PERSONAL PROPERTY SECURITIES. 22.1 Security Interests in Plant and Equipment If possession or control of any item of Supplier Plant and Equipment passes to the Client as a consequence of performance of this Agreement, then the Client acknowledges and agrees that:
(a) this Agreement constitutes a “Security Agreement” for the purposes of the PPSA;
(b) under this Agreement, Supplier has a Security Interest in the Supplier Plant and Equipment and any other Confidential Information which is the Personal Property of Supplier that Supplier provides to the Client under this Agreement and any proceeds of such Plant and Equipment, Personal Property;
(c) these Security Interests are “purchase money security interests” under the PPSA;
(d) the Client agrees to do anything reasonably required by Supplier to enable Supplier to register these Security Interests with the priority Supplier requires, and to maintain these registrations; and
(e) Supplier’s Security Interests in the relevant Personal Property attach when the Client obtains possession of that Personal Property and the Parties confirm that they have not agreed that any Security Interest in the Personal Property attaches at any later time.
22.2 Registration and enforcement of Security Interests Supplier may, at the Client’s cost, take any steps as Supplier may require to:
(a) prepare, lodge or register any Financing Statement or Financing Change Statement (each as defined in the PPSA) in relation to any Security Interests that are granted to Supplier under this Agreement;
(b) maintain those registrations; and
(c) enforce any Security Interests granted to Supplier under this Agreement.
22.3 Notices and disclosure under the PPSA
(a) Each Party agrees that neither of them will disclose to an “interested person” (as defined in section 275(9) of the PPSA) or any other person any information of the kind described in section 275(1) of the PPSA.
(b) The Client agrees that Supplier does not need to give the Client any notice under the PPSA (including a notice of a verification statement) unless the notice is required by the PPSA and that requirement cannot be excluded.
PERSONAL PROPERTY SECURITIES. 7The Participant acknowledges that the provision of MLA Assets to the Participant may create a security interest in those assets for the purpose of the Personal Property Securities Act 2009 (Cth) (PPSA) that is registrable on the Personal Property Securities Register. Upon request by MLA, the Participant will execute any and all documents requested by MLA to perfect its security interest. If MLA registers its security interest under the PPSA:
PERSONAL PROPERTY SECURITIES. Act (PPSA)
PERSONAL PROPERTY SECURITIES. (a) Words and phrases used in clauses 16(a) to 16(f) that have defined meanings in the PPS Law have the same meaning as in the PPS Law unless the context otherwise indicates.
(b) If Xxxxxxxx determines that this Agreement (or a transaction in connection with it) is or contains a security interest for the purposes of the PPSA, the Contractor consents to Bethanie effecting and maintaining a registration on the register (in any manner Xxxxxxxx considers appropriate) in relation to any security interest contemplated or constituted by this Agreement in the collateral (Xxxxxxxx’s Collateral) and the proceeds arising in respect of any dealing in Xxxxxxxx’s Collateral. The Contractor agrees to sign any documents and provide all assistance and information to Bethanie required to facilitate the registration and maintenance of any security interest.
(c) Neither Bethanie nor the Contractor will disclose information of the kind mentioned in section 275(1) of the PPSA or any information contained in this Agreement and the Contractor will not authorise, and will ensure that no other party authorises, the disclosure of such information.
(d) Clause 16(c) does not prevent disclosure where such disclosure is required under section 275 of the PPSA because of the operation of section 275(7) of the PPSA.
(e) Bethanie need not give any notice under the PPSA (including notice of a verification statement) unless the notice is required by the PPSA to be given and cannot be excluded.
(f) If the PPSA applies to this Agreement and Chapter 4 of the PPSA would otherwise apply to the enforcement of this Agreement, the Contractor agrees that sections 95, 118, 120, 121(4), 125, 128, 129, 130, 132(3)(d), 132(4), 134(1), 135, 142, 143 of the PPSA will not apply to the enforcement of this Agreement.
PERSONAL PROPERTY SECURITIES. 15.1 APPLICATION Until such time as the Goods are paid for in full in cleared funds, this clause shall apply to the supply of Goods.
PERSONAL PROPERTY SECURITIES. 18.1 Seller must not register any security interest with respect to Buyer or any collateral in which Xxxxx has a right.
