Sales Terms & Conditions
Lion Australia Sales Terms and Conditions
- In these Terms, the words below have the following meanings:
Claim means any action, claim or demand, whether arising in contract, tort (including negligence), under statute, at common law or otherwise.
Equipment means any equipment we provide to you (pursuant to these Terms or any other arrangement) to assist you in dispensing Products or involved in the delivery of Products, including kegs, gas cylinders, pallets, beer system equipment and signage.
Place of Sale means premises licensed by us under relevant legislation in respect of a sale of Products:
- a) In respect of New South Wales and Western Australia, Level 3, 5 Murray Rose Avenue, Sydney Olympic Park, New South Wales; and
- b) In respect of Victoria, 1183 Toorak Rd, Camberwell, Victoria; and
- c) In respect of Queensland, 185 Milton Road, Milton, Queensland
Product means beer, cider, wine, spirits and ready-to-drink products manufactured or distributed by us.
Product Price means the purchase price payable for the sale of the Product excluding any applicable Service Fee.
We, us or our means Lion-Beer, Spirits & Wine Pty Ltd (ABN 13 008 596 370).
Separate Service Contract see clause 4.
Service Fee means a separate fee which you agree to pay us under a Separate Service Contract for providing, on your behalf, freight, handling, delivery and insurance, including any charges referred to in clause 7.
you means the Customer specified on this invoice, and if more than one person, each of them jointly and severally.
Buying the Product
- Unless otherwise agreed in writing, you request that we supply the Product specified in this invoice on these Terms.
- We may accept or decline any order for the Product in whole or in part. On acceptance, these Terms apply (unless we have made a separate written agreement with you about supply of the Product).
- A) The sale of any Product pursuant to these Terms is deemed for all purposes to take place at the relevant Place of Sale.
- You warrant that:-
- a) that you hold a valid and current liquor licence in the State of Territory in which the Product has been ordered or is to be delivered to, or
- b) that you are authorised to purchase the Product on behalf of the holder of such licence (the “licensee”); and
- c) that the information contained within the Customer’s Application for a Trading Account is true and correct.
- Unless otherwise agreed in writing, and as a separate and independent contract from the contract relating to the Product, you agree to contract with us to deliver, on your behalf the Product you order to you at the place specified in this invoice and we will insure, on your behalf, the Product against loss or damage while it is being delivered to you (“Separate Service Contract”). A Separate Service Contract is optional and you may choose other arrangements for these services.
- The Product is deemed to be delivered when the Product arrives at your nominated delivery point, which delivery point must be safe and fully accessible by our carriers.
- You cannot cancel an order once we have accepted it and you cannot refuse to accept delivery.
- We are entitled to charge you additional fees to cover any delay or storage needed if we attempt to deliver the Product to you, but cannot for any reason.
- Where you choose to collect the Product, or make arrangements for its collection, you will need to give us advance notice so we can let you know when, how and where you, or your agent, can collect the Product from us.
Charges and Payment
- The Product Price is specified in our standard Price List (as provided to you and updated from time to time) or as specified in this invoice.
- The Service Fee payable under any Separate Service Contract will be as specified in our standard Price List (as provided to you and updated from time to time), as agreed in a separate contract or as listed in this invoice. You are liable to pay all freight charges shown on our invoice.
- The charges specified in our standard Price List do not include GST. Wholesale prices in our standard Price List do not include Wine Equalisation Tax unless specifically stated. Product related final invoice prices (and prices specified in this invoice) do include Wine Equalisation Tax or excise tax, as applicable, and GST.
- The Product Price is separate and distinct from any applicable Service Fee. Even though the amounts may be listed in one invoice they are not a single lump sum consideration but represent separate consideration for each independent contract.
- You must pay all charges listed in an invoice (including any GST and other taxes payable in connection with the supply or under these Terms) without set-off by the due date specified in the invoice.
- If you pay by cheque, payment is not made until cleared funds are credited to our account. If you pay by credit card, we may charge you an additional amount to cover any service fee.
- We may charge you interest on any late payments at the Reserve Bank Interbank Overnight Cash Rate + 2%, calculated daily and compounding monthly, until you pay the overdue amounts.
- We are entitled to apply any payments we receive from you against any invoice or liability you have to us (including interest payments). This provision revokes any different or contrary direction given by you to us.
