Res 2006-035 - Laserfiche WebLink

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the expiration of this Depository Contract will be at non-contractual interest rates negotiated at the time of purchase. VI I BANK will be compensated for any and all services rendered to DEPOSITOR under tlus Depository Contract. BANK agrees to offset monthly serVIce fees against its customary earnings credit for balances in DEPOSITOR's non-interest bearing transaction accounts; provided, however, that rl there is insufficient earnings credit against which such fees may be offset, DEPOSITOR will be charged for such services monthly. BANK's Application and Bid for Depository SerVIces, mcludmg all exhibits and addenda thereto, IS mcorporated herein by reference. VII All umnsured funds on deposit with BANK to the credit of the DEPOSITOR shall be secured by collateral as provided for in the Texas Public Funds Collateral Act and in other applicable law. The total market value of the collateral (which includes accrued interest or income to the extent it is not included in the market price) securing such deposits will be in an amount at least equal to the amount of such deposits plus the amount of any accrued interest thereon and l~ss the amount that such deposits are insured by an agency or instrumentality of the United States government. The market value with respect to any securities (collateral) as of any date and pnced on such date will be obtained from a generally recognized pricing source. When additional collateral is required to cover incremental deposits, BANK must receive the request for collateral prior to 10:30 a.m. central time on the day the deposits are actually received. Twenty-four hours notice is necessary on mcremental deposits in excess of $3 million. VIII 1 BANK has heretofore or will immediately hereafter deliver to CUSTODIAN collateral of the kind and character above mentioned of sufficient amount and market value to provide adequate collateral for the uninsured funds of DEPOSITOR deposited with BANK. Said collateral or substitute collateral, as hereinafter provided for, shall be kept and retained by CUSTODIAN in an account maintained m the name of BANK and subject to the control of DEPOSITOR so long as the depository relationship between DEPOSITOR and BANK shall exist hereunder, and thereafter so long as deposits made by DEPOSITOR with BANK hereunder, or any portion thereof, shall have not been properly paid out by BANK to DEPOSITOR or on its order. The BANK hereby grants a security interest in such collateral to DEPOSITOR. IX BANK shall cause CUSTODIAN to accept said collateral and hold the same in trust for the purpose herein stated. x Should BANK fail at any time to pay and satisfy, when due, any check, draft, or voucher lawfully drawn against any deposit and the interest on such deposits or in any manner breach its contract with DEPOSITOR, DEPOSITOR shall give wntten notice of such failure or breach to BANK, and BANK shall have three (3) busmess days to cure such failure or breach. In the event BANK shall fail to cure such faIlure or breach withm three (3) business I 2