Common use of Pledge of Shares Clause in Contracts

Pledge of Shares. To protect us if you are in default on any credit extended or cash advanced under this account, you pledge all of your shares, deposits, payments and divi- dends which may be received, whether held jointly or indi- vidually, up to the amount of your outstanding balance. The foregoing pledge includes the right to apply funds available to you in any jointly held account on your date of death. This does not include your individual retirement account (IRA). We may take all the shares needed by us to repay your credit extension or cash advance. If it is necessary to take all of your shares for the payment of this account, you understand your membership in PenFed may end. Collateral securing other loans with the credit union may also secure this loan.

Pledge of Shares. To protect us if you are in default on any credit extended or cash advanced under this account, you pledge all of your shares, deposits, payments and divi- dends dividends which may be received, whether held jointly or indi- viduallyindividually, up to the amount of your outstanding balance. The foregoing pledge includes the right to apply funds available to you in any jointly held account on your date of death. This does not include your individual retirement account (IRA). We may take all the shares needed by us to repay your credit extension or cash advance. If it is necessary to take all of your shares for the payment of this account, you understand your membership in PenFed may end. Collateral securing other loans with the credit union may also secure this loan.

Pledge of Shares. To protect us if you are in default on any credit extended or cash advanced under this account, you pledge all of your shares, deposits, payments and divi- dends dividends which may be received, whether held jointly or indi- viduallyindividually, up to the amount of your outstanding balance. The foregoing pledge includes the right to apply funds available to you in any jointly held account on your date of death. This does not include your individual retirement account (IRA). We may take all the shares needed by us to repay your credit extension or cash advancead- xxxxx. If it is necessary to take all of your shares for the payment of this account, you understand your membership in PenFed may end. Collateral securing other loans with the credit union may also secure this loan.

Pledge of Shares. To protect us if you are in default on any credit extended or cash advanced under this account, you pledge all of your shares, deposits, payments and divi- dends dividends which may be received, whether held jointly or indi- viduallyindividually, up to the amount of your outstanding balance. The foregoing pledge includes the right to apply funds available to you in any jointly held account on your date of death. This does not include in- clude your individual retirement account (IRA). We may take all the shares needed by us to repay your credit extension or cash advance. If it is necessary to take all of your shares for the payment of this account, you understand your membership in PenFed may end. Collateral securing other loans with the credit union may also secure this loan.