Common use of De-Pledging of Collateral Clause in Contracts

De-Pledging of Collateral. Upon receipt by Seattle Bank of a written request from Customer, in form and content acceptable to Seattle Bank, for the De-Pledge of any part of the Collateral or proceeds thereof in which Seattle Bank has perfected its security interest, setting forth (i) a sufficient description of the Collateral to be withdrawn or reassigned; and (ii) a certificate of an authorized officer of Customer certifying that the immediately after such De-Pledge, Customer’s remaining Eligible Collateral will be sufficient to comply with the Collateral Maintenance Requirement, Seattle Bank will promptly return, reassign or partially release to Customer, at Customer’s expense, the Collateral specified in said request. Notwithstanding anything to the contrary contained in this Agreement, Customer may not obtain any such withdrawal or reassignment (a) while an Event of Default under this Agreement has occurred and is continuing; (b) at any time that Seattle Bank’s records indicate that immediately after such De-Pledge, Customer’s remaining Eligible Collateral would be insufficient to comply with the Collateral Maintenance Federal Home Loan Bank of Seattle Advances, Security and Deposit Agreement Requirement as determined by Seattle Bank; or (c) at any time that Seattle Bank reasonably and in good xxxxx xxxxx itself insecure. Customer will pay upon request for all filing or recording fees and other reasonable expenses incurred by Seattle Bank or any approved custodian in connection with De-Pledging of any Collateral, including without limitation reasonable attorneys fees and costs of legal counsel of Seattle Bank or such custodian. Any such sums owed to Seattle Bank or to such custodian may be collected by Seattle Bank, at its option, by debiting Customer’s demand or time deposit Account(s) with Seattle Bank.

De-Pledging of Collateral. Upon receipt by Seattle Bank of a written request from Customer, in form and content acceptable to Seattle Bank, for the De-Pledge Pledging of any part of the Collateral or proceeds thereof in which Seattle Bank has perfected its security interest, setting forth (i) a sufficient description of the Collateral to be withdrawn or reassigned; and (ii) a certificate of an authorized officer of Customer certifying that the immediately after such De-Pledge, Customer’s remaining Eligible Collateral will be sufficient to comply with the Collateral Maintenance Requirement, Seattle Bank will promptly return, reassign or partially release to Customer, at Customer’s expense, the Collateral specified in said request. Notwithstanding anything to the contrary contained in this Agreement, Customer may not obtain any such withdrawal or reassignment (a) while an Event of Default under this Agreement has occurred and is continuing; (b) at any time that Seattle Bank’s records indicate that immediately after such De-Pledge, Customer’s remaining Eligible Collateral would be insufficient to comply with the Collateral Maintenance Federal Home Loan Bank of Seattle Advances, Security and Deposit Agreement Requirement as determined by Seattle Bank; or (c) at any time that Seattle Bank reasonably and in good xxxxx xxxxx itself insecure. Customer will pay upon request for all filing or recording fees and other reasonable expenses incurred by Seattle Bank or any approved custodian in connection with De-Pledging of any Collateral, including without limitation reasonable attorneys fees and costs of legal counsel of Seattle Bank or such custodian. Any such sums owed to Seattle Bank or to such custodian may be collected by Seattle Bank, at its option, by debiting Customer’s demand or time deposit Account(s) with Seattle Bank.

De-Pledging of Collateral. Upon receipt by Seattle Bank of a written request from Customer, in form and content acceptable to Seattle Bank, for the De-Pledge of any part of the Collateral or proceeds thereof in which Seattle Bank has perfected its security interest, setting forth (i) a sufficient description of the Collateral to be Federal Home Loan Bank of Seattle Advances, Security and Deposit Agreement PAGE 10 OF 10 : 08/09 3558114.4 0053958-00010 withdrawn or reassigned; and (ii) a certificate of an authorized officer of Customer certifying that the immediately after such De-Pledge, Customer’s remaining Eligible Collateral will be sufficient to comply with the Collateral Maintenance Requirement, Seattle Bank will will, subject to the succeeding sentence of this Section 3.6, promptly return, reassign or partially release to Customer, at Customer’s expense, the Collateral specified in said request. Notwithstanding anything to the contrary contained in this Agreement, Customer may not obtain any such withdrawal or reassignment (a) while an Event of Default under this Agreement has occurred and is continuing; (b) at any time that Seattle Bank’s records indicate that immediately after such De-Pledge, Customer’s remaining Eligible Collateral would be insufficient to comply with the Collateral Maintenance Federal Home Loan Bank of Seattle Advances, Security and Deposit Agreement Requirement as determined by Seattle Bank; or (c) at any time that Seattle Bank reasonably and in good faith xxxxx xxxxx itself xxxxlf insecure. Customer will pay upon request for all filing or recording fees and other reasonable expenses incurred by Seattle Bank or any approved custodian in connection with De-Pledging of any Collateral, including without limitation reasonable attorneys fees and costs of legal counsel of Seattle Bank or such custodian. Any such sums owed to Seattle Bank or to such custodian may be collected by Seattle Bank, at its option, by debiting Customer’s demand or time deposit Account(s) with Seattle Bank. Upon a De-Pledge, ordinarily the Seattle Bank will not agree to amend its financing statements covering Collateral to reflect the De-Pledge but will, where appropriate and at Customer’s expense, evidence that it has released the Collateral that was subject to the De-Pledge from its security interest.