Common use of Personal Property Security Clause in Contracts

Personal Property Security. (a) If the Supplier is supplying Goods, the Supplier grants a Security Interest in the Goods so as to secure performance of its obligations under this agreement and any payment of the Price made by the Contractor. (b) If the Contractor determines that the agreement (or a transaction in connection with it) is or contains a Security Interest for the purposes of the PPSA, the Supplier agrees to do anything (such as obtain consents, sign and produce documents, get documents completed and signed, and supply information) at its cost which the Contractor asks for and considers necessary (acting reasonably) for the purposes of enabling the Contractor: (i) to apply for any registration (under whatever collateral class the Contractor thinks fit); (ii) give any notification, in connection with the Security Interest; and (iii) to exercise rights in connection with the Security Interest, so that:‌ (iv) the Security Interest is enforceable, perfected (including where possible, by control in addition to registration) and otherwise effective; and (v) the Security Interest has the priority required by the Contractor; and (vi) consents to any such registration or notification and agrees not to make an amendment demand. (c) Without limiting clause 19.5, the Supplier must: (i) not create or register any Security Interest or lien over any of the Contractor’s Personal Property (whether a general Security Interest, an all present and after acquired property Security Interest or otherwise); and (ii) notify the Contractor at least 10 Business Days before: (A) the Supplier changes its name, principal place of business or place of registration or incorporation; (B) any ABN or ARBN allocated to the Supplier changes, is cancelled or otherwise ceases to apply to it (or if it does not have an ABN or ARBN or one is allocated, or otherwise starts to apply, to it); and (C) the Supplier becomes trustee of a trust, or a partner in a partnership. (d) To the extent the Law permits: (i) for the purposes of sections 115(1) and 115(7) of the PPSA: (A) the Contractor need not comply with sections 95, 118, 121(4), 125, 130, 132(3)(d) and132(4); and (B) sections 142 and 143, are excluded;‌ (ii) for the purposes of section 115(7) of the PPSA, the Contractor need not comply with sections 132 and 137(3); (iii) if the PPSA is amended after the date of the agreement to permit the Supplier and the Contractor to agree to exclude other provisions of the PPSA, the Contractor may notify the Supplier that the Contractor need not comply with any of those provisions as notified to the Supplier by the Contractor; and (iv) the Supplier agrees not to exercise its rights under section 275 of the PPSA, or to authorise the disclosure of any information under that section. (e) To the extent the Law permits, the Supplier waives its rights to receive: (i) any notice required under any provision of the PPSA (including a notice of a verification statement); and (ii) any notice, or lapse of time, that is required by any other Law before the Contractor or a receiver exercises a right, power or remedy under the Subcontract. (f) If the Law, which requires a period of notice or a lapse of time to be given, cannot be excluded, but the Law provides that the period of notice or lapse of time may be agreed, that period or lapse is 1 day or the minimum period the Law allows to be agreed (whichever is the longer). (g) However, nothing in this clause 21.4 prohibits the Contractor or any receiver from giving a notice under the PPSA or any other Law.

Personal Property Security. (a) If the Supplier is supplying Goods, the Supplier grants a Security Interest in the Goods so as to secure performance of its obligations under this agreement and any payment of the Price made by the Contractor. (b) If the Contractor determines that the agreement (or a transaction in connection with it) is or contains a Security Interest for the purposes of the PPSA, the Supplier agrees to do anything (such as obtain consents, sign and produce documents, get documents completed and signed, and supply information) at its cost which the Contractor asks for and considers necessary (acting reasonably) for the purposes of enabling the Contractor: (i) to apply for any registration (under whatever collateral class the Contractor thinks fit); (ii) give any notification, in connection with the Security Interest; and (iii) to exercise rights in connection with the Security Interest, so that:‌ (iv) the Security Interest is enforceable, perfected (including where possible, by control in addition to registration) and otherwise effective; and (v) the Security Interest has the priority required by the Contractor; and (vi) consents to any such registration or notification and agrees not to make an amendment demand. (c) Everything the Supplier is required to do under this clause is at the Supplier’s expense. The Supplier agrees to pay or reimburse the costs of the Contractor in connection with anything the Supplier is required to do under this clause. (d) Without limiting clause 19.5, the Supplier must: (i) not create or register any Security Interest or lien over any of the Contractor’s Personal Property (whether a general Security Interest, an all present and after acquired property Security Interest or otherwise); and (ii) notify the Contractor at least 10 Business Days before: (A) the Supplier changes its name, principal place of business or place of registration or incorporation; (B) any ABN or ARBN allocated to the Supplier changes, is cancelled or otherwise ceases to apply to it (or if it does not have an ABN or ARBN or one is allocated, or otherwise starts to apply, to it); and (C) the Supplier becomes trustee of a trust, or a partner in a partnership. (de) To the extent the Law permits: (i) for the purposes of sections 115(1) and 115(7) of the PPSA: (A) the Contractor need not comply with sections 95, 118, 121(4), 125, 130, 132(3)(d) and132(4); and (B) sections 142 and 143, are excluded;‌excluded; (ii) for the purposes of section 115(7) of the PPSA, the Contractor need not comply with sections 132 and 137(3); (iii) if the PPSA is amended after the date of the agreement to permit the Supplier and the Contractor to agree to exclude other provisions of the PPSA, the Contractor may notify the Supplier that the Contractor need not comply with any of those provisions as notified to the Supplier by the Contractor; and (iv) the Supplier agrees not to exercise its rights under section 275 of the PPSA, or to authorise the disclosure of any information under that section. (ef) To the extent the Law permits, the Supplier waives its rights to receive: (i) any notice required under any provision of the PPSA (including a notice of a verification statement); and (ii) any notice, or lapse of time, that is required by any other Law before the Contractor or a receiver exercises a right, power or remedy under the Subcontract. (fg) If the Law, which requires a period of notice or a lapse of time to be given, cannot be excluded, but the Law provides that the period of notice or lapse of time may be agreed, that period or lapse is 1 day or the minimum period the Law allows to be agreed (whichever is the longer). (gh) However, nothing in this clause 21.4 prohibits the Contractor or any receiver from giving a notice under the PPSA or any other Law.

