The word 'and' in a definitional clause listing items of security in a deed of priority may be construed dispersively (as 'and/or') where the context and commercial purpose require it, particularly where a conjunctive reading would render the deed inoperative or commercially absurd. The tension between Codelfa's ambiguity requirement and the broader approach in Toll v Alphapharm and Pacific Carriers regarding admissibility of surrounding circumstances was noted but not resolved.
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