this Protocol and the regulations;\n(c)\nthe functioning of the international registration system, the performance\nof the Registrar and its oversight by the Supervisory Authority, taking\ninto account the reports of the Supervisory Authority; and\n(d) whether any modifications to this Protocol or the arrangements relating\nto the International Registry are desirable.\n3.\nAny amendment to this Protocol shall be approved by at least a two-thirds majority\nof States Parties participating in the Conference referred to in the preceding\nparagraph and shall then enter into force in respect of States which have ratified,\naccepted or approved such amendment when it has been ratified, accepted or\napproved by eight States in accordance with the provisions of Article XXVIII\nrelating to its entry into force.\nArticle XXXVII \u2014 Depositary and its functions\n1.\nInstruments of ratification, acceptance, approval or accession shall be deposited\nwith the International Institute for the Unification of Private Law (UNIDROIT),\nwhich is hereby designated the Depositary.\n2.\nThe Depositary shall:\n(a)\ninform all Contracting States of:\n(i)\neach new signature or deposit of an instrument of ratification,\nacceptance, approval or accession, together with the date thereof;\n(ii) the date of entry into force of this Protocol;\n(iii) each declaration made in accordance with this Protocol, together\nwith the date thereof;\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 2\n\nc\nLaw 2 of 2015\nPage 61\n\n(iv) the withdrawal or amendment of any declaration, together with the\ndate thereof; and\n(v) the notification of any denunciation of this Protocol together with\nthe date thereof and the date on which it takes effect;\n(b) transmit certified true copies of this Protocol to all Contracting States;\n(c)\nprovide the Supervisory Authority and the Registrar with a copy of each\ninstrument of ratification, acceptance, approval or accession, together\nwith the date of deposit thereof, of each declaration or withdrawal or\namendment of a declaration and of each notification of denunciation,\ntogether with the date of notification thereof, so that the information\ncontained therein is easily and fully available; and\n(d) perform such other functions customary for depositaries.\nIN WITNESS WHEREOF the undersigned Plenipotentiaries, having been duly\nauthorised, have signed this Protocol.\nDONE at Cape Town, this sixteenth day of November, two thousand and one, in a single\noriginal in the English, Arabic, Chinese, French, Russian and Spanish languages, all texts\nbeing equally authentic, such authenticity to take effect upon verification by the Joint\nSecretariat of the Conference under the authority of the President of the Conference\nwithin ninety days hereof as to the conformity of the texts with one another.\n\nAnnex\nFORM OF IRREVOCABLE DE-REGISTRATION AND EXPORT\nREQUEST AUTHORISATION\nAnnex referred to in Article XIII\n[Insert Date]\nTo: [Insert Name of Registry Authority]\nRe: Irrevocable De-Registration and Export Request Authorisation\nThe undersigned is the registered [operator] [owner]* of the [insert the\nairframe\/helicopter manufacturer name and model number] bearing manufacturers serial\nnumber [insert manufacturer\u2019s serial number] and registration [number] [mark] [insert\nregistration number\/mark] (together with all installed, incorporated or attached\naccessories, parts and equipment, \u201caircraft\u201d).\n\n---------------------------------------------------\n*Select the term that reflects the relevant nationality registration criterion\n\nSCHEDULE 2\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 62\nLaw 2 of 2015\nc\n\nThis instrument is an irrevocable de-registration and export request authorisation issued\nby the undersigned in favour of [insert name of creditor] (\u201cthe authorised party\u201d) under\nthe authority of Article XIII of the Protocol to the Convention on International Interests\nin Mobile Equipment on Matters specific to Aircraft Equipment. In accordance with that\nArticle, the undersigned hereby requests:\n(i)\nrecognition that the authorised party or the person it certifies as its\ndesignee is the sole person entitled to:\n(a)\nprocure the de-registration of the aircraft from the [insert name of\naircraft register] maintained by the [insert name of registry\nauthority] for the purposes of Chapter III of the Convention on\nInternational Civil Aviation, signed at Chicago, on 7 December\n1944, and\n(b) procure the export and physical transfer of the aircraft from [insert\nname of country]; and\n(ii) confirmation that the authorised party or the person it certifies as its\ndesignee may take the action specified in clause (i) above on written\ndemand without the consent of the undersigned and that, upon such\ndemand, the authorities in [insert name of country] shall co-operate with\nthe authorised party with a view to the speedy completion of such action.