Common use of PPS Act Clause in Contracts

PPS Act. 21.1 Words used in this Contract which have a defined meaning in the PPS Act have the same meaning as in the PPS Act unless the context otherwise indicates. 21.2 Where the Principal determines that a Security Interest is created the Supplier must, at its own cost, take all action required by the Principal which is reasonably necessary in the opinion of the Principal to: (a) enable the Principal to register the Security Interest on the PPS Register and perfect the Security Interest with the highest ranking priority possible under the PPS Act, including enabling the Principal to have possession or control of the subject of any Security Interest, where it is possible to do so under the PPS Act; (b) maintain the effectiveness of, and protect the priority of, the Security Interest under the PPS Act; and (c) enable the Principal to exercise its rights in connection with the Security Interest. 21.3 For the purposes of section 275(6) or any other provision of the PPS Act, the Supplier and the Principal agree that no information may be disclosed in accordance with section 275(1) of the PPS Act. 21.4 The Principal is not required to provide any notice under the PPS Act unless the notice is required by the PPS Act and cannot be excluded.