Schedule 3

or a leasing agreement;

Convention which are either airframes with aircraft engines installed

thereon or helicopters;

military, customs or police services) powered by jet propulsion or

turbine or piston technology and:

1750 lb of thrust or its equivalent; and

engines, have at least 550 rated take-off shaft horsepower or its

equivalent,

together with all modules and other installed, incorporated or attached

accessories, parts and equipment and all data, manuals and records

relating thereto;

mark registering authority for the purposes of the Chicago Convention;

customs and police services) that, when appropriate aircraft engines

are installed thereon, are type certified by the competent aviation

authority to transport:

together with all installed, incorporated or attached accessories, parts

and equipment (other than aircraft engines), and all data, manuals and

records relating thereto;

otherwise, confers on the assignee associated rights with or without a

transfer of the related international interest;

by a debtor under an agreement which are secured by or associated

with the aircraft object;

International Interests in

Aircraft Equipment

Act 2009

Aviation, signed at Chicago on 7 December 1944, as amended, and its

Annexes;

which the insolvency proceedings are deemed to commence under the

applicable insolvency law;

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;

seller to a buyer which is not an agreement as defined in (a) above;

established by a Contracting State;

seller under a title reservation agreement or a lessor under a leasing

agreement;

buyer under a title reservation agreement, a lessee under a leasing

agreement or a person whose interest in an aircraft object is burdened

by a registrable non-consensual right or interest;

registration of the aircraft from its aircraft register in accordance with

the Chicago Convention;

guarantor;

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;

in military, customs or police services) supported in flight chiefly by

International Interests in

Aircraft Equipment

Act 2009

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:

together with all installed, incorporated or attached accessories, parts

and equipment (including rotors), and all data, manuals and records

relating thereto;

the reorganisation or liquidation, including one authorised on an

interim basis, and includes a debtor in possession if permitted by the

applicable insolvency law;

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;

payments by the debtor where the creditor’s right to institute

insolvency proceedings against the debtor or to exercise

remedies under this Convention is prevented or suspended

by law or State action;

Article 2(2)(a) to (c) where the centre of the main interests of all

parties to such transaction is situated, and the relevant aircraft object

under Article 3(4) is located, in the same Contracting State at the time

of the conclusion of the contract and where the interest created by the

transaction has been registered in a national registry in that Contracting

State which has made a declaration under Article 66(1);

International Interests in

Aircraft Equipment

Act 2009

Article 2 applies;

established for the purposes of this Convention;

lessor) grants a right to possession or control of an aircraft object (with

or without an option to purchase) to another person (the lessee) in

return for a rental or other payment;

object and created by an internal transaction covered by a declaration

under Article 66(1);

under the law of a Contracting State which has made a declaration

under Article 52 to secure the performance of an obligation, including

an obligation to a State, State entity or an intergovernmental or private

organisation;

registered in the International Registry that a national interest has been

created;

or over an aircraft object created or arising before the effective date of

this Convention as defined by Article 76(2)(a);

which the centre of the debtor’s main interests is situated, which for

this purpose shall be deemed to be the place of the debtor’s statutory

seat or, if there is none, the place where the debtor is incorporated or

formed, unless proved otherwise;

arising from the total or partial loss or physical destruction of the

aircraft object or its total or partial confiscation, condemnation or

requisition;

made in the future, upon the occurrence of a stated event, whether or

not the occurrence of the event is certain;

to be created or provided for in an aircraft object as an international

interest in the future, upon the occurrence of a stated event (which may

International Interests in

Aircraft Equipment

Act 2009

include the debtor’s acquisition of an interest in the aircraft object),

whether or not the occurrence of the event is certain;

future, upon the occurrence of a stated event, whether or not the

occurrence of the event is certain;

Chapter V;

non-consensual right or interest or a national interest specified in a

notice of a national interest registered pursuant to Chapter V;

right or interest registrable pursuant to a declaration deposited under

Article 53;

means

the

person

or

body

appointed

under

Articles 27(4)(b) and 28;

registering authority, maintaining an aircraft register in a Contracting

State and responsible for the registration and de-registration of an

aircraft in accordance with the Chicago Convention;

