TITLE AND SECURITY. 9.1 Ownership and title in the Goods, or any proceeds from on-sale of the Goods, shall not pass to the Customer until the Customer has paid the Company in full for the Works and all other sums due to the Company by the Customer on any account whatsoever in accordance with this agreement. 9.2 If the Company supplies Goods without first obtaining payment in full for the same, then the Customer acknowledges and agrees that the Company shall be entitled at the cost in all respects of the Customer to register on the Personal Property Securities Register any security interest that the Company possesses in respect of all Goods supplied and the proceeds of on-sale of such Goods and the Customer acknowledges that the Company’s security interest survives until the Customer pays in full all sums due to the Company under this agreement. 9.3 The Customer acknowledges and agrees that until payment in full has been made to the Company for all of the Goods supplied: (a) The Company possesses a Purchase Money Security Interest (as that term is defined in the PPSA) in the Goods; and (b) If the Customer on-sells the Goods prior to payment to the Company, the Customer will pay the proceeds derived from that on-sale into a separate account for the benefit and as trustee for the Company so that those proceeds remain identifiable in connection with that on-sale and the Goods. 9.4 If at any time the Company has sufficient cause to exercise its rights under section 109 of the PPSA, the Customer irrevocably grants the Company the right and licence to enter upon the Location and/or any premises where the Goods are located to remove and repossess the Goods, without notice and without liability whatsoever to the Customer, or to any person or company claiming through the Customer. 9.5 The Customer covenants to assist and co-operate with the Company by completing any documentation and/or providing any information as may be required by the Company in order for the Company to achieve and perfect its desired security position under the PPSA and the Customer waives any right to receive a verification statement in respect of any financing statement or financing change statement relating to the security interest under the PPSA. 9.6 Nothing in sections 114(1)(a), 117(1), 133 and 134 of the PPSA shall apply to this agreement nor shall the Customer’s rights as a debtor in sections 116, 119, 120(2), 121, 125-127, 129 and 132 of the PPSA apply to this agreement. The Customer agrees that any rights the Company has in addition to those in Part 9 of the PPSA will continue to apply. 9.7 If the products or services are attached, fixed or incorporated into any property of the Customer by way of manufacturing or assembly process by the Customer or any third party, title in the product and services shall remain with the Company until the customer has made payment for all product and services, and where these products and services are mixed with other property so as to be part of a constituent of any product and services, title to these new products and services shall be deemed to be assigned to the Company as security for the full satisfaction of the customer of the full amount owing between the Company and the Customer.
Appears in 36 contracts
Samples: General Terms and Conditions, General Terms and Conditions, General Terms and Conditions
TITLE AND SECURITY. 9.1 Ownership and title in the Goods, or any proceeds from on-sale of the Goods, shall not pass to the Customer until the Customer has paid the Company in full for the Works and all other sums due to the Company by the Customer on any account whatsoever in accordance with this agreement.
9.2 If the Company supplies Goods without first obtaining payment in full for the same, then the Customer acknowledges and agrees that the Company shall be entitled at the cost in all respects of the Customer to register on the Personal Property Securities Register any security interest that the Company possesses in respect of all Goods supplied and the proceeds of on-sale of such Goods and the Customer acknowledges that the Company’s security interest survives until the Customer pays in full all sums due to the Company under this agreement.
9.3 The Customer acknowledges and agrees that until payment in full has been made to the Company for all of the Goods supplied:
(a) The Company possesses a Purchase Money Security Interest (as that term is defined in the PPSA) in the Goods; and
(b) If the Customer on-sells the Goods prior to payment to the Company, the Customer will pay the proceeds derived from that on-sale into a separate account for the benefit and as trustee for the Company so that those proceeds remain identifiable in connection with that on-sale and the Goods.
9.4 If at any time the Company has sufficient cause to exercise its rights under section 109 of the PPSA, the Customer irrevocably grants the Company the right and licence to enter upon the Location and/or any premises where the Goods are located to remove and repossess the Goods, without notice and without liability whatsoever to the Customer, or to any person or company claiming through the Customer.
