Common use of Exclusion of certain provisions Clause in Contracts

Exclusion of certain provisions. Where any Finance Party has a security interest (as defined in the PPSA) under any Finance Document, to the extent the law permits: (a) for the purposes of sections 115(1) and 115(7) of the PPSA: (i) each Finance Party with the benefit of the security interest need not comply with sections 95, 118, 121(4), 125,130, 132(3)(d) or 132(4) of the PPSA; and (ii) sections 142 and 143 of the PPSA are excluded; (b) for the purposes of section 115(7) of the PPSA, each Finance Party with the benefit of the security interest need not comply with sections 132 and 137(3); (c) each Party waives its right to receive from any Finance Party any notice required under the PPSA (including a notice of a verification statement); (d) if a Finance Party with the benefit of a security interest exercises a right, power or remedy in connection with it, that exercise is taken not to be an exercise of a right, power or remedy under the PPSA unless the Finance Party states otherwise at the time of exercise. However, this Clause does not apply to a right, power or remedy which can only be exercised under the PPSA; and (e) if the PPSA is amended to permit the Parties to agree not to comply with or to exclude other provisions of the PPSA, the Lenders may notify the Borrower and the Finance Parties that any of these provisions is excluded, or that the Finance Parties need not comply with any of these provisions. This does not affect any rights a person has or would have other than by reason of the PPSA and applies despite any other Clause in any Finance Document.

Exclusion of certain provisions. Where any Finance Party has a security interest (as defined in the PPSA) under any Finance Document, to the extent the law permits: (a) for the purposes of sections 115(1) and 115(7) of the PPSA: (i) each Finance Party with the benefit of the security interest need not comply with sections 95, 118, 121(4), 125,130125, 130, 132(3)(d) or 132(4) of the PPSA; and (ii) sections 142 and 143 of the PPSA are excluded; (b) for the purposes of section 115(7) of the PPSA, each Finance Party with the benefit of the security interest need not comply with sections 132 and 137(3); (c) each Party waives its right to receive from any Finance Party any notice required under the PPSA (including a notice of a verification statement); (d) if a Finance Party with the benefit of a security interest exercises a right, power or remedy in connection with it, that exercise is taken not to be an exercise of a right, power or remedy under the PPSA unless the Finance Party states otherwise at the time of exercise. However, this Clause 45 does not apply to a right, power or remedy which can only be exercised under the PPSA; and (e) if the PPSA is amended to permit the Parties to agree not to comply with or to exclude other provisions of the PPSA, the Lenders Agent may notify the Borrower and the Finance Parties that any of these provisions is excluded, or that the Finance Parties need not comply with any of these provisions. This does not affect any rights a person has or would have other than by reason of the PPSA and applies despite any other Clause in any Finance Document.

Exclusion of certain provisions. Where any Finance Party has a security interest (as defined in the PPSA) under any Finance Document, to the extent the law permits: (a) for the purposes of sections 115(1) and 115(7) of the PPSA: (i) each Finance Party with the benefit of the security interest need not comply with sections 95, 118, 121(4), 125,130, 132(3)(d) or 132(4) of the PPSA; and and (ii) sections 142 and 143 of the PPSA are excluded; (b) for the purposes of section 115(7) of the PPSA, each Finance Party with the benefit of the security interest need not comply with sections 132 and 137(3); (c) each Party waives its right to receive from any Finance Party any notice required under the PPSA (including a notice of a verification statement); (d) if a Finance Party with the benefit of a security interest exercises a right, power or remedy in connection with it, that exercise is taken not to be an exercise of a right, power or remedy under the PPSA unless the Finance Party states otherwise at the time of exercise. However, this Clause does not apply to a right, power or remedy which can only be exercised under the PPSA; and (e) if the PPSA is amended to permit the Parties to agree not to comply with or to exclude other provisions of the PPSA, the Lenders may notify the Borrower and the Finance Parties that any of these provisions is excluded, or that the Finance Parties need not comply with any of these provisions. This does not affect any rights a person has or would have other than by reason of the PPSA and applies despite any other Clause in any Finance Document.