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<br />.. ~+v...~.a a ra \11WLa•a L1\1 - 1 L1iLVL
<br />PIEDGOR(S): CFiI fteel Corporation, Debtor-ImPOUesslon
<br />225 Cwl Street
<br />Pueblo, Colordo 6700<
<br />EORRORT:R(S): CFtI !feel l:orpontlon, Debtor-Imiasestion
<br />225 Carvtl street
<br />Pueblo, eo eto04
<br />w'N8~
<br />In mnddention of amounts loaned and/or to be loaned by the Bank to Bortower or u Borrosvds requrat, or other fmanrial
<br />aowmmodationt made by the Bank to or u the reques of Bortowtr, and other good and valwble considerstioq the rcaipt and wtlirienry
<br />of which arc hereby adcnavledged, Pledgor and Bortower inter into this Security Agtnaaatt -Pledge (this AgreemrnC) and eoverlant and
<br />agree as follows:
<br />1. DEFWI7TONS. tiYlsrn used hercir4 the terrtts set forth belay tha11 be de5ned u follows:
<br />The Colorado Yatlonal tWtk of Denier
<br />(s) The'Bank'shallmean 17th i Chrip ftraeU, Denver, CO e0202
<br />(b) 'Bortowef shall mean the Bortaver(s) named above, whether oae or more and, if toore than one, jointly and
<br />severitly.
<br />(c) 'Pledgor shall mean the Pledgor(s) named above, vheiher one m more and, if more than me, jointly and severally. If
<br />PleAgor and Sortower ue idential, the terms Bortower and Pledgor shall be interdtangeable.
<br />(d) 'Collateral' lira!! mean the follaving personal property.
<br />Colorado Mstional cant of Denver Yeaot(sble Certfficete of Oeposft Yo.
<br />SSOe65, dated ,Issued to the nsne o} Cttl steel Corporation,
<br />Debtor-In-POSSecslon, fn the arrant of !822,000.00, trtth Interest at the
<br />rate o1 ><, to aeture ,and any ranwls resultirq
<br />therefrom.
<br />and tft other personal property desrnbed in try ealubit or schedule anne=ed heret0. togaher with ury and all other
<br />wbstitutional and additional property, righu or interests of Pledgor from time to time delivered or agreed to be delivered to the
<br />Bank, or Doming into the possession, astody or control of the Bank for arty purpose and in arty manner, and atry and all
<br />proceeds (indudirtg, without limitation, insurance prooeedt and arty unearned insurance pnaniums), produces and aocessiom of
<br />and to arty of the foregoing, anQ if applioble, arty and all interest, aodt right; righss to wbscibe, dividend; stock dividend;
<br />liquidating dividend; new searitiu and othtt property to which P)edgor mry become entitled by reawn of the ownership of
<br />arty or all of the foregoing property whr7e this Agreemrnt isvt fora.
<br />(e) 'Obligations shall mun arty and all indebtedness obliguiorts and tiabtlitia of Bortower to Ne Bank (and all
<br />motlifiations rcnewah and mansions thereof), now eastirtg or hneafttr arising, due or to become due, regardless of the
<br />manner in which thry arise or may be evidrnaA. The foregoing utdude; without limitation, arty and aL loans (indudusg arty
<br />loan by rrnewal, modifiaeon or wension), indcbtedne:; liabilities and obligations of Bortower to others thu the Bank may
<br />have obtained by purchase, assignment or otherwise, or upon wfiich Sorraver is jointly obligated, and any sad aD interest, fee;
<br />cost; expenses and anorneyws feet durgeable to Borrower or inarted by the Hank in ooaneaioa with ury trantaceion between
<br />Bortower and the Hank or in connexion with aaions taken by the Hank to praea and maintain the Collateral and to enforce
<br />iu rights under this Agreaneu. 'Obligations' shall natrtdude arty obligations m IiabiliHes of Borrower for the repaymrnt of
<br />oottwmer credit writing undo arty credit and issued by the Bank.
<br />(Q'Event(s) of Default' s1u11 mean the oaurteoa of one or tnorc of the evwu spedGed fn Seceion 6 of this Agreement.
<br />2 GRANT OF SECURITY WfERESf AND PLEDGE To secure timely pryment and pedormsrsa of arty and all of the
<br />Obligation by Bortower, Pledgor hereby Pledges, astigris and tranders to the Bank, and grams to the Bank a continuing searity
<br />interest in and to, all of the Collateral. Pledgor thaD deriver the Collateral to Ne Bank, and the Bank shall retain possession thereof,
<br />for the purposes set forth herein.
<br />3. REPRESENTATIONS AND WARRANTIES. Pledgor represents and warrants to the Bank, far so long u arty Obligations
<br />are outstanding (with wch represcntatioro and warranties to be true, oorrea and reaffirmed automatially u of the date of delivery to
<br />the Bank of wry and aU new, additional and/or substitutional Colueral and u of the due of arty new Obligation), as follows:
<br />Qmttn Itfv. a/so
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