Res 2000-070 - Laserfiche WebLink

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it; h. The Collateral will not be sold, transferred or otherwise disposed of or removed from the possession ofthe Custodian nor will substitution thereof be allowed withoutthe written consent of the City which consent shall not be unreasonably withheld; I. The Bank will not grant any option with respect to any of the Collateral or create or permit to exist any lien, security interest or other charge or encumbrance upon orwith respect to any ofthe Collateral, except for the security interest hereunder, and except such as might be created pursuant to reverse repurchase agreements entered into by the Bank respecting the Collateral; J. The Bank will provide the City on the first day of each month a list of the Collateral identifying and describing in detail each ofthe securities comprising the Collateral, their location and the market value thereof. k. If at any time the Indebtedness exceeds the market value of the Collateral, the Bank shall immediately deliver to the Custodian, as part of the Collateral hereunder additional securities meeting the requirements of Chapter 2257 of the Texas Government Code and Chapter 105 of the Texas Local Government Code, as amended, so that the market value of the Collateral will at no time be less than the indebtedness. The determination of such value shall be in the discretion ofthe City Council whose decision shall be final and binding. 8. No failure or delay on the part of the City in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power preclude any other orfurther exercise thereof or the exercise of any other right or power hereunder. No modification or waiver of any provision ofthis Pledge of Securities and Security Agreement nor consent to any departure therefrom shall in any event be effective unless the same be in writing and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 9. The City shall have the right at all reasonable times to examine the Collateral or acceptable custodial receipts therefor. 10. This Pledge of Securities and Security Agreement shall be binding upon, and shall inure to the benefit of, the Bank and the City and their respective successors and assigns. The instrument shall be deemed to be made under and governed by the laws of the State of Texas. 11. Custodian agrees that it, during the term of the Agreement and this Pledge of Securities