9.5 The Customer covenants to assist and co-operate with the Company by completing any documentation and/or providing any information as may be required by the Company in order for the Company to achieve and perfect its desired security position under the PPSA and the Customer waives any right to receive a verification statement in respect of any financing statement or financing change statement relating to the security interest under the PPSA.
9.6 Nothing in sections 114(1)(a), 117(1), 133 and 134 of the PPSA shall apply to this agreement nor shall the Customer’s rights as a debtor in sections 116, 119, 120(2), 121, 125-127, 129 and 132 of the PPSA apply to this agreement. The Customer agrees that any rights the Company has in addition to those in Part 9 of the PPSA will continue to apply.
9.7 If the products or services are attached, fixed or incorporated into any property of the Customer by way of manufacturing or assembly process by the Customer or any third party, title in the product and services shall remain with the Company until the customer has made payment for all product and services, and where these products and services are mixed with other property so as to be part of a constituent of any product and services, title to these new products and services shall be deemed to be assigned to the Company as security for the full satisfaction of the customer of the full amount owing between the Company and the Customer.
Appears in 9 contracts
Samples: General Terms and Conditions, General Terms and Conditions, General Terms and Conditions
TITLE AND SECURITY. 9.1 Ownership and title 9.1. Title in any Goods supplied by the Goods, or any proceeds from on-sale of the Goods, shall not pass Company passes to the Customer until only when the Customer has paid the Company in full for the Works and all other sums due to the Company by the Customer on any account whatsoever in accordance with this agreement.
9.2 If the Company supplies Goods without first obtaining made payment in full for the same, then the Customer acknowledges and agrees that the Company shall be entitled at the cost in all respects of the Customer to register on the Personal Property Securities Register any security interest that the Company possesses in respect of all Goods supplied and the proceeds of on-sale of such Goods and the Customer acknowledges that the Company’s security interest survives until the Customer pays in full Works. Until all sums due to the Company under this agreementhave been paid in full by the Customer, the Company has a security interest in all Goods.
9.3 9.2. The Customer acknowledges and agrees that until payment in full has been made to the Company for all of the Goods suppliedshall:
(a) The Sign any further document and provide any further information (which the Customer warrants to be complete, accurate and up to date in all respects) that the Company possesses may reasonably require to register a Purchase Money Security Interest (as that term is defined in financing statement on the PPSA) in the Goods; andpersonal property securities register.
(b) If the Customer on-sells the Goods prior to payment to the Company, the Customer will pay the proceeds derived from that on-sale into a separate account for the benefit and as trustee for Give the Company so that those proceeds remain identifiable no less than 14 days written notice of any change of the Customer’s name or other change in connection with that on-sale and the GoodsCustomer’s details (including but not limited to changes in address, trading name or business practice).
9.4 If at (c) Waive any time the Company has sufficient cause rights to exercise its rights under section 109 receive a copy of the PPSA, the Customer irrevocably grants the Company the right and licence to enter upon the Location and/or any premises where the Goods are located to remove and repossess the Goods, without notice and without liability whatsoever to the Customer, or to any person or company claiming through the Customer.
9.5 The Customer covenants to assist and co-operate with the Company by completing any documentation and/or providing any information as may be required by the Company in order for the Company to achieve and perfect its desired security position verification statement under the PPSA and the Customer waives any right to receive a verification statement in respect of any financing statement or financing change statement relating agrees that, to the security interest extent permitted by law:
(i) The Customer will have no rights under (or by reference to) sections 114(1) or 133 of the PPSA.
9.6 Nothing in sections 114(1)(a), 117(1), 133 and 134 (ii) The provisions of Part 9 of the PPSA shall apply to this agreement nor shall which are for the Customer’s rights as a debtor in sections 116, 119, 120(2), 121, 125-127, 129 and 132 benefit of the PPSA Customer or place obligations on the Company will apply only to this agreement. The Customer agrees the extent that any rights they are mandatory.
