You are a Junior Credit Officer at BNSS All Island Ltd, a commercial bank. Contracto Ltd is medium sized company that sells construction equipment and also construct buildings on behalf of the government and other large organisations. The company is owned by Michael Tenn and his wife Suzan who are also the only directors. Contracto Ltd has now applied to your bank for credit of $65,000,000 broken down as follows: (1) to carry out long-term expansion involving the upgrading of its warehouse - $40,000,000. (2) Overdraft - $25,000,000. The warehouse is situated on real estate in a section of Kingston that, whilst good for that type of business, will not be easily sold and so the bank will not accept it as collateral security. The following are extracts from Contracto's balance sheet as at September 30, 2021. Inventory of large construction tools for sale $30,000,000 Receivables due from a contract on a government building $20,000,000 2017 Caterpillar tractors serial number WVW234987 $45,000,000 Motor Vehicles 3- 2019 Toyota pickup trucks with chassis numbers 123,689, 743 respectively $15,000,000 2-2018 Nissan Tienna motor cars with chassis numbers A567 and C 845 $10,000,000 $100,000,000 Office building at 4 Pal Ave registered at volume 354 folio 85- First mortgage on real estate at 4 Pal Ave (held by another bank $35,000,000 BNSS, like all other area banks, have a standard loan-to-value ratio (LVR) of 65% on real estate, 70% on pickup trucks & motorcars and 50% across all other asset classes. Required (a) You have been asked to set out the collateral security section of the loan proposal that you are recommending in the manner that in your judgement best secure the bank. Please also state the legal documents that will be used to take a lien on each asset that you are using and indicate whether this is primary or supporting. Use the following format. Asset Name Value Value of lien Legal document used to secure charge Primary/secondary $ $ (b) State two very important steps that you will take prior to accepting the items of collateral as security