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EXHIBIT 10(c)(6)
THIRD PARTY PLEDGE AGREEMENT
Date MAY 31, 1995
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PLEDGOR XXXX XXXXX XXXXXXXX SECURED THE FIRST NATIONAL BANK OF BRYAN
PARTY
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BUSINESS
OR 4455 XXXXXX CREEK ADDRESS 0000 XXXXX XXX. P O BOX 833
RESIDENCE
ADDRESS
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XXXX, XXXXX, XX 00000 CITY, BRYAN, TX. 77802
STATE & STATE &
ZIP CODE ZIP CODE
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1. SECURITY INTEREST AND COLLATERAL. To secure (check one):
[ ] the payment and performance of each and every debt, liability and
obligation of every type and description which
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("Debtor") may now or at any time hereafter owe to Secured Party (whether
such debt, liability or obligation now exists or is hereafter created or
incurred, and whether it is or may be direct or indirect, due or to become
due, absolute or contingent, primary or secondary, liquidated or
unliquidated, or joint, several or joint and several; all such debts,
liabilities and obligations being herein collectively referred to as the
"Obligations").
[x] the debt, liability or obligation of BODYBILT SEATING INC.
(MODIFICATION) ("Debtor") to Secured Party evidenced by or arising
under the following: PROMISSORY NOTE NUMBER #33118-68 DATED 5-31-95, and
any extensions, renewals or replacements thereof (herein referred to as the
"Obligations"),
Pledgor hereby grants Secured Party a security interest (herein called the
"Security Interest") in (check one):
[ ] all property of any kind now or at any time hereafter owned by Pledgor,
or in which Pledgor may now or hereafter have an interest, which may now be
or may at any time hereafter come into the possession or control of Secured
Party or into the possession or control of Secured Party's agents or
correspondents, whether such possession or control is given for collateral
purposes or for safekeeping, together with all proceeds of and other rights
in connection with such property (herein called the "Collateral").
[X] the property owned by Pledgor and held by Secured Party that is described
as follows: XXXXXXX NATIONAL LIFE INSURANCE POLICY #8636700, together with
all rights in connection with that property (herein called the "Collateral").
2. REPRESENTATIONS, WARRANTIES AND COVENANTS. Pledgor represents, warrants and
covenants that:
(a) Pledgor will duly endorse, in blank, each and every instrument
constituting Collateral by signing on said instrument or by signing a separate
document of assignment or transfer, if required by Secured Party.
(b) Pledgor is the owner of the Collateral free and clear of all liens,
encumbrances, security interests and restrictions, except the Security Interest
and any restrictive legend appearing on any instrument constituting Collateral.
(c) Pledgor will keep the Collateral free and clear of all liens,
encumbrances and security interests, except the Security Interest.
(d) Pledgor will pay, when due, all taxes and other governmental charges
levied or assessed upon or against any Collateral.
(e) At any time, upon request by Secured Party, Pledgor will deliver to
Secured Party all notices, financial statements, reports or other
communications received by Pledgor as an owner or holder of the Collateral.
(f) Pledgor will upon receipt deliver to Secured Party in pledge as
additional Collateral all securities distributed on account of the Collateral
such as stock dividends and securities resulting from stock splits,
reorganizations and recapitalizations.
3. RIGHTS OF SECURED PARTY. Pledgor agrees that Secured Party may at any time,
whether before or after the occurrence of an Event of Default and without
notice or demand of any kind, (i) notify the obligor on or issuer of any
Collateral to make payment to Secured Party of any amounts due or
distributable thereon, (ii) in Pledgor's name or Secured Party's name enforce
collection of any Collateral by suit or otherwise, or surrender, release or
exchange all or any part of it, or compromise, extend or renew for any period
any obligation evidenced by the Collateral, (iii) receive all proceeds of the
Collateral, and (iv) hold any increase or profits received from the
Collateral as additional security for the Obligations, except that any money
received from the Collateral shall, at Secured Party's option, be applied in
reduction of the Obligations, in such order of application as Secured Party
may determine, or be remitted to Debtor.
THIS AGREEMENT CONTAINS ADDITIONAL PROVISIONS SET FORTH ON PAGE 2 HEREOF,
ALL OF WHICH ARE MADE A PART HEREOF.
XXXX XXXXX XXXXXXXX
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Pledgor's Name
By /s/ XXXX XXXXX XXXXXXXX
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XXXX XXXXX XXXXXXXX
Title: PRESIDENT
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By
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Title:
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BANKERS SYSTEMS, INC., XX. XXXXX, XX 00000 (0-000-000-0000) FORM M-150 5/20/91
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