Personal Property Securities Act Sample Clauses
The Personal Property Securities Act clause establishes the parties' obligations and rights in relation to security interests governed by the Personal Property Securities Act (PPSA). It typically outlines how security interests in personal property are to be registered, maintained, and enforced, and may require one party to assist the other in perfecting or protecting such interests. This clause ensures compliance with the PPSA, clarifies the process for dealing with secured property, and helps prevent disputes over ownership or priority of interests in personal property.
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Personal Property Securities Act. The Customer acknowledges that under the Contract the Customer grants a Security Interest(s) to the Company, including but not limited to, the lien in Clause 6. The Customer acknowledges that the Contract constitutes a Security Agreement for the purposes of the PPS Act. The Guarantor acknowledges that under the Guarantee the Guarantor grants a Security Interest(s) to the Company, including (without limitation) a charge over all its property. The Guarantor acknowledges that the Guarantee constitutes a Security Agreement for the purposes of the PPS Act. If there is a Security Interest in favour of the Customer or the Guarantor and the Customer or the Guarantor proposes to register the Security Interest under the PPS Act, the Customer or the Guarantor (as applicable) must give the Company written notice prior to the registration that the Customer or the Guarantor (as applicable) proposes to register the Security Interest. The Customer and the Guarantor will do anything reasonably required by the Company to enable the Company to register its Security Interests, with the priority the Company requires, and to maintain the registration. The Security Interests arising under the Contract or the Guarantee attach to the Collateral in accordance with section 19(2) of the PPS Act and the parties confirm that they have not agreed that any Security Interest arising under the Contract or the Guarantee attaches at any later time. The Customer and the Guarantor each acknowledge that the Company may perfect its Security Interests by lodging a Financing Statement on the Personal Property Securities Register. To the extent that any of the enforcement provisions of Chapter 4 of the PPS Act apply to the Security Interests created under or referred to in the Contract or the Guarantee, the following provisions of the PPS Act will not apply:
(i) section 95 (notice of removal of accession), to the extent that it requires the secured party to give a notice to the grantor;
(ii) subsection 121(4) (enforcement of liquid assets – notice to grantor);
(iii) section 130 (notice of disposal), to the extent that it requires the secured party to give the grantor a notice;
(iv) paragraph 132(3)(d) (contents of statement of account after disposal);
(v) subsection 132(4) (statement of account if no disposal);
(vi) section 135 (notice of retention);
(vii) section 142 (redemption of collateral); and
(viii) section 143 (reinstatement of security agreement). The Company does not need to give the Cust...
Personal Property Securities Act. To the extent the Personal Property Securities Act 2009 (Cth) applies to any Materials or Deliverables supplied by the Supplier to the Customer, the Supplier represents, warrants and undertakes that the supply of the Materials and Deliverables to the Customer:
(a) does not breach any security agreement the Supplier has with a third party; and
Personal Property Securities Act. The Customer acknowledges that this Agreement creates a security interest in the Cabin as security for the Customer’s obligations to the Lessor under this Agreement and that the security interest is registrable on the Personal Property Securities Register. The Customer indemnifies the Lessor against any costs the Lessor incurs in maintaining its security interest in the Cabin and exercising any of its rights under Part 9 of the PPSA. If Part 9 of the PPSA applies to the security interest created by this Agreement the Customer waives its rights under the PPSA to: receive a notice of sale of the Cabin under section 114(1)(a); receive a statement of account under section 116; receive notice of the Lessor's proposal to retain the Cabin under section 120(2); object to the Lessor's proposal to retain the Cabin under section 121; not have goods damaged when the Lessor removes an accession under section 125; be reimbursed for damage caused when the Lessor removes an accession under section 126; refuse permission to remove an accession under section 127; receive notice of the removal of an accession under section 129; apply to the court for an order concerning the removal of an accession under section 131; reinstate this Agreement under sections 133 and 134; and receive a copy of any verification statement received by the Lessor following the registration of a financing statement or a financing change statement relating to this Agreement or the security it creates under section 148. The Customer agrees that the Lessor may exercise its powers under sections 108, 111(1) and 120(1) of the PPSA whether or not the Lessor has priority over any other secured parties. Any additions or improvements which shall be effected to the Cabin and any accessories which shall be affixed to the Cabin shall become part of the Cabin for the purposes of this Agreement.
