PMSI Sample Clauses
A PMSI (Purchase Money Security Interest) clause establishes a lender’s or seller’s legal right to claim priority over specific collateral that has been financed or supplied to the debtor. In practice, this clause applies when a creditor provides funds or goods that directly enable the debtor to acquire certain assets, such as inventory or equipment, and secures an interest in those assets. The core function of a PMSI clause is to ensure that the creditor’s claim to the financed collateral takes precedence over other secured parties, thereby reducing the lender’s risk and encouraging the extension of credit for asset purchases.
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PMSI. MSC shall have a purchase money security interest in all Products until the complete purchase price and all additional costs and charges are paid by Buyer and may make third party notification or any filing deemed appropriate to protect and perfect such interest.
PMSI. The Principal acknowledges that:
9.2.1 that the Contractor may register any actual or impending PMSI under the PPSA in respect of all Equipment; and
9.2.2 consents to the Contractor registering our PMSI under the PPSA and will do all reasonable things necessary to assist the Contractor to register Our security interest.