Common use of PPSA & Security Interest Clause in Contracts

PPSA & Security Interest. 10.1 In consideration of NCA supplying the Goods in accordance with these terms and conditions, the Customer shall grant at the request of NCA a security interest to all the Customer’s present and after acquired property to secure the obligation of the Customer to pay the price in full of the Goods and the performance by the Customer of any other obligations of the Customer under the Agreement. 10.2 The Customer, its officers, proprietors, and the Guarantors hereby agree to grant such charges under the PPSA as requested by NCA from time to time. 10.3 As and when required by NCA the Customer shall, at its own expense, provide all reasonable assistance and relevant information to enable NCA to register a Financing Statement or Financing Change Statement and generally to obtain, maintain, register and enforce NCA’s security interest in respect of the Goods supplied, in accordance with the PPSA. 10.4 The Customer shall not change its name without first seeking NCA’s approval in writing. 10.5 The parties agree to contract-out of the PPSA in accordance with section 107 of the PPSA to the extent that section 107 applies for the benefit of the, and does not impose a burden on, NCA. The Customer further acknowledges that, to the extent permitted by law, the Customer shall have no right under the following provisions of the PPSA to: (a) receive a notice of sale of collateral under section 114(1)(a); (b) receive a statement of account under section 116; (c) receive surplus distributed under section 117(1)(c); (d) recover any surplus under section 119; (e) receive notice of any proposal to retain collateral under section 120(2); (f) object to any proposal to retain collateral under section 121; (g) not to have equipment damaged in the event that NCA were to remove an accession under section 125; (h) be reimbursed for damage caused when NCA removes an accession under section 126; (i) refuse permission to remove an accession under section 127; (j) receive notice of the removal of an accession under section 129; (k) apply to the Court for an order concerning the removal of an accession under section 131; (l) redeem collateral under section 132; (m) reinstate the contract under section 133; and (n) receive a verification statement confirming registration under section 148. 10.6 In the event that the Customer fails to perform the obligations contained or implied in the Agreement and/or it is necessary for NCA to take steps or incur any expense to protect its interests under the Agreement, including the registration and maintenance of NCA’s security interests or repossession of the Goods, then NCA may perform such obligations, pay such money, or incur such expense, and the Customer shall indemnify and reimburse NCA for all monies paid or expenses incurred (including all legal and associated costs) by NCA (inclusive of any Goods and Services Tax).

PPSA & Security Interest. 10.1 7.1 In consideration of NCA NAGS supplying the Goods in accordance with these terms and conditions, the Customer shall grant at the request of NCA NAGS, a security interest to all the Customer’s present and after acquired property to secure the obligation of the Customer to pay the price in full of the Goods and the performance by the Customer of any other obligations of the Customer under the Agreement. The Customer shall not change its name without first seeking NAGS’ approval in writing. 10.2 7.2 The Customer, its officers, proprietors, and the Guarantors hereby agree to grant such charges under the PPSA as requested by NCA ▇▇▇▇ from time to time. 10.3 . As and when required by NCA NAGS the Customer shall, at its own expense, provide all reasonable assistance and relevant information to enable NCA NAGS to register a Financing Statement or Financing Change Statement and generally to obtain, maintain, register and enforce NCA’s NAGS’ security interest in respect of the Goods supplied, in accordance with the PPSA. 10.4 The Customer shall not change its name without first seeking NCA’s approval in writing. 10.5 7.3 The parties agree to contract-out of the PPSA in accordance with section 107 of the PPSA to the extent that section 107 applies for the benefit of the, and does not impose a burden on, NCANAGS. The Customer further acknowledges that, to the extent permitted by law, the Customer shall have no right under the following provisions of the PPSA to: (a) receive a notice of sale of collateral under section 114(1)(a); (b) receive a statement of account under section 116; (c) receive surplus distributed under section 117(1)(c); (d) recover any surplus under section 119; (e) receive notice of any proposal to retain collateral under section 120(2); (f) object to any proposal to retain collateral under section 121; (g) not to have equipment damaged in the event that NCA NAGS were to remove an accession under section 125; (h) be reimbursed for damage caused when NCA NAGS removes an accession under section 126; (i) refuse permission to remove an accession under section 127; (j) receive notice of the removal of an accession under section 129; (k) apply to the Court for an order concerning the removal of an accession under section 131; (l) redeem collateral under section 132; (m) reinstate the contract under section 133; and (n) receive a verification statement confirming registration under section 148. 10.6 7.4 In the event that the Customer fails to perform the obligations contained or implied in the Agreement and/or it is necessary for NCA NAGS to take steps or incur any expense to protect its interests under the Agreement, including the registration and maintenance of NCA’s NAGS’ security interests or repossession of the Goods, then NCA NAGS may perform such obligations, pay such money, or incur such expense, and the Customer shall indemnify and reimburse NCA NAGS for all monies paid or expenses incurred (including all legal and associated costs) by NCA NAGS (inclusive of any Goods and Services Tax).

PPSA & Security Interest. 10.1 6.1 In consideration of NCA NAGS supplying the Goods in accordance with these terms and conditions, the Customer shall grant at the request of NCA NAGS, a security interest to all the Customer’s present and after acquired property to secure the obligation of the Customer to pay the price in full of the Goods and the performance by the Customer of any other obligations of the Customer under the Agreement. 10.2 6.2 The Customer, its officers, proprietors, and the Guarantors hereby agree to grant such charges under the PPSA as requested by NCA NAGS from time to time. 10.3 6.3 As and when required by NCA NAGS the Customer shall, at its own expense, provide all reasonable assistance and relevant information to enable NCA NAGS to register a Financing Statement or Financing Change Statement and generally to obtain, maintain, register and enforce NCANAGS’s security interest in respect of the Goods supplied, in accordance with the PPSA. 10.4 6.4 The Customer shall not change its name without first seeking NCANAGS’s approval in writing. 10.5 6.5 The parties agree to contract-out of the PPSA in accordance with section 107 of the PPSA to the extent that section 107 applies for the benefit of the, and does not impose a burden on, NCANAGS. The Customer further acknowledges that, to the extent permitted by law, the Customer shall have no right under the following provisions of the PPSA to: (a) receive a notice of sale of collateral under section 114(1)(a); (b) receive a statement of account under section 116; (c) receive surplus distributed under section 117(1)(c); (d) recover any surplus under section 119; (e) receive notice of any proposal to retain collateral under section 120(2); (f) object to any proposal to retain collateral under section 121; (g) not to have equipment damaged in the event that NCA NAGS were to remove an accession under section 125; (h) be reimbursed for damage caused when NCA NAGS removes an accession under section 126; (i) refuse permission to remove an accession under section 127; (j) receive notice of the removal of an accession under section 129; (k) apply to the Court for an order concerning the removal of an accession under section 131; (l) redeem collateral under section 132; (m) reinstate the contract under section 133; and (n) receive a verification statement confirming registration under section 148. 10.6 6.6 In the event that the Customer fails to perform the obligations contained or implied in the Agreement and/or it is necessary for NCA NAGS to take steps or incur any expense to protect its interests under the Agreement, including the registration and maintenance of NCANAGS’s security interests or repossession of the Goods, then NCA NAGS may perform such obligations, pay such money, or incur such expense, and the Customer shall indemnify and reimburse NCA NAGS for all monies paid or expenses incurred (including all legal and associated costs) by NCA NAGS (inclusive of any Goods and Services Tax).