CÔTE D’IVOIRE Law and Practice Contributed by: Samirah Mogony and Mialy Solofohery, John W Ffooks & Co
2.10.5 Other Conventions Côte d’Ivoire is a party to the 1948 Geneva Conven - tion on the International Recognition of Rights in Air - craft and the 1933 Rome Convention for the Unifi - cation of Certain Rules relating to the Precautionary Arrest of Aircraft. 3. Aircraft Debt Finance 3.1 Structuring 3.1.1 Restrictions on Lending and Borrowing The authors are not aware of any restrictions on for - eign lenders financing an aircraft locally, or on borrow - ers using the loan proceeds. 3.1.2 Effect of Exchange Controls or Government Consents Borrowing is subject to a declaration with the Central Bank of West African States ( La Banque Centrale des Etats de l’Afrique de l’Ouest or BCEAO) and the Min - istry of Finance. Repatriation of realisation proceeds is not subject to any specific restrictions but should be made via a local bank. 3.1.3 Granting of Security to Foreign Lenders Borrowers are permitted to grant security to foreign lenders. 3.1.4 Downstream, Upstream and Cross-Stream Guarantees The issuance of guarantees by an Ivorian entity is permitted but is subject to the prior approval of the Ministry of Finance. Ivorian laws do not contain a definition/explanation of the legal concept of corporate benefit. 3.1.5 Lenders’ Share in Security Over Domestic SPVs Taking share security over a domestic special-pur - pose vehicle (SPV) that owns the financed aircraft is possible, but the authors have not come across this kind of situation. Pledges over shares are permitted under the local laws.
liquidation proceedings, regardless of the nature of the debts. The cessation of payments and the insolvency pro - ceedings (ie, either a judicial restructuring or a wind - ing-up) can also be requested by the creditors or the court itself. In theory, three scenarios are possible: • self-declaration; or • request by the creditors; or • request by the court. 2.9.9 Ipso Facto Defaults See 2.9.5 Other Effects of a Lessee’s Insolvency . 2.9.10 Impact of Domestic Lessees’ Winding-Up See 2.9.5 Other Effects of a Lessee’s Insolvency . 2.10 Cape Town Convention and Others 2.10.1 Conventions in Force Côte d’Ivoire adheres to the Convention on Interna - tional Interests in Mobile Equipment (the “Conven - tion”) and the related Protocol on Matters Specific to Aircraft Equipment (the ”Protocol”). The authors are not aware, to date, of any requirement to obtain “authorised entry point” codes for registering interna - tional interests or how long this might take. 2.10.2 Declarations Made Concerning Conventions Pursuant to the International Civil Aviation Organi - zation (ICAO), Côte d’Ivoire has made the following declarations: • a declaration under Article 54 (2) of the Convention; and • declarations under Articles 39 (1) (a), 40, 52, 53 and 54 (2) of the Convention. 2.10.3 Application of Article XIII of the Protocol on Matters Specific to Aircraft Equipment The authors are not aware of any declaration under Article XIII of the Protocol made by Côte d’Ivoire. 2.10.4 Enforcement of Conventions The authors are not aware of any experience that the courts in Côte d’Ivoire have had in relation to parties enforcing the Convention or the Protocol.
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