WARNING: THE ▇▇▇▇▇ SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
AGREEMENT TO PLEDGE
_________________________________________________________________
____________________________DESCRIPTION OF NOTE__________________
DEBTOR(S) NAME AND ADDRESS NOTE NUMBER DATE OF NOTE
▇▇▇▇▇▇▇▇ Financial Group, Inc. 51365 12-30-96
P.O. Box 705
Okla. City, Okla. 73101 MATURITY DATE PRINCIPAL AMOUNT
_____________________________ 12-30-2006 $966,000.00
CUSTOMER NUMBER /X/NEW LOAN OFFICER
5017027 / /RENEWAL OF LOAN NUMBER: DG/vs
_________________________________________________________________
INTEREST RATE-PER ANNUM INTEREST PAYABLE
1 1/4 above NY Prime to be adjusted annually Monthly
COLLATERAL CATEGORIES
Stock
PAYMENT TERMS
Payable at $12,570.11 each month beginning 1-30-97, first to be
applied to interest, then to principal, with a final payment of the
outstanding principal plus unpaid accrued interest due at maturity.
DATE COLLATERAL TO BE DELIVERED TO LENDER:
_________________________________________________________________
In consideration of the granting of the loan described above to the
named Debtor, the Undersigned as of Date of Agreement hereby agrees
to pledge to the Lender named herein the following described
property, hereinafter called "Collateral", and grants to Lender a
security interest in the Collateral. The Collateral shall be
delivered to the Lender by the Undersigned promptly and by the date
indicated above which date is not later than twenty-one days from
Date of Agreement.
_________________________________________________________________
DESCRIPTION OF COLLATERAL
_________________________________________________________________
200,000 SHARES OF LSB Industries, Inc. pledged by SBL Corporation
_________________________________________________________________
The security interest herein granted secures payment of the subject
Note and any and all other liabilities of the Debtor to the Lender,
direct or indirect, absolute or contingent, now existing or
hereafter arising, all such liabilities hereinafter being called
"Obligations."
The Undersigned will pay all expenses and charges in connection with
the Collateral and will at all times while the Collateral is in the
hands of the Undersigned hold the Collateral separate and distinct
from any other property of the Undersigned and will show separation
in all of the records and entries of the Undersigned.
Upon the occurrence of an event of default under this Security
Agreement or under the terms of any of the Obligations of the
Debtor to the Lender or others, the Lender shall have in any
jurisdiction wherein enforcement hereof is sought, in addition to
all other rights and remedies, the rights and remedies of a secured
party under the Uniform Commercial Code, including, without
limitation thereto, the right to take possession of the Collateral.
The Lender may require the Undersigned to make the Collateral
available to the Lender at a place to be designated by the Lender
which is reasonably convenient to both parties. Expenses of taking,
retaking, holding, selling or the like shall include the Lender's
reasonable attorney fees and legal expenses and the Undersigned
shall pay such expenses.
No waiver of any rights or powers of the Lender shall be valid
unless in writing signed by the Lender. The rights and powers
herein given the Lender are in addition to all others howsoever
arising.
This Agreement to Pledge is made pursuant to Uniform Commercial Code
and is to be interpreted in accordance therewith.
_________________________________________________________________
LENDER NAME AND ADDRESS SIGNATURES
_________________________________________________________________
First Enterprise Bank SBL CORPORATION, an Oklahoma
▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
▇▇▇▇. City, Okla. 73120 _____________________________
_____________________________
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇,
President
_____________________________
_________________________________________________________________
BALL:\K-M\LSB\13D\24A-EX27.PLG