Authority pursuant to this Convention;

contract of sale;

interest;

or agrees to grant to a chargee an interest (including an ownership

interest) in or over an aircraft object to secure the performance of any

existing or future obligation of the chargor or a third person;

national register of which an aircraft is entered or the State of location

of the common mark registering authority maintaining the aircraft

register;

in Article 27;

International Interests in

Aircraft Equipment

Act 2009

aircraft object on terms that ownership does not pass until fulfilment of

the condition or conditions stated in the agreement;

(aaa) “unregistered interest” means a consensual interest or non-consensual

right or interest (other than an interest to which Article 52 applies)

which has not been registered, whether or not it is registrable under this

Convention; and

(bbb) “writing” 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’s approval of the record.

Article 2 — The international interest

1. This Convention provides for the constitution and effects of an international

interest in aircraft objects and associated rights.

2. For the purposes of this Convention, an international interest in aircraft

objects is an interest, constituted under Article 10, in airframes, aircraft engines or

helicopters:

agreement; or

An interest falling within sub-paragraph (a) does not also fall within

sub-paragraph (b) or (c).

3. The applicable law determines whether an interest to which the preceding

paragraph applies falls within sub-paragraph (a), (b) or (c) of that paragraph.

4. An international interest in an aircraft object extends to proceeds of that

aircraft object.

Article 3 — 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.

International Interests in

Aircraft Equipment

Act 2009

3. Without prejudice to paragraph 1 of this Article, this 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.

4. For the purposes of the definition of “internal transaction” in Article 1 of this

Convention:

is a part;

which it is installed or, if it is not installed on an aircraft, where it is

physically located; and

at the time of the conclusion of the agreement creating or providing for the

interest.

Article 4 — Where debtor is situated

1. For the purposes of Article 3(1), the debtor is situated in any Contracting

State:

2. A reference in sub-paragraph (d) of the preceding paragraph to the debtor’s

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.

Article 5 — 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.

International Interests in

Aircraft Equipment

Act 2009

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 — Application to sale and prospective sale

The following provisions of this 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 26(1)(a);

Article 32(4);

Article 33(1) (as regards registration of a contract of sale or a prospective

sale);

Article 38(2) (as regards a prospective sale); and

Article 43.

In addition, the general provisions of Article 1, Article 5, Chapters IV to VII,

Article 42 (other than Article 42(3) and (4)), Chapter X, Chapter XI (other than

Article 55), Chapter XII and Chapter XIII (other than Article 76) shall apply to

contracts of sale and prospective sales.

Article 7 — 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

this Convention.

Article 8 — Description of aircraft objects

A description of an aircraft object that contains its manufacturer’s serial number,

the name of the manufacturer and its model designation is necessary and sufficient

International Interests in

Aircraft Equipment

Act 2009

to identify the aircraft object for the purposes of Articles 10(c) and 11(1)(c) of this

Convention.

Article 9 — Choice of law

1. This Article applies only where a Contracting State has made a declaration

pursuant to Article 71(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

CONSTITUTION OF AN INTERNATIONAL INTEREST;

CONTRACTS OF SALE

Article 10 — Formal requirements

An interest is constituted as an international interest under this Convention where

the agreement creating or providing for the interest:

lessor has power to dispose;

be determined, but without the need to state a sum or maximum sum

secured.

Article 11 — Formalities and effects of contracts of sale

1. For the purposes of this Convention, a contract of sale is one which:

and

Convention.

International Interests in

Aircraft Equipment

Act 2009

2. A contract of sale transfers the interest of the seller in the aircraft object to the

buyer according to its terms.

CHAPTER III

DEFAULT REMEDIES

Article 12 — Remedies of chargee

1. In the event of default as provided in Article 17, 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 70, exercise any one or more of the

following remedies:

or use of any such aircraft 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. A chargee proposing to sell or grant a lease of an aircraft object under

paragraph 1 shall give reasonable prior notice in writing of the proposed sale or

lease to:

of their rights to the chargee within a reasonable time prior to the sale

or lease.

