PPS Act. In addition to the obligations imposed under this clause 31, each Party agrees to not disclose any information of the kind described in section 275(1) of the PPS Act, including:
(a) information about this Agreement including a copy of it;
(b) information about the amount or the obligation secured by any Security Interest created by or under this Agreement and the terms of such payment or performance at any time; or
(c) information about Relevant Collateral at any time.
PPS Act. (a) If a Party (first party) reasonably determines that this Agreement contains a “Security Interest” for the purposes of the PPS Act (Security Interest), the other Party (second party) agrees to do anything (such as obtaining consents, signing and producing documents, getting documents completed and signed and supplying information) which the first party (after consultation with the second party) reasonably asks and considers necessary for the purposes of:
(i) ensuring that the Security Interest is enforceable, perfected and otherwise effective;
(ii) enabling the first party to apply for any registration, or give any notification, in connection with the Security Interest so that the Security Interest has the priority required by the first party; or
(iii) enabling the first party to exercise rights in connection with the Security Interest.
(b) A Party is not required to give any notice under the PPS Act to the other Party or any other person and each Party waives the right to receive any such notice (including a notice of ‘Verification Statement’ as this term is defined under the PPS Act) unless the notice is required by the PPS Act and that obligation cannot be excluded.
(c) To the extent that this Agreement gives rise to a Security Interest, the Parties agree that for the purposes of section 115 of the PPS Act, the following sections of the PPS Act will not apply to any Relevant Collateral:
(i) section 95 (notice by Secured Party of removal of Accession);
(ii) section 121(4) (notice by Secured Party of enforcement of Security Interest in liquid assets);
(iii) section 125 (obligation of Secured Party to dispose of or retain Collateral after seizure);
(iv) section 130, to the extent that it requires a party to give any notice to the other party (notice by Secured Party of disposal of Collateral);
(v) section 132(3)(d) (obligation of Secured Party to show amounts paid to other Secured Parties in statement of account);
(vi) section 132(4) (statement of account by Secured Party if it does not dispose of Collateral within prescribed period);
(vii) section 135 (notice by Secured Party of retention of Collateral);
(viii) section 142 (redemption of Collateral); and
(ix) section 143 (reinstatement of Security Agreement). 35 Most favoured nation status
PPS Act.
9.1 Unless a contrary intention appears, words or expressions used in this clause 9 that are defined in the PPS Act have the same meaning as given to them in the PPS Act.
9.2 The Purchaser agrees that this Contract constitutes a security agreement for the purposes of the PPS Act and creates a security interest (as defined in the PPS Act) in all Goods previously supplied by the Company to the Purchaser and all future Goods supplied to the Purchaser.
9.3 The Purchaser agrees to do all such things, including providing any necessary consents, signing all necessary documents, and providing any further information, as reasonably required by the Company from time to time, to enable the Company to register a first ranking perfected security interest in respect of all Goods supplied by the Company to the Purchaser, or exercise any rights in connection with any security interest.
9.4 The Purchaser acknowledges that it shall be liable for the costs and expenses incurred by the Company in relation to the registration, maintenance, enforcement or discharge of any security interest, and must make payment to the Company for any such reasonable costs incurred by the Company on demand by the Company.
9.5 The Purchaser acknowledges that it shall assist the Company, to the extent required, in relation to the registration, maintenance, enforcement or discharge of any security interest.
9.6 Until such time as title to the Goods passes to the Purchaser, the Purchaser agrees not to register, or permit to be registered, a security agreement in relation to the Goods in favour of a third party without the prior written consent of the Company.
9.7 The Purchaser acknowledges that it shall not, without prior written notice to the Company, change its corporate or trading name or amend any registration documentation, or act in any manner, which would adversely impact on the Company’s registered security interest.
9.8 The Company need not give any notice to the Purchaser or any other person (including a notice of verification statement) unless the notice is required to be given by the PPS Act and cannot be excluded.
9.9 The Purchaser agrees pursuant to section 115 of the PPS Act:
(a) that sections 125, 142 and 143 of the PPS Act do not apply to this Contract; and
(b) to waive its right to receive any notice, details, or other document from the Company under sections 95, 121(4), 130, 135, 132(3)(d) and 132(4) of the PPS Act.
9.10 Pursuant to section 125(3) of the PPS Act, the Company ma...
PPS Act. (a) Each party waives the right to receive any notice under the PPS Act (including a notice of verification statement) unless the notice is required under the PPS Act and the obligation to give it cannot be excluded.
(b) Unless expressed to the contrary, a reference to a term which is defined in the PPS Act has the meaning it has in the PPS Act.
PPS Act. 11.1 In relation to any security interest constituted or contemplated in the Equipment by the Hire Agreement, and in relation to any proceeds arising from any dealing in the Equipment, the Customer consents to Master Hire affecting and maintaining a registration on the register (in the manner Master Hire considers necessary, including a master security interest registration that stays on the Customer’s record at all times, even if no Equipment is currently being hired by the Customer from Master Hire) of that security interest.
11.2 The Customer also agrees to sign any documents and provide all cooperation to Master Hire required to facilitate that registration and maintenance. At Master Hire’s sole discretion, Master Hire may register a financing statement or financing change statement in respect of a security interest (including any purchase money security interest) at any time. The Customer’s right to receive notice of a verification statement regarding the registration of a security interest on the register in respect of the Equipment is hereby waived.