PERSONAL PROPERTY SECURITIES. The Client acknowledges and agrees that notwithstanding any other provision of this Agreement:
(a) the Personal Property Securities Act 2009 (Cth) and its regulations as amended and in force from time to time (“PPSA”) applies to any supply of Goods by Xxxxx Xxxx Electrical to the Client;
(b) by agreeing to and/or accepting or adopting this Agreement the Client grants to Xxxxx Xxxx Electrical:
(i) a purchase money security interest in the Goods (on the basis that the Goods are sold on retention of title terms); and
(ii) a security interest over all present and after-acquired property of the Client (for purposes of this clause "Client's Property"),
(c) to secure Xxxxx Xxxx Electrical’ interest in the Goods and all moneys owing or payable by the Client under this Agreement and any other moneys payable by the Client to Xxxxx Xxxx Electrical from time to time on any account whatsoever;
(d) if a purchase money security interest is not able to be claimed by Xxxxx Xxxx Electrical in respect of the Goods for any reason, Xxxxx Xxxx Electrical will have a security interest in the Goods;
(e) the Client agrees that Xxxxx Xxxx Electrical’ security interest in Goods and the Client's property covered by this Agreement may be registered on the PPSR and the Client agrees to do all things necessary and required by Xxxxx Xxxx Electrical to effect registration of Xxxxx Xxxx Electrical’ security interest on the PPSR in order to give Xxxxx Xxxx Electrical’ security interest the best priority possible and anything else Xxxxx Xxxx Electrical requests the Client to do in connection with the PPSA without delay;
(f) the Client warrants that all information provided by the Client to Xxxxx Xxxx Electrical, including but not limited to the Client's details, including the entity, name, ACN or ABN and address set out in the Quote is correct in all respects and must not change its name, address or other details set out in the Quote without providing Xxxxx Xxxx Electrical with at least 20 business days prior written notice;
(g) the Client unconditionally and irrevocably appoints Xxxxx Xxxx Electrical as its attorney to do any of acts and matters set out in this clause 20 in the event that the Client fails, delays or declines to execute such documents or do such acts;
(h) the Client agrees that it will not grant a security interest or other encumbrance in the Goods whether under the PPSA or any other law to a third party unless it has obtained the prior written consent of Xxxxx Xxxx Electric...
PERSONAL PROPERTY SECURITIES. The Customer grants a security interest in all of its present and after acquired property and in all of its present and future rights, title, estate and interest, whether legal and equitable, in relation to any personal property, including any debts owed to the Customer, in favour of The Fireside Company to secure the performance of its liabilities and obligations hereunder or on any account whatsoever. If requested by The Fireside Company the Customer must immediately sign any documents, provide all necessary information and do anything else required by The Fireside Company to ensure that the security interest created in The Fireside Company’ favour is a perfected security interest. The Customer must not grant any other security interest in favour of any party until The Fireside Company has perfected its security interest created under these Terms. The Customer must not do or permit anything to be done that may result in the security interest granted to The Fireside Company ranking in priority behind any other security interest. The Customer acknowledges that these Terms constitute a security agreement for purposes of the PPSA and the Customer will do all things necessary to enable a security interest to be registered under the PPSA, and will comply with all requirements of the PPSA. To the fullest extent permitted by the PPSA, the Customer agrees to contract out of the application of the provisions listed in sections 115(1) and 115(7) and the sections listed therein shall not apply. The Customer hereby waives any rights the Customer may otherwise have to:
(a) receive any notices or statements the Customer would otherwise be entitled to receive under sections of the PPSA including for the avoidance of any doubt the sections referred to in sections 115(1) and 115(7) of the PPSA;
(b) apply to a Court for an order concerning the removal of an accession under section 97 of the PPSA;
(c) object to a proposal of the Customer to purchase or retain any collateral under sections 130 and 135 of the PPSA; and
(d) receive a copy of a verification statement confirming registration of a financing statement, or a financing change statement, relating to any security interest created under this document.
PERSONAL PROPERTY SECURITIES. (a) The Customer acknowledges and agrees that:
(i) the Company may register any security interest it has in connection with this Agreement (including any security interest over the Equipment arising out of the application of the PPSA to this Agreement) on the PPS Register; and
(ii) if requested by the Company, the Customer must immediately sign any documents, provide all necessary information and do anything else required by the Company to ensure that any security interest created is perfected and to enable the Company to gain first priority for its security interest.
(b) The Customer agrees to contract out of the application of the following provisions of the PPSA, and these provisions will not apply to this Agreement:
(i) Section 115(7);
(ii) Section 117;
(iii) Section 118;
(iv) Section 120;
(v) Section 121(4);
(vi) Section 130;
(vii) Section 135; and
(viii) Section 143.
(c) Notwithstanding any exclusions in clause (b), the Customer acknowledges the application and importance of the following provisions of the PPSA, which shall remain unaffected and continue to apply to this Agreement:
(i) Section 123;
(ii) Sections 125, 126, 128, and 129; and
(iii) Section 142.
(d) In this clause:
PERSONAL PROPERTY SECURITIES. (a) You agree that our Agreement creates a Security interest for the value of this Agreement in accordance with the PPSA;
(b) You agree to waive your rights to and exclude the PPSA Exclusions.
(c) You agree that any rights we have in addition to those in the PPSA, continue to apply.
(d) You agree to do all such things and execute all such documents as we may require to ensure that we have a perfected first ranking security interest(s) in the Products and the Bundled Hardware and for indebtedness under the terms of this Agreement and you irrevocably authorise us to take any steps we consider reasonable to register our interest in accordance with the terms of the PPSA;
(e) You indemnify us for any costs we incur in registering, maintaining and enforcing the security interest;
(f) You will immediately upon request by us, procure from any person considered by us to be relevant to our security position, such agreements and waivers as we may reasonably require; and
(g) You will immediately notify us of any change in (i) your name, (ii) any trading or business name you may use or (iii) in your legal or beneficial shareholding.
