Common use of Application of the PPSA Clause in Contracts

Application of the PPSA. 8.1 The Buyer agrees that Timken has a security interest over: (a) the Products purchased from the Company; (b)any proceeds of the Products purchased; and (c) any product or mass that the Product purchased may be or become attached to or part of, (together, the Collateral). 8.2 The Buyer acknowledges that Timken may register a financing statement in relation to its security interest. The Buyer waives any right the Buyer has under the PPSA to receive notice in relation to registration of the security interest. 8.3 If the Buyer defaults in the timely performance of any obligation owed to Timken, Timken may enforce its security interest in any Collateral by exercising all or any of its rights under the Agreement, the general law or the PPSA.