11.3 The Customer agrees not to register a financing change statement in respect of a security interest contemplated or constituted by the Hire Agreement, or in favour of a third party, without Master Xxxx’s prior written consent.
11.4 If Chapter 4 of the PPS Act would otherwise apply to the enforcement of a security interest arising under or in connection with the Hire Agreement and sections 115(1) or 115(7) of the PSS Act allows for contracting out, then the following provisions of the PPS Act will not apply and the Customer will have no rights under them:
(a) in respect of section 115(1), section 95 (to the extent of notices to the grantor); section 96; section 118 (to the extent of notices to the grantor); sections 121(4); 125; 130; 132(3)(d); 132(4); 135; 142; and 143; and
(b) in respect of section 115(7): sections 127; 129(2); 129(3); 130(i); 132; 134(s); 135; 136(3); 136(4); 136(5); 137; and 275(7)(c).
11.5 The Customer and Master Hire agree not to disclose information of the kind referred to in section 275(1) of the PPS Act.
11.6 For the sake of clarity, the Equipment is the collateral and the security agreement is the Hire Agreement pursuant to the PPS Act.
11.7 Money received from the Customer in connection with the Hire Agreement may be applied by Master Hire towards the Customers obligations under any security interest contemplated or constituted by the Hire Agreement in any way as Master Hir...
PPS Act. You acknowledge that the terms of this Agreement constitute a PPS lease (as that term is defined in the PPS Act) for the purposes of the PPS Act and We may register a security interest over Goods on the Personal Property Securities Register. You must do anything that We reasonably request of You to enable Us to register the security interest created by this Agreement on the Personal Property Securities Register and ensure that the security interest is perfected, enforceable and otherwise effective. Subject to the Credit Law, You agree and authorise Us to provide You with the Documents by electronic mail to Your Email Address. You agree that You will not receive a paper copy of the Documents unless You specifically request the Document from Us and if required by Us, pay Us the fee to provide that Document in paper copy to You. You must notify Us of any change to Your Email Address in accordance with clause 23.
PPS Act. 21.1 Words used in this Contract which have a defined meaning in the PPS Act have the same meaning as in the PPS Act unless the context otherwise indicates.
21.2 Where the Principal determines that a Security Interest is created the Supplier must, at its own cost, take all action required by the Principal which is reasonably necessary in the opinion of the Principal to:
(a) enable the Principal to register the Security Interest on the PPS Register and perfect the Security Interest with the highest ranking priority possible under the PPS Act, including enabling the Principal to have possession or control of the subject of any Security Interest, where it is possible to do so under the PPS Act;
(b) maintain the effectiveness of, and protect the priority of, the Security Interest under the PPS Act; and
(c) enable the Principal to exercise its rights in connection with the Security Interest.
21.3 For the purposes of section 275(6) or any other provision of the PPS Act, the Supplier and the Principal agree that no information may be disclosed in accordance with section 275(1) of the PPS Act.
21.4 The Principal is not required to provide any notice under the PPS Act unless the notice is required by the PPS Act and cannot be excluded.
PPS Act terms Unless a contrary intention appears, words or expressions used in this clause 22 that are defined in the PPS Act have the same meaning as given to them in the PPS Act.
PPS Act. (a) In this clause 5, the terms “accession”, “account”, “amendment demand”, “control”, “financing change statement”, “financing statement”, “perfected”, “proceeds”, “purchase money security interest”, “registration event”, “security interest” and “verification statement” have the meanings given to them under the PPS Act.
PPS Act. 10.1. This clause applies if you provide to us a Security Interest under this Agreement. You will do all things reasonably necessary and will provide to us with all reasonable information requested to enable us to make a registration under the PPS Act on the Personal Property Securities Register (being the register established under section 147 of the PPS Act) over any Security Interest created under these Terms and Conditions. Our rights under these Terms and Conditions are in addition to and not in substitution for our rights under other laws (including the PPS Act) and we may choose whether to exercise rights under these Terms and Conditions, and/or under such other laws, as we see reasonably fit.
10.2. In addition to our rights under the PPS Act, if you default on the payment of money owed to us, we have the right to seize, purchase, take possession or apparent possession, retain, deal with or dispose of any asset subject to a Security Interest, not only under the PPS Act but also, as additional and independent rights, under any Transaction Document.
10.3. You waive your right to receive notice of a verification statement in relation to the registration events in respect of commercial property under section 157 of the PPS Act, whether the relevant Security Interests arises under these Terms and Conditions or any other Transaction Document.
10.4. To the extent the law permits:
(a) for the purposes of sections 115(1) and 115(7) of the PPS Act:
(i) we need not comply with sections 95, 118, 121(4), 125, 130, 132(3)(d) or 132(4); and
(ii) sections 142 and 143 are excluded;
(b) for the purposes of sections 115(7) of the PPS Act, we need not comply with sections 132 and 137(3); and
(c) if the PPS Act is amended after the date of these Terms and Conditions to permit you and us to agree to exclude or to not comply with other provisions of the PPS Act, we may notify you that any of these provisions are excluded, or that we need not comply with any of those provisions as notified to you by us.
10.5. You agree not to exercise your rights to make any request to us under section 275 of the PPS Act, to authorise the disclosure of any information under that section or to waive any duty of confidence that would otherwise permit non-disclosure under that section.
