Common use of SECURITY FOR THE FACILITY Clause in Contracts

SECURITY FOR THE FACILITY. If the Principal agrees in writing to provide security for the facility to secure the Principal’s obligation to repay amounts on the card account, then: (a) the Principal must deliver the agreed security in a form acceptable to us before you use the card or we provide a cash advance; and (b) the Principal must comply with all the terms and conditions of the security; and (c) the Principal must pay reasonable costs in arranging, administering (including registering and enforcing), releasing and terminating the security and all stamp and other duties, fees, taxes and charges payable in connection with the security; and (d) where we hold, or during the term of the facility acquire, security of any description securing any other liabilities the Principal may have to us, the Principal’s liability under the facility will also form part of the money secured by that security.

SECURITY FOR THE FACILITY. If the Principal agrees in writing to provide security for the facility to secure the Principal’s obligation to repay amounts on the card account, then: (a) the Principal must deliver the agreed security in a form acceptable to us before you use the card or we provide a cash advance; and (b) the Principal must comply with all the terms and conditions of the security; and (c) the Principal must pay reasonable costs in arranging, administering (including registering and enforcing), releasing and terminating the security and all stamp and other duties, fees, taxes and charges 32 payable in connection with the security; and (d) where we hold, or during the term of the facility acquire, security of any description securing any other liabilities the Principal may have to us, the Principal’s liability under the facility will also form part of the money secured by that security.