- If you do not pay any amounts payable under these Terms by their due date or you become bankrupt, insolvent or have a receiver, manager or liquidator appointed to you, then all monies for all Product and Equipment delivered to you become immediately due and payable (regardless of any agreed credit terms) and we are entitled to suspend all further delivery of Product and Equipment under this or any other arrangement and all further performance of any other contract between you and us, until you pay all amounts due.
- You indemnify us for all costs we incur because of any overdue payment, including dishonour fees, collection or legal fees.
- If any payment you make is voided or conceded to be void or voidable, then that payment does not discharge your debt to us, and we remain the owner of the Product.
Ownership & Return of Equipment
- We remain the owner of the Product specified in this invoice until you have paid all money you owe us for the Product and for any other Product we have supplied to you (excluding any applicable Service Fee), or until you sell the Product to a third party at arm’s length on market terms.
- We remain the owner of any Equipment at all times. You must not part with possession or control of the Equipment at any time, or attempt to sell it.
- After we deliver the Product or Equipment to you and while we still own it, you hold it for us as our Bailee, which carries certain legal obligations including a duty to take care of the Product or Equipment. You promise to fulfil all your legal obligations as Bailee.
- You must store or keep the Product and Equipment so that it is clearly identifiable as our property while we still own it. If you sell the Product while we still own it, we have the right to trace any proceeds of sale.
- Until you have paid us the charges in full for all monies payable to us, we may repossess the Product and Equipment which we own and you authorise us or our nominees to enter any premises they believe the Product and Equipment are located to repossess the Product and Equipment and to inspect your records.
- We may resell Product and Equipment which we repossess on any terms and as we see fit. We may apply the proceeds to repay any debt you owe us.
- We are not liable for any damage caused to the premises during any repossession. You indemnify us against any Claim for the damage made by another person.
- You will return to us, at your cost, any Equipment provided to you when it has served its purpose or if we request its return. If you don’t do this, then clauses 24 to 26 will apply. You agree to pay us the replacement cost of any Equipment lost, damaged, destroyed or not returned to us
- If we have agreed to provide maintenance and repair services for the Equipment, you must allow us access to the Equipment to carry out those services and pay us the agreed service fee (plus GST). Otherwise, you must maintain the Equipment and keep it in working order.
- If these Terms (or a transaction in connection with it) is or contains a security interest for the purposes of the Personal Property Securities Act 2009 (“PPSA”), you must upon request do anything which we consider necessary for the purposes of ensuring that the security interest is enforceable, perfected and otherwise effective, and to enable us to apply for any registration, give any notification, and to exercise any rights in connection with the security interest.
- We are not obliged, before exercising a right under these Terms or conferred by law, to give you any notice or demand, or allow a lapse of time, that is required by law unless the notice, demand or lapse of time cannot be excluded. To the extent permitted by law, you expressly waive any rights it may have under the PPSA (including without limitation s. 157) to be given any such notices or demands.
Risk & Insurance
- Risk in the Product and any Equipment passes to you as soon as it leaves our premises (even if we are delivering it to you). Where we deliver the Product under a Separate Service Contract, we will insure the Product and any Equipment in accordance with clause 4.
- In all other cases you must take out insurance covering the Product (and also insure any Equipment that is on your premises) against loss or damage and note our interest in them. You must pay us any insurance payout you receive.
- You must show us evidence on request that you have taken out all required insurances.
- You must not do anything (including failing to act) that we believe is likely to adversely affect our reputation, sales or brands.
- Products supplied to you for consumption or dispensing on licensed premises must not be mixed with other liquids or substances, except as expressly requested by a patron, and must only be dispensed from taps and other devices bearing our product name or logo for the Product.
- Unless we otherwise agree, Equipment supplied to you is only for use in relation to the dispensing or sale of our Products.
- You must exercise your own judgment and skill in the use of any Equipment (including kegs and gas cylinders), rather than relying on any advice we may give you about its use. You must seek any independent advice or instruction you need.
- You must notify us within 7 days of any change in your ownership, shareholders, directors, registered office or business address.
Disputes and Claims
- You must inspect the Product and any Equipment within 24 hours of it being delivered to you.
- You must raise any Claims or dispute relating to the Product, the Equipment, an invoice or payment within 24 hours of the Product/Equipment being delivered to you. Otherwise, you waive and give up all Claims you have against us.
