Common use of Contracting out of PPSA rights Clause in Contracts

Contracting out of PPSA rights. 27.1 You: (a) Acknowledge that where we have rights in addition to, or existing separately from, those in Part 9 of the PPSA, those rights will continue to apply and, in particular, will not be limited by section 109 of the PPSA; (b) Agree that nothing in sections 114(1)(a), 133 and 134 of the PPSA will apply to the Agreement, or the security granted under the Agreement; (c) Waive your right to do any of the following: (i) receive notice of our proposal to retain any collateral under section 120(2) of the PPSA or object to such proposal under section 121; (ii) not have collateral damaged when we remove an accession under section 125 of the PPSA; (iii) receive notice of the removal of an accession under section 129 of the PPSA; (iv) apply to the Court for an order concerning the removal of an accession under section 131 of the PPSA; and (v) receive a copy of the verification statement confirming registration of a financing statement or a financing change statement relating to the security interest created by this Agreement; and (d) Any term used in this clause which has a defined meaning given in the PPSA, shall take that meaning.

Contracting out of PPSA rights. 27.1 YouThe Borrower: (a) Acknowledge Acknowledges that where we have the Creditor has rights in addition to, or existing separately from, those in Part 9 of the PPSA, those rights will continue to apply and, in particular, will not be limited by section 109 of the PPSA; (b) Agree Agrees that (if Part 9 of the PPSA applies to the enforcement of the security interest under this Agreement) nothing in sections 114(1)(a), 133 and 134 of the PPSA will apply to the this Agreement, or the security granted under the this Agreement;; and (c) Waive your Waives the Borrower’s right to do any of the following: (i) receive Receive a statement of account under section 116 of the PPSA; (ii) Receive notice of our the Creditor’s proposal to retain any collateral Collateral under section 120(2) of the PPSA or object to such proposal under section 121; (iiiii) not Not have collateral damaged when we remove the Creditor removes an accession Accession under section 125 of the PPSA; (iiiiv) receive Receive notice of the removal of an accession Accession under section 129 of the PPSA; (ivv) apply Apply to the Court for an order concerning the removal of an accession Accession under section 131 of the PPSA; and (vvi) receive Receive a copy of the verification statement confirming registration of a financing statement or a financing change statement relating to the security interest created by this Agreement; and (d) Any term used in this clause which has a defined meaning given in the PPSA, shall take that meaning.