(iii) Where the Company has rights under this agreement in addition to those in Part 9 of the PPSA PPSA, those rights will continue to apply.
9.7 9.3. The Customer grants to the Company, power of attorney to sign all documents required to perfect the Company’s security interest in the Goods.
9.4. If the products or services Goods are attached, fixed or incorporated into any property of the Customer Customer, by way of any manufacturing or assembly process by the Customer or any third party, title in the product and services Goods shall remain with the Company until the customer Customer has made payment for all product and services, Goods and where these products and services those Goods are mixed with other property so as to be part of or a constituent of any product and servicesnew products, title to these new products and services shall be deemed to be assigned to the Company as security for the full satisfaction of by the customer Customer of the full amount owing between the Company and by the Customer.
9.5. The Customer gives irrevocable authority to the Company to enter any premises occupied by the Customer or on which Goods are situated at any reasonable time after default by the Customer or before default if the Company believes a default is likely and to remove and repossess any Goods and any other property to which Goods are attached or in which Goods are incorporated. The Company shall not be liable for any costs, damages, expenses or losses incurred by the Customer or third party as a result of this action unless such liability cannot be excluded.
9.6. The Company may either resell any repossessed Goods and credit the Customer’s account with the net proceeds of sale (after deduction of all repossession, storage, selling and other costs) or may retain any repossessed Goods and credit the Customer’s account with the invoice value less such sum as the Company reasonably determines on account of wear and tear.
Appears in 2 contracts
Samples: Confidentiality Agreement, Confidentiality Agreement
TITLE AND SECURITY. 9.1 Ownership and title in the Goods, or any proceeds from on-sale of the Goods, shall not pass to the Customer until the Customer has paid the Company in full for the Works and all other sums due to the Company by the Customer on any account whatsoever in accordance with this agreement.
9.2 If the Company supplies Goods without first obtaining payment in full for the same, then the Customer acknowledges and agrees that the Company shall be entitled at the cost in all respects of the Customer to register on the Personal Property Securities Register any security interest that the Company possesses in respect of all Goods supplied and the proceeds of on-sale of such Goods and the Customer acknowledges that the Company’s security interest survives until the Customer pays in full all sums due to the Company under this agreement.
9.3 The Customer acknowledges and agrees that until payment in full has been made to the Company for all of the Goods supplied:
(a) The Company possesses a Purchase Money Security Interest (as that term is defined in the PPSA) in the Goods; and
(b) If the Customer on-sells the Goods prior to payment to the Company, the Customer will pay the proceeds derived from that on-sale into a separate account for the benefit and as trustee for the Company so that those proceeds remain identifiable in connection with that on-sale and the Goods.
9.4 If at any time the Company has sufficient cause to exercise its rights under section 109 of the PPSA, the Customer irrevocably grants the Company the right and licence license to enter upon the Location and/or any premises where the Goods are located to remove and repossess the Goods, without notice and without liability whatsoever to the Customer, or to any person or company claiming through the Customer.
9.4 If at any time the Company has sufficient cause to exercise its rights under section 109 of the PPSA, the Customer irrevocably grants the Company the right and license to enter upon the Location and/or any premises where the Goods are located to remove and repossess the Goods, without notice and without liability whatsoever to the Customer, or to any person or company claiming through the Customer.
9.5 The Customer covenants to assist and co-operate with the Company by completing any documentation and/or providing any information as may be required by the Company in order for the Company to achieve and perfect its desired security position under the PPSA and the Customer waives any right to receive a verification statement in respect of any financing statement or financing change statement relating to the security interest under the PPSA.
9.6 Nothing in sections 114(1)(a), 117(1), 133 and 134 of the PPSA shall apply to this agreement nor shall the Customer’s rights as a debtor in sections 116, 119, 120(2), 121, 125-127, 129 and 132 of the PPSA apply to this agreement. The Customer agrees that any rights the Company has in addition to those in Part 9 of the PPSA will continue to apply.
