Goods Security. (a) If you have a Goods Security, you are the legal and beneficial owner of the Goods and you grant a Security Interest in the Goods to the Lender as Security for the payment of the Secured Money (except where a document provides otherwise). If there is more than one of you it includes amounts owed by any one or more of you (either alone or with others).
(b) It also secures the Australian dollar equivalent of any amount in any currency, if it is necessary that amount be specified in Australian dollars to ensure that amount is secured.
(c) The Security Interest created by paragraph (a) is a charge.
(d) You grant the Security Interest in paragraph (a) as beneficial owner of the Goods unless you have told us that you enter this Goods Security as trustee of a trust. In that case, you grant the Security interest in:
(i) the Goods comprising the trust fund of the trust, as sole trustee of the trust; and
(ii) any other Goods, as beneficial owner.
(e) To the extent that any law requires that something must be done (such as obtaining consent) before you may validly grant a Security Interest over any of the Goods, the Goods Security only takes effect in relation to those Goods when the thing required is done. You agree to do anything necessary to ensure that it is done.
(f) The Security Interest created by paragraph (a) is a continuing Security. It remains in effect until the Lender discharges the Security Interest.
Goods Security. The party named as the Grantor below grants a Security Interest in the goods described below in favour of the party named as the Secured Party, on the terms and conditions set out in the Conditions, to secure the Secured Money including all money payable under or in connection with the Commercial Loan Agreement referred to below. This Goods Security is collateral and supplemental to the Commercial Loan Agreement and in consideration for the loan provided or to be provided under the terms of the Commercial Loan Agreement. The Grantor promises to pay all money under the Commercial Loan Agreement as and when payable (or if no payment date is specified, on demand) under that agreement and all other Secured Moneys.
Goods Security. This clause applies if the Goods Security section of the “Security” box in the Offer is completed with the particulars of the goods to be secured under a security interest in favour of the Bank of Melbourne to support your obligations under this loan agreement. By giving the goods security you undertake certain obligations. You also give us rights concerning you and the goods – for example, if you do not comply with your obligations, in certain circumstances we may take possession of the goods, sell them and sue you for any remaining money you owe us. You declare that you own the goods (or are in the process of becoming the owner), that there are no existing or proposed security interests (other than this one) affecting the goods and that all the information you have given in connection with this loan agreement (including this goods security) is correct and not misleading. For the purpose of securing to us payment of the total amount owing, you grant a security interest in the goods to us. The security interest created by this loan agreement is a charge. You do this as beneficial owner unless you have told us that you enter this loan agreement as trustee of a trust. In that case, you grant the security interest in:
(a) the goods comprising the trust fund of the trust, sole trustee of the trust; and
(b) any other goods, as beneficial owner. To the extent that any law requires that something must be done (such as obtaining consent) before you may validly grant a security interest over any of the goods, this goods security only takes effect in relation to those goods when the thing required is done. You agree to do anything necessary to ensure that it is done. If a security interest in connection with the goods in the form of chattel paper (as defined in the PPSA) is held by you or arises in your favour (whether or not as a result of a breach by you under this loan agreement), you grant a security interest in the chattel paper to us for the purpose of securing payment of the total amount owing. This security interest is a charge and you may not transfer, dispose of or otherwise deal with the chattel paper or allow another security interest to exist over it. You must deposit with us all original documents of title comprising the chattel paper and any other documents we request relating to the chattel paper. You may require us to replace the goods (and any other property secured by this goods security) where there is no total amount owing.
Goods Security. This clause applies if the Goods Security section of the “Security” box in the Details is completed. By giving this goods security you undertake certain obligations. You also give us rights concerning you and the goods – for example, if you do not comply with your obligations, in certain circumstances we may take possession of the goods, sell them and sue you for any remaining money you owe us. You declare that you own the goods (or are in the process of becoming the owner), that there are no existing or proposed security interests (other than this one) affecting the goods and that all the information you have given in connection with this agreement (including this goods security) is, in all material respects correct and not misleading.
Goods Security. You declare that you own the goods, that there are no existing or proposed security interests (other than this one) affecting the goods and that all the information, in all material respects, you have given in connection with this agreement (including this goods security) is correct and not misleading.
