Laserfiche WebLink
<br />II. <br /> <br />The total market value of the Collateral (which includes accrued interest or income to the <br />extent it is not included in the market price) will be in an amount at least equal to such <br />amount as is required under the Public Funds law. When additional Collateral is required <br />to cover incremental deposits, Bank must receive the request for Collateral prior to 9:30 <br />a.m. mountain time or 10:30 a.m. central time. Twenty-four hours notice is necessary on <br />incremental deposits that will result in the deposit of additional Collateral in excess of $3 <br />million. <br /> <br />m. <br /> <br />Bank has heretofore or will immediately hereafter deliver to Custodian Collateral of the <br />kind and character permitted by the Public Funds law of sufficient amount and market <br />value to provide adequate Collateral for the uninsured funds of Depositor deposited with <br />Bank. The Collateral or substitute Collateral, as hereinafter provided for, shall be kept and <br />retained by Custodian in an account maintained in the name of Bank and subject to the <br />control of Depositor so long as the depository relationship between Depositor and Bank <br />shall exist hereunder. <br /> <br />IV. <br /> <br />Bank shall cause Custodian to accept the Collateral and hold the same for the purpose <br />herein stated. <br /> <br />V. <br /> <br />Should Bank fail at any time to pay and satisfy, when due, any check, draft, or voucher <br />lawfully drawn against any deposit, or in case Bank becomes insolvent or in any manner <br />breaches its contract with Depositor, Depositor shall give written notice of such failure, <br />insolvency or breach to Bank, and Bank shall have ten days to cure such failure, insolvency <br />or breach. In the event Bank shall fail to cure such failure, insolvency or breach within ten <br />days, it shall be the duty of Custodian, upon demand of Depositor (supported by proper <br />evidence of any of the above-listed circumstances), to surrender the Collateral to the <br />Depositor. Depositor may sell all or any part of the Collateral and out of the proceeds <br />thereof pay Depositor all damages and losses sustained by it, together with all expenses of <br />any and every kind incurred by it on account of such failure or insolvency, or sale, <br />accounting to Bank for the remainder, if any, of the proceeds or Collateral remaining <br />unsold. <br /> <br />VI. <br /> <br />2 <br /> <br />.. <br /> <br />~ <br /> <br />1 <br /> <br />1 <br /> <br />1 <br />