Document:

EXHIBIT 10.1

                              FORBEARANCE AGREEMENT

         THIS   FORBEARANCE   AGREEMENT,   dated  as  of  June  5,  2009   (this
"FORBEARANCE"),  is made by and among JACOBS FINANCIAL  GROUP,  INC., a Delaware
corporation  (the  "COMPANY") and the holders of the  Promissory  Notes (as such
term is defined below) on SCHEDULE I hereto (each, a "HOLDER" and  collectively,
the "HOLDERS").  Capitalized  terms used but not otherwise  defined herein shall
have the meanings provided in the Subscription Agreements referred to below.

                               W I T N E S S E T H

         WHEREAS,  the  Company  and each  Holder  is a party to a  Subscription
Agreement for Promissory Note and Common Stock,  dated on or about June 10, 2008
(each,  a  "SUBSCRIPTION   AGREEMENT"  and   collectively,   the   "SUBSCRIPTION
AGREEMENTS"),  pursuant to which the Company  issued to each Holder a promissory
note (the "PROMISSORY NOTES");

         WHEREAS,  (i) pursuant to the terms of the Promissory  Notes, the first
two of 20  equal  quarterly  installments  of  principal  and  interest  payable
thereunder  were to have been paid on December  10, 2008 and March 10, 2009 (the
"INITIAL  AMORTIZATION   PAYMENTS");   (ii)  as  the  result  of  upheavals  and
dislocations in the capital markets,  the Company was unable to either refinance
the  indebtedness  evidenced  by  the  Promissory  Notes  or  make  the  Initial
Amortization Payments to the Holders when due; and (iii) an Event of Default (as
such term is defined in the Promissory  Notes) has occurred under the Promissory
Notes as a result of the Company's failure to make pay the Initial  Amortization
Payments  within 14 days after same  became due and payable  (the  "ACKNOWLEDGED
EVENTS OF DEFAULT");

         WHEREAS,  the Company  continues  diligent  efforts to obtain permanent
financing to repay the outstanding balance due under the Promissory Notes, while
at the same time  pursuing the business  plans of the Company with the intention
of  increasing  the  Company's  profitability  and cash flow from  operations to
enable it to meet its  obligations  to make quarterly  amortization  payments in
accordance with the terms of the Promissory Notes;

         WHEREAS,  the Company has asked the Holders to forbear from  exercising
their rights and remedies arising from the Acknowledged  Events of Default until
the Forbearance Termination Date (as defined below); and

         WHEREAS,  (i) each Holder  recognizes that if such Holder exercises its
remedies  under the  Promissory  Notes,  the  Company  may be forced to  suspend
operations  and the business and prospects of the Company,  including  prospects
for full repayment of the Promissory  Notes,  could be severely damaged and (ii)
accordingly,  the  Holders  are,  upon and  subject to the terms and  conditions
specified in this  Forbearance,  willing to forbear from exercising their rights
and  remedies  arising  from  the  Acknowledged  Events  of  Default  until  the
Forbearance Termination Date.

         NOW,  THEREFORE,  IN  CONSIDERATION  of the premises and other good and
valuable  consideration,  the  receipt  and  sufficiency  of  which  are  hereby
acknowledged, the parties hereto agree as follows:

<PAGE>

         1. The Company acknowledges, confirms and agrees that (a) the Company's
obligation to repay the outstanding principal amount of the Promissory Notes and
all accrued  and unpaid  interest in respect  thereof is  unconditional  and not
subject  to any  offsets,  defenses  or  counterclaims,  (b)  the  Holders  have
performed  fully all of their  respective  obligations  under  the  Subscription
Agreements,  (c) by entering into this Forbearance,  the Holders do not waive or
release any term or condition of the  Subscription  Agreements or the Promissory
Notes or any of their rights or remedies  under the  Subscription  Agreements or
the Promissory  Notes or applicable law or any of the obligations of the Company
thereunder  and (d) the  Acknowledged  Events of Default  have  occurred and are
continuing.  The Holders (a) acknowledge  receipt of payment from the Company of
all interest payable under the Promissory  Notes through  September 10, 2008 and
(b)  acknowledge,  confirm and agree that the Company has performed fully all of
its  obligations  under the  Subscription  Agreements and the  Promissory  Notes
(other than the Acknowledged Events of Default).

         2. Subject to the terms and conditions of this Forbearance, the Holders
hereby  agree that the Company may  satisfy its  obligation  to make the Initial
Amortization  Payments  by making 8  consecutive  quarterly  payments of $67,185
each,  commencing  September  10,  2009,  and  continuing  on the payment  dates
prescribed by the  Amortization  Schedule for the Promissory Notes and ending on
June 10, 2011  (collectively,  the  "PAYMENTS"),  it being  understood  that the
Payments  shall  result in the payment of the  principal  of and interest on the
unpaid portion of the Initial Amortization Payments at the rate of 10% per annum
from and after the originally  scheduled  payment  dates.  The Payments shall be
allocated  among and paid to the Holders in accordance  with the balances due to
each. The Company may at any time prepay the balance  remaining due with respect
to the  principal  of the  Initial  Amortization  Payments  by paying the amount
thereof, together with interest accrued through the date of such prepayment.