- To the maximum extent permitted by law (including Part 3-2 of the Australian Consumer Law), we limit our liability to you in respect of any Claim relating to the Product, the Equipment or any services we provide to you in connection with them to our choice of supplying equivalent Product or Equipment, or resupplying the services, or giving you a credit for any price paid or payable for the Product, Equipment or services.
- Except for those statutory guarantees that apply under the Australian Consumer Law, we exclude all express or implied warranties or representations about the Products, Equipment or services we provide to you in connection with them.
- Except as provided in clause 42, we are not liable to you for any Claim in relation to lost profits or savings or any indirect or consequential losses.
- Neither we nor you are liable to the other for any failure to perform an obligation under these Terms (other than the payment of money) where we are prevented from performing because of an act of God, natural disaster, terrorism, war or any other occurrence beyond the relevant party’s reasonable control.
- You acknowledge that one or more of our Related Bodies Corporate (as defined in the Corporations Act 2001 (Cth)) may supply the Product and Equipment to you. You indemnify each of our Related Bodies Corporate against any loss or damage they suffer as a result of your breach of these Terms or any act or omission by you under or in connection with these Terms. We accept the benefit of this indemnity as agent for each of our Related Bodies Corporate.
- You indemnify us against any Claims for injury to any person or loss or damage to any property relating to the Products, Equipment or the services we provide you in connection with them. Your liability under or in connection with this indemnity will be reduced to the extent our breach of contract, negligence or other wrongful act caused the injury, loss or damage that is the subject matter of the indemnity.
Privacy and Spam
- We (and our Related Bodies Corporate) may use your personal information to obtain and process credit reports about you, to manage and enforce our rights under these Terms, to meet our legal obligations and for direct marketing and promotional purposes, and you consent to such use.
- We may disclose your personal information to our contractors or agents on strictly confidential terms, and you consent to such disclosure.
- You consent to receiving commercial electronic messages from us and not to withdraw your consent. You agree that we therefore do not need to include an unsubscribe function on those messages.
- These Terms (including any details included on the invoice) constitute the whole agreement between you and us and may only be varied by us in writing.
- These are our standard terms of supply and we may change them from time to time. When you order Product from us, you are offering to acquire them on the most up-to-date version of these Terms as printed on the relevant invoice or otherwise notified to you.
- Any leniency, indulgence or extension of time we grant you does not affect our rights in any way and does not constitute a waiver of those rights or of any of these Terms.
- Any remedies in these Terms do not limit or affect any remedies available to us in law or equity.
- The invalidity or unenforceability of any provision of these Terms does not affect the validity or enforceability of the remaining provisions.
- You must pay any stamp duty payable on any registration under these Terms.
- These Terms are governed by the laws of State in which the Product/Equipment is delivered to you. You and we accept the non-exclusive jurisdiction of those courts and courts of appeal from them in connection with these Terms.
Lion New Zealand Sales Terms and Conditions
- The Contract forms the basis on which Lion supplies and sells Goods to the Customer. Each such supply and sale shall be effected pursuant to the terms of this Contract (unless in any specific case specifically agreed otherwise in writing). Any invoice or other document evidencing or describing any Goods is incorporated into and forms part of the Contract. Any variation to the Contract must be in writing and signed by a representative of Lion.
- The Customer must pay the price for Goods indicated on the invoice (or other similar document) which is provided by Lion for those Goods. Lion can alter prices without notice and prices charged may be different from prices provided at the time of order.
- The price shall be increased by the amount of any GST and other applicable taxes and duties if such taxes are not expressly included in the price. The Customer is bound to pay the price from the time that Lion accepts the Customer’s order. An order is not binding on Lion until it is accepted by Lion.
- The Customer shall pay deposits, delivery and freight charges as set out in the invoice or Lion’s price list from time to time. Alterations to Lion’s price list shall be effective from the date specified by Lion at the time of giving notice to the Customer.
- Payment is due on or prior to delivery unless Lion has agreed in writing to provide the Customer with credit which case payment is due in accordance with the payment date in the invoice.
- Lion can vary the terms of any credit it provides to the Customer at any time. If Lion considers the credit worthiness of the Customer is unsatisfactory then it can require security for payment, in addition to that already provided for in this Contract, before it supplies any more Goods to the Customer.