4. A chargee giving ten or more working days’ prior written notice of a proposed

sale or lease to interested persons shall be deemed to satisfy the requirement of

providing “reasonable prior notice” specified in the preceding paragraph. The

foregoing shall not prevent a chargee and a chargor or a guarantor from agreeing to

a longer period of prior notice.

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

International Interests in

Aircraft Equipment

Act 2009

registered or of which the chargee has been given notice, in order of priority, and

pay any remaining balance to the chargor.

Article 13 — Vesting of aircraft object in satisfaction; redemption

1. At any time after default as provided in Article 17, the chargee and all the

interested persons may agree that ownership of (or any other interest of the

chargor in) any aircraft 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 aircraft 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 aircraft 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 17 and before sale of the

charged aircraft 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 12(1)(b)

or ordered under Article 12(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 12(1)(b) or passing under paragraph 1 or 2 of this Article is free from any

other interest over which the chargee’s security interest has priority under the

provisions of Article 42.

Article 14 — 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 17, the conditional seller or the lessor, as the case

may be, may:

under Article 70, terminate the agreement and take possession or

control of any aircraft object to which the agreement relates; or

International Interests in

Aircraft Equipment

Act 2009

Article 15 — Additional remedies of creditor

1. In addition to the remedies specified in Articles 12, 14, 16 and 20, the creditor

may, to the extent that the debtor has at any time so agreed and in the

circumstances specified in such provisions:

territory in which it is situated.

2. The creditor shall not exercise the remedies specified in the preceding

paragraph without the prior consent in writing of the holder of any registered

interest ranking in priority to that of the creditor.

3. 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:

recorded irrevocable de-registration and export request authorisation;

and

that authority, that all registered interests ranking in priority to that of

the creditor in whose favour the authorisation has been issued have

been discharged or that the holders of such interests have consented to

the de-registration and export.

4. A chargee proposing to procure the de-registration and export of an aircraft

under paragraph 1 otherwise than pursuant to a court order shall give reasonable

prior notice in writing of the proposed de-registration and export to:

Convention; and

have given notice of their rights to the chargee within a reasonable time

prior to the de-registration and export.

Article 16 — Additional remedies under applicable law

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 22.

International Interests in

Aircraft Equipment

Act 2009

Article 17 — 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 12 to 15 and 20.

2. Where the debtor and the creditor have not so agreed, “default” for the

purposes of Articles 12 to 15 and 20 means a default which substantially deprives

the creditor of what it is entitled to expect under the agreement.

Article 18 — Debtor provisions

1. In the absence of a default within the meaning of Article 17 of this

Convention, the debtor shall be entitled to the quiet possession and use of the

aircraft object in accordance with the agreement as against:

free pursuant to Article 42(5) or, in the capacity of buyer, Article 42(3)

of this Convention, unless and to the extent that the debtor has

otherwise agreed; and

subject pursuant to Article 42(5) or, in the capacity of buyer,

Article 42(4) of this Convention, but only to the extent, if any, that

such holder has agreed.

2. Nothing in this Convention 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.

Article 19 — Standard for exercising remedies

Any remedy given by this 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.

Article 20 — Relief pending final determination

1. Subject to any declaration that it may make under Article 71(2), 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:

International Interests in

Aircraft Equipment

Act 2009

management of the aircraft object and the income therefrom; and

application of proceeds therefrom.

2. For the purposes of the preceding paragraph, “speedy” 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. Ownership or any other interest of the debtor passing on a sale under

sub-paragraph (e) of paragraph 1 of this Article is free from any other interest over

which the creditor’s international interest has priority under the provisions of

Article 42 of this Convention.

4. In making any order under paragraph 1 of this Article, the court may impose

such terms as it considers necessary to protect the interested persons in the event

that the creditor:

its obligations to the debtor under this Convention; or

of that claim.

