Transitional provisions
Article 26
In relation to railway rolling stock Article 60 of the Convention shall be modified as follows: (a) in paragraph 2(a), after ‘situated’ insert ‘at the time the right or interest is created or arises’; (b) replace paragraph 3 with the following: ‘3. A Contracting State may in its declaration under paragraph 1 specify a date, not earlier than three years and not later than ten years after the date on which the declaration becomes effective, when Articles 29, 35 and 36 of this Convention as modified or supplemented by the Protocol will become applicable, to the extent and in the manner specified in the declaration, to pre-existing rights or interests arising under an agreement made at a time when the debtor was situated in that State. Any priority of the right or interest under the law of that State, so far as applicable, shall continue if the right or interest is registered in the International Registry before the expiration of the period specified in the declaration, whether or not any other right or interest has previously been registered.’