Common use of PPSA & Security Interest Clause in Contracts

PPSA & Security Interest. The Purchaser agrees to grant TOMRA a security interest in the Goods that are the subject of the above Agreement, and their proceeds to secure the obligation of the Purchaser to pay the purchase price of the Goods and any other obligations of the Purchaser to TOMRA under this Agreement (together "the Indebtedness"). As and when required by TOMRA, the Purchaser shall, at its own expense, provide all reasonable assistance and relevant information including providing TOMRA with its incorporation number to enable TOMRA to register a Financing Statement or Financing Change Statement and generally to obtain, maintain, register and enforce TOMRA's security interest in respect of the goods supplied, in accordance with: a) for New Zealand the Personal Property Securities Act 1999 and b) for Australia the Personal Property Securities Act 2009 (Cth) ("PPSA"). The Purchaser shall not change its name without first notifying TOMRA of the new name not less than 7 days before the change takes effect. Until the Purchaser has paid all money owing to TOMRA the Purchaser shall at all times ensure that: (a) the Goods supplied by TOMRA, while in the Purchaser's possession, can be readily identified and distinguished; and/or (b) all proceeds (in whatever form) that the Purchaser receives from the sale of any of the Goods are readily identifiable and traceable, including as proceeds all present and after acquired accounts receivable, negotiable instruments, chattel paper, money and goods. Until the Purchaser has paid all money owing to TOMRA under this Agreement, the Purchaser shall not sell or grant a security interest in the goods without TOMRA's written consent. The Purchaser waives its right to receive a verification statement in respect of any financing statement or financing change statement registered by or on behalf of TOMRA in respect of the security interest created by this Agreement.

PPSA & Security Interest. The Purchaser agrees to grant TOMRA a security interest in the Goods that are the subject of the above Agreement, and their proceeds to secure the obligation of the Purchaser to pay the purchase price of the Goods and any other obligations of the Purchaser to TOMRA under this Agreement (together "the Indebtedness"). As and when required by TOMRA, the Purchaser shall, at its own expense, provide all reasonable assistance and relevant information including providing TOMRA with its incorporation number to enable TOMRA to register a Financing Statement or Financing Change Statement and generally to obtain, maintain, register and enforce TOMRA's security interest in respect of the goods supplied, in accordance with: a) for New Zealand the Personal Property Securities Act 1999 and b) for Australia the Personal Property Securities Act 2009 (Cth) ("PPSA"). The Purchaser shall not change its name without first notifying TOMRA of the new name not less than 7 days before the change takes effect. Until the Purchaser has paid all money owing to TOMRA the Purchaser shall at all times ensure that: (a) the Goods supplied by TOMRA, while in the Purchaser's possession, can be readily identified and distinguished; and/or (b) all proceeds (in whatever form) that the Purchaser receives from the sale of any of the Goods are readily identifiable and traceable, including as proceeds all present and after acquired accounts receivable, negotiable instruments, chattel paper, money and goods. Until the Purchaser has paid all money owing to TOMRA under this Agreement, the Purchaser shall not sell or grant a security interest in the goods without TOMRA's written consent. The Purchaser waives its right to receive a verification statement in respect of any financing statement or financing change statement registered by or on behalf of TOMRA in respect of the security interest created by this Agreement.