5. The creditor and the debtor or any other interested person may agree in

writing to exclude the application of the preceding paragraph.

6. Before making any order under paragraph 1, the court may require notice of

the request to be given to any of the interested persons.

7. With regard to the remedies in Article 15(1):

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 15(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 this Convention; and

International Interests in

Aircraft Equipment

Act 2009

the creditor in the exercise of such remedies in conformity with the

applicable aviation safety laws and regulations.

8. Nothing in the preceding paragraphs affects the application of Article 19 or

limits the availability of forms of interim relief other than those set out in

paragraph 1.

9. Paragraphs 2 and 7 shall not affect any applicable aviation safety laws and

regulations.

10. Paragraphs 2, 3, 5, 7 and 9 of this Article apply only where a Contracting

State has made a declaration under Article 71(2) and to the extent stated in such

declaration.

Article 21 — Procedural requirements

Subject to Article 70(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 22 — Derogation

Any two or more of the parties referred to in this Chapter may at any time, by

agreement in writing, exclude the application of Article 23 and, in their relations

with each other, derogate from or vary the effect of any of the preceding provisions

of this Chapter, except as stated in Articles 12(3) to (6), 13(3) and (4), 15(2), 19

and 21.

Article 23 — 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 71(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:

aircraft object if this Article did not apply.

International Interests in

Aircraft Equipment

Act 2009

3. For the purposes of this Article, the “waiting period” shall be the period

specified in a declaration of the Contracting State which is the primary insolvency

jurisdiction.

4. References in this Article to the “insolvency administrator” shall be to that

person in its official, not in its personal, capacity.

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

paragraph 2:

the aircraft object and maintain it and its value in accordance with the

agreement; and

relief available under the applicable law.

6. Sub-paragraph (a) of the preceding paragraph shall not preclude the use of the

aircraft object under arrangements designed to preserve the aircraft object and

maintain it and its value.

7. The insolvency administrator or the debtor, as applicable, may retain

possession of the aircraft object where, by the time specified in paragraph 2, it

has cured all defaults other than a default constituted by the opening of insolvency

proceedings and has agreed to perform all future obligations under the agreement.

A second waiting period shall not apply in respect of a default in the performance

of such future obligations.

8. With regard to the remedies in Article 15(1):

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 this Convention; and

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 this Convention may be prevented or

delayed after the date specified in paragraph 2.

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

the consent of the creditor.

11. Nothing in the preceding paragraph shall be construed to affect the authority,

if any, of the insolvency administrator under the applicable law to terminate the

agreement.

International Interests in

Aircraft Equipment

Act 2009

12. No rights or interests, except for non-consensual rights or interests of a

category covered by a declaration pursuant to Article 52(1), shall have priority in

insolvency proceedings over registered interests.

13. The provisions of this Convention shall apply to the exercise of any remedies

under this Article.

Alternative B

2. Upon the occurrence of an insolvency-related event, the insolvency

administrator or the debtor, as applicable, upon the request of the creditor, shall

give notice to the creditor within the time specified in a declaration of a

Contracting State pursuant to Article 71(3) whether it will:

insolvency proceedings and agree to perform all future obligations,

under the agreement and related transaction documents; or

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 24 — Insolvency assistance

1. This Article applies only where a Contracting State has made a declaration

pursuant to Article 71(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 23.

International Interests in

Aircraft Equipment

Act 2009

Article 25 — De-registration and export request authorisation

1. This Article applies only where a Contracting State has made a declaration

pursuant to Article 71(1).

2. Where the debtor has issued an irrevocable de-registration and export request

authorisation substantially in the form annexed to this Convention and has

submitted such authorisation for recordation to the registry authority, that

authorisation shall be so recorded.

3. The person in whose favour the authorisation has been issued (the “authorised

party”) or its certified designee shall be the sole person entitled to exercise the

remedies specified in Article 15(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 15.

CHAPTER IV

THE INTERNATIONAL REGISTRATION SYSTEM

Article 26 — The International Registry

1. An International Registry shall be established for registrations of:

interests,

prospective

international

interests

and

registrable non-consensual rights and interests;

of

international

interests

by

legal

or

contractual

subrogations under the applicable law;

sub-paragraphs.