Personal Property Security. (a) If the Supplier is supplying Goods, the Supplier grants a Security Interest in the Goods so as to secure performance of its obligations under this agreement and any payment of the Price made by the Contractor. (b) If the Contractor determines that the agreement (or a transaction in connection with it) is or contains a Security Interest for the purposes of the PPSA, the Supplier agrees to do anything (such as obtain consents, sign and produce documents, get documents completed and signed, and supply information) at its cost which the Contractor asks for and considers necessary (acting reasonably) for the purposes of enabling the Contractor: (i) to apply for any registration (under whatever collateral class the Contractor thinks fit); (ii) give any notification, in connection with the Security Interest; and (iii) to exercise rights in connection with the Security Interest, so that:‌ (iv) the Security Interest is enforceable, perfected (including where possible, by control in addition to registration) and otherwise effective; and (v) the Security Interest has the priority required by the Contractor; and (vi) consents to any such registration or notification and agrees not to make an amendment demand. (c) Everything the Supplier is required to do under this clause is at the Supplier’s expense. The Supplier agrees to pay or reimburse the costs of the Contractor in connection with anything the Supplier is required to do under this clause. (d) Without limiting clause 19.5, the Supplier must: (i) not create or register any Security Interest or lien over any of the Contractor’s Personal Property (whether a general Security Interest, an all present and after acquired property Security Interest or otherwise); and (ii) notify the Contractor at least 10 Business Days before: (A) the Supplier changes its name, principal place of business or place of registration or incorporation; (B) any ABN or ARBN allocated to the Supplier changes, is cancelled or otherwise ceases to apply to it (or if it does not have an ABN or ARBN or one is allocated, or otherwise starts to apply, to it); and (C) the Supplier becomes trustee of a trust, or a partner in a partnership. (de) To the extent the Law permits: (i) for the purposes of sections 115(1) and 115(7) of the PPSA: (A) the Contractor need not comply with sections 95, 118, 121(4), 125, 130, 132(3)(d) and132(4); and (B) sections 142 and 143, 143 are excluded;‌excluded; (ii) for the purposes of section 115(7) of the PPSA, the Contractor need not comply with sections 132 and 137(3); (iii) if the PPSA is amended after the date of the agreement to permit the Supplier and the Contractor to agree to exclude other provisions of the PPSA, the Contractor may notify the Supplier that the Contractor need not comply with any of those provisions as notified to the Supplier by the Contractor; and (iv) the Supplier agrees not to exercise its rights under section 275 of the PPSA, or to authorise the disclosure of any information under that section. (ef) To the extent the Law permits, the Supplier waives its rights to receive: (i) any notice required under any provision of the PPSA (including a notice of a verification statement); and (ii) any notice, or lapse of time, that is required by any other Law before the Contractor or a receiver exercises a right, power or remedy under the Subcontract. (fg) If the Law, which requires a period of notice or a lapse of time to be given, cannot be excluded, but the Law provides that the period of notice or lapse of time may be agreed, that period or lapse is 1 day or the minimum period the Law allows to be agreed (whichever is the longer). (gh) However, nothing in this clause 21.4 prohibits the Contractor or any receiver from giving a notice under the PPSA or any other Law.