- Lion may impose a credit limit at its discretion, and alter the credit limit without notice. Where the credit limit is exceeded, Lion can refuse to supply Goods to the Customer.
- The Customer cannot withhold payment or make any deductions from any amount owing by the Customer without Lion’s prior consent.
- Lion will use all reasonable efforts to deliver the Goods to the Customer on any delivery date specified. Lion may deliver the Goods by instalments, and each instalment shall be treated as a separate contract. Lion can impose minimum delivery requirements from time to time. Any time stated for delivery is an estimate only. Lion is not liable for any delay in delivery.
RISK AND SECURITY INTEREST
- Risk of any loss, damage or deterioration of or to the Goods passes to the Customer on delivery (or from the time the Customer fails to accept the Goods or requests delayed delivery). The Customer must ensure that the Goods are insured (for their full insurable value) with Lion’s interest noted on the policy.
- (a) In the event Goods are damaged or partially lost during transit the Customer must, within 14 working days of delivery of the relevant Goods, provide Lion written notice giving reasonable particulars of any such alleged damage or partial loss. The Customer acknowledges and agrees that no claim whatsoever shall be accepted by Lion (or any of its agents) for any damage to, or partial loss of, Goods which occurred during transit of the Goods where written notice is not provided to Lion within this period.
(b) If you dispute an item on the invoice (item price and/or discounts) you must provide Lion written notice within 14 working days from the invoice date failing which you waive all claims rights relating to the item price and discount.
- The Customer grants a security interest to Lion in each and every part of the Goods as security for payment of that part an d of each other part or parts of the Goods and for any other amounts owing by the Customer to Lion from time to time, and for the performance by the Customer of all the Customer’s other obligations to Lion from time to time, (“Customer’s indebtedness and obligations”). For the purposes of section 36 (1) (b) of the PPSA, and to ensure maximum benefit and protection for Lion by virtue of section 36 (1) (b) (iii) of the PPSA, Lion confirms and agrees that the Customer intends to and does grant to Lion, as security for the Customer’s indebtedness and obligations, a security interest in all of the Customer’s present and after-acquired property except only for any such property which is or comprises items or kinds of personal property (“excepted
(a) in or to which the Customer has rights; and
(b) which has not been supplied by Lion to the Customer, other than any excepted property which is or comprises proceeds of any of that present and after-acquired property which has been supplied by the seller to the buyer.
- While the Goods continue to secure the Customer’s indebtedness and obligations the Customer must store the Goods separately and clearly identify the Goods as belonging to Lion.
- Lion authorises the Customer in the ordinary course of it’s, the Customer’s, business to use or sell for full consideration any Goods that are comprised in the Customer’s inventory. This authority is revoked from the time that:
(a) an Event of Default occurs; or
(b) Lion notifies the Customer in writing that this authority is revoked.
- The Customer must advise Lion immediately of any Event of Default or any action by third parties (including any of its creditors) affecting Lion’s security interest in the Goods.
- The Customer agrees to do anything that Lion reasonably requires to ensure that Lion has a perfected security interest in a ll of the Goods and a purchase money security interest in each part of the Goods to the extent of the purchase price for that part.
- Lion may allocate amounts received from the Customer in any manner it determines, including in any manner required to preserve any purchase money security interest it has in any Goods.
- The Buyer agrees to reimburse the Company for all costs and/or expenses incurred or payable by the Company in relation to registering, maintaining or releasing any financing statement or any other document, in respect of any security interest under the Contract.
CONTRACTING OUT OF THE PPSA
- The Customer waives the right to receive a copy of the verification statement confirming registration of a financing statement or financing change statement relating to the security interest under the Contract.
- The Customer:
(a) where Lion has additional rights under Part 9 of the PPSA, those rights shall continue to apply;
(b) agrees that nothing in sections 114(1)(a), 133 and 134 of the PPSA shall apply to this Contract, or the security under this Contract, and waives the Customer’s rights under sections 121, 125, 129 and 131 of the PPSA.
- Lion only warrants that the Goods (but not including services for this purpose) are of the agreed quality and that any services are provided with due care and skill.
- The customer represents and warrants that it must not on-sell any product supplied to it unless and until it has obtained a valid Liquor Licence under the Sale of Liquor Act. This representation and warranty continues to apply throughout the terms of this Contract.
