5Declaration of kinds of rights

5 Declaration of kinds of rights

(1) The kinds of rights referred to in subsection (4) of this section are declared under paragraph 415D(7)(b) of the Act to be kinds of rights to which subsection 415D(1) of the Act does not apply. (2) The kinds of rights referred to in subsection (4) of this section are declared under paragraph 434J(6)(b) of the Act to be kinds of rights to which subsection 434J(1) of the Act does not apply. (3) The kinds of rights referred to in subsection (4) of this section are declared under paragraph 451E(6)(b) of the Act to be kinds of rights to which subsection 451E(1) of the Act does not apply. (3A) The kinds of rights referred to in subsection (4) of this section are declared under paragraph 454N(6)(b) of the Act to be kinds of rights to which subsection 454N(1) of the Act does not apply. (4) The kinds of rights are as follows: (a) a right to change the basis, including by the application of a different rate, on which an amount in respect of or under any of the following is calculated: (i) a financing arrangement; (ii) a guarantee, indemnity or security related to a financing arrangement (whether or not the guarantee, indemnity or security is limited in any way); (b) a right to payment by way of indemnity (whether or not the indemnity is limited in any way) in respect of: (i) any liability or loss arising as a result of a person preserving or enforcing rights; or (ii) any charges and expenses incurred by a person in preserving or enforcing rights; (c) a termination right under a standstill or forbearance arrangement, whether or not the standstill or forbearance arrangement suspends, preserves or modifies the right under the other contract, agreement or arrangement to which it applies; (d) a right to change the priority, or order, in which amounts are to be paid, distributed or received under a contract, agreement or arrangement; (e) a right of set‑off or a right of combination of accounts; (f) a right to net balances or other amounts; (g) a right to take action to enforce: (i) a right referred to in paragraph (e) or (f); or (ii) a right referred to in subsection 6(1), (2), (3) or (3A) if, on the enforcement of that right to take action, the circumstances referred to in subsection 6(4) or (5) (as applicable) would be satisfied; for the purposes of enforcing a right referred to in paragraph (e) or (f), or in subsection 6(1), (2), (3) or (3A) (as applicable), whether or not an amount is due for payment, will or may become due for payment, or is unpaid;

Note: The rights referred to in this paragraph include:

(a) a right to accelerate or otherwise vary a date for payment of an amount;

(b) a right to convert or exchange amounts denominated in different currencies; and

(c) a right to crystallise a security interest.

(h) a right to:
(i) assign or otherwise transfer rights or obligations; or
(ii) novate rights or obligations;
(i) a right:
(i) for property that is subject to a circulating security interest to become subject to a non‑circulating security interest; or
(ii) for a floating charge over property to operate as a fixed charge; or
(iii) for property consisting of accounts or chattel paper to be transferred to a secured party by way of security; or
(iv) that restricts the grantor of a security interest in property from dealing with the property;
(j) a right:
(i) to perform obligations; or
(ii) to engage another person to perform obligations; or
(iii) to enforce rights; or
(iv) to engage another person to enforce rights;
of the specified person under a contract, agreement or arrangement;
(k) a right to enforce a possessory security interest in circumstances where paragraphs 440JA(b), (c) and (d) of the Act are satisfied;
(l) a right to enforce a possessory security interest in circumstances where paragraphs 453X(b), (c) and (d) of the Act are satisfied.