FINANCING AND INSURANCE ASPECTS OF spacecraftWord格式文档下载.docx

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constructionofsuchaproject,privatecompaniescouldparticipatein

production.

3.Aprivatecompanymayconstructasatellitethroughitsown

means,eitherbecausethenecessaryfinancingisavailable,orbecausethe

privatecompanyisborrowingthemoneyfromacreditorwithorwithout

security,e.g.,bybankfinancing.

Additionally,ajointventureoffirmsisalsopossible.Arecent

exampleistheallianceformedtoprovideregionalsatelliteservicesbysix

Asianfirms.TheparticipantsarePhilippinesLongDistanceTelephoneCo.,

PTIndosatofIndonesia,SingaporeTelecomandTelekomMalaysia,which

havealreadysignedtheagreement,andtheCommunicationsAuthorityof

ThailandandJabatanTelekomBrunei,whichareexpectedtojoininthe

nearfuture.ThesixcompaniesarealsomembersoftheAssociationof

SouthEastAsianNations（ASEAN）.'

AnactualexampleregardingprivatecompaniesisGlobalstar,for

instance,whichintendstolaunchitsfirstsatellitesin1997.Globalstar

hasa56-satelliteconstellationscheduledtoprovidefixedandmobile

telephoneservicesworldwide.$250millionwasfinancedbyabankforits

globalmobiletelephonesystem.NowGlobalstarneedstoraiseabout$600

millionforthe$2billionlow-earthorbitsatelliteventurethrough

externalfunding.2

4.Moreoveraprivatecompanycouldaskthestatetosubsidizethe

projectortosupportitinanotherway.

PresidentEmeritus,InternationalInstituteofSpaceLaw.Member,Editorial

Board,JOURNALOFSPACELAW.

ISPACENEWS,No.4,1995.

2Id.No.2,1996.

JOURNALOFSPACELAW

Finch3givesaveryclearexample.On16May1983,theUS

PresidentannouncedhisDirectiveonCommercialisationofExpendable

LaunchVehicles（ELV'

s）.TheDirectivewastoencouragetheprivatesector

developmentofcommerciallaunchoperations.Thepolicyspecifiedthat

'

WhilethegovernmentwillnotsubsidizethecommercialisationofELV'

sit

willpricetheuseofitsfacilities,equipmentandservicesconsistentwith

thegoalofencouragingviablecommercialELVlaunchactivity.'

Alsopromotionofexportsorremovaloftaxliabilitiesmaybea

meanswhichthestatecouldsupport.Mortgagesarealreadyincommonuse

inmaritimelawandinairlaw.Thus,forinstance,inAirLaw,the

ConventionontheInternationalRecognitionofRightsinAircraft,Geneva,

19June1948,iswellknown.Duringthepreparatorydiscussionsofthis

GenevaConvention,itwasevidentthattheauthorsintendedtocreatea

meansoffinancialsupportfortheaircarrierintheformofrealsecurity,

andthatthecategoryofaircraftintendedtobecoveredbytheConvention

islimitedtoaircraftintendedforuseininternationalairtransport.

ThereisnodoubtthatthisConventionhasledtoaconsensusona

numberofimportantpoints:

thecreditor'

sinterestsarenowadequately

safeguardedinallcontractingstates,priorityclaimshavebeendefined,

andtheirorderofpriorityisdeterminedbythelawofthestateinwhich

theyareregistered.Nonethelesssomegapsremain:

tobeginwith,the

precisemomentwhenarightinaregisteredaircraftisvalidlycreatedhas

notbeenfixed;

moreover,theConventiononlyprotectsagreementsbetween

parties,nottheobligationsarisingbyvirtueoflaw;

finally,theConvention

containsnothingonexecutionproceduresoronregisteringanexecutionin

therecordofthecontractingStateoftheaircraft'

snationality.

Furthermoreonly53stateshaveratifiedtheConventionanduniform

interpretationisalsolacking.

Consideringthebackgroundofthecircumstancesprevailingatthe

timewhentheConventionwasconcluded,nobetterresultwouldlikelyhave

beenachieved,andtheConventionmaycertainlyberegardedasan

importantfirststeptowardsestablishingsufficientrules.Themain

principleoftheConventionistheprotectionoftheinterestsofthe

creditors.

Regardingspacelaw,securityrightsarealsoofinterestregarding

spaceengines.Nocentralregistryexistsforthefilingofsecurityinterests

insatellitesortransponders.AsSternsandTennenrightlystate:

4'

The

rightsofsecuredcreditorsarerecognizedandrespectedbynationallaws

andinternationalconventions,notwithstandingthefactthatthecollateral

maymovefromstatetostate,andalsotraverseareaswhicharebeyondthe

limitsofnationalsovereignty.Inthisrespect,theapplicationofsecurity

intereststocommercialspaceventureswouldappeartobeconsistentwith

existingstatepractice.However,theessentialelementofasecurity

interestistherightofthecreditortorecoverpossessionofandproceed

3E.R.FINCHJR.ANDA.L.MOORE,ASTROBUSINESs57（1985）.