- If the Goods are acquired by the Customer for business purposes, the Customer agrees that the Consumer Guarantees Act 1993 (“CGA”) does not apply. If the Customer on-sells the Goods then it must be a term of the sale contract that the CGA does not apply if the Goods are being acquired for business purposes.
- The Customer indemnifies Lion against any liability or cost incurred by Lion under the CGA as a result of any breach by the Customer of the obligations contained in the Contract.
- The following terms apply wherever the CGA does not apply, or where the following terms are not inconsistent with the CGA:
(a) defective Goods or Goods which do not comply with the Contract shall at Lion’s discretion be repaired, replaced or repeated, or the price refunded;
(b) any right which the Customer may have to reject non-conforming or defective Goods shall only be effective if the Customer notifies Lion in writing within five days following delivery and Lion is given the opportunity to inspect the Goods;
(c) Lion accepts no liability for any Claim by the Customer or any other person, including without limitation any Claim relating to or arising from:
(i) any conditions, warranties, descriptions, representations, conditions as to fitness or suitability for any purpose, tolerance to any conditions, merchantability or otherwise, whether express or implied by law, trade custom or otherwise;
(ii) any representations, warranties, conditions or agreement made by any agent or representative, which are not expressly confirmed by Lion in writing, and the Customer agrees to indemnify Lion against any such Claim. In any event, Lion’s liability under any Claim shall not exceed the price of the Goods.
- Nothing in these terms is intended to have the effect of contracting out of the provisions of the CGA except to the extent permitted by the CGA, and these terms are to be modified to the extent necessary to give effect to that intention. The United Nations Convention on Contracts for the International Sale of Goods does not apply.
- If an Event of Default occurs, Lion may suspend or terminate the Contract.
- If the Customer does not pay the Price by due date:
(a) Lion may (without prejudice to Lion’s other rights and remedies in respect of non-payment or late payment) charge a default penalty at a rate per annum equal to 4% above the retail lending base rate of Lion’s banking provider as varied from time to time and calculated on a daily basis on the unpaid portion of the price from due date until payment in full, plus any GST ; and
(b) any discounts may be disallowed.
- If an Event of Default occurs, all amounts owing by the Customer shall immediately become due and payable notwithstanding that the due date has not arisen.
- Lion is entitled to recover from the Customer all legal, accounting and other costs incurred by Lion arising from the collection of any amount owing by the Customer or in relation to maintaining or releasing any financing statement in respect of any security interest under the Contract. If demanded by Lion, the Customer will pay Lion an administration fee of $25 (excluding gst if any) if any payment tendered by the Customer is dishonoured or is required to be presented or actioned again by Lion.
- Lion can also terminate any services provided to the Customer by giving the Customer seven days’ notice of termination.
- At any time after a default occurs, Lion may also (whether or not Lion has exercised any other right) appoint any person to be a receiver of all or any of the Goods. In addition to, and without limiting or affecting any other powers and authorities conferred on a receiver (whether under the Receiverships Act 1993 or at law or otherwise), a receiver has the power to do all things in relation to the Goods as if the receiver has absolute ownership of the Goods.
USE OF INFORMATION
- The Customer, Directors and Partners each agree that Lion and its agents may obtain information about them from the Customer or any other person (including other members of the Lion Nathan group of companies (“Companies”) and any credit or debt collection agencies) in the course of Lion’s business, including credit assessment, debt collecting and its marketing activities, and the Customer, Directors and Partners consent to any person providing Lion or its agents with such information.
- The Customer, Directors and Partners agree that Lion may use any information it has about them relating to their credit worthiness and give that information to any other person, including any credit or debt collection agency and any of the Companies, for credit assessment and debt collection purposes. The Customer, Partners and Directors agree that any other information collected by Lion about them may be accessed or collected for the use of Lion or the Companies in the course of their business, including their marketing activities. The covenants and consents of the Directors and Partners in clause 32 and this clause 33 are given by those persons in their personal capacity and are directly enforceable against them in that capacity.
- The Directors, Partners and the Customer (if the Customer is an individual (ie. a natural person)) has rights under the Privacy Act 1993 to access and request the correction of any personal information which Lion (or its agents) holds about them.
BRANDS AND PACKAGING
36 Lion, or its licensors, is the owner of all rights to the brands of Goods supplied to the Customer. The Customer can only use these brands for promotional purposes with Lion’s prior consent.
