Exhibit (iii)
ACCEPTANCE OF COLLATERAL
IN FULL SATISFACTION OF ALL OBLIGATIONS
RECITALS:
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XXXXX XXXXXXXX (hereafter "GIUFFRIA"), as Xxxxxxx, and XXXXXXX X.
XXXXXX AND XXXXX X. XXXXXX, TRUSTEES OF THE XXXXXXX X. XXXXXX AND XXXXX X.
XXXXXX 1998 REVOCABLE TRUST ("Pledgee"), entered into a certain pledge agreement
dated July 31, 2002, by which Pledgor pledged to Pledgee Three Hundred Thousand
(300,000) shares of Voyager Entertainment International, Inc., common stock
("Collateral") to secure the repayment of loans made by Pledgee by Pledgor
totaling One Hundred Fifteen Thousand Dollars ($115,000.00). Pursuant to said
pledge agreement, Xxxxxxx transferred to Pledgee Voyager Entertainment
International, Inc., Share Certificate No. 536, evidencing ownership of said
shares, and executed and transferred to said Pledgee a stock power (separate
from the certificate) for the transfer of said shares to Pledgee.
Pledgor is in default in repayment of said loans. Pledgor and Pledgee
desire that all of the Collateral be transferred to Pledgee in full satisfaction
of the aforesaid obligations.
AGREEMENT:
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It is agreed by and between Pledgor and Pledgee that Pledgee accepts
the Collateral in full satisfaction of the obligations described above.
EXECUTION
PLEDGOR:
Dated: March 17, 2003 /S/
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Xxxxx Xxxxxxxx
PLEDGEE:
Dated: March 17, 2003 /S/
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Xxxxxxx X. Xxxxxx, Trustee of the
Xxxxxxx X. Xxxxxx and Xxxxx X.
Xxxxxx 1998 Revocable Trust
Dated: March 17, 2003 /S/
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Xxxxx X. Xxxxxx, Trustee of the
Xxxxxxx X. Xxxxxx and Xxxxx X.
Xxxxxx 1998 Revocable Trust
