Common use of Security for Cash Balances Clause in Contracts

Security for Cash Balances. Cash balances from time to time shall, to the extent not insured by the Federal Deposit Insurance Corporation or its successor, be continuously collateralized by securities or obligations which qualify and are eligible under both the laws of the United States of America and the State of Texas to secure and be pledged as collateral for public funds having a market value at least equal to such cash balances.

Security for Cash Balances. Cash balances from time to time shallon deposit in the Escrow Fund, to the extent not insured by the Federal Deposit Insurance Corporation or its successor, shall be continuously collateralized by with securities or obligations which qualify and that are eligible under both the laws of the United States of America and the State of Texas to secure and be pledged as collateral for public funds having a market value at least equal trust accounts until the principal and interest on the Defeased Bonds have been presented for payment and paid to such cash balancesthe owner thereof.