For creditors, the Cape Town Convention and its Aircraft Protocol:
- Bring speed, certainty and cost savings to repossession, deregistration and export of aircraft objects in cases of debtor insolvency or default where the aircraft object is in a country whose laws would otherwise not be creditor-friendly;
- Protect creditors' interests in aircraft objects by providing for the registration of international interests in those aircraft objects at a single, web-based, International Registry that is open 24/7;
- Subjecting those interests to a simple priority regime whose main principles are that registered international interests beat unregistered ones; earlier registrations beat later registrations; and the parties can vary priorities by agreeing and (for increased protection) registering subordination arrangements at the International Registry.

For debtors, the Cape Town Convention and its Aircraft Protocol:
- Reduce the cost of borrowing and getting access to finance by providing a secure ecosystem for creditors to lend in;
-Broaden the options available for acquiring finance for aircraft objects by allowing lenders from different jurisdictions to securely invest worldwide;
- Create opportunities to upgrade to a more modern and cost effective fleet hence reducing the cost of doing business and increasing profit margins;
- Making it easier to compete with other players on the international market by creating an equally opportune system of financing;
- Allowing for greater security in the purchasing or leasing of second-hand or old aircraft objects.

– To all rolling stock (broadly defined) - “..vehicles movable on a fixed railway track or directly on, above or below a guideway” - covers:
– Inter-urban and urban rolling stock;
– Specialist boring equipment and other rail mounted equipment;
– Metro trains;
– People movers/shuttles at airports;
– Cranes at ports;
– Cable cars and trams

– Establishes a new domestic and international legal framework securing creditors;
– Eliminates complex documentation and structures – saving money;
– Resolves cross border and conflict of laws issues;
– Minimizes need for state support;
– Reduces private financing costs and, for exporters, ECA and political risk premiums;
– Facilitates operating and finance leasing and other private sector finance;
– Makes the industry more competitive against road and aircraft transportation.

The Space Protocol creates a uniform regulatory regime for the recognition and protection of security interests in space assets. This ensures that issues such as conflict of laws or differing insolvency remedies, that are normally encountered in asset-based financing, are surpassed.

It provides uniform rules for the creation, registration and priority of legal interests in space assets, as well as facilitating expeditious and efficient enforcement of remedies in the event of a default or insolvency of the debtor. At the same time, it ensures that adequate protection is given to public services that are offered through space assets and that the same are not interrupted due to an immediate exercise of the creditor’s right.

- The creation of an international registry for space assets which will allow debtors and creditors to register international interests in space assets;
- The creation of a global system of internationally enforceable security interests in space assets;
- The provision of an ecosystem where financiers and investors can confidently give their money to companies in the space sector;
- The availability of an international regime onto which domestic laws can be based on in order to provide secured lending for the space industry.
- The ability for developing countries and emerging markets to develop their space industries.

The MAC Protocol will work very similarly to the Aircraft Protocol such that it will create an international electronic registry which will allow creditors to protect their legal interests over high value MAC equipment, regardless of its location. The MAC Protocol provides uniform rules governing the creation, registration and priority of legal interests in MAC equipment, as well as facilitating expeditious and efficient enforcement of remedies in the event of a default or insolvency of the debtor. The types of interests which can be created are similar to those under the Aircraft Protocol as the definition of an international interest stems from Article 2 of the Convention and not any particular Protocol. Certain caveats are included to specifically cater to the requirements of the MAC industries such as an exclusion on interests over inventory.

The MAC Protocol will allow financiers to easily access more markets and provide credit globally at cheaper rates. This will allow end users of MAC equipment to gain greater access to capital hence bolstering their production and in turn, the economy of the State in which they function.

- The current value of MAC equipment being traded annually exceeds 117 Billion USD. The MAC Protocol is expected to have an annual global economic impact of 32-48 Billion USD in developing countries and 36-50 Billion USD in developed countries.

It benefits the entire MAC sector such that all the entities involved will have increased access to modern MAC equipment at a lower cost; manufacturers will hence be able to increase their output; dealers will be able to export to new markets; and financiers will have more confidence in issuing credit.

Current Status and Future Developments
The MAC Protocol has presently undergone two meetings of its Committee of Governmental Experts over the course of 2017. UNIDROIT anticipates to have a Diplomatic Conference in 2019 to which all Member States of the UN will be invited.

Presently, there are opportunities to learn more about the legal rules being created and to understand their impact. Moreover, there is also a subgroup of the Committee of Governmental Experts reviewing the HS Codes to be included in the final draft of the MAC Protocol.