9.1 Title in any Products supplied by Electrical Supply Corp passes to the Customer only when the Customer has made payment in full for all Products provided by Electrical Supply Corp and of all other sums due to Electrical Supply Corp by the Customer on any account whatsoever. Until all sums due to Electrical Supply Corp by the Customer have been paid in full, Electrical Supply Corp has a security interest in all Products.
9.2 If the Products are attached, fixed, or incorporated into any property of the Customer, by way of any manufacturing or assembly process by the Customer or any third party, title in the Products shall remain with Electrical Supply Corp until the Customer has made payment for all Products, and where those Products are mixed with other property so as to be part of or a constituent of any new Products, title to these new Products shall deemed to be assigned to Electrical Supply Corp as security for the full satisfaction by the Customer of the full amount owing between Electrical Supply Corp and the Customer.
9.3 The Customer gives irrevocable authority to Electrical Supply Corp to enter any premises occupied by the Customer or on which Products are situated at any reasonable time after default by the Customer or before default if Electrical Supply Corp believes a default is likely and to remove and repossess any Products and any other property to which Products are attached or in which Products are incorporated. Electrical Supply Corp shall not be liable for any costs, damages, expenses or losses incurred by the Customer or any third party as a result of this action, nor liable in contract or in tort or otherwise in any whatsoever unless by statute such liability cannot be excluded. Electrical Supply Corp may either resell or repossess Products and credit the Customer’s account with the net proceeds of sale (after deduction of all repossession, storage, selling and other costs) or may retain any repossessed Products and credit the Customer’s account with the invoice value thereof less such sum as Electrical Supply Corp reasonably determines on account of wear and tear, depreciation, obsolescence, loss or profit and costs.
9.4 Where Products are retained by Electrical Supply Corp pursuant to clause 9.3 the Customer waives the right to receive notice under s.120 of the Personal Property Securities Act 1999 (‘PPSA’) and to object under s.121 of the PPSA,
9.5 The following shall constitute defaults by the Customer:
9.5.1 Non-payment of any sum by the due date.
9.5.2 The Customer intimates that it will not pay any sum by the due date.
9.5.3 Any Products are seized by any other creditor of the Customer or any other creditor intimates that it intends to seize Products.
9.5.4 Any Products in the possession of the Customer are materially damaged while any sum due from the Customer to Electrical Supply Corp remains unpaid.
9.5.5 The Customer is bankrupted or put into liquidation or a receiver is appointed to any of the Customer’s assets or a landlord distains against any of the Customer’s assets.
9.5.6 A Court judgement is entered against the Customer and remains unsatisfied for seven (7) days.
9.5.7 Any material adverse change in the financial position of the Customer.
9.6 If the Credit Repossession Act applies to any transaction between the Customer and Electrical Supply Corp, the Customer has the rights provided in that Act despite anything contained in these terms and conditions of trade.