PPS Law Sample Clauses
The PPS Law clause establishes that the agreement and any security interests arising from it are governed by the Personal Property Securities Act (PPSA) and related legislation. In practice, this means that any interests in personal property used as collateral under the contract must comply with the registration, priority, and enforcement rules set out in the PPSA. For example, if a party provides goods on credit, their interest in those goods as security must be registered to ensure enforceability against third parties. The core function of this clause is to ensure that all parties understand their rights and obligations under the PPSA, thereby reducing the risk of disputes over security interests and clarifying the legal framework that applies to personal property securities in the transaction.
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PPS Law. (a) On delivery of Grain to Viterra, the Client acknowledges and agrees that Viterra has control of the Client's Grain for the purposes of the PPSA and for the exercise of Viterra's rights under clause 10.
(b) The Client agrees, at its cost in all things, to do anything (such as obtaining consents, signing and producing documents, getting documents completed and signed and supplying information) which Viterra asks and considers required for the purposes of:
(i) ensuring that the Security Interest is enforceable, perfected and otherwise effective;
(ii) enabling Viterra to apply for any registration, complete any financing statement or give any notification, in connection with the Security Interest so that Viterra has the priority it requires; or
(iii) enabling Viterra to exercise rights in connection with the Security Interest.
(c) The Client agrees to pay or reimburse Viterra’s reasonable costs in connection with anything done by Viterra in connection with the registration of any Security Interest created under this Agreement and the enforcement of any such Security Interest or of any lien over the Client's Grain.
(d) Viterra need not give any notice under the PPSA (including notice of a verification statement) unless the notice is required by the PPSA and the requirement to give it cannot be excluded.
(e) Viterra and the Client agree that the parties are not required to disclose any information of the kind referred to in section 275(1) of the PPSA.
(f) If there is any inconsistency between Viterra's rights under this clause and its rights under Chapter 4 of the PPSA, this clause prevails.
(g) Terms used in this clause 29 have the same meaning as in the PPSA.
PPS Law. 19.1 This clause applies to the extent that this Agreement provides for a ‘security interest’ for the purposes of the Personal Property Securities ▇▇▇ ▇▇▇▇ (Cth) (“PPS Law).
19.2 References to PPS Law in this Agreement include references to amended, replacement and successor provisions.
19.3 The Owner may register its security interest as a PMSI. The Hirer must do anything (such as obtaining consents and signing documents) which the Owner requires for the purposes of:
(a) ensuring that the Owner’s security interest is enforceable, perfected and otherwise effective under the PPS Law;
(b) enabling the Owner to gain first priority (or any other priority agreed to by the Owner in writing) for its security interest; and
(c) enabling the Owner to exercise rights in connection with the security interest.
19.4 The Owner may recover from the Hirer the cost of doing anything under this clause, including but not limited to registration fees.
19.5 The rights of the Owner under this document are in addition to and not in substitution for the Owner’s rights under other law (including PPS Law) and the Owner may choose whether to exercise rights under this document, and/or under other law, as it sees fit.
19.6 To the extent that Chapter 4 of the PPS applies to the security interest under this agreement, the following provisions of the PPS Law do not apply and, for the purposes of section 115 of the PPS Law are “contracted out” of this Agreement in respect of all goods to which that section can be applied: section 95 (notice of removal of accession to the extent it requires the Owner to give notice to the Hirer); section 96 (retention of accession); section 121(4) (notice to grantor); section 125 (obligations to dispose of or retain collateral); section 130 (notice of disposal to the extent it requires the Owner to give notice to the Hirer); section 129(2) and 129(3); section 132(3)(d) (contents of statement of account after disposal); section 132(4) (statement of account if no disposal); section 135 (notice of retention); section 142 (redemption of collateral); and section 143 (re-instatement of security agreement).
19.7 The following provisions of the PPS Law confer rights on the Owner: section 123 (seizing collateral); section 126 (apparent possession); section 128 (secured party may dispose of collateral); section 129 (disposal by purchase); and section 134(1) (retention of collateral). The Hirer agrees that in addition to those rights, the Owner shall, if there is def...
