Common use of Personal Property Securities Register Clause in Contracts

Personal Property Securities Register. 16.1. The Supplier and the Customer agree that the supply of Goods by the Supplier to the Customer under these Terms and Conditions constitutes a “Security Interest/s” in relation to the personal property of the Supplier for the purposes of the PPS Act. 16.2. The Supplier’s security interest attaches to the Goods when the Customer attains possession of the Goods and to the proceeds of sale of the Goods. 16.3. The Customer agrees that by signing these Terms and Conditions and/or the Application for Credit Account, that the Supplier may, it is absolute discretion, register a financing statement as a secured party on the Personal Property Securities Register in respect of the Security Interest created under these Terms and Conditions and/or the Application for Credit Account. 16.4. The Customer agrees that the supply of particular Goods by the Supplier under these Terms and Conditions constitutes a Purchase Monies Security Interest (“PMSI”) for the purposes of the PPS Act and in accordance with Section 62(2) of the PPS Act, the PMSI provided for hereunder is: 16.4.1. In inventory or its proceeds; 16.4.2. Will be perfected by registration at the time Customer takes possession of the Goods, or thereafter at the discretion of the Supplier; and 16.4.3. The registration that perfects the PMSI will state, in accordance with Item 7 of the table in Section 153 of the PPS Act, that the interest is a PMSI. 16.5. The Customer in order to secure payment of all monies for which is it liable to the Supplier under these Terms and Conditions, or under any other arrangement, hereby charges as beneficial owner all of the Customer’s interests in the Customer’s personal property both in which the Customer is now possessed and in which the Customer may hereafter acquire. 16.6. The Customer agrees that the Supplier may elect to register one or more financing statements on the Personal Property Securities Register in respect of multiple transactions, including subsequent transactions, in relation to Goods supplied to the Customer by the Supplier over a period of time and/or on a number of occasions. The Customer agrees that the registration by the Supplier of a singular financing statement in accordance with this Clause shall constitute an effective PMSI security over any Goods supplied to Customer from time to time which have not been fully paid for by the Customer. 16.7. The security interest in favour of the Supplier is a continuing security and remains in force until the Supplier gives a final release and where required a financing change statement, to the Customer 16.8. The Customer agrees to do anything which the Supplier (acting reasonably) asks and considers necessary for the purposes of: 16.8.1. ensuring that the Security Interest is enforceable, perfected and otherwise effective; or 16.8.2. enabling the Supplier to apply for any registration, complete any financing statement or give any notification, in connection with the Security Interest; or 16.8.3. enabling the Supplier to exercise its rights in connection with the Security Interest. 16.9. The Supplier may apply any monies received by the Customer first to satisfy any portion of debt owing by the Customer to the Supplier that is unsecured, second to satisfy any portion of debt that is secured but not by a PMSI and third to satisfy any portion of debt that is secured by a PMSI, or in any other manner the Supplier sees fit. 16.10. The Supplier need not give any notice under the PPS Act (including a notice of verification statement) unless the notice is required by the PPS Act and the requirement to give it cannot be excluded or has not been excluded by this Clause 16. 16.11. The Supplier and the Customer must not, without the consent of the other of them, disclose any information of the kind referred to in section 275(1) of the PPS Act, except where otherwise permitted by these Terms and Conditions or required by law including where required under section 275 of the PPS Act because of the operation of section 275 (7) of the PPS Act. 16.12. The Customer represents and warrants that the description of the Goods in the Application for Credit or Quotation or Order Form or any related document is correct. 16.13. In the event that the Customer should neglect or fail to do and sign all things necessary to allow perfection of any Security Interest created by these Terms and Conditions or the Application for Credit by the Supplier in accordance with the PPS Act, the Customer hereby appoints the Supplier to be the Customer’s lawful attorney for the purposes of doing and signing all things necessary to perfect the Security Interest. 16.14. The Supplier and the Customer agree that the following provisions of the PPS Act do not apply to the Terms and Conditions or the Application for Credit (or a document or transaction in connection with them), to the extent that the PPS Law permits the parties to contract out of such provisions: 16.14.1. section 95 (notice of removal of accession) to the extent that it requires the Supplier as secured party to give a notice to the Customer as grantor; 16.14.2. section 96 (when person may retain an accession); 16.14.3. The application under section 116(2) of the provisions of Part 4.3 (seizure and disposal or retention of collateral); 16.14.4. section 120 (enforcement of liquid assets); 16.14.5. section 121 (4) (enforcement of liquid assets – notice to grantor); 16.14.6. section 125 (obligation to dispose of or retain collateral); 16.14.7. section 126 (apparent possession); 16.14.8. section 128 (secured party may dispose of collateral); 16.14.9. section 129 (disposal by purchase); 16.14.10. section 130 (notice of disposal), to the extent that it requires the Supplier as secured party to give a notice to the Customer as grantor; 16.14.11. subsection 132(4) (statement of account if no disposal); 16.14.12. section 134 (retention of collateral); 16.14.13. section 135 (notice of retention of collateral); 16.14.14. section 142 (redemption of collateral); and 16.14.15. section 143 (reinstatement of security).

