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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal>Dear Listmates,<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>My client is re-negotiating a loan to a Tribe.<o:p></o:p></p><p class=MsoNormal>The loan is currently secured by a first deed of trust on a non-reservation parcel.<o:p></o:p></p><p class=MsoNormal>The Tribe seeks a release of the deed of trust and substitute collateral of a pledge of the Tribe’s “full faith, credit and taxing power to the payment of the principal and interest as a first charge upon all revenues of the Tribe ….”.<o:p></o:p></p><p class=MsoNormal>The new promissory note includes a waiver of sovereign immunity and consent to venue in state court in the event of default and collection.<o:p></o:p></p><p class=MsoNormal>Has anyone had any experience with such a pledge for collateral and who might be willing to share some advice?<o:p></o:p></p><p class=MsoNormal>Many thanks.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Carl Gay<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal style='text-align:justify;line-height:15.0pt;mso-line-height-rule:exactly;page-break-after:avoid;text-autospace:none'><span style='font-size:14.0pt;font-family:"Bradley Hand ITC";letter-spacing:-.1pt'>CARL LLOYD GAY<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify;line-height:15.0pt;mso-line-height-rule:exactly;page-break-after:avoid;text-autospace:none'><span style='font-size:12.0pt;font-family:"Palace Script MT";letter-spacing:-.1pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:14.0pt;font-family:"Bradley Hand ITC";color:#C00000;background:white'>Non nobis solum nati sumus</span><span style='font-size:14.0pt;font-family:"Bradley Hand ITC";color:#C00000'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:9.0pt;font-family:"Times New Roman","serif";background:white'> “Not unto ourselves alone are we born” <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Palace Script MT";letter-spacing:-.1pt'> ~</span><span style='font-size:8.0pt;font-family:"Times New Roman","serif";background:white'>the motto of Willamette University~</span><o:p></o:p></p><p class=MsoNormal style='text-align:justify;line-height:15.0pt;mso-line-height-rule:exactly;page-break-after:avoid;text-autospace:none'><span style='font-size:12.0pt;font-family:"Palace Script MT";letter-spacing:-.1pt'> <o:p></o:p></span></p><p class=MsoNormal style='text-align:justify;line-height:15.0pt;mso-line-height-rule:exactly;page-break-after:avoid;text-autospace:none'><span style='font-size:16.0pt;font-family:"Bell MT","serif";letter-spacing:-.1pt'>G</span><span style='font-size:12.0pt;font-family:"Bell MT","serif";letter-spacing:-.1pt'>REENAWAY, </span><span style='font-size:16.0pt;font-family:"Bell MT","serif";letter-spacing:-.1pt'>G</span><span style='font-size:12.0pt;font-family:"Bell MT","serif";letter-spacing:-.1pt'>AY, </span><span style='font-size:16.0pt;font-family:"Bell MT","serif";letter-spacing:-.1pt'>M</span><span style='font-size:12.0pt;font-family:"Bell MT","serif";letter-spacing:-.1pt'>EDINA </span><span style='font-size:16.0pt;font-family:"Bell MT","serif";letter-spacing:-.1pt'>& M</span><span style='font-size:12.0pt;font-family:"Bell MT","serif";letter-spacing:-.1pt'>YERS<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify;line-height:15.0pt;mso-line-height-rule:exactly;page-break-after:avoid;text-autospace:none'><span style='font-size:12.0pt;font-family:"Californian FB","serif";letter-spacing:-.1pt'>Attorneys and Counselors at Law <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Californian FB","serif"'>734 East First Street Suite A<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Californian FB","serif"'>Port Angeles, Washington 98362<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Californian FB","serif"'>Email <a href="mailto:carl@greenawaylawfirm.com"><span style='color:blue'>carl@greenawaylawfirm.com</span></a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Californian FB","serif"'>Telephone (360) 452-3323 <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Californian FB","serif"'>Facsimile (360) 452-3724 <o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-size:8.0pt'>THIS EMAIL TRANSMISSION IS INTENDED FOR THE EXCLUSIVE USE OF THE INDIVIDUAL OR ENTITY TO WHOM IT IS ADDRESSED, AND MAY CONTAIN PRIVILEGED AND CONFIDENTIAL INFORMATION THAT IS COVERED BY THE ELECTRONIC COMMUNICATIONS PRIVACY ACT (18 USC §§ 2510-2521). IF YOU ARE NOT THE INTENDED RECIPIENT OR AGENT RESPONSIBLE TO DELIVER THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION, OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR; PLEASE NOTIFY US IMMEDIATELY BY TELEPHONE AND/OR EMAIL AND DELETE THE ORIGINAL MESSAGE. THANK YOU <o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>