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<br /> <br />iiiiiiiiiiuiiiiii ~~,~ <br />SECIIRITY 71GREE?lENT <br />AGREEMENT dated this day of November, 1990, by the <br />undersigned corporations (individually and collectively, <br />^GUarantors") to and in favor of CONGRESS FINANCIAL CORPORATION <br />(WESTERN), a California corporation ("Lender"). <br />W I T N E S S E T H <br />WHEREAS, Lender has entered or is about to enter into <br />financing arrangements with CF&I Steel Corporation, Debtor and <br />Debtor-in-Possession, a Colorado corporation ("Borrower"), pursuant <br />to which Lender may make loans and advances and provide other <br />financial accommodations to Borrower; and <br />WHEREAS, Guarantors have executed and delivered or are about <br />to execute and deliver to Lender guaranties in favor of Lender <br />pursuant to which Guarantors absolutely and unconditionally <br />guarantee to Lender the payment and performance of all now existing <br />and hereafter arising obligations, liabilities and indebtedness of <br />Borrower to Lender; and <br />WHEREAS, in order to induce Lender to enter into the Financing <br />Agreements and to make loans and advances and provide other <br />financial accommodations to Borrower pursuant thereto, each of <br />Guarantors has agreed to grant to Lender certain collateral <br />security as set forth herein; <br />NOW THEREFORE, in consideration of the premises and other good <br />and valuable consideration, the receipt and sufficiency of which is <br />hereby acknowledged, each of Guarantors hereby jointly and <br />severally agrees as follows: <br />1. DEFINITIONS <br />As used above and in this General Security Agreement the <br />following terms shall have the respective meanings given to them <br />below: <br />(a) All terms used herein which are defined in Article 1 <br />or Article 9 of the Uniform Commercial Code shall have the meanings <br />set forth therein unless otherwise defined in this Agreement and <br />all references to the plural herein shall also mean the singular <br />and all references to the singular shall also mean the plural. <br />(b) All references to the term "Guarantors" wherever <br />used herein shall be deemed to mean the signatories hereto and each <br />of them, together with their respective successors and assigns <br />(including any trustee or other fiduciary hereafter appointed as a <br />legal representative for any of them or with respect to property of <br />