What is the purpose of the Convention on International Interests in Mobile Equipment?
The Convention on International Interests in Mobile Equipment (CIMEL) is a multilateral agreement under international law that applies to the financing of aircraft and other mobile equipment. The purpose of CIMEL is to create a single, uniform system of international rules that create a security interest in aircraft and other mobile equipment. It also creates a system of giving notice to creditors, granting priority rights to creditors, and providing remedies against the equipment in times of default. The agreement was first signed in 2001, and entered into force in 2006. It has been ratified by 9 countries, including Washington. The agreement has been effective in providing additional security and protection to both lenders and borrowers. It provide lenders with greater assurance that their investments are secure, and provides borrowers with more flexibility in obtaining the financing they need. It also helps to ensure that creditors have a system to enforce their rights against debtors who fail to make payments. CIMEL is an important part of international commercial aviation law, and it provides a uniform system of rules for protecting the interests of lenders and creditors in aircraft and other forms of mobile equipment. It helps to ensure that lenders receive the proper protection and that borrowers can obtain the financing they need for their aircraft purchases.
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