Equipment Liens and Encumbrances. The Customer acknowledges that Miraclon retains all right, title and interest in and to the Equipment and therefore the Customer and Miraclon agree: (a) that this Agreement shall be construed to be an equipment lease agreement within the meaning of the Applicable Laws, including but not limited to Indian Contracts Act, 1872 and the Sale of Goods Act, 1930 as in effect in India. The Customer hereby grants to Miraclon a purchase money security interest in the Equipment to the extent necessary to fully protect Miraclon’s right, title and interest in the Equipment and to secure all amounts due from the Customer under this Agreement and Miraclon shall be entitled to all rights and remedies in relation to the Equipment that are granted to a secured party under Applicable Law. The Customer shall not, at any time, remove, cover, obscure or obliterate the labels or other identifying markings that indicate Miraclon’s ownership of the Equipment. The Customer shall not be entitled to transfer the Goods or any part thereof or create a security interest, lien, or encumbrance in respect of the Goods. At the termination of this Agreement, Miraclon shall repossess the Equipment and the Customer shall deliver and return the Equipment to Miraclon, including any spare parts and accessories associated with the Equipment, all of which shall be in good working order and condition, ordinary wear and tear expected.
Equipment Liens and Encumbrances. The Customer acknowledges that Miraclon retains all right, title and interest in and to the Equipment and therefore the Customer and Miraclon agree: (a) that this Agreement shall be construed to be a lease within the meaning of the laws that govern this Agreement, and (b) that this Agreement is not subject to laws that govern secured transactions. Despite the express intent of the parties, in the event that title to the Equipment transfers or is deemed to have been transferred to the Customer by operation of law or otherwise, the Customer hereby grants to Miraclon a security interest in the Equipment and all proceeds thereof or if the domicile or head office of the Customer is located in Quebec, a movable hypothec in the amount equal to the price of the Equipment as stated in this Agreement and within the meaning of the Civil Code of Quebec. The Customer agrees to take such action as Miraclon may reasonably request to perfect and protect such security interest and render opposable such hypothec. The Customer acknowledges that Miraclon may file financing statements covering the Equipment (the "Financing Statements") under the applicable personal property security legislation. The Customer hereby authorizes Miraclon to file the Financing Statements and any financing change statements, registration forms, continuation statements or amendments without the signature of the Customer where permitted by law. If filing without Customer’s signature is not permitted by law, the Customer agrees to sign the Financing Statements at Xxxxxxxx’s request. A photocopy or other reproduction of this Agreement or any Financing Statement covering the Equipment shall be sufficient as a financing statement where permitted by law. The Customer agrees that on request it shall provide Miraclon with written proof satisfactory to Miraclon of Customer’s complete and accurate official name (including capitalization and punctuation), the jurisdiction in which the Customer was incorporated or organized, and Customer’s organization identification number (if applicable). Where permitted by law, the Customer agrees to waive receipt of notice of any Financing Statement.