9.7 If the products or services are attached, fixed or incorporated into any property of the Customer by way of manufacturing or assembly process by the Customer or any third party, title in the product and services shall remain with the Company until the customer has made payment for all product and services, and where these products and services are mixed with other property so as to be part of a constituent of any product and services, title to these new products and services shall be deemed to be assigned to the Company as security for the full satisfaction of the customer of the full amount owing between the Company and the Customer.
Appears in 1 contract
Samples: Terms of Trade
TITLE AND SECURITY. 9.1 Ownership 6.1. Legal and beneficial title in and to the Goods, or any proceeds from on-sale of the Goods, shall not Parts will pass to the Customer until upon the Supplier receiving the Total Price in cleared funds.
6.2. If the Customer has paid comes into possession of the Company Parts before title passes, the Customer:
(a) holds the Parts as fiduciary bailee of the Supplier;
(b) must not encumber the Parts in any way;
(c) must store the Parts separately and make them available for inspection by the Supplier upon reasonable notice being given;
(d) may sell the Parts in the ordinary course of the Customer’s business but in that case, the sale proceeds of the Parts are charged with the Customer’s obligation to pay the Total Price in full for the Works and all other sums due to the Company Supplier; and
(e) authorises the Supplier to enter upon the Customer’s premises or any premises under the Customer’s control and repossess the Parts, resell them and apply the proceeds of sale against any amount owing by the Customer on any account whatsoever in accordance with this agreementto the Supplier.
9.2 If the Company supplies Goods without first obtaining payment in full for the same, then the Customer acknowledges and agrees that the Company shall be entitled at the cost in all respects of the Customer to register on the Personal Property Securities Register any security interest that the Company possesses in respect of all Goods supplied and the proceeds of on-sale of such Goods and the Customer acknowledges that the Company’s security interest survives until the Customer pays in full all sums due to the Company under this agreement.
9.3 6.3. The Customer acknowledges and agrees that until payment in full has been made to the Company for all of the Goods suppliedthat:
(a) The Company possesses this Agreement constitutes a Purchase Money Security Interest security agreement for the purposes of the PPSA and the rights given to the Supplier under this clause 6 constitute a purchase money security interest over all Parts provided or to be provided to the Customer under this Agreement, to secure the payment of the Total Price payable by the Customer to the Supplier from time to time;
(as that term b) the Customer expressly consents to the granting of this security interest;
(c) the Supplier is defined entitled to take all steps necessary to protect and register the purchase money security interest in the Parts under the PPSA;
(d) upon request, the Customer will promptly sign any documents and provide any information which the Supplier may request, as necessary to register, perfect or otherwise protect and enforce the Supplier's security interest in the GoodsParts;
(e) as the grantor of the security, the Customer waives the requirement for notices under the PPSA;
(f) until the Total Price has been paid and title in the Parts has passed to the Customer, it will not register, or permit to be registered, any security interest in the Parts without the prior written consent of the Supplier; and
(g) it is responsible for all costs and expenses incurred by the Supplier (including legal costs and expenses on a solicitor and own client basis) to enforce the security granted pursuant to this clause 6.
6.4. The Customer grants to the Supplier a lien over all Parts which have been ordered but neither paid for in full nor collected by the Customer. Pursuant to this lien:
(a) the Supplier has the right to retain possession of the Parts until the Total Price has been paid;
(b) If if, within 7 days of receiving a notice of intended sale from the Customer on-sells the Goods prior to payment to the CompanySupplier, the Customer will fails to pay the proceeds derived from that on-sale into a separate account for Total Price or the benefit and as trustee for the Company so that those proceeds remain identifiable in connection with that on-sale and the Goods.
9.4 If at any time the Company has sufficient cause to exercise its rights under section 109 balance of the PPSATotal Price then owing, the Customer irrevocably grants Supplier may sell the Company Parts and deduct the right and licence to enter upon the Location and/or net sale proceeds from any premises where the Goods are located to remove and repossess the Goods, without notice and without liability whatsoever to the Customer, or to any person or company claiming through the Customer.
