PPSA Clause Samples
The PPSA clause refers to provisions related to the Personal Property Securities Act, which governs the registration and enforcement of security interests in personal property. In practice, this clause typically requires parties to ensure that any security interests created under the agreement are properly registered on the Personal Property Securities Register, and may obligate one party to assist the other in perfecting or maintaining these interests. Its core function is to protect the secured party’s rights in the event of debtor default or insolvency by ensuring their interest is legally recognized and enforceable against third parties.
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PPSA. 10.1 We may register any actual or impending security interest (in any manner We consider appropriate) in relation to any security interest contemplated or constituted by this Hire Agreement in the Equipment and the proceeds arising in respect of any dealing in the Equipment.
10.2 You undertake to:
(a) do anything that is required by Us (i) so that We acquire and maintain one or more perfected security interests under the PPSA in respect of the Equipment and its proceeds, (ii) to register a financing statement or financing change statement and (iii) to ensure that Our security position, and rights and obligations, are not adversely affected by the PPSA;
(b) not register a financing change statement in respect of a security interest contemplated or constituted by this Hire Agreement without Our prior written consent; and
(c) not create or purport to create any security interest in the Equipment, nor register, or permit to be registered, a financing statement or a financing change statement in relation to the Equipment in favour of a third party without Our prior written consent.
10.3 You :
(a) waive Your right under section 157 of the PPSA to receive a copy of the verification statement relating to a security interest created under the Hire Agreement;
(b) agree that to the extent permitted by the PPSA, the following provisions of the PPSA will not apply and are contracted out of : section 95 (to the extent that it requires the secured party to give notices to the grantor); section 96; section 118 (to the extent that it allows a secured party to give notices to the grantor); section 121(4); section 125; section 130; section 132(3)(d); section 132(4); section 135; section 142 and section 143; and
(c) agree that the following provisions of the PPSA will not apply and You will have no rights under them: section 127; section 129(2) and (3); section 130(1); section 132; section 134(2); section 135; section 136(3), (4) and (5) and section 137.
10.4 Unless otherwise agreed and to the extent permitted by the PPSA, You and We agree not to disclose information of the kind referred to in section 275(1) of the PPS Act to an interested person, or any other person requested by an interested person. You waive any right You may have, or but for this clause may have had, under section 275(7)(c) of the PPSA to authorise the disclosure of the above information.
10.5 For the purposes of section 20(2) of the PPSA, the collateral is Equipment including any Equipment which is desc...
PPSA. (a) The Client hereby grants to Powernet a security interest over the Equipment to secure the payment of any unpaid balance of the price of, and any other Fees relating to, the Equipment (Equipment Fees). Such security is a ‘purchase money security interest’ (PMSI) to the extent that it can be under section 14 of the PPSA.
(b) The Client consents to Powernet registering a financing statement in the PPS Register in respect of the Security Interest so granted.
(c) The Client must do anything (such as obtaining consents and signing documents) which Powernet require for the purposes of:
(i) ensuring that Powernet’s security interest is enforceable, perfected and otherwise effective under the PPS Law;
(ii) enabling Powernet to gain first priority (or any other priority agreed to Powernet in writing) for Powernet’s security interest; and
(iii) enabling Powernet to exercise rights in connection with the security interest.
(d) The Client must not deal with (including dispose or create another security interest in) any Equipment without first obtaining the written consent of Powernet, until the Equipment Fees are paid in full.
(e) Unless required by an applicable law that cannot be excluded Powernet may exercise any right under the Agreement or conferred by law without giving notice to the Client or allowing for the elapse of any period of time.
(f) Where the law requires that a period of time be fixed or stipulated for any notice or lapse of time, then 1 day is the period is fixed and stipulated.
(g) The Client waives the requirement for Powernet to give notice under the PPSA where notice can be waived, including under sections 95, 118, 121(4), 130 and 157 of the PPSA.
(h) To the extent that Chapter 4 of the PPSA would otherwise apply to enforcement by the secured party of any security interest in the Equipment, the parties agree that the following provisions of the PPSA are excluded:
(i) to the extent permitted by section 115(1) of the PPSA: sections 125, 132(3)(d), 132(4), 142 and 143 of the PPSA; and
(ii) to the extent permitted by section 115(7) of the PPSA: sections 132 and 137.
(i) Powernet’s rights under the Agreement are in addition to and not in substitution for Powernet’s rights under law (including the PPSA) and Powernet may choose whether to exercise rights under the Agreement, and/or under such law, as Powernet sees fit.
(j) The parties agree not to disclose information of the kind that can be requested under section 275(1) of the PPSA. The Client mus...