Personal Property Securities Act. If Part 9 of the PPSA applies to you then you:
Personal Property Securities Act. 6.1 In this clause 6 “PPSA” means the Personal Properties Securities ▇▇▇ ▇▇▇▇ and any other legislation and regulations in respect of it and amendments to it, and the capitalised terms used in this clause shall have the same meaning as given in the PPSA:
Personal Property Securities Act. 25.1 Expressions used in this clause that are defined in the PPSA have the meanings given to them in the PPSA.
25.2 The Landlord may, at any time, register a financing statement for any security interest arising out of or evidenced by this lease over any or all of:
25.2.1 the Landlord's Property (including property deemed to be Landlord’s Property at the end of this Lease);
25.2.2 any cash security deposit provided under this lease; and
25.2.3 any Tenant's Property left on the Premises after the end of this lease, that are personal property, and must identify the property affected by the financing statement in the free text field of the statement. The Tenant waives the right to receive notice under section 157(1) of the PPSA.
25.3 When this lease:
25.3.1 ends and the Tenant has vacated the Premises and performed all of its obligations under it; or
25.3.2 is transferred, the Landlord must register a financing change statement with respect to any security interest for which the Landlord has registered a financing statement other than those to which clause 25.2.2 relates.
25.4 The Tenant must sign any documents and do anything necessary to enable the Landlord to register the statements referred to in clause 25.3 and to enforce its rights and perform its obligations under this clause and the PPSA. In particular, if the Tenant is a natural person, the Tenant must provide the Landlord with the Tenant's date of birth and a certified copy of a Victorian driver’s licence (or other evidence acceptable to the Landlord) to confirm the Tenant's date of birth. The Landlord must keep the Tenant's date of birth and any evidence provided to confirm it secure and confidential
25.5 The Tenant must not register, or permit to be registered, a financing statement in favour of any person other than the Landlord, for any security deposit (if provided by the Tenant) or any of the Landlord's Property.
25.6 The Tenant must pay the Landlord's reasonable costs in respect of anything done or attempted by the Landlord in the exercise of its rights or performance of its obligations under this clause 25 or the PPSA.
25.7 In accordance with section 275(6)(a) of the PPSA, the parties agree that neither of them will disclose information of the kind mentioned in subsection 275(1).
25.8 Subject to any requirement to the contrary in the PPSA, notices under this clause or the PPSA may be served in accordance with clause 42 of this lease.
Personal Property Securities Act. (PPSA)
15.1. If one Party (the "Secured Party") determines that the Contract (or a transaction in connection with it) is or contains a Security Interest, the other Party (the "Grantor") agrees to promptly do anything (such as obtaining consents, signing and producing documents, getting documents completed and signed and supplying information) which is reasonably requested by the Secured Party and which is reasonably necessary for the purposes of:
a) ensuring that the Security Interest is enforceable, perfected (including, where possible, by "control" (as defined in the PPSA) in addition to registration) and otherwise effective; or
b) enabling the Secured 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 Secured Party; or
c) enabling the Secured Party to exercise rights in connection with the Security Interest, but only to the extent of the Security Interest created.
15.2. The Grantor agrees:
a) to provide at least [10] business days? notice of any change to its name, or any other information which might affect the details recorded in any Financing Statement registered by the Secured Party;
b) not to change its place of business to a jurisdiction outside of Australia.
c) everything that a Party is required to do under this clause 13 is at that Party’s expense, and neither Party will be responsible for any costs or expenses incurred or payable by the other Party in relation to registering, maintaining or releasing any Security Interest, Financing Statement or Financing Change Statement or giving any notice in relation to a Security Interest.
15.3. The parties agree that to the extent they may be excluded by law:
a) sections 142 and 143 of the PPSA are excluded and the Secured Party need not comply with the following provisions of the PPSA: sections 95, 118, 121(4), 125, 130, 132(3)(d), 132(4) and any other provision of the PPSA notified to the Grantor by the Secured Party after the date of the Contract; and
b) neither the Secured Party nor any receiver need give any notice required under any provision of the PPSA (except section 135). This clause applies despite any other clause in the Contract.
Personal Property Securities Act. 15.1 In this clause, unless the context requires otherwise, the phrases “security interest”, “security agreement”, “financing statement” and “financing change statement”, have the meanings given to them by the PPSA.