9.5 The Customer covenants to assist and co-operate with the Company by completing any documentation and/or providing any information as may be required by the Company in order for the Company to achieve and perfect its desired security position under the PPSA and the Customer waives any right to receive a verification statement in respect of any financing statement or financing change statement relating to the security interest under the PPSA.
9.6 Nothing in sections 114(1)(a), 117(1), 133 and 134 of the PPSA shall apply to this agreement nor shall the Customer’s rights as a debtor in sections 116, 119, 120(2), 121, 125-127, 129 and 132 of the PPSA apply to this agreement. The Customer agrees that any rights the Company has in addition to those in Part 9 of the PPSA will continue to apply.
9.7 If the products or services are attached, fixed or incorporated into any property of the Customer by way of manufacturing or assembly process amount owing by the Customer to the Supplier, whether under this Agreement or any third party, title in the product and services shall remain other agreement that it has with the Company until Supplier;
(c) this lien is a specific property interest created by agreement and does not interfere with or replace any other security interest granted by the customer has made payment for all product and services, and where these products and services are mixed with other property so as to be part of a constituent of any product and services, title to these new products and services shall be deemed to be assigned Customer to the Company as security Supplier under this Agreement or by effect of Law;
(d) the Customer has no claim against the Supplier for any loss or damage arising from the full satisfaction exercise of the customer of lien over the full amount owing between Parts by the Company and the CustomerSupplier.
Appears in 1 contract
Samples: Parts Sale Agreement
TITLE AND SECURITY. 9.1 Ownership and title in the Goods, or any proceeds from on-sale of the Goods, shall not pass to the Customer until the Customer has paid the Company in full for the Works and all other sums due to the Company by the Customer on any account whatsoever in accordance with this agreement.
9.2 If the Company supplies Goods without first obtaining payment in full for the same, then the Customer acknowledges and agrees that the Company shall be entitled at the cost in all respects of the Customer to register on the Personal Property Securities Register any security interest that the Company possesses in respect of all Goods supplied and the proceeds of on-sale of such Goods and the Customer acknowledges that the Company’s security interest survives until the Customer pays in full all sums due to the Company under this agreement.
9.3 The Customer acknowledges and agrees that until payment in full has been made to the Company for all of the Goods supplied:
(a) The Company possesses a Purchase Money Security Interest (as that term is defined in the PPSA) in the Goods; and
(b) If the Customer on-sells the Goods prior to payment to the Company, the Customer will pay the proceeds derived from that on-sale into a separate account for the benefit and as trustee for the Company so that those proceeds remain identifiable in connection with that on-sale and the Goods.
9.4 If at any time the Company has sufficient cause to exercise its rights under section 109 of the PPSA, the Customer irrevocably grants the Company the right and licence to enter upon the Location and/or any premises where the Goods are located to remove and repossess the Goods, without notice and without liability whatsoever to the Customer, or to any person or company claiming through the Customer.
9.5 The Customer covenants to assist and co-operate with the Company by completing any documentation and/or providing any information as may be required by the Company in order for the Company to achieve and perfect its desired security position under the PPSA and the Customer waives any right to receive a verification statement in respect of any financing statement or financing change statement relating to the security interest under the PPSA.
9.6 Nothing in sections 114(1)(a), 117(1), 133 and 134 of the PPSA shall apply to this agreement nor shall the Customer’s rights as a debtor in sections 116, 119, 120(2), 121, 125-127, 129 and 132 of the PPSA apply to this agreement. The Customer agrees that any rights the Company has in addition to those in Part 9 of the PPSA will continue to apply.
9.7 If the products or services are attached, fixed or incorporated into any property of the Customer by way of manufacturing or assembly process by the Customer or any third party, title in the product and services shall remain with the Company until the customer has made payment for all product and services, and where these products and services are mixed with other property so as to be part of a constituent of any product and services, title to these new products and services shall be deemed to be assigned to the Company as security for the full satisfaction of the customer of the full amount owing between the Company and the Customer.