PPSA. If we determine that this Agreement (or any transaction in connection with it) contains a Security Interest for the purposes of the PPSA, you acknowledge that we will be entitled to Perfect such Security Interest by registration on the Register. You waive any entitlements under the PPSA regarding notices. You agree, at our request, to do all acts, matters and things necessary to ensure we hold a valid and Perfected Security Interest. Non-compliance by you with this clause will constitute a breach of this Agreement. Any cost associated with the enforcement of our rights under the PPSA will be payable by you. In this clause PPSA means the Personal Property and Securities ▇▇▇ ▇▇▇▇ (Cth), and Security Interest, Perfected and Register have the meanings given to those terms in the PPSA.
PPSA. 13.1. For the purposes of this clause PPSA means the Personal Property Securities Act 2009 (Cth), including any amendments, replacement and successor legislation, and all terms used herein have the same meaning as set out in that Act unless otherwise defined.
13.2. The Client acknowledges and agrees that to the extent that this Agreement provides for a “security interest” for the purposes of the PPSA and as such FMS is granted a Security Interest in the Equipment and the proceeds arising in respect of any dealing with the Equipment.
13.3. The Client further agrees that:
(a) the Equipment supplied FMS secures the payment of the Equipment and any other Equipment supplied by FMS;
(b) it will not register a Financing Change Statement in respect of a Security Interest contemplated or constituted by this Agreement without FMS’s prior written consent;
(c) it will not register or permit to be registered a Financing Statement or Financing Change Statement in relation to the Equipment in favour of a third party without FMS’s prior written consent;
(d) that the Equipment provided under this Agreement is collateral for the purposes of the PPSA;
(e) that this Agreement is a Security Agreement for the purposes of the PPSA;
(f) it will do all the things necessary including providing all information FMS requires to register a Financing Statement or Financing Change Statement (as defined under the PPSA) on the PPS Register (‘PPSR’) as a Security Interest pursuant to the PPSA;
(g) it will not change its name, ACN or ABN or other details required on the PPSR, without first notifying FMS;
(h) it waives its rights to receive a verification statement in respect of any Financing Statement or Financing Change Statement in respect of the Security Interest created pursuant to these terms and conditions;
(i) it must pay FMS’s costs of any discharge or necessary amendment of any Financing Statement or Financing Change Statement;
(j) unless otherwise agreed in writing the parties hereto agree not to disclose information of the kind referred to in section 275(1) of the PPSA to any interested person, or any other person requested by an interested person and the Client waives any right it may have but for this clause under section 275(7)(c) of the PPSA to authorise the disclosure of the above information; and
(k) in the event that an Agreement is not executed by the Client, the delivery and use of the Equipment by the Client, or the delivery and operation of the Equipment by FMS shall co...
PPSA. The Borrower agrees that nothing in sections 114(1)(a), 133 and 134 of the PPSA shall apply to this agreement and waives any rights under sections under sections 116, 120(2), 121, 125, 129, 131 and 148 of the PPSA.
PPSA. 12.1 Terms used in clause 12 that are defined in the PPSA have the same meaning as in the PPSA.
12.2 Without limitation to other rights of the Company, from the time the Goods are in the possession of the Company or a Subcontractor, the Goods are subject to a continuing security interest in favour of the Company for the payment of all amounts due and owing by the Customer under the Agreement.
12.3 The Customer acknowledges and consents to the Company's registration and perfection of the Company's security interest under the Agreement for the purposes of the PPSA.
12.4 The Customer will not grant a security interest to another person, or allow any encumbrance to arise, in respect of the Goods.
12.5 To the extent permitted by law, the Customer irrevocably waives any right it may have to:
(a) receive notices or statements under sections 95, 118, 121(4), 124(4), 125, 130, 132(3)(d) 132(4) and 135 of the PPSA; and
(b) redeem the Goods under section 142 of the PPSA;
(c) reinstate this Agreement under section 143 of the PPSA; and
(d) receive a verification statement.
12.6 The Customer will do all things and execute all documents reasonably necessary to give effect to the security interest created under this Agreement or comply with any reasonable request by the Company in connection with the PPSA.
