Convention on International Interests in Mobile Equipment Act, 2007 (Act No. 4 of 2007SchedulesSchedule 1 : ConventionChapter I : Sphere of Application and General ProvisionsArticle 1 - Definitions |
In this Convention, except where the context otherwise requires, the following terms are employed with the meanings set out below—
| (a) | "agreement" means a security agreement, a title reservation agreement or a leasing agreement; |
| (b) | "assignment" 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; |
| (c) | "associated rights" means all rights to payment or other performance by a debtor under an agreement which are secured by or associated with the object; |
| (d) | "commencement of the insolvency proceedings" means the time at which the insolvency proceedings are deemed to commence under the applicable insolvency law; |
| (e) | "conditional buyer" means a buyer under a title reservation agreement; |
| (f) | "conditional seller" means a seller under a title reservation agreement; |
| (g) | "contract of sale" 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) | "court" means a court of law or an administrative or arbitral tribunal established by a Contracting State; |
| (i) | "creditor" means a chargee under a security agreement, a conditional seller under a title reservation agreement or a lessor under a leasing agreement; |
| (j) | "debtor" 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) | "insolvency administrator" 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) | "insolvency proceedings" 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) | "interested persons" 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) | "internal transaction" 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 registered in a national registry in that Contracting State which has made a declaration under Article 50 (1); |
| (o) | "international interest" means an interest held by a creditor to which Article 2 applies; |
| (p) | "International Registry" means the international registration facilities established for the purposes of this Convention or the Protocol; |
| (q) | "leasing agreement" 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) | "national interest" 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) | "non-consensual right or interest" 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) | "notice of a national interest" means notice registered or to be registered in the International Registry that a national interest has been created; |
| (u) | "object" means an object of a category to which Article 2 applies; |
| (v) | "pre-existing right or interest" 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) | "proceeds" 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) | "prospective assignment" 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) | "prospective international interest" 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’s acquisition of an interest in the object), whether or not the occurrence of the event is certain; |
| (z) | "prospective sale" 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; |
| (aa) | "Protocol" 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) | "registered" means registered in the International Registry pursuant to Chapter V; |
| (cc) | "registered interest" means an international interest, a registrable non-consensual right or interest or a national interest specified in a notice of a national interest registered pursuant to Chapter V; |
| (dd) | "registrable non-consensual right or interest" means a non-consensual right or interest registrable pursuant to a declaration deposited under Article 40; |
| (ee) | "Registrar" means, in respect of the Protocol, the person or body designated by that Protocol or appointed under Article 17 (2)(b); |
| (ff) | "regulations" means regulations made or approved by the Supervisory Authority pursuant to the Protocol; |
| (gg) | "sale" means a transfer of ownership of an object pursuant to a contract of sale; |
| (hh) | "secured obligation" means an obligation secured by a security interest; |
| (ii) | "security agreement" 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) | "security interest" means an interest created by a security agreement; |
| (kk) | "Supervisory Authority" means, in respect of the Protocol, the Supervisory Authority referred to in Article 17 (1); |
| (ll) | "title reservation agreement" 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) | "unregistered interest" means a consensual interest or non-consensual 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) | "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. |