Exhibit 10.36
FEDERAL HOME LOAN BANK OF DES MOINES
Des Moines, Iowa
AGREEMENT FOR ADVANCES, PLEDGE AND SECURITY
AGREEMENT
This Agreement for Advances, Pledge and
Security Agreement ("Agreement"), effective the 16 th
day of January, 1989, is entered between PROVIDENT SAVINGS AND LOAN
ASSOCIATION ("Member"), with principal offices at St. Joseph,
Missouri and the Federal Home Loan Bank of Des Moines ("Bank"),
with principal offices at 907 Walnut, Des Moines, Iowa
50309.
WHEREAS, The Bank in accordance with the
Federal Home Loan Bank Act, regulations and directives of the
Federal Home Loan Bank Board, and policies promulgated by its own
Board, makes available advances to its members. The available
advances are set forth by the Bank in a statement of "Credit
Policy," as may be amended from time to time.
WHEREAS, The Member may, from time to time,
apply for an advance or advances which may be available to
it.
NOW THEREFORE, For valuable consideration and
with respect to each and every such advance, the Parties agree as
follows:
SECTION 1. CONFIRMATION OF ADVANCE. To be bound by the
terms and conditions set forth herein, in the confirmation of
advance issued with respect to each advance, and in the Bank's
Credit Policy as may be amended from time to time. A confirmation
of advance shall mean a writing or machine readable electronic
transmission in such form or forms as may be determined by the Bank
from time to time.
SECTION 2. PAYMENT TO THE BANK. To repay each and any
advance together with interest thereon according to the
confirmation of each such advance communicated to the Member by the
Bank, together with any unpaid costs and expenses to connection
therewith. Such payment shall be made at the office of the Bank in
Des Moines, Iowa, or at such other place as the Bank, or its
successors or assigns, may from time to time appoint in
writing.
The default rate on past due principal and
interest may, at the option of the Bank, be at a ratio 1% per annum
higher than the then current rate being charged by the Bank for
advances.
SECTION 3. ASSIGNMENT TO BANK OF SECURITY INTEREST IN BANK
STOCK. The Member hereby assigns, transfers and pledges to the
Bank, its successors or assigns, all stock of the Federal Home Loan
Bank of Des Moines owned by the member as collateral security for
payment of any and all indebtedness, whether in the nature of an
advance or otherwise, of the Member to the Bank, its successors and
assigns.
SECTION 4. ASSIGNMENT OF SECURITY INTEREST IN OTHER
COLLATERAL. As additional collateral security for any and all such
advances, Member assigns, transfers, and pledges to the Bank, its
successors or assigns, each and every note or other instrument
evidencing a debt and any mortgage, deed of trust, title, or
document of title securing it; all securities (including, but not
limited to mortgage-backed securities issued or guaranteed
by
the
Federal Home Loan Mortgage Corporation, the Federal National
Mortgage Association, obligations of or guaranteed by the United
States or an agency thereof, share certificates or other
participation interests in any securities trust, mortgage loan
participation certificates); all contract for deeds; all chattel
paper; any chose in action, all general intangibles; all deposit
accounts; certificates of deposit; and proceeds from any of the
above (hereinafter "Collateral"). With respect to such Collateral,
Member undertakes and agrees as follows:
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A.
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That such
security interest shall extend to after acquired Collateral of a
similar nature;
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B.
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That the
Member shall be at liberty to use, commingle, and dispose of all or
part of the Collateral, and to collect, compromise, and dispose of
the proceeds of the Collateral without being required to account
for the proceeds or replace the Collateral subject to its
obligation to maintain the Collateral as herein
provided;
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C.
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To keep and
maintain such Collateral free and clear of pledges, liens, and
encumbrances to others at the required collateral maintenance
level. The "required collateral maintenance level" means the amount
of collateral the member is required to maintain free and clear of
pledge, liens, and encumbrances to others as set forth time to time
in the Credit Policy;
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D.
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To assemble
and deliver Collateral to the Bank or its authorized agents
immediately upon demand of the Bank; and as specified by the Bank
in its Credit Policy from time to time, and to pay for the
safekeeping collateral as established by the Bank;
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E.
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To make,
execute, and deliver to the Bank such assignments, endorsements,
listings, powers, financing statements, or other instruments as the
Bank may reasonably request respecting such Collateral.
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SECTION 5. DUTY TO USE REASONABLE CARE. In the event
Member delivers security to Bank or its Agent pursuant to paragraph
4 above, the duty of the Bank with respect to said security shall
be solely to use reasonable care in the custody and preservation of
the security in its possession.
SECTION 6. ADDITIONAL SECURITY. Member shall assign
additional or substituted Collateral for such advances at any time
the Bank shall deem it necessary for the Bank's
protection.
SECTION 7. EVENTS OF DEFAULT. The Bank may consider the
Member in default hereunder upon the occurrence of any of the
following events or conditions:
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A.
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Failure of the
Member to pay any interest, or repay any principal, of any advances
as herein required; or
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B.
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Breach or
failure to perform by the Member of any covenant, promise,
condition, obligations or liability contained or referred to
herein, or any other agreement to which the Member and the Bank are
parties; or
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C.
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Proof being
made that any representations, statements, or warranty made or
furnished in any manner to the Bank by or on behalf of the Member
in connection with all or part of any advance was false in any
material respect when made or furnished; or
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D.
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Loss, theft,
damage, destruction, sale or encumbrance to or of any of the
Collateral except as herein permitted, or the making of any levy,
seizure or attachment thereof or therein; or
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E.
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Any tax levy,
attachment, garnishment, levy of execution,
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