2. For the purposes of this Chapter and Chapter V, the term “registration”

includes, where appropriate, an amendment, extension or discharge of a

registration.

International Interests in

Aircraft Equipment

Act 2009

Article 27 — The Supervisory Authority

1. There shall be a Supervisory Authority which 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 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.

4. The Supervisory Authority shall:

the International Registry in the event of a change of Registrar will vest

in or be assignable to the new Registrar;

ensure the publication of regulations dealing with the operation of the

International Registry;

administrative

procedures

through

which

complaints

concerning the operation of the International Registry can be made

to the Supervisory Authority;

as the Supervisory Authority thinks fit;

services and facilities of the International Registry;

electronic registration system exists to implement the objectives of

this Convention; and

its obligations under this Convention.

5. The Supervisory Authority may enter into any agreement requisite for the

performance of its functions, including any agreement referred to in Article 40(3).

International Interests in

Aircraft Equipment

Act 2009

6. The Supervisory Authority shall own all proprietary rights in the data bases

and archives of the International Registry.

7. The first regulations shall be made by the Supervisory Authority so as to take

effect upon the entry into force of the Convention and the Protocol.

Article 28 — The Registrar

1. The first Registrar shall operate the International Registry for a period of

five years from the date of entry into force of the Convention and the Protocol.

Thereafter, the Registrar shall be appointed or reappointed at regular five-yearly

intervals by the Supervisory Authority.

2. The Registrar shall ensure the efficient operation of the International Registry

and perform the functions assigned to it by this Convention and the regulations.

3. The fees referred to in Article 27(4)(h) 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 27(4) of this Convention.

Article 29 — 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 53 in either case arising under the laws of another

State. 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.

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 30 — Working hours of the registration facilities

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.

International Interests in

Aircraft Equipment

Act 2009

CHAPTER V

MODALITIES OF REGISTRATION

Article 31 — Registration requirements

1. In accordance with this Convention, the regulations shall specify the

requirements, including the criteria for the identification of the aircraft object:

electronic transmission of any consent from any person whose consent

is required under Article 33);

thereto,

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 33 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.

Article 32 — Validity and time of registration

1. A registration shall be valid only if made in conformity with Article 33.

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:

number; and

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

International Interests in

Aircraft Equipment

Act 2009

registration was still current immediately before the international interest was

constituted as provided by Article 10.

5. The preceding paragraph applies with necessary modifications to the

registration of a prospective assignment of an international interest.

6. A registration pertaining to an aircraft object shall be searchable in the

International Registry data base according to the name of its manufacturer, its

manufacturer’s serial number and its model designation, supplemented as

necessary to ensure uniqueness. Such supplementary information shall be

specified in the regulations.

Article 33 — 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.

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 34 — Duration of registration

1. Registration of an international interest remains effective until discharged or

until expiry of the period specified in the registration.

2. 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.

Article 35 — Searches

1. Any person may, in the manner prescribed by this Convention and the

regulations, make or request a search of the International Registry by electronic

International Interests in

Aircraft Equipment

Act 2009

means concerning interests or prospective international interests registered

therein.

2. Upon receipt of a request therefor, the Registrar, in the manner prescribed by

the regulations, shall issue a registry search certificate by electronic means with

respect to any aircraft object:

statement indicating the date and time of registration of such

information; or

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 36 — List of declarations and declared non-consensual rights or interests

The Registrar shall maintain a list of declarations, withdrawals of declarations,

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 52 and 53 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 this Convention

and the regulations to any person requesting it.

Article 37 — 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:

Article 38 — 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

International Interests in

Aircraft Equipment

Act 2009

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. For the purpose of the preceding paragraph 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.

4. 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.

5. 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 39 — 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 40 — 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 and administrative process as is provided under the rules

applicable to them as an international entity or otherwise.

International Interests in

Aircraft Equipment

Act 2009

3.—

other privileges as may be provided by agreement with the host State.

