Common use of Personal Property Securities Act Clause in Contracts

Personal Property Securities Act. (a) To the extent a hire under this agreement creates a PPS lease, as defined in the Personal Property Securities Xxx 0000 (Cth) (“PPS Act”), we have a security interest in the Equipment as well as its proceeds for the purposes of the PPS Act. For the purposes of the PPS Act the collateral is described as containers and related equipment and the collateral may be further described in a Quote.

Personal Property Securities Act. (a) To You acknowledge and agree that to the extent a our hire under this agreement (governed by these terms and conditions) creates a PPS lease, as defined in the Personal Property Securities Xxx 0000 (Cth) (“PPS Act”), we have a security interest in the Equipment (as well as its the proceeds of any sale or insurance claim in respect of the Equipment and monies held in a separate account arising from the sale of the Equipment) for the purposes of the Personal Property Securities Act 2009 (Cth) as amended (the PPS Act. For ), and to the purposes of extent applicable the PPS Act the collateral is described as containers and related equipment and the collateral may be further described in a Quoteapplies.