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PLEDGE AOltS~MaeaqT PLEDGE AGREEMENT, dated February/k, 1992, made by THE CITY OF UNIVERSITY CITY, MISSOURI, a constitutional charter city (the "City"), to ROYAL BANKS OF MISSOURI (the "Bank"). PRELIMINARY STATEMENTS: (1) The City is the owner of certain monies now or hereafter deposited in the Acquisition Loan Subaccount of the Special Allocation Fund (the "Account") created by Ordinances No. 5686, 5781, and 5~_~, enacted by the University City City Council (t~e "C~ty council-) on November 21, 1988, December 10, 1990, and Ja~/o, 1992, respectively, which monies represent certain of the payments in lieu of taxes (the "PILOTs") received with respect to certain real property located in St. Louis County, Missouri (the "County") and legally described on Exhibit A hereto (the '*Area"), which PILOTs were made with respect to redevelopment of such property under the Real Property Tax Increment Allocation Redevelopment Act, Sections 99,800 to 99.865, Mo. Rev. Stat. (1986) as amended (the "Act"). The Account is maintained at the Bank in Account No. ~&6X&~/ . (2) The City has executed and delivered to the Bank the City's Tax Increment Anticipation Note dated of even date herewith in the principal amount of up to $412,500.00 (the "Note"), and it is a condition precedent to the Bankes funding the Note that the City execute and deliver this Pledge Agreement. NOW, THEREFORE, in consideration of the premises and in order to induce the Bank to fund the Note, the City hereby agrees as follows: Section 1, Pledge. Subject to the limitations set forth in Section 10 hereof, the City hereby pledges to the Bank, and grants to the Bank a security interest in all monies now or from time to time hereafter deposited in the Account, which monies shall be deposited in the Account from the PILOTs received with respect to the Area pursuant to that certain Schedule of Pledged Collateral attached hereto as Exhibit B and incorporated herein by this reference (the "Pledged Collateral") until the earlier of March 1, 2011 (the "Maturity Date"), or payment of the Note in full, whereupon this Pledge shall terminate. STL-68576