Cape Town Agreement Aviation
While GBNI already has a well-established history of aircraft leasing and financing security, the proclamation of Cape Town in the UNITED Kingdom shows the continued movement of the global market towards a recognized rules, rights and protection programme designed to reduce uncertainty and the level of risk for lenders and aircraft leasing companies. In addition, the ratification of Cape Town should contribute, in a way that extends to the Cayman Islands, to ensure that the Cayman Islands remain an important player in the global aviation market. The ratification of Cape Town by the United Kingdom is exciting and new. It should be noted, however, that the ratification documents tabled by the United Kingdom, including its specific “statements”, including the point of access to the IR, must be fully digested by airlines, lenders and lenders and must be part of the procedures for negotiating, documenting and closing their transactions so that they can benefit from Cape Town`s protection and benefits as being effective in the UK. Cape Town fulfills two main missions: it establishes an international registry for the registration and prioritization of holdings in aviation-related assets and provides a set of rights and remedial measures for participation in aviation-related assets. The International Registry (IR), a web-based system, is the central place for recording what Cape Town calls “sales contracts” and “international interests” (together “Cape Town Interests”) in certain aviation-related assets (aircraft, aeronautical engines (but not propellers) and helicopters) called “aircraft objects”. Captownisat`s interests include property shares, security interest, leasing and conditional selling interest. Cape Town`s rules for registered interest are simple. As a general rule, the first part to record Cape Town`s interest in an aircraft object is a priority for that aircraft object, whether the registering party did or constructively informed of Cape Town`s prior interest in the same unregured asset. However, this “First to File” priority rule may not be taken into account if the parties to the transaction register a subordination agreement with the IR under which the parties agree to change their respective priorities. The documents should also provide for the issuance of a Cape Town IDERA, its registration with the relevant aviation authority and IR registrations (including modifications, allocations and registration discharges) that may be required to define the title, safety, priority and other agreements provided for in the trade agreement.
(g) a “sales contract,” a contract for the sale of property by a seller to a buyer that is not an agreement within the meaning of point a; The development of an international interest Cape Town and CTIR will not be the need for the FAA Civil Aviation Registry, which will continue to play an important role in aircraft registration and the perfection of pawn rights in aircraft and engines. The new legislative and regulatory systems provide for the continuation of the traditional FAA system, which has served the aviation community so well over the years, while recognizing the need to implement the course.