Common use of Personal Property Security Clause in Contracts

Personal Property Security. 11.1 This clause is to be interpreted and applied in accordance with the Personal Property Securities ▇▇▇ ▇▇▇▇ (PPSA). 11.2 The Buyer acknowledges and agrees that: (a) the Agreement constitutes a security agreement for the purposes of the PPSA, and as such, creates a security interest in the nature of a purchase money security interest to the benefit of the Seller as a secured party in all Goods provided or to be provided to the Buyer under the Agreement, to secure the payment of the Price and of any other monies which may become due and payable as a result of the supply of Goods by the Seller to the Buyer from time to time; and (b) the Seller has given value for the security interest, and the Seller’s security interest is effective and attaches to the Goods (including future Goods supplied by the Seller to the Buyer) immediately upon the Buyer taking Delivery of the Goods. 11.3 The Seller is entitled to take all steps necessary to protect and register the purchase money security interest in the Goods under the PPSA. 11.4 Upon request by the Seller, the Buyer will promptly sign any documents and provide any information which the Seller may request, including agreement or waivers from third parties, as necessary to register, perfect or otherwise protect and enforce the Seller’s security interest in the Goods.

Personal Property Security. 11.1 12.1 This clause is to be interpreted and applied in accordance with the Personal Property Securities ▇▇▇ ▇▇▇▇ (Cth) (PPSA). 11.2 12.2 The Buyer acknowledges and agrees that: (a) the Agreement constitutes a security agreement for the purposes of the PPSA, and as such, creates a security interest in the nature of a purchase money security interest to the benefit of the Seller as a secured party in all Goods provided or to be provided to the Buyer under the Agreement, to secure the payment of the Price and of any other monies which may become due and payable as a result of the supply of Goods by the Seller to the Buyer from time to time; and (b) the Seller has given value for the security interest, and the Seller’s security interest is effective and attaches to the Goods (including future Goods supplied by the Seller to the Buyer) immediately upon the Buyer taking Delivery of the Goods. 11.3 12.3 The Seller is entitled to take all steps necessary to protect and register the purchase money security interest in the Goods under the PPSA. 11.4 12.4 Upon request by the Seller, the Buyer will promptly sign any documents and provide any information which the Seller may request, including agreement or waivers from third parties, as necessary to register, perfect or otherwise protect and enforce the Seller’s security interest in the Goods.