PPSA. If Krannich Solar determines, in its absolute discretion, that the PPSA applies to any transaction under this Agreement, the Customer agrees that:
10.1. it grants a first ranking security interest and purchase money security interest in the Goods and the proceeds arising in respect of any dealings in the Goods for the purpose of the PPSA, as security for all amounts owing now or in the future, which is a continuing security despite any settlement of account or other matter or thing until a final discharge is given to Krannich Solar (where applicable), and that it waives the right to receive any verification statement relating to the security interest created in this Agreement;
10.2. it will do things necessary (such as obtaining consents and signing documents) to enable Krannich Solar to register and perfect its security interest in the Goods and its proceeds and, if requested by Krannich Solar, will not take possession of the Goods unless Krannich Solar has registered a financing statement designating a purchase money security interest over them;
10.3. not register a financing charge statement in the respect of security interest contemplated or constituted by this Agreement without Krannich Solar’s prior written consent, and will not create any security interest in the Goods, nor register or permit to be registered a financing statement or finance charge statement in relation to the Goods in favour of a third party without Krannich Solar’s prior written consent;
10.4. Krannich Solar may appropriate (or re-appropriate despite any prior appropriation) moneys received in respect of the Customer at its absolute discretion towards any part of the amounts owing in this Agreement, including in order to maximise the extent to which it can have recourse to its security interest in the Goods held by the Customer;
10.5. to the extent permitted by the PPSA, sections 95, 96, 117, 118, 121(4), 125, 127, 129(2) and (3), 130, 132, 134(2) 135, 142 and 143 of the PPSA do not apply to the obligations owed between Krannich Solar and the Customer in accordance with this Agreement and the Customer has no rights under them; and
10.6. to promptly notify Krannich Solar of any changes in writing of the Customer’s details set out in the Customer Account.
PPSA. 8.1 Without limiting anything else in these Terms, the Buyer grants to the Seller a security interest in the Goods (and all Resultant Crops and proceeds) so as to secure all payments under the Agreement and all monies owing by the Buyer to the Seller. The Buyer agrees to do all things necessary to enable the Seller to register a financing statement on the Personal Property Securities Register (PPSR) and to ensure that the security interest is a first ranking perfected security interest over all the Goods and proceeds.
8.2 If the Goods subsequently becomes part of some other product or mass, then nothing in these Terms shall limit the application of sections 82 to 86 of the PPSA.
8.3 The Buyer waives its right to receive a copy of any verification statement in respect of any financing statement or financing change statement relating to the security interest.
8.4 The Buyer agrees that nothing in sections 114(1)(a), 120(1), 122, 133 or 134 of the PPSA will apply. The Buyer agrees to waive its rights as a debtor under sections 116, 120(2), 121, 125, 126, 127, 129 and 131 of the PPSA to the extent that these rights may be waived under section 107(2) of the PPSA.
PPSA. 35.1 You agree to immediately notify CNH Industrial Capital in writing if you change your name or address or if there are any changes to any of the data relevant to a financing statement under the PPSA in respect of this Hire Purchase Agreement, including (but not restricted to), any of the information in the Goods Schedule.
35.2 CNH Industrial Capital may register any Security Interest which it considers arises out of this Hire Purchase Agreement (even before that Security Interest starts).
35.3 You agree that CNH Industrial Capital has a Security Interest in the Goods, securing the amount owing by you to CNH Industrial Capital under this Hire Purchase Agreement and that the Security Interest extends to any proceeds (as defined in the PPSA) of the Goods.
35.4 You agree to promptly do anything (for example obtaining consents, signing documents, having others sign documents, supplying information, and entering into a subordination or priority agreement with any other secured party) which CNH Industrial Capital asks to:
(a) ensure that the Security Interest created under this Hire Purchase Agreement is perfected and otherwise effective;
(b) assist CNH Industrial Capital to exercise any right in connection with the Security Interest.
35.5 If you also acquire a Security Interest in the Goods (for example, if you sublease them, even without consent), you must take all steps necessary to:
(a) obtain the highest ranking priority possible in respect of that Security Interest (such as duly perfecting a purchase money security interest); and
(b) reduce as far as possible the risk of a third party acquiring an interest in the Goods free of CNH Industrial Capital's Security Interest or your Security Interest.
35.6 You agree that any exercise by CNH Industrial Capital of its rights to enforce any Security Interest in the Goods necessarily also involves an exercise of all intellectual property rights relating to the Goods.
35.7 You certify that the Goods will be held by you in the furtherance of an enterprise to which an Australian business number has been allocated.
35.8 You waive any right you may have at any time (including under s157 of the PPSA) to receive a copy of a verification statement or other notice contemplated in the PPSA.
35.9 You waive your right to receive anything from CNH Industrial Capital under s275 of the PPSA, and agree not to make any request of CNH Industrial Capital under that section. You agree with CNH Industrial Capital for the purposes of s...
PPSA. You must:
20.1. Not register or otherwise perfect or seek to perfect, and use best endeavours to ensure that no third party registers or otherwise perfects or seeks to perfect, any security interest in or in connection with the Contract, or the Goods (whether under the Personal Property Securities Act 2009 (Cth) or otherwise);
20.2. Remove from, and use best endeavours to ensure third parties remove from, any relevant register any security interest in or in connection with the Contract, or the Goods that You or such other third party has previously registered; and
20.3. Ensure all subcontracts (if any) entered into by You in connection with the Goods and Services have, for the benefit of Us, a clause that reflects this clause 20.