Common use of Application of the PPSA Clause in Contracts

Application of the PPSA. 7.1 The Customer acknowledges and accepts that FocusNet may register under the PPSA any Security Interest it has in any FocusNet Equipment or Purchased Equipment. 7.2 The Customer waives its right under section 157 of the PPSA to receive notice of any verification of the registration. 7.3 The Customer must not: (a) create any form of Security Interest over the FocusNet Equipment in favour of any third party; (b) register, or permit to be registered, a financing statement or financing change statement in respect of a Security Interest contemplated or constituted by this Agreement without FocusNet‟s prior written consent; or (c) register, or permit to be registered, a financing statement or financing change statement in relation to the FocusNet Equipment in favour of any third party without FocusNet‟s prior written consent.