ORIGINAL
Date of Agreement
SECURITY AGREEMENT October 12, 1995
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DEBTOR NAME PLEDGOR NAME LENDER NAME
AND ADDRESS AND ADDRESS AND ADDRESS
__________________________________________________________________________
XXXXXX, XXXX X. XXXXXX X. XXXXXX STILLWATER NATIONAL BANK
P. O. XXX 000 X. X. XXX 000 AND TRUST COMPANY
OKLAHOMA CITY, OKLAHOMA CITY, 0000 XXXXXXXXX XXXX., XXX 000
XX 00000 OK 73101 XXXXXXXX XXXX, XX 00000
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X. XXXXX OF A SECURITY INTEREST. For value received, the Undersigned whether
one or more (hereinafter individually referred to as "Debtor" or "Pledgor" as
their capacities are above set forth) hereby grants to Lender named above a
security interest in the property described in Paragraph II, which property is
hereinafter referred to collectively as "Collateral". This security interest
is given to secure all the obligations of the Debtor and of the Pledgor to
Lender as more fully set forth in Paragraphs III and IV hereof.
II. COLLATERAL. The Collateral includes: (A) All specifically described
Collateral; (B) All proceeds of Collateral; and (C) Other property as
indicated below.
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(A) SPECIFICALLY DESCRIBED COLLATERAL
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THIRTY-TWO (32) STOCK CERTIFICATES EACH HAVING 10,000 SHARES OF LSB
INDUSTRIES, INC., INSCRIBED XXXXXX X. XXXXXX, CUSIP 502160 10 4. THE
CERTIFICATE NOS. ARE: OKS4029, OKS4030, OKS4031, OKS4032, OKS4033,
OKS4034, OKS4035, OKS4036, OKS4037, OKS4038, OKS4039, OKS4040, OKS4041,
OKS4042, OKS4043, OKS4044, OKS4045, OKS4046, OKS4047, OKS4048, OKS4049,
OSK4050, OKS4051, OKS4052, OKS4053, OKS4054, OKS4055, OKS4056, OKS4058,
OKS4059, OKS4060.
(B) ALL PROCEEDS of the specifically described Collateral regardless of
kind, character or form (including, but not limited to, renewals,
extension,s redeposits, reissues or any other changes in form of the
rights represented thereby), together with any stock rights, rights to
subscribe, liquidating dividends, dividends paid in stock or other
property, new securities, or any other property to which Undersigned may
hereafter become entitled to receive by reason of the specifically
described Collateral; and in the event Undersigned receives any such
property, Undersigned agrees immediately to deliver same to Lender to be
held by Lender in the same manner as Collateral specifically described
above.
(C) OTHER PROPERTY which shall be deemed Collateral shall include all
dividends and interest paid in cash on the Collateral, provided,
however, that Lender at its option may permit such dividends and/or
interest to be received and retained by Undersigned, but provided
further, that Lender may at any time terminate such permission.
Collateral shall further include without limitation, all money, funds,
or property owned by Undersigned which is now or which hereafter may be
possessed or controlled by Lender whether by pledge, deposit or
otherwise.
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III. OBLIGATIONS SECURED BY THIS AGREEMENT. The security interest herein
granted is given to secure all of the obligations of Debtor or Pledgor
including: (a) The performance of all of the agreements, covenants and
warranties of the Debtor or Pledgor as set forth in any agreement
between Debtor or Pledgor and Lender, (b) All liabilities of Debtor or
Pledgor to Lender of every kind and description including: (1) all
future advances, (2) both direct and indirect liabilities, (3)
liabilities due or to become due and whether absolute or contingent, and
(4) liabilities now existing or hereafter arising and however evidenced;
(c) All extensions and renewals of liabilities of Debtor or Pledgor to
Lender for any term or terms to which Undersigned hereby consents; (d)
All interest due or to become due on the liabilities of Debtor or
Pledgor to Lender; (e) All expenditures by Lender involving the
performance of or enforcement of any agreement, covenant or warranty
provided for by this or any other agreement between the parties; and (f)
All costs, attorney fees, and other expenditures of Lender in the
collection and enforcement of any obligation or liability of Debtor or
Pledgor to Lender and in the collection and enforcement of or
realization upon any of the Collateral.
IV. FUTURE ADVANCES. It is specifically agreed that the obligations of
Debtor and Pledgor secured by this Agreement include all future advances
by Lender to Debtor as set forth in Paragraph III above.
V. ADDITIONAL PROVISIONS. The Undersigned agrees to the Additional
Provisions set forth on page two hereof, the same being incorporated
herein by reference.
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RECEIPT FOR COLLATERAL SIGNATURES
______________________________________________________________________________
____________________________________
STILLWATER NATIONAL BANK Name XXXXXX X. XXXXXX
AND TRUST COMPANY ____________________________________
_____________________________________ Name
LENDER NAME ____________________________________
/s/ Xxxxxxx Xxxxx SR. V.P. CORPORATION OR PARTNERSHIP NAME
____________________ __________ _________________________ _________
By XXXXXXX XXXXX Title By Title
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Form 04 0676 4 Stocks, Bonds and Possessory Collateral
Copyright 11/90 American Bank Systems, Inc.
