27.1 Unless a contrary intention appears, words or expressions used in this clause 27.2 that are defined in the PPSA have the same meaning as given to them in the PPSA.
27.2 If at any time We determines that this agreement (or any of the transactions contemplated by or under it, including under the lien in clause 8.2 ) creates a security interest over any personal property, You must promptly, upon Our request, do all things necessary (including, without limitation, completing, signing and providing documents, obtaining consents and supplying information) to:
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- provide more effective security over the relevant personal property;
- ensure that any such security interest in favour of Us:
- is at all times enforceable, perfected (including, where applicable, by control as well as by registration), maintained and otherwise fully effective; and
- ranks as a first priority security interest;
- enable Us to prepare and register a financing statement or a financing change statement; and
- enable Us to exercise any of Our rights or perform any of Our obligations in connection with any such security interest or under the PPSA.
27.4 We do not need to give You any notice under the PPSA (including, without limitation, a notice of a verification statement under section 157 of the PPSA) unless the notice is required by the PPSA and that requirement cannot be excluded.
27.5 In addition to and without derogating from Our rights under clause 27.2 to register a security interest arising under this agreement, neither You nor Us will disclose to a person or entity that is not a party to this Agreement information of the kind mentioned in section 275(1) of the PPSA unless section 275(7) of the PPSA applies or that information is publicly available.
27.6 If Chapter 4 of the PPSA would otherwise apply to the enforcement of a security interest created in Our favour under this Agreement, You agree that:
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- We are not required to:
- give notice to You under sections 95, 121(4) or 130 of the PPSA; or
- comply with sections 125, 132(3)(d) or 132(4) of the PPSA; and
- Sections 142 and 143 of the PPSA are excluded in full and will not apply to that security interest.
- We are not required to: