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The Cape Town Convention is designed to overcome the problem of obtaining secure and readily enforceable rights for items of high-value mobile equipment that by their nature do not have a fixed location and, in the case of space assets (such as satellites) are not even located on the planet.
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This problem arises essentially from the widely differing approaches taken by various legal systems to security, title reservation and leasing rights, and engenders uncertainty amongst intending financiers as to the efficacy of their rights. The result is to inhibit the extension of finance to such categories of high-value mobile equipment, particularly in developing countries, and to increase borrowing costs. |
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A uniform international regimen recognized by all contracting states to govern the security of high-value mobile equipment is necessary. It should be based on generating international interest in such categories of equipment, and on the establishment of an electronic international registration system to register such interests. Such a regimen will allow the Convention and its protocols to greatly improve predictability of the enforceability of security, title reservation and leasing rights in the various categories of high-value mobile equipment covered by its terms, and in the first place, aircraft objects.
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