Common use of Personal Properties Securities Act Clause in Contracts

Personal Properties Securities Act. 36.1 The Buyer hereby acknowledges that these Terms and Conditions of Trade constitute a security agreement which creates a security interest in favour of the Company in all Goods previously supplied by the Company to the Buyer (if any) and all after acquired Goods supplied by the Company to the Buyer (or for the Buyer’s account) to secure the payment from time to time and at a time, including future advances. The Buyer agrees to grant a “Purchase Money Security Interest” to the Company. 36.2 The Buyer acknowledges and agrees that by assenting to these terms the Buyer grants a security interest (by virtue of the retention of title clause in these Terms and Conditions of Trade) to the Company and all Goods previously supplied by the Company to the Buyer (or for the Buyers account) and these terms shall apply notwithstanding anything express or implied to the contrary contained in the Buyer’s purchase order.