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 41(1) or

Article 56, 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 of this Article.

CHAPTER VII

LIABILITY OF THE REGISTRAR

Article 41 — 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 provisions of this Convention.

5. The amount of the insurance or financial guarantee referred to in the

preceding paragraph shall, in respect of each event, not be less than the maximum

value of an aircraft object as determined by the Supervisory Authority.

International Interests in

Aircraft Equipment

Act 2009

6. Nothing in this Convention shall preclude the Registrar from procuring

insurance or a financial guarantee covering events for which the Registrar is not

liable under this Article.

CHAPTER VIII

EFFECTS OF AN INTERNATIONAL INTEREST AS AGAINST

THIRD PARTIES

Article 42 — 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:

actual knowledge of the other interest; and

interest with such knowledge.

3. 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.

4. A buyer of an aircraft object acquires its interest in that object subject to an

interest registered at the time of its acquisition.

5. A conditional buyer or lessee acquires its interest in or right over that object:

international interest held by its conditional seller or lessor; and

knowledge of that interest.

6. 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.

7. Any priority given by this Article to an interest in an aircraft object extends to

proceeds.

International Interests in

Aircraft Equipment

Act 2009

8. This Convention:

object, held prior to its installation on an aircraft object if under the

applicable law those rights continue to exist after the installation; and

object, which has previously been installed on an aircraft object where

under the applicable law those rights are created.

9. Ownership of or another right or interest in an aircraft engine shall not be

affected by its installation on or removal from an aircraft.

10. Paragraph 8 of this Article applies to an item, other than an aircraft object,

installed on an airframe, aircraft engine or helicopter.

Article 43 — 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 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 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 44 — Effects of assignment

1. Except as otherwise agreed by the parties, an assignment of associated rights

made in conformity with Article 45 also transfers to the assignee:

2. Nothing in this Convention prevents a partial assignment of the assignor’s

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

International Interests in

Aircraft Equipment

Act 2009

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.

Article 45 — Formal requirements of assignment

1. An assignment of associated rights transfers the related international interest

only if it:

which they arise; and

secured by the assignment to be determined in accordance with this

Convention 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 are also

assigned.

3. This Convention does not apply to an assignment of associated rights which is

not effective to transfer the related international interest.

Article 46 — Debtor’s duty to assignee

1. To the extent that associated rights and the related international interest have

been transferred in accordance with Articles 44 and 45, 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:

the authority of the assignor;

International Interests in

Aircraft Equipment

Act 2009

in advance of the assignment or identifies the assignee.

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 47 — 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 12, 13 and

15 to 21 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:

the obligation secured by the assignment of the associated rights and

the related international interest and the security interest created by

that assignment;

assignee and assignor;

assignee; and

and the related international interest.

Article 48 — 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 42 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 43 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.

International Interests in

Aircraft Equipment

Act 2009

Article 49 — Assignee’s 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 48(1) over another

assignee of the associated rights:

are secured by or associated with the object; and

2. For the purpose of sub-paragraph (b) of the preceding paragraph, associated

rights are related to an aircraft object only to the extent that they consist of rights to

payment or performance that relate to:

in which the assignor held another international interest if the assignor

transferred that interest to the assignee and the assignment has been

registered;

preceding sub-paragraphs.

3. In all other cases, the priority of the competing assignments of the associated

rights shall be determined by the applicable law.

Article 50 — Effects of assignor’s insolvency

The provisions of Article 43 apply to insolvency proceedings against the

assignor as if references to the debtor were references to the assignor.

Article 51 — 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.

International Interests in

Aircraft Equipment

Act 2009

CHAPTER X

RIGHTS OR INTERESTS SUBJECT TO DECLARATIONS BY

CONTRACTING STATES

Article 52 — 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:

or interest to which Article 53 applies) which under that State’s law

have priority over an interest in an aircraft 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

entity, intergovernmental organisation or other private provider of

public services to arrest or detain an aircraft 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 aircraft 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.