\nThe rights in favour of the authorised party established by this instrument may not be\nrevoked by the undersigned without the written consent of the authorised party.\nPlease acknowledge your agreement to this request and its terms by appropriate notation\nin the space provided below and lodging this instrument in [insert name of registry\nauthority].\n\n[insert name of operator\/owner]\n__________________________\nAgreed to and lodged this                                                     By: [insert name of signatory]\n\n[insert date]                                                          Its: [insert title of signatory]\n\n_______________________________\n\n[insert relevant notational details]\n\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\nSCHEDULE 3\n\nc\nLaw 2 of 2015\nPage 63\n\nSCHEDULE 3\nDECLARATIONS\nLODGED BY THE UNITED KINGDOM IN RESPECT OF THE CAYMAN\nISLANDS UNDER THE CAPE TOWN CONVENTION (THE \u201cCONVENTION\u201d)\nAT THE TIME OF THE DEPOSIT OF THE INSTRUMENT OF RATIFICATION\nBY THE UNITED KINGDOM IN RESPECT THEREOF\n\nThe United Kingdom of Great Britain and Northern Ireland is to make the following\ndeclarations in respect of the Cayman Islands pursuant to the Convention and the\nProtocol to the Convention on Matters Specific to Aircraft Equipment:\n\nIn these declarations the phrase \u201cGovernment of the Cayman Islands\u201d means any public\nor governmental body, including any statutory body or company or association in which\nthe Cayman Islands has an interest and which performs a public function or duty and any\nentity that provides any public function or duty for or on behalf of the government of the\nCayman Islands and includes, without limitation, the Civil Aviation Authority of the\nCayman Islands and the Cayman Islands Airports Authority.\n\n1.\nDeclarations pursuant to Article 39(1) of the Convention:\n(a)\nthat all categories of non-consensual rights or interests which under the\nlaws of the Cayman Islands at the date of this declaration or created after\nthat date have priority over an interest in an object equivalent to that of\nthe holder of a registered international interest shall to that extent have\npriority over a registered international interest, whether in or outside\ninsolvency proceedings.\n(b) that nothing in the Convention shall affect the right of the Government of\nthe Cayman Islands or any other provider of public services (whether an\nintergovernmental organisation or a private or public entity or otherwise)\nto arrest or detain an aircraft object under the laws of the Cayman Islands\nfor payment of amounts owed to such entity, organisation or provider\ndirectly relating to those services in respect of that aircraft object or\nanother aircraft object.\n2.\nDeclaration pursuant to Article 39(4) of the Convention:\ndeclares that a right or interest of a category covered by a declaration made\nunder paragraph 1(a) above pursuant to Article 39(1)(a) of the Convention\nshall have priority over an international interest registered prior to the date of\ndeposit of the United Kingdom of Great Britain and Northern Ireland\u2019s\ninstrument of ratification.\n\nSCHEDULE 3\nInternational Interests in Mobile Equipment (Cape Town Convention)\nLaw, 2015\n\nPage 64\nLaw 2 of 2015\nc\n\n3.\nDeclaration Pursuant to Article 53 of the Convention:\nthat the relevant \u201ccourt\u201d for the purposes of Article 1 and Chapter XII of the\nConvention is the Grand Court of the Cayman Islands.\n4.\nDeclaration pursuant to Article 54(2) of the Convention:\nthat all remedies available to the creditor under any provision of the\nConvention or Protocol which are not expressed to require application to the\ncourt may be exercised without leave of the court.\n5.\nDeclarations Pursuant to Article XXX(1) of the Protocol:\n(a)\nthat it will apply Article VIII of the Protocol.\n(b) that it will apply Article XII of the Protocol.\n(c)\nthat it will apply Article XIII of the Protocol.\n6.\nDeclaration pursuant to Article XXX(2) of the Protocol:\nthat it will apply Article X of the Protocol in its entirety and that the number of\ndays to be used for the purposes of the time-limit laid down in Article X(2) of\nthe Protocol shall be 10 working days in the Cayman Islands from the date the\napplication for relief is filed.\n7.\nDeclaration pursuant to Article XXX(3) of the Protocol:\nthat it will apply Article XI, Alternative A of the Protocol in its entirety to all\ntypes of all insolvency proceedings and that the waiting period for the\npurposes of Article XI(3) of that Alternative shall be sixty (60) calendar days.\n\nPassed by the Legislative Assembly the 17th day of April, 2015.\nJuliana O\u2019Connor-Connolly\nSpeaker.\nZena Merren-Chin\nClerk of the Legislative Assembly.","akn_extracted_at":"2026-06-22 15:33:24.591252+00","cms_id":"2015-0002","law_type":"principal","year":"2015","number":"2","title":"International Interests in Mobile Equipment (Cape Town Convention) 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