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.