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 53 — 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 aircraft 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.

International Interests in

Aircraft Equipment

Act 2009

CHAPTER XI

JURISDICTION

Article 54 — Choice of forum

1. Subject to Articles 55 and 56, 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 55 — Jurisdiction under Article 20

1. The courts of a Contracting State chosen by the parties in conformity with

Article 54 and the courts of the Contracting State on the territory of which the

aircraft object is situated or in which the aircraft is registered have jurisdiction to

grant relief under Article 20(1)(a), (b), (c), and Article 20(8) in respect of that

aircraft object or aircraft.

2. Jurisdiction to grant relief under Article 20(1)(d) and (e) or other interim relief

by virtue of Article 20(8) may be exercised either:

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 20(1) will or may take place in a

court of another Contracting State or by arbitration.

Article 56 — 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 38 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.

International Interests in

Aircraft Equipment

Act 2009

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 57 — Waivers of sovereign immunity

1. Subject to paragraph 2, a waiver of sovereign immunity from jurisdiction of

the courts specified in Article 54 or 55 of this Convention or relating to

enforcement of rights and interests relating to an aircraft object under this

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.

Article 58 — Jurisdiction in respect of insolvency proceedings

The provisions of this Chapter are not applicable to insolvency proceedings.

CHAPTER XII

RELATIONSHIP WITH OTHER CONVENTIONS

Article 59 — 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 2001, as it relates to the assignment of receivables which

are associated rights related to international interests in aircraft objects.

Article 60 — Relationship with the Convention on the International Recognition

of Rights in Aircraft

This 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

Convention, and to aircraft objects. However, with respect to rights or interests not

International Interests in

Aircraft Equipment

Act 2009

covered or affected by the present Convention, the Geneva Convention shall not

be superseded.

Article 61 — Relationship with the Convention for the Unification of Certain

Rules Relating to the Precautionary Attachment of Aircraft

1. This 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 Convention.

2. A Contracting State that is a Party to the above Convention may declare, at the

time of ratification, acceptance, approval of, or accession to the Protocol, that it

will not apply this Article.

Article 62 — Relationship with the UNIDROIT Convention on

International Financial Leasing

This Convention shall supersede the UNIDROIT Convention on International

Financial Leasing, signed at Ottawa on 28 May 1988, as it relates to aircraft

objects.

CHAPTER XIII

FINAL PROVISIONS

Article 63 — Signature, ratification, acceptance, approval or accession

(See Article 47 of the Convention and

Article XXVI of the Protocol)

Article 64 — Regional Economic Integration Organisations

1. A Regional Economic Integration Organisation which is constituted by

sovereign States and has competence over certain matters governed by the

Convention and the Protocol may similarly sign, accept, approve or accede to the

Convention and the 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 the

Convention and the Protocol. Where the number of Contracting States is relevant

in the Convention and the Protocol, the Regional Economic Integration

Organisation shall not count as a Contracting State in addition to its Member

States which are Contracting States.

International Interests in

Aircraft Equipment

Act 2009

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 the Convention and the 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 “Contracting State” or “Contracting States” or “State

Party” or “States Parties” in the Convention and the Protocol applies equally to a

Regional Economic Integration Organisation where the context so requires.

Article 65 — Entry into force

(See Article 49 of the Convention and Article XXVIII of the Protocol)

Article 66 — 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 aircraft objects or some of them.

2. Notwithstanding the preceding paragraph, the provisions of Articles 12(3),

13(1), 26, Chapter V, Article 42, 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 42 shall not be

affected by the fact that such interest has become vested in another person by

assignment or subrogation under the applicable law.

Article 67 — Future Protocols

(See Article 51 of the Convention)

Article 68 — Territorial units

(See Article 52 of the Convention and Article XXIX of the Protocol)

Article 69 — Determination of courts

A Contracting State may, at the time of ratification, acceptance, approval of, or

accession to the Protocol, declare the relevant “court” or “courts” for the purposes

of Article 1 and Chapter XI of this Convention.