4P.M.SternsandL.I.Tennen,SecurityInterestsandCreditors'

Remediesin

theLawofOuterSpace,33PROC.COLLOQ.L.OUTERSPACE102-120,at115（1990）.

Vol.24,No.2

1996FINANCINGANDINSURANCEASPECTSOFSPACECRAFT99

againstthedebtor'

scollateraltoapplytowardssatisfactionofan

outstandingobligationwhichisindefault.'

Iagreefullywiththeiropinion

that'

Spaceobjectsaredistinctfromothertypesofmobilecollateralinthat

aircraftandmaritimevesselsroutinelymustentertheterritoryofstates,

andtherebyaresubjecttoattachmentbylocaljudicialprocess.Space

objectsmaynotberecoverableintheordinarysense,oratleastnotata

costwhichwouldjustifytheelectionofthatremedy.Nevertheless,

availablepropertyrightsofacommercialspaceventuremaysupply

adequatesecuritytoattractandprotectpotentialcreditors.'

Anoutstandinglawyer,thelateJohnT.Stewartdoesnotsuggest

anyparticularpathtofollowinaddressingsecurityinterestsinspace

launchvehicles.Butheobservesthatperhapsamortgageconventionfor

spaceactivityinvestorswouldbeconsideredaccordingtotheexampleof

themortgageconventioninaviation.5Hementionsthat'

Privatecapitalwill

beforthcomingasitmustsupportandseekprofitfromspaceactivities.

Withsuchinvestmentwillcometheconcerntraditionallyassociatedwith

protecting"

securityinterests."

Thedesirestorecordsuchinterestsfor

theprotectionoftheinvestorwillbeanaturalresultoftheinfusionof

privatecapitalintothespaceenvironment.'

Inmyopinionitmaybe

worthwhiletoconsiderthisproposal.

Moreover,insurancepoliciesreducingthefinancialriskswillmake

partiesmorewillingtofinance.Obtainingbankfinancingdependsonthe

profitsearnedbyuseofthesatellites.Financinghasbeenrequestedfor

mobileandbroadbandsatelliteprojectsbutalsofordirectbroadcast

televisionsatellites,commercialEarthimagingspacecraft,andregional

andinternationalcommunicationssatellites.

Fortraditionalgeostationarycommunicationssatelliteprojects,it

isnotsodifficulttogetfinancingasthismarkethasbeenestablished.But

sometimesrevenueswillnotbeavailableformanyyears,andthusitis

difficulttojudgethevalueofprojects.Alsotheincreasingfrequencyof

launchingsatellitesandthereforetheincreasedtechnicalknowledgeand

experiencemakeinvestinginsatellitesalsomoresecure.Thereforethe

rulesofthedifferentcontractsareveryimportant;

themoreso,asleasing

ofsatellites,justasleasingofshipsandaircraft,becomesmoreandmore

frequent.

SternsandTennen6pointoutcorrectlythatwhatisnecessaryisa

properregistrywhichcouldclarifywhichlawwouldbeappliedtoa

particulartransaction.TheRegistrationConventionfailsonthispoint.

Theyproposethatthesameprovisionasinmaritimeandairlawcouldbe

appliedinspace,namelythatthelawofthestateofregistryoftheobject

wouldcontroltherightsandobligationsofthepartiestoasecured

transaction.Inthismanner,thepartiestothetransactionaswellasthird

partieswouldnotbesubjecttoconflictingandconfusingchoiceoflaw

questions.

5JohnT.Stewart,Shouldtherebeumortgageconventionforspaceactivity

investors?

25PROC.COLLOQ.L.OUTERSPACE251-259,257（1982）.

6Seenote4,at117.

InconsideringtheRegistrationConvention,Nesgos7raisesthe

questionastowhetheritisreasonabletoimposeregistrationobligations

undertheConventionontheproviderofthelaunchvehicleorthe

componentpartsofthespaceobject.Nesgosobservesalsothat'

Manyofthe

satelliteandotherspacehardwareprojectsthathavebeenlaunched

involvedvarioustypesoffinancing.Anumberofnationalprojectshave

beensupportedbyexportfinancing,suchasBrazil'

sBrasilsat,Mexico'

s

MorelosandIndonesia'

sPalapatelecommunicationsprojects.Construction

financinghasbeenusedforcommercialprojectssuchasOrion,SPACELAB,

AsiasatandAPTSatellite.'