7.1 The Customer grants Multiform a Security Interest in the goods supplied as Commercial Property, more particularly described as Building supplies [a relevant sub-classification of collateral described in the regulations pursuant to section 20(4) of the PPSA] and their Proceeds to secure the obligation of the Customer to pay the purchase price of the goods and any other obligations of the Customer to Multiform under this contract
(together the “Indebtedness”) and, where the goods and/or Proceeds are not readily identifiable and/or traceable or their recoverable value is insufficient to pay the Indebtedness, the security interest shall also extent to all the Customers present and after acquired Multiform, of which the goods form part, to the extent required to secured the Indebtedness.
7.2 As and when required by Multiform the Customer shall, at its own expense, provide all reasonable assistance and relevant information to enable Multiform to register a Financing Statement or a Financing Change Statement and generally to obtain, maintain, register and enforce Multiform’s Security Interest in respect of the goods supplied, in accordance with the Personal Property Securities Act 2009 (“PPSA”).
7.3 The Customer shall not change its name without first notifying Multiform of the new name not less than 7 days before the change takes effect.
7.4 The Customer warrants that the goods are not purchased for personal, domestic or household purposes.
7.5 Notwithstanding any reference to a particular invoice/order, where any sum remains outstanding by the Customer on more than one invoice/order, any payments received from the Customer shall be deemed to be made by the Customer and applied by Multiform in the following order:
7.5.1 To any obligation owed by the Customer to Multiform which is unsecured, in the order in which the obligations
7.5.2 To any obligations that are secured, but not by a Purchase Money Security Interest, in the order in which
those obligations were incurred;
7.5.3 To obligations that are secured by a Purchase Money Security Interest, in the order in which those obligations were incurred.
7.6 Until the Customer has paid all money owing to Multiform the Customer shall at all times ensure that:
7.6.1 All goods supplied by Multiform, while in the Customer’s possession, can be readily identified and distinguished, and/or
7.6.2 All Proceeds (in whatever form) that the Customer received from the sale of any of the goods are readily identifiable and traceable.
7.7 Where the goods are purchased by the Customer and held as Inventory, nothing in this clause shall prevent the Customer from selling or leasing and delivering the goods in the ordinary course of the Customer’s business. Otherwise until the Customer has paid all money owing to Multiform the Customer shall not sell or grant a Security Interest in the goods without Multiform’s written consent.
7.8 The parties agree to out of the PPSA in accordance with Section 115 of the PPSA to the extent that Section 115 applies for the benefit of, and does not impose a burden on, Multiform. The Customer waives its right to receive a Verification Statement in respect of any Financing Statement or Financing Change Statement registered by or on behalf of Multiform in respect of the Security Interest created by these terms and conditions.
7.9 For the purpose of this clause words and phrases starting with a capital letter shall have the respective meanings given to them under, or in the context of the PPSA.