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.
Appears in 8 contracts
Sources: Escrow Agreement, Escrow Agreement, Escrow Agreement