Common use of Dealing with Security Clause in Contracts

Dealing with Security. 8.1 The Customer must not: a) sell, lease or dispose of, or permit the sale, lease or disposal of, any Collateral, or permit to subsist any other security in relation to any Collateral other than Collateral which is subject to a purchase money security interest without the written consent of the Supplier; b) do, or omit to do, or allow to be done or omitted to be done, anything which might adversely affect any interest(s) it has in the Collateral or the security interest or charge provided for under these Credit Terms; c) allow any Collateral to become an accession to any property that is not Collateral, or to be affixed to any land; d) create or permit to subsist any security interest over the whole or any part of the Collateral, except: (i) a lien arising by operation of law and securing obligations that are not overdue; (ii) a purchase money security interest in any present or after-acquired Goods (which may extend to any Proceeds of those Goods) taken by the seller of those Goods as part of an ordinary trading transaction that is: (I) created solely in the ordinary course of business on arm's length commercial terms and for proper value; and (II) in respect of obligations that are not overdue; or (III) in favour of the Supplier; (iii) any subsequent security interest granted by the Customer, provided the Customer seeks the prior written consent of the Supplier which consent will not be unreasonably withheld. e) change its entity or trading name without first notifying the Supplier of the new name not less than 14 days before the change takes effect; f) change its place of incorporation (if the Customer is a company) or relocate the principal place of business of the Customer outside Australia; g) move any of the Goods and/or Collateral outside Australia, without written consent of the Supplier; or h) allow any accounts to be subject to any right of set-off or combination of accounts (other than rights that arise solely by operation of law).

Dealing with Security. 8.1 The Customer must not: a) sell, lease or dispose of, or permit the sale, lease or disposal of, any Collateral, or permit to subsist any other security in relation to any Collateral other than Collateral which is subject to a purchase money security interest without the written consent of the SupplierSuppliers; b) do, or omit to do, or allow to be done or omitted to be done, anything which might adversely affect any interest(s) it has in the Collateral or the security interest or charge provided for under these Credit Terms; c) allow any Collateral to become an accession to any property that is not Collateral, or to be affixed to any land; d) create or permit to subsist any security interest over the whole or any part of the Collateral, except: (i) a lien arising by operation of law and securing obligations that are not overdue; (ii) a purchase money security interest in any present or after-acquired Goods (which may extend to any Proceeds of those Goods) taken by the seller of those Goods as part of an ordinary trading transaction that is: (I) created solely in the ordinary course of business on arm's length commercial terms and for proper value; and (II) in respect of obligations that are not overdue; or (III) in favour of the SupplierSuppliers; (iii) any subsequent security interest granted by the Customer, provided the Customer seeks the the prior written consent of the Supplier Suppliers which consent will not be unreasonably withheld. e) change its entity or trading name without first notifying the Supplier Suppliers of the new name not less than 14 days before the change takes effect; f) change its place of incorporation (if the Customer is a company) or relocate the principal place of business of the Customer outside Australia; g) move any of the Goods and/or Collateral outside Australia, without written consent of the Supplier; or h) allow any accounts to be subject to any right of set-off or combination of accounts (other than rights that arise solely by operation of law).

Dealing with Security. 8.1 The Customer must not: a) sell, lease or dispose of, or permit the sale, lease or disposal of, any Collateral, or permit to subsist any other security in relation to any Collateral other than Collateral which is subject to a purchase money security interest without the written consent of the SupplierSuppliers; b) do, or omit to do, or allow to be done or omitted to be done, anything which might adversely affect any interest(s) it has in the Collateral or the security interest or charge provided for under these Credit Terms; c) allow any Collateral to become an accession to any property that is not Collateral, or to be affixed to any land; d) create or permit to subsist any security interest over the whole or any part of the Collateral, except: (i) a lien arising by operation of law and securing obligations that are not overdue; (ii) a purchase money security interest in any present or after-acquired Goods (which may extend to any Proceeds of those Goods) taken by the seller of those Goods as part of an ordinary trading transaction that is: (I) created solely in the ordinary course of business on arm's length commercial terms and for proper value; and (II) in respect of obligations that are not overdue; or (III) in favour of the SupplierSuppliers; (iii) any subsequent security interest granted by the Customer, provided the Customer seeks the prior written consent of the Supplier which consent will not be unreasonably withheld. e) change its entity or trading name without first notifying the Supplier Suppliers of the new name not less than 14 days before the change takes effect; f) change its place of incorporation (if the Customer is a company) or relocate the principal place of business of the Customer outside Australia; g) move any of the Goods and/or Collateral outside Australia, without written consent of the Supplier; or h) allow any accounts to be subject to any right of set-off or combination of accounts (other than rights that arise solely by operation of law).