Document ID: chunk:federal_register_of_legislation:C2023A00069:clause:3_33
Version: federal_register_of_legislation:C2023A00069
Segment Type: clause
Provision Reference: sch 3 cl 33
Character Range: 119134–119883

33  At the end of section 283BH
Add:

When debentures can be called secured notes
 (4) The borrower may describe or refer to the debentures as secured notes if:
 (a) the repayment of all money that has been, or may be, deposited or lent under the debentures has been secured by a first ranking security interest in favour of the trustee over the whole or any part of the property of the borrower or of any of the guarantors; and
 (b) the property that constitutes the security for the security interest is sufficient and is reasonably likely to be sufficient to meet the liability for the repayment of all such money and all other liabilities that:
 (i) have been or may be incurred; and
 (ii) rank in priority to, or equally with, that liability.