Appears in 1 contract
Samples: General Terms and Conditions
TITLE AND SECURITY. 9.1 Ownership and title in the Goods, or any proceeds from on-sale of the Goods, shall not pass to the Customer until the Customer has paid the Company in full for the Works and all other sums due to the Company by the Customer on any account whatsoever in accordance with this agreement.
9.2 If the Company supplies Goods without first obtaining payment in full for the same, then the Customer acknowledges and agrees that the Company shall be entitled at the cost in all respects of the Customer to register on the Personal Property Securities Register any security interest that the Company possesses in respect of all Goods supplied and the proceeds of on-sale of such Goods and the Customer acknowledges that the Company’s security interest survives until the Customer pays in full all sums due to the Company under this agreement.
9.3 The Customer acknowledges and agrees that until payment in full has been made to the Company for all of the Goods supplied:
(a) The Company possesses a Purchase Money Security Interest (as that term is defined in the PPSA) in the Goods; and
(b) If the Customer on-sells the Goods prior to payment to the Company, the Customer will pay the proceeds derived from that on-sale into a separate account for the benefit and as trustee for the Company so that those proceeds remain identifiable in connection with that on-sale and the Goods.
9.4 If at any time the Company has sufficient cause to exercise its rights under section 109 of the PPSA, the Customer irrevocably grants the Company the right and licence to enter upon the Location and/or any premises where the Goods are located to remove and repossess the Goods, without notice and without liability whatsoever to the Customer, or to any person or company claiming through the Customer.
9.5 The Customer covenants to assist and co-operate with the Company by completing any documentation and/or providing any information as may be required by the Company in order for the Company to achieve and perfect its desired security position under the PPSA and the Customer waives any right to receive a verification statement in respect of any financing statement or financing change statement relating to the security interest under the PPSA.
9.6 Nothing in sections 114(1)(a), 117(1), 133 and 134 of the PPSA shall apply to this agreement nor shall the Customer’s rights as a debtor in sections 116, 119, 120(2), 121, 125-127, 129 and 132 of the PPSA apply to this agreement. The Customer agrees that any rights the Company has in addition to those in Part 9 of the PPSA will continue to apply.
9.7 If the products or services are attached, fixed or incorporated into any property of the Customer by way of manufacturing or assembly process by the Customer or any third party, title in the product and services shall remain with the Company until the customer has made payment for all product and services, and where these products and services are mixed with other property so as to be part of a constituent of any product and services, title to these new products and services shall be deemed to be assigned to the Company as security for the full satisfaction of the customer of the full amount owing between the Company and the Customer.
Appears in 1 contract
TITLE AND SECURITY. 9.1 1. Ownership and title in the Goods, or any proceeds from on-sale of the Goods, shall not pass to the Customer until the Customer has paid the Company NATC in full for the Works Goods and has paid NATC in full for all other sums due to the Company NATC by the Customer on any account whatsoever in accordance with this agreement.
9.2 2. If the Company NATC supplies Goods without first obtaining payment in full for the same, then the Customer acknowledges and agrees that the Company NATC shall be entitled at the cost in all respects of the Customer to register on the Personal Property Securities Register any security interest that the Company NATC possesses in respect of all Goods supplied and the proceeds of on-sale of such Goods and the Customer acknowledges that the CompanyNATC’s security interest survives until the Customer pays in full all sums due to the Company NATC under this agreement.
9.3 3. The Customer acknowledges and agrees that until payment in full has been made to the Company NATC for all of the Goods supplied:
(a) The Company a. NATC possesses a Purchase Money Security Interest (as that term is defined in the Personal Property Securities Act 1999 (“PPSA”) in the Goods; and
(b) b. If the Customer on-sells the Goods prior to payment to the CompanyNATC, the Customer will pay the proceeds derived from that on-sale into a separate account for the benefit and as trustee for the Company NATC so that those proceeds remain identifiable in connection with that on-sale and the Goods.