15.2 The Customer acknowledges, consents and agrees that:
(a) an Agreement constitutes a security agreement for the purposes of the PPSA;
(b) an agreement incorporating these Terms and Conditions creates a security interest in any personal property of the Customer which is otherwise charged by these Terms and Conditions;
(c) to the extent permitted by law, sections 96, 117 and 125 of the PPSA do not apply to an Agreement which is a security agreement;
(d) ▇▇▇▇▇▇▇ may register a security interest created under an Agreement on the Personal Property Securities Register (PPSR) and the Customer agrees to do all things necessary to affect such a registration and ensure that such a security interest is enforceable;
(e) it will promptly sign any documents and provide any further information which ▇▇▇▇▇▇▇ may reasonably require to properly register a financing statement or financing change statement in relation to a security interest on the PPSR or any other document required to be registered by the PPSA;
(f) it will not register a financing change statement in respect of a security interest or a financing change statement in favour of a third party without the prior written consent of ▇▇▇▇▇▇▇; and
(g) it will unconditionally ratify any actions taken by ▇▇▇▇▇▇▇ under this clause.
15.3 To the extent permitted by law, the Customer agrees that it waives its rights:
(a) to receive a verification statement in accordance with section 157 of the PPSA or to otherwise receive notice of the registration of any security interest on the PPSR; and
(b) to receive notices or statements under sections 95, 118, 121(4), 130, 132(3)(d), 132(4) and 135 of the PPSA.
Personal Property Securities Act. 2009 (“PPSA”)
5.1 In this clause financing statement, financing change statement, security agreement, and security interest has the meaning given to it by the PPSA.
5.2 Upon assenting to these terms and conditions in writing the Client acknowledges and agrees that these terms and conditions constitute a security agreement for the purposes of the PPSA and creates a security interest in all Materials and/or collateral (account) – being a monetary obligation of the Client to the Contractor for Works – that have previously been supplied and that will be supplied in the future by the Contractor to the Client.
5.3 The Client undertakes to:
(a) promptly sign any further documents and/or provide any further information (such information to be complete, accurate and up-to-date in all respects) which the Contractor may reasonably require to:
(i) register a financing statement or financing change statement in relation to a security interest on the Personal Property Securities Register;
(ii) register any other document required to be registered by the PPSA; or (iii) correct a defect in a statement referred to in clause 5.3(a)(i) or 5.3(a)(ii).
(b) indemnify, and upon demand reimburse, the Contractor for all expenses incurred in registering a financing statement or financing change statement on the Personal Property Securities Register established by the PPSA or releasing any Materials charged thereby;
(c) not register a financing change statement in respect of a security interest without the prior written consent of the Contractor;
(d) not register, or permit to be registered, a financing statement or a financing change statement in relation to the Materials and/or collateral (account) in favour of a third party without the prior written consent of the Contractor;
(e) immediately advise the Contractor of any material change in its business practices of selling the Materials which would result in a change in the nature of proceeds derived from such sales.
5.4 The Contractor and the Client agree that sections 96, 115 and 125 of the PPSA do not apply to the security agreement created by these terms and conditions.
5.5 The Client hereby waives its rights to receive notices under sections 95, 118, 121(4), 130, 132(3)(d) and 132(4) of the PPSA.
5.6 The Client waives its rights as a grantor and/or a debtor under sections 142 and 143 of the PPSA.
5.7 Unless otherwise agreed to in writing by the Contractor, the Client waives its right to receive a verification statement in acc...
Personal Property Securities Act. 8.1 The Customer grants to Equipt a security interest in:
(a) all of the Customer’s present and after acquired personal property (as defined in the PPSA) as security for the due payment of all amounts owing by the Customer to Equipt from time-to-time, and to secure performance of all obligations owing by the Customer to Equipt); and
(b) the Equipment if the Rental Period is for a term of more than one year (including any extensions to the Rental Period) or for an indefinite term, (the “Collateral”).
8.2 The Customer acknowledges that it has received value at the date of delivery of the Equipment and that nothing in this Agreement provides that a security interest created herein attaches at a later time than the time specified in section 40(1) of the PPSA: Equipt has not agreed to postpone the time for attachment of the security interest granted under this clause 8.