Laserfiche WebLink
<br />assuring the proper amount is kept on deposit with the Custodian. <br /> <br />7. The Bank hereby covenants and agrees with the City so long as any of the <br />Indebtedness shall be outstanding that: <br /> <br />a. The Bank shall secure the Indebtedness by pledging securities in accordance with <br />Chapter 2257 of the Texas Government Code and Chapter 105 of the Texas Local <br />Government Code and the Agreement; <br /> <br />b. In the event the Bank receives moneys due under or in connection with the collateral <br />during the occurrence and continuation of an Event of Default the Bank will forthwith <br />pay over and deliver the same to the City in the same form as received (with any <br />necessary endorsement) and until so paid over and delivered will hold the same in <br />trust for the City and will not commingle the same with any funds of the Bank; <br /> <br />c. The Bank will at its own expense from time to time take all action necessary or <br />advisable to perfect the City's rights in the Collateral, orto enable the City to exercise <br />and enforce its rights hereunder with respect to the Collateral or any part thereof; <br /> <br />d. The Bank will not, without the prior written consent of the City ag ree to or permit the <br />amendment or modification of the Collateral (except as may be required by order of <br />any court or regulatory authority having jurisdiction) which (1) changes any significant <br />term of the Collateral, or (ii) has any material adverse effect on the Collateral as <br />security for the Indebtedness; <br /> <br />e. During the continuation of an Event of Default, the City may endorse the name of the <br />Bank on all notes, checks, drafts, bills of exchange, money orders, commercial paper <br />of any kind whatsoever and any other dotument received in the payment of moneys <br />due under or in connection with this Pledge of Securities and Security Agreement, <br />and the City its successors and assigns, or any officer or employee thereof, is hereby <br />irrevocably constituted and appointed the agent and attorney-in-fact for the Bank for <br />the foregoing purposes and only during such time; <br /> <br />f. The City shall not have any obligation under the Collateral by reason of or arising out <br />ofthis Pledge of Securities and Security Agreement, nor shall the City be obligated <br />to perform any of the obligations or duties of this Bank thereunder; <br /> <br />g. Nothing in this Pledge of Securities and Security Agreement shall in any manner <br />relieve the Bank of its obligations to pay the Indebtedness except to the extent that <br />the City applies to such Indebtedness, pursuant to the terms of the Pledge of <br />Securities and Security Agreement, moneys actually and indefeasibly received by <br />