PPS Law. 14.1 This clause applies to the extent that this agreement provides for a ‘security interest’ for the purposes of the Personal Property Securities ▇▇▇ ▇▇▇▇ (Cth) (PPS Law). References to PPS Law in this Agreement include references to amended, replacement and successor provisions. The owner may register its security interest. The hirer must do anything (such as obtaining consents and signing documents) which the owner requires for the purposes of ensuring that the owner’s security interest is enforceable, perfected, first priority and otherwise effective under the PPS Law.
14.2 The owner may recover from the hirer the cost of doing anything under this clause, including but not limited to registration fees.
14.3 The rights of the owner under this document are in addition to and not in substitution for the owner’s rights under other law (including PPS Law) and the owner may choose whether to exercise rights under this document, and/or under other law, as it sees fit.
14.4 To the extent that Chapter 4 of the PPS Law applies to the security interest under this agreement, and the PPS Law requires the owner to give a notice or allow time or provide any account to the hirer the hirer and owner agree that to the extent allowable under the PPS Law that requirement does not apply and, for the purposes of section 115 of the PPS Law it is “contracted out” of this agreement in respect of all goods to which that section can be applied. Provisions of the PPS Law confer rights on the owner. The hirer agrees that in addition to those rights, the owner will, if there is default by the hirer, have the right to seize, purchase, take possession or apparent possession, retain, deal with or dispose of any goods, not only under those sections but also, as additional and independent rights, under this document and the hirer agrees that the owner may do so in any manner it sees fit, including (in respect of dealing and disposal) by private or public sale, lease or licence.
14.5 The hirer waives its rights to receive a verification statement in relation to registration events in respect of commercial property under section 157 of the PPS Law. The owner and the hirer agree not to disclose information of the kind that can be requested under section 275(1) of the PPS Law. The hirer must do everything necessary on its part to ensure that section 275(6)(a) of the PPS Law continues to apply. The agreement in this sub-clause is made solely for the purposes of allowing the owner the benefit...
PPS Law. 11.1 This clause applies to the extent that the Owner’s interest in respect of a hire provided for in this Agreement is a ‘security interest’ for the purposes of the Personal Property Securities Act 2009 (Cth) (PPS Law”). References to PPS Law in this Agreement include references to amended, replacement and successor provisions or legislation.
11.2 The Owner may register any actual impending or likely security interest. The Hirer may not make any Claim against the Owner in respect of any registration even if it is determined that the Owner should not have registered a security interest. The Hirer must do anything (such as obtaining consents and signing documents) which the Owner requires for the purposes of:
(a) ensuring that the Owner’s security interest is enforceable, perfected and otherwise effective under the PPS Law;
(b) enabling the Owner to gain first priority (or any other priority agreed to by the Owner in writing) for its security interest; and
(c) enabling the Owner to exercise rights in connection with the security interest.
11.3 The rights of the Owner under this document are in addition to and not in substitution for the Owner’s rights under other law (including the PPS Law) and the Owner may choose whether to exercise rights under this document, and/or under such other law, as it sees fit. To avoid any doubt about it the Owner’s security interest will attach to proceeds.
11.4 To the extent that Chapter 4 of PPSA applies to any security interest under this Agreement, the following provisions of the PPS Law do not apply and, for the purposes of section 115 of the PPS Law are “contracted out” of this Agreement in respect of all goods to which that section can be applied: section 95 (notice of removal of accession to the extent it requires the Owner to give a notice to the Hirer); section 96 (retention of accession); section 121(4) (notice to grantor); section 125 (obligations to dispose of or retain collateral); section 121(4) (notice of grantor); section 125 (obligations to dispose of or retain collateral); section 130 (notice of disposal to the extent it requires the Owner to give a notice to the Hirer); section 129(2) and 129(3); section 132(3)(d)(contents of statement of account after disposal); section 132(4)(statement of account if no disposal); section 135 (notice of retention); section 142 (redemption of collateral); and section143 (re-instatement of security Agreement).
11.5 The following provisions of the PPS Law; section 123 (seizin...
PPS Law. 1. Bunge acknowledges and agrees that the Warehouser has a purchase money security interest (PMSI) over the Warehouser’s Grain and any proceeds of sale thereof for the purposes of the PPSA and that the Warehouser or the Warehouser's agent may register the PMSI on the Personal Property Security Register.
