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<br />(collectively, the "Indebtedness"): <br /> <br />1. Indebtedness evidenced by the Agreement and all deposits accepted and <br />certificates of deposit issued thereunder, including accrued interest on any such <br />deposits and certificates of deposit as therein provided; <br /> <br />2. All other Indebtedness of the Bank to the City arising in connection with the <br />Agreement; <br /> <br />3. All renewals and extensions, in whole or in part, of the Indebtedness; <br /> <br />4. All costs and expenses incurred by the City in exercising or enforcing its rights <br />under the Agreement of this Pledge of Securities and Security Agreement in the <br />event of default by Bank as described in Paragraph 3 hereof. <br /> <br />b. This Pledge of Securities and Security Agreement is made in conformity with he <br />requirements of Chapter 2257 of the Texas Government Code and Chapter 105 of <br />the Texas Local Government Code, as amended. The Bank and the City <br />acknowledge that individual securities comprising the Collateral may be substituted <br />from time to time with the written consent of the City Manager or his designated <br />representative provided that any securities so offered in substitution shall meet the <br />requirements of such Chapter 2257 and Chapter 1 05 and are approved by the City <br />Council. <br /> <br />c. The Bank and the City agree thatthe Collateral shall constitute "securities" under the <br />Uniform Commercial Code as adopted in the State of Texas (the "UCC Code"). <br /> <br />d. The preambles of this Pledge of Securities and Security Agreement are hereby <br />incorporated herein by reference as part of the substance of this contract. <br /> <br />2. Until, but only until, the occurrence and continuation of any default under the Agreement (an <br />"Event of Default") the Bank may exercise all rights with respect to the Collateral, including, <br />without limitation, the right to receive all moneys due or to become due thereunder. <br /> <br />3. If any Event of Default shall have occurred and be continuing, the City shall be entitled and <br />is hereby authorized: <br /> <br />a. To receive any and all moneys payable with respecttothe Collateral in accordance <br />with the terms hereof. All such amounts at any time received by the City under or in <br />connection with the Collateral after the occurrence and during the continuance of an <br />Event of Default shall be held by the City as part of the Collateral for, and/or then or <br />