Electronic Proceedings - United Nations Office for Outer Space Affairs

3. Grant and Perfection of Security Interests – cont’da fundamental issue to be addressed is the scope of the Space Protocol– as regards property that is intended to be launched and placed in space but that ison the ground– as to the means and criteria of identifying space assets– as to the scope of “associated rights” (meaning licenses to use or operate spaceassets, to the extent assignable under the laws concerned, rights to payment or otherperformance due to a debtor with respect to space assets and contractual rights heldby the debtor that are secured by or associated with the space assets)– as to the remedies of repossessing space assets (including placement into escrow ofaccess and command codes)continuing absence of clear rules under existing domestic laws precludes or delays theconclusion of asset-based satellite financing and forces the inclusion of added collateral orother forms of credit enhancement such as guarantees, letters of credit and cash collateralaccounts357Milbank