International Interests in

Aircraft Equipment

Act 2009

Article 70 — 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 aircraft 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 71 — Declarations relating to certain provisions

1. A Contracting State may, at the time of ratification, acceptance, approval of,

or accession to the Protocol, declare that it will apply any one or more of

Articles 9, 24 and 25 of this Convention.

2. A Contracting State may, at the time of ratification, acceptance, approval of,

or accession to the Protocol, declare that it will apply the provisions of

Article 20(2), (3), (5), (7) and (9) wholly or in part. If it so declares with

respect to Article 20(2), it shall specify the time-period required thereby. A

Contracting State may also declare that it will not apply the provisions of

Article 20(1), (4), (6), and (8), and of Article 55, wholly or in part; such

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.

3. A Contracting State may, at the time of ratification, acceptance, approval of,

or accession to the Protocol, declare that it will apply the entirety of Alternative A,

or the entirety of Alternative B of Article 23 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 23.

4. The courts of Contracting States shall apply Article 23 in conformity with the

declaration made by the Contracting State which is the primary insolvency

jurisdiction.

Article 72 — Reservations and declarations

1. No reservations may be made to this Convention but declarations authorised

by Articles 52, 53, 61, 66, 68, 69, 70, 71, 73, 74 and 76 may be made in accordance

with these provisions.

International Interests in

Aircraft Equipment

Act 2009

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 73 — Subsequent declarations

1. A State Party may make a subsequent declaration, other than a declaration

authorised under Article 76, at any time after the date on which the Convention

and the Protocol have 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 74 — Withdrawal of declarations

1. Any State Party having made a declaration under this Convention, other than

a declaration authorised under Article 76, 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 75 — Denunciations

1. Any State Party may denounce the Convention, or the Protocol or both 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 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.

International Interests in

Aircraft Equipment

Act 2009

Article 76 — Transitional provisions

1. Unless otherwise declared by a Contracting State at any time, this 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 the Convention.

2. For the purposes of Article 1(hh) and of determining priority under this

Convention:

time when the 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

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 the Convention will become applicable, for the purpose of

determining priority, including the protection of any existing priority, to

pre-existing 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 77 — 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 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:

facilitating the asset-based financing and leasing of the aircraft objects

covered by its terms;

terms of this Convention and the regulations;

International Interests in

Aircraft Equipment

Act 2009

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

relating to the International Registry are desirable.

3. Subject to paragraph 4, any amendment to the Convention or the 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 ratified, accepted, or approved by States in accordance with the

provisions of Article 65 relating to their entry into force.

4. Where the proposed amendment to the 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 78 — Depositary and its functions

1. Instruments of ratification, acceptance, approval of or accession to the

Convention and the Protocol, shall be deposited with the International Institute for

the Unification of Private Law (UNIDROIT), which is hereby designated the

Depositary.

2. The Depositary shall:

acceptance, approval or accession, together with the date

thereof;

together with the date thereof;

the date thereof; and

Protocol together with the date thereof and the date on which it

takes effect;

Contracting States;

International Interests in

Aircraft Equipment

Act 2009

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

IN WITNESS WHEREOF the undersigned Plenipotentiaries, having been duly

authorised, have signed the Convention and the Protocol.

Annex

FORM OF IRREVOCABLE DE-REGISTRATION AND

EXPORT REQUEST AUTHORISATION

Annex referred to in Article 25

[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

manufacturer’s

serial

number

[insert

manufacturer’s

serial

number]

and

registration [number] [mark] [insert registration number/mark] (together with

all installed, incorporated or attached accessories, parts and equipment, the

“aircraft”).

This instrument is an irrevocable de-registration and export request authorisation

issued by the undersigned in favour of [insert name of creditor] (“the authorised

party”) under the authority of Article 25 of this Convention. In accordance with

that Article, the undersigned hereby requests:

designee is the sole person entitled to:

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

*Select the term that reflects the relevant nationality registration criterion.

International Interests in

Aircraft Equipment

Act 2009

[insert name of country]; and

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

Aircraft Equipment

Act 2009