Under the lease agreement with Lessor A, ABC leases the computer equipment from Lessor A for a period of two years.

Lessor is a town in Shawano County, Wisconsin, United States.

The law should provide that, in the case of default on the part of the buyer, grantor or financial lessee, the seller, purchase money secured creditor or financial lessor has, to the maximum extent possible, the same rights and remedies as the holder of a security right.

The insolvency law should provide that, in the case of insolvency proceedings with respect to a buyer under a title retention arrangement, a grantor or a financial lessee, the seller, purchase money lender or financial lessor has the rights and duties of a holder of a security right.

The Working Group may wish to include a note to States that prefer to follow a non unitary approach that could read along the following lines States that prefer to follow a non unitary approach may wish to maintain the specific terminology (e.g. buyer, seller, financial lessee, financial lessor, etc.).

Comment by the Administration. In informal discussions held with the lessor, the indications were that the lessor would not be willing to renegotiate the 25 per cent sublease limit restriction for non United Nations organizations.

(v) Any buyer or other transferee (including a lessee or licensee) of the encumbered asset.

(i) A lessor under a lease that is not a financing lease but which extends for a term of more than one year

(ii) The seller or financial lessor of the same encumbered asset that has retained title to it pursuant to an acquisition security right

Under some forms of financial lease, title to the leased property is transferred to the lessee automatically at the end of the lease term.

It was stated that, without such a grace period, the acquisition financier would not finance the acquisition of inventory by the buyer, grantor or financial lessee.

Where the offence is committed on board an aircraft leased without crew to a lessee whose principal place of business or permanent domicile is in such State.

It was also agreed that reference should be made to delivery of actual possession to the buyer, grantor or financial lessee acting in that capacity (see para. 47 above).

The view was expressed that the acquisition financier should be allowed to register within a grace period after delivery of the inventory to the buyer, grantor or financial lessee.

Under an operating lease, the leased property is expected to have a remaining useful life at the end of the lease term and the lessee does not have an option to purchase the leased property at the end of the lease term for a nominal price, nor is title to the leased property transferred to the lessee automatically at the end of the lease term.

ABC also wishes to purchase certain drill presses (constituting equipment) from Vendor B and certain conveyor equipment from Vendor C. Finally, ABC wishes to lease certain computer equipment from Lessor A.

Lessor A retains title to the equipment during the lease term but title will be transferred to ABC at the end of the lease term if ABC exercises the purchase option.

The law should address the priority of a security right in a leased asset that is effective against third parties as against the rights of a lessee of such asset.

Provision of 7,061,066 is made for transportation for all equipment from the point of origin to Somalia and return of the leased equipment from Somalia to the lessor at the conclusion of the lease.

A related suggestion was that, in situations in which a person was in possession of the goods in another capacity, the grace period should start when that person became a buyer, a grantor or a financial lessee.

It was stated that such an approach would allow the buyer, grantor or financial lessee to obtain other kinds of financing, such as receivables financing, with which it could pay off the inventory debt or other working expenses.

Another view was that the super priority of acquisition security rights in inventory should be extended to proceeds of inventory (in all cases or only if agreed between the acquisition financier and the buyer, grantor or financial lessee).

That suggestion was objected to. It was stated that the grace period constituted a compromise in the sense that additional credit to a buyer, grantor or financial lessee would be delayed to protect the interests of the acquisition financier.

In each of the above four cases, the acquisitions are made possible by means of acquisition financing provided by another person (seller, lender or financial lessor) who holds rights in the acquired property for the purpose of securing the acquisition financing granted.

It was observed that the acquisition financier would not be prevented from extending credit because of the lack of a grace period since it could obtain super priority by first registering and notifying pre registered inventory financiers, and then delivering the goods to the buyer, grantor of financial lessee.

These rules are also applicable to (i) rights that are not security rights but which are within the scope of this Guide (see recommendation 3 (f)) and (ii) in States that enact a non unitary system with respect to acquisition financing devices, the rights of a seller or a financial lessor of goods who retains title to the goods.

Fuel is mainly retailed under three types of arrangements the dealer owned and operated type, where sites are owned and operated by distributors or independent operators the dealer franchise or lessee type, where the dealer leases the service station from an oil company and markets its fuel or sells fuel on a commission agency basis for the franchisor and finally the company or agent operated type, where the station is managed directly by an oil company agent.