2. On delivery of Grain to Bunge, the Warehouser acknowledges and agrees that Bunge has control of the Grain for the purposes of the PPSA and for the exercise of Bunge's rights under Clause 27
3. The Parties agree, at their cost in all things, to do anything (such as obtaining consents, signing and producing documents, getting documents completed and signed and supplying information) which the other Party, acting reasonably, asks and considers is required for the purposes of:
(a) ensuring that any security interest the other Party has under the Bunge Warehouse Agreement is enforceable, perfected and otherwise effective;
(b) enabling the other Party to apply for any registration, complete any financing statement or give any notification, in connection with the security interest so that the other Party has the priority it requires; or
(c) enabling the other Party to exercise rights in connection with its security interest and/or lien under the Bunge Warehouse Agreement.
4. The Parties agree to pay or reimburse the reasonable costs of the other Party in connection with anything done in connection with the enforcement of any such security interest or of any lien over Grain of the Warehouser.
5. The Parties acknowledge and agree that they are not entitled to receive any notice from the other Party under the PPSA (including notice of a verification statement) unless the notice is required by the PPSA and the requirement to give it cannot be excluded.
6. The parties agree that they must not disclose any information of the kind referred to in section 275(1) of the PPSA.
7. If there is any inconsistency between the Warehouser's and Bunge’s rights under this section and its rights under Chapter 4 of the PPSA, this section prevails.
8. The parties acknowledge and agree that unless otherwise defined in the Bunge Warehouse Agreement, terms and expressions used in this section 32 have the same meaning as given to them under the PPSA.
PPS Law. 37.1 Application of clause
(a) This clause 37 applies to the extent that your Customer Contract provides for or contains a ‘security interest’ for the purposes of the PPS Law (or part of it).
(b) The security interest granted to us is a ‘purchase money security interest’ to the extent that it can be under section 14 of the PPS Law.
PPS Law. (a) To the extent permitted under the PPS Law, the parties agree to the provisions in this clause 21.
(b) If, in the Company's opinion:
(i) any:
(A) Transaction Document contains; or
(B) any of the Transactions create,
PPS Law. (a) If, in Our opinion:
(i) any:
(A) Transaction Document contains; or
(B) any of the Transactions contemplated by a Transaction Document is,
PPS Law. (a) This clause applies to the extent that our interest under this Agreement is a ‘security interest’ for the purposes of the PPS Law (Security Interest).
(b) We may register any actual impending or likely Security Interest. You may not make a claim or demand against us for any loss or liability action of any kind in respect of any registration, even if it is determined that we should not have made a registration . You must do anything (such as obtaining consents and signing documents) which we require for the purposes of ensuring that our Security Interest is enforceable, perfected, first in priority and otherwise effective under the PPS Law.
(c) Our rights under this Agreement are in addition to and not in substitution for our rights under other law (including the PPS Law) and we may choose whether to exercise rights under this Agreement, and/or under such other law, as we see fit.
(d) to the extent that Chapter 4 of the PPS Law applies to any Security Interest under this Agreement, you agree to waive any period of, or right to notice that, would otherwise apply under Chapter 4 in your favour in respect of enforcement by us.
(e) In addition to any rights under Chapter 4 you agree that we shall, if there is a default by you, have the right to seize purchase, take possession or apparent possession, retain, deal with or dispose of any goods, not only under Chapter 4 but also, as additional and independent rights, under this Agreement and you agree that we may do so in any manner we see fit, including (in respect of dealing and disposal) by private or public sale, lease or licence.
(f) You waive your rights to receive a verification statement in relation to registration events in respect of commercial property under section 157 of the PPS Law. This waiver also extends to any verification statement in respect of Security Interests arising or provided for under the security documents prior to the date of this Agreement.
(g) We and you agree not to disclose information of the kind that can be requested under section 275(1) of the PPS Law. You must do everything necessary on your part to ensure that section 275(6)(a) of the PPS Law continues to apply. This sub-clause is made solely for the purpose of allowing to us, the benefit of section 275(6)(a) and we shall not be liable to pay damages or any other compensation for breach of this sub-clause.
(h) You must not dispose or purport to dispose of, or create or purport to create or permit to be created any Security...
PPS Law. On delivery of Bulk Wheat to the Company, the Client acknowledges and agrees that the Company has control of the Client's Bulk Wheat for the purposes of the PPSA and for the exercise of the Company's rights under clause 10.