Personal Property Securities Register. 16.115.1. The Supplier and the Customer agree that the supply of Goods and/or Services by the Supplier to the Customer under these Terms and Conditions constitutes a “Security Interest/s” in relation to the personal property of the Supplier for the purposes of the PPS Act. 16.215.2. The Supplier’s security interest attaches to the Goods and/or Services when the Customer attains possession of the Goods and/or Services and to the proceeds of sale of the GoodsGoods and/or Services. 16.315.3. The Customer agrees that by signing these Terms and Conditions and/or the Application for Credit Account, that the Supplier may, it is in its absolute discretion, register a financing statement as a secured party on the Personal Property Securities Register in respect of the Security Interest created under these Terms and Conditions and/or the Application for Credit Account. 16.415.4. The Customer agrees that the supply of particular Goods and/or Services by the Supplier under these Terms and Conditions constitutes a Purchase Monies Security Interest (“PMSI”) for the purposes of the PPS Act and in accordance with Section 62(2) of the PPS Act, the PMSI provided for hereunder is: 16.4.115.4.1. In inventory or its proceeds; 16.4.215.4.2. Will be perfected by registration at the time Customer takes possession of the GoodsGoods and/or Services, or thereafter at the discretion of the Supplier; and 16.4.315.4.3. The registration that perfects the PMSI will state, in accordance with Item 7 of the table in Section 153 of the PPS Act, that the interest is a PMSI. 16.515.5. The Customer in order to secure payment of all monies for which is it liable to the Supplier under these Terms and Conditions, or under any other arrangement, hereby charges as beneficial owner all of the Customer’s interests in the Customer’s personal property both in which the Customer is now possessed and in which the Customer may hereafter acquire. 16.615.6. The Customer agrees that the Supplier may elect to register one or more financing statements on the Personal Property Securities Register in respect of multiple transactions, including subsequent transactions, in relation to Goods and/or Services supplied to the Customer by the Supplier over a period of time and/or on a number of occasions. The Customer agrees that the registration by the Supplier of a singular financing statement in accordance with this Clause shall constitute an effective PMSI security over any Goods and/or Services supplied to Customer from time to time which have not been fully paid for by the Customer. 16.715.7. The security interest in favour of the Supplier is a continuing security and remains in force until the Supplier gives a final release and where required a financing change statement, to the Customer 16.815.8. The Customer agrees to do anything which the Supplier (acting reasonably) asks and considers necessary for the purposes of: 16.8.115.8.1. ensuring that the Security Interest is enforceable, perfected and otherwise effective; or 16.8.215.8.2. enabling the Supplier to apply for any registration, complete any financing statement or give any notification, in connection with the Security Interest; or 16.8.315.8.3. enabling the Supplier to exercise its rights in connection with the Security Interest. 16.915.9. The Supplier may apply any monies received by the Customer first to satisfy any portion of debt owing by the Customer to the Supplier that is unsecured, second to satisfy any portion of debt that is secured but not by a PMSI and third to satisfy any portion of debt that is secured by a PMSI, or in any other manner the Supplier sees fit. 16.1015.10. The Supplier need not give any notice under the PPS Act (including a notice of verification statement) unless the notice is required by the PPS Act and the requirement to give it cannot be excluded or has not been excluded by this Clause 1615. 16.1115.11. The Supplier and the Customer must not, without the consent of the other of them, disclose any information of the kind referred to in section 275(1) of the PPS Act, except where otherwise permitted by these Terms and Conditions or required by law including where required under section 275 of the PPS Act because of the operation of section 275 (7) of the PPS Act. 16.1215.12. The Customer represents and warrants that the description of the Goods and/or Services in the Application for Credit or Quotation or Order Form or any related document is correct. 16.1315.13. In the event that the Customer should neglect or fail to do and sign all things necessary to allow perfection of any Security Interest created by these Terms and Conditions or the Application for Credit by the Supplier in accordance with the PPS Act, the Customer hereby appoints the Supplier to be the Customer’s lawful attorney for the purposes of doing and signing all things necessary to perfect the Security Interest. 16.1415.14. The Supplier and the Customer agree that the following provisions of the PPS Act do not apply to the Terms and Conditions or the Application for Credit (or a document or transaction in connection with them), to the extent that the PPS Law permits the parties to contract out of such provisions: 16.14.115.14.1. section 95 (notice of removal of accession) to the extent that it requires the Supplier as secured party to give a notice to the Customer as grantor; 16.14.215.14.2. section 96 (when person may retain an accession); 16.14.315.14.3. The application under section 116(2) of the provisions of Part 4.3 (seizure and disposal or retention of collateral); 16.14.415.14.4. section 120 (enforcement of liquid assets); 16.14.515.14.5. section 121 (4) (enforcement of liquid assets – notice to grantor); 16.14.615.14.6. section 125 (obligation to dispose of or retain collateral); 16.14.715.14.7. section 126 (apparent possession); 16.14.815.14.8. section 128 (secured party may dispose of collateral); 16.14.915.14.9. section 129 (disposal by purchase); 16.14.1015.14.10. section 130 (notice of disposal), to the extent that it requires the Supplier as secured party to give a notice to the Customer as grantor; 16.14.1115.14.11. subsection 132(4) (statement of account if no disposal); 16.14.1215.14.12. section 134 (retention of collateral); 16.14.1315.14.13. section 135 (notice of retention of collateral); 16.14.1415.14.14. section 142 (redemption of collateral); and 16.14.1515.14.15. section 143 (reinstatement of security).