9.4 4. If at any time the Company NATC has sufficient cause to exercise its rights under section 109 of the PPSA, the Customer irrevocably grants the Company NATC the right and licence to enter upon the Location and/or any premises where the Goods are located to remove and repossess the Goods, without notice and without liability whatsoever to the Customer, or to any person or company claiming through the Customer.
9.5 5. The Customer covenants to assist and co-operate with the Company NATC by completing any documentation and/or providing any information as may be required by the Company NATC in order for the Company NATC to achieve and perfect its desired security position under the PPSA and the Customer waives any right to receive a verification statement in respect of any financing statement or financing change statement relating to the security interest under the PPSA.
9.6 6. Nothing in sections 114(1)(a), 117(1), 133 and 134 of the PPSA shall apply to this agreement nor shall the Customer’s rights as a debtor in sections 116, 119, 120(2), 121, 125-127, 129 and 132 of the PPSA apply to this agreement. The Customer agrees that any rights the Company NATC has in addition to those in Part 9 of the PPSA will continue to apply.
9.7 If the products or services are attached, fixed or incorporated into any property of the Customer by way of manufacturing or assembly process by the Customer or any third party, title in the product and services shall remain with the Company until the customer has made payment for all product and services, and where these products and services are mixed with other property so as to be part of a constituent of any product and services, title to these new products and services shall be deemed to be assigned to the Company as security for the full satisfaction of the customer of the full amount owing between the Company and the Customer.
Appears in 1 contract
Samples: Terms and Conditions
TITLE AND SECURITY. 9.1 Ownership and title in the Goods, or any proceeds from on-on sale of the Goods, shall not pass to the Customer until the Customer has paid the Company in full for the Works and all other sums due to the Company by the Customer on any account whatsoever in accordance with this agreement.
9.2 If the Company supplies Goods without first obtaining payment in full for the same, then the Customer acknowledges and agrees that the Company shall be entitled at the cost in all respects of the Customer to register on the Personal Property Securities Register any security interest that the Company possesses in respect of all Goods supplied and the proceeds of on-on sale of such Goods and the Customer acknowledges that the Company’s security interest survives until the Customer pays in full all sums due to the Company under this agreement.
9.3 The Customer acknowledges and agrees that until payment in full has been made to the Company for all of the Goods supplied:
(a) The Company possesses a Purchase Money Security Interest (as that term is defined in the PPSA) in the Goods; and
(b) If the Customer on-on sells the Goods prior to payment to the Company, the Customer will pay the proceeds derived from that on-on sale into a separate account for the benefit benefit and as trustee for the Company so that those proceeds remain identifiable identifiable in connection with that on-on sale and the Goods.
9.4 If at any time the Company has sufficient cause to exercise its rights under section 109 of the PPSA, the Customer irrevocably grants the Company the right and licence license to enter upon the Location and/or any premises where the Goods are located to remove and repossess the Goods, without notice and without liability whatsoever to the Customer, or to any person or company claiming through the Customer.
9.5 The Customer covenants to assist and co-operate with the Company by completing any documentation and/or providing any information as may be required by the Company in order for the Company to achieve and perfect its desired security position under the PPSA and the Customer waives any right to receive a verification statement in respect of any financing statement or financing change statement relating to the security interest under the PPSA.
9.6 Nothing in sections 114(1)(a), 117(1), 133 and 134 of the PPSA shall apply to this agreement nor shall the Customer’s rights as a debtor in sections 116, 119, 120(2), 121, 125-127, 129 and 132 of the PPSA apply to this agreement. The Customer agrees that any rights the Company has in addition to those in Part 9 of the PPSA will continue to apply.
9.7 If the products or services are attached, fixed or incorporated into any property of the Customer by way of manufacturing or assembly process by the Customer or any third party, title in the product and services shall remain with the Company until the customer has made payment for all product and services, and where these products and services are mixed with other property so as to be part of a constituent of any product and services, title to these new products and services shall be deemed to be assigned to the Company as security for the full satisfaction of the customer of the full amount owing between the Company and the Customer.
Appears in 1 contract
Samples: Terms of Trade