Common use of Pledge of Shares, Deposit Accounts and Certificates of Deposit Clause in Contracts

Pledge of Shares, Deposit Accounts and Certificates of Deposit. By completing and signing the Plan application, you signify your specific intent to pledge to us and to grant us a security interest in all your individual and joint BECU shares, deposit accounts, and certificates of deposit in which you have an interest, now or in the future, as security for all credit advances made under the Plan (including the credit card account). However, this pledge will not apply to retirement or other accounts to the extent that applicable law precludes the pledge of such accounts, or to loans secured by real property or a dwelling. You agree that we need not retain or possess any certificate or evidence of account to enforce our security interest. You authorize us, without further notice to you, to apply the balances in these account(s) to pay any amounts due under the Plan if you default.