- Beer kegs, beer bottles and beer crates are the property of Lion (or The Associated Bottlers Co Limited). The Customer must return them to Lion on demand. The Customer cannot reuse any of this type of packaging (including refilling beer kegs or beer bottles). Lion can require the Customer to pay deposits before it provides this type of packaging to it.
CUSTOMER TO NOTIFY LION WHEN TRADING CEASES OR WHERE OWNERSHIP OF BUSINESS CHANGES ETC
- The Customer must give written notice to Lion within 7 days of any of the following events
(a) the Customer ceases trading;
(b) the Customer assigns or disposes of any of the assets of its business (other than in the ordinary course of trading) or any part of its interest in the business; or
(c) there is proposed to be a Change of Control of the Customer (if the Customer is a Company or Incorporated Body).
OTHER GENERAL TERMS
- These terms and conditions of sale are paramount, and, to the extent that there is any conflict between any provision of them and any invoice or other document evidencing or describing any Goods (whether in writing,
verbally or by Electronic Data Interchange (EDI)), these terms and conditions of sale will prevail. Further, if there is any other document or arrangement which conflicts with the Contract, the Contract shall prevail.
- The Customer authorises Lion, to apply (without notice or demand) any sum paid by the Customer to any of the Companies against any amounts owing by the Customer to any other of the Companies.
- If Lion exercises or fails to exercise any right or remedy available to it, this shall not prejudice Lion’s right in exercising that right or any other right or remedy. Waiver of any term of the Contract must be specified in writing and signed by an authorised officer of Lion.
- Lion reserves the right to review any of the terms of the Contract at any time and from time to time. If, following any such review, there is to be any change to any such terms, that change will take effect from the date on which Lion notifies the Customer of such change.
- Each Related Company (as that term is defined in the Companies Act 1993) of Lion is entitled to the benefit of the Contract in accordance with the Contracts (Privity) Act 1982 and, in addition, Lion is entitled to enforce the Contract on behalf of any Related Company of Lion. However, the consent of Related Companies is not required to any variation, amendment or discharge of the Contract.
WORDS USED IN THE CONTRACT
- “Lion” means Lion Nathan Pty Ltd and each of its related companies (as defined in the Companies Act 1993) including Lion-Beer, Spirits & Wine (NZ) Ltd and the Associated Bottlers Co Ltd.
“Claim” includes any claim:
(a) for loss of profits; or
(b) for any consequential, indirect or special loss, damage or injury of any kind suffered by any person arising directly or indirectly from:
(i) any breach of Lion obligations under the Contract; or
(ii) any cancellation of the Contract; or
(iii) any negligence, misrepresentation or other act or omission by Lion or its employees, agents or contractors; or
(iv) for compensation, demand, remedy, liability or action.
“Contract” means these terms and conditions of sale themselves together with the Customer’s Account Application Form and any an d every invoice or other documents evidencing or describing, whether by item or kind or otherwise, any Goods.
“Customer” means the Applicant described on the first page of this Contract.
“Directors” means the directors of the Customer described in part A of this Contract.
“Partners” means the partners comprising the customer described in part B of this Contract, in their personal capacity.
“Event of Default” means an event where:
(a) the Customer fails to comply with the terms of the Contract or any other contract with Lion; or
(b) any of the Goods are at risk; or
(c) the Customer commits an act of bankruptcy; or
(d) the Customer enters into any composition or arrangement with its creditors; or
(e) if the Customer is a company:
(i) the Customer does anything which would make it liable to be put into liquidation; or
(ii) a resolution is passed or an application is made for the liquidation of the Customer; or
(iii) a receiver or statutory or official manager is appointed over all or any of the Customer’s assets.
“Goods” means all beer and other liquor and associated products and services and all other goods or other property which, in each case, are supplied by Lion to the Customer and, for the avoidance of doubt, in each case includes all such goods and property so supplied whether or not described by item or kind that enables them to be identified.
“Person” includes a corporation, association, firm, company, partnership or individual.
“PPSA” means the Personal Property Securities Act 1999.
“Price” means the purchase price of the Goods and any costs payable by the Customer under the Contract relating to transportation, storage and insurance, including any deposits.
The terms “after-acquired property”, “at risk”, “inventory” “perfected”, “proceeds” “purchase money security interest”, “rights ”, “security interest” and “sell” have the respective meanings given to them under, or in the context of, the PPSA.