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Convention on interstate leasing

of November 25, 1998

The State Parties of this Convention on behalf of the governments which are hereinafter referred to as the Party

being guided by provisions of the Agreement on creation of Economic union of September 24, 1993 within obligations of the Parties,

in development of interstate acts in the field of investing activities,

proceeding from provisions of the Convention YuNIDRUA on the international finance lease (leasing) of May 28, 1988, the universally international standards and bases of the national legal system of the Parties,

promoting every possible deepening of economic cooperation of the states of the Commonwealth,

aiming to provide favorable conditions for all-round development of interstate leasing between the states of the Commonwealth on mutually advantageous basis,

supporting aspiration to mutually beneficial cooperation of subjects of economic activity of the states of the Commonwealth in the conditions of market economy,

agreed as follows:

Section I General provisions and scope

Article 1 Main terms

In this Convention the terms below are used in the following value:

depreciation - transferring of cost gradually the wearing-out leasing subject on the cost of the developed products;

the corporeal right - rights of possession, uses and orders the property;

the guarantor (guarantor) - the state on behalf of its authorized bodies, physical person or legal entity which provides to subjects of interstate leasing of guarantee and bears complete financial or financial responsibility according to the assumed liabilities in case of approach of warranty case;

the agreement of leasing (the leasing contract) - the agreement between the lessor and the leasing recipient signed in writing directed to establishment, change or the termination of the civil laws and obligations in connection with leasing subject;

investments - enclosed by the investor financial and appliances in various objects of activities, and also the transferred rights to property and intellectual property for the purpose of profit earning (income) or achievement of social effect if they are not withdrawn from circulation or are not limited in turnover according to the national legal system of the Parties;

the investor (creditor) - the state on behalf of its authorized bodies, the physical person or legal entity performing investment of own, loan or raised funds in the form of investments;

leasing (finance lease) - type of the investment business activity connected with property acquisition and its transfer to use under the agreement to the state on behalf of its authorized bodies, to physical person or legal entity for certain term for the purpose of profit earning (income) or achievement of social effect taking into account depreciation of subject of leasing with the assistance of the lessor, the supplier, the leasing recipient and other participants of the leasing project;

leasing payment - payment transaction of the leasing recipient (financial, property or other) to the lessor the including cost of depreciation of subject of leasing, payment for the attracted credit resources on implementation of the leasing transaction, leasing margin and risk award and other payments according to the agreement of leasing and the national legal system;

the leasing project (transaction, the transaction) - complex of actions (multilateral, consensual, real, paid) the subjects and participants of interstate leasing activities directed to establishment, change or the termination of the civil laws and obligations concerning leasing subject;

the lessor (lessor) - physical person, the legal entity, the subject of managing which does not have the status of the legal entity or the state on behalf of its authorized bodies performing leasing activities in the procedure established by the national legal system and representing leasing subject;

the leasing recipient (lessee) - physical person, the legal entity, the subject of managing which does not have the status of the legal entity, or the state on behalf of its authorized bodies receiving leasing subject in use of the agreement of leasing in the procedure established by the national legal system;

interstate leasing - component of international leasing in which leasing companies and business entities of two and more State Parties of this Convention participate;

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