No.9l20l7 Movesu Pnoprnry Sncunny lxruRssrs (ii) Cap. 14:35 if the detror has a place of business in more than one country, in the country in which thecentral administrationof tb debtcis exercised. Relevant time for dctermining location 43. (l) Except as providd in subparagraph (2),references to the location of tlre collateral or of the debtor in this part- (a) (b) rcfer to the location at the time the security interest is created, creation of the security interest is in issue; or if the refer to the location at the time the security iuterest is perfected or the over it ig determined, if the perfection of the secutity interest or the priority overit among competing secured seditors is in issue. prlsity (2) If the rights of all competing secured creditors in the collateral are created and perfected and the rights of all other competing claimants are establisled before a change in $e location of the collateral tbe debtor, references in this Pa* to the location of the collateral or of the debtor with respect to the pe,rfection of tre seurity interest or the priority over it among conrpeting secured creditors and other claimants, refer ts tbe location priorto tbe change in location. s I"aw applica.ble to relationship of third parties and sccured creditors M.The law applicable ottrerelationshipbetrreen thedehorofa securityinterest insotment or negotiable document and the obligor of the receivable, the obligor under the negotiable instrument or the issuer of the negotiable in a receivable, negotiable document is the law applicable (a) O) to- the relationship between the obligor of the receivable, the obligor under the instrument or the issuer of the document and the holder of a security interest in the receivable, instrument or document; and the conditions under which a security interest in the receivable, insrument or document may be invoked against ttre obligor of the receivable, the obligor under the instrument or the issuer of the document, including whether an agreement limiting the debtor's right o create a security int€rest may tle asserted by the obligm of the receivabre, the obligc under the instnrment or the issuer of the document; and (c) wbther the obligations of the obligor of the recEivable, the obligor under the instrumsnt or the issuer of ttre document bave been dischargd. 176