         3. Subject to the terms and conditions of this Forbearance, the Holders
hereby agree to forbear the exercise of rights and remedies otherwise  available
under the Subscription  Agreements and the Promissory Notes solely on account of
the Acknowledged  Events of Default from the date of this Forbearance  until the
occurrence of a Forbearance Default.  Notwithstanding the foregoing,  subject to
the terms and  conditions  of this  Forbearance,  the  Holders  shall be free to
exercise  any or all of their  rights  and  remedies  arising  on account of the
Acknowledged Events of Default at any time after the occurrence of a Forbearance
Default.  For purposes of this Agreement,  the term "FORBEARANCE  DEFAULT" means
the existence or occurrence of any or all of the  following:  (a) any of Default
under the Promissory Notes (other than the Acknowledged Events of Default),  (b)
the  failure of the Company to make the  Payments  to the Holders in  accordance
with the schedule  prescribed  by  paragraph 2 hereof and, in all events,  on or
prior to the Forbearance Termination Date, or (c) a breach by the Company of any
other representation,  covenant or condition set forth in this Forbearance;  and
the term "FORBEARANCE TERMINATION DATE" means June 24, 2011.

         4. The Company hereby represents and warrants to the Holders that there
is no indebtedness  for money borrowed of the Company or any of its subsidiaries
outstanding  that is senior in right of payment to the Promissory  Notes. For so
long as the Promissory Notes shall remain  outstanding,  the Company agrees that
it shall  not,  and shall  not  permit  any of its  subsidiaries  to,  incur any
indebtedness  for  money  borrowed  that is senior  in right of  payment  to the
Promissory Notes, PROVIDED, that the foregoing shall not restrict the Company or
any of its subsidiaries  from incurring  indebtedness for money borrowed that is

                                      -2-
<PAGE>

senior in right of payment to the  Promissory  Notes issued in exchange  for, or
the net proceeds of which are used to refinance or retire, the Promissory Notes.
The  provisions of this  paragraph 4 shall  terminate and be of no further force
and effect upon the  payment by the Company of the  Payments in full on or prior
to the Forbearance Termination Date.

         5. For so long as the Promissory  Notes shall remain  outstanding,  the
Company  agrees that it shall not  declare or pay any cash  dividend or make any
cash  distribution  on or with  respect  to any class or  series of its  capital
stock.  The provisions of this paragraph 5 shall  terminate and be of no further
force and effect upon the  payment by the Company of the  Payments in full on or
prior to the Forbearance Termination Date.

         6. The Company and each Holder  hereby  acknowledge  and agree that the
obligations  of the Company under the  Promissory  Notes and hereunder  shall be
entitled  to the  benefits  of that  certain  General  Hypothecation  and Pledge
Agreement,  of even date herewith (the "PLEDGE  AGREEMENT"),  by and between the
Company  and the  Collateral  Agent  (as  defined  below).  Each  holder  hereby
irrevocably  designates and appoints  ______________  as the initial  collateral
agent (the "COLLATERAL  AGENT") for the ratable benefit of the Holders under the
Pledge Agreement and each Holder irrevocably authorizes the Collateral Agent, in
such  capacity,  to take such action on its behalf under the  provisions  of the
Pledge  Agreement  and to exercise  such  powers and perform  such duties as are
expressly  delegated  to the  Collateral  Agent  by  the  terms  of  the  Pledge
Agreement, together with such other powers as are reasonably incidental thereto.
Each  Holder  further  agrees  that it shall not be  entitled  to  exercise  any
remedies  under the  Promissory  Notes and hereunder at any time when there is a
Collateral  Agent  serving as such under the Pledge  Agreement.  The  Collateral
Agent may resign as  Collateral  Agent upon ten (10) days' notice to each Holder
and the Company.  If the Collateral Agent shall resign as Collateral Agent under
the  Pledge  Agreement,   then  the  Holders  representing  a  majority  of  the
outstanding principal amount of all loans evidenced by the Promissory Notes (the
"MAJORITY HOLDERS") shall appoint from among such Holders a successor Collateral
Agent for the Holders, which successor agent shall be subject to approval by the
Company (which  approval  shall not be  unreasonably  withheld),  whereupon such
successor Collateral Agent shall succeed to the rights, powers and duties of the
initial Collateral Agent, and the former Collateral  Agent's rights,  powers and
duties as Collateral Agent shall be terminated, without any other or further act
or deed on the  part  of such  former  Collateral  Agent  or any  Holder.  If no
successor  collateral agent has accepted  appointment as Collateral Agent by the
date that is ten (10) days  following a retiring  Collateral  Agent's  notice of
resignation,  the retiring  Collateral  Agent's  resignation shall  nevertheless
thereupon become effective,  and the Holders shall assume and perform all of the
duties of the  Collateral  Agent  hereunder  until  such  time,  if any,  as the
Majority Holders appoint a successor agent as provided for above. The provisions
of this  paragraph 6 shall  terminate and be of no further force and effect upon
the  payment  by  the  Company  of the  Payments  in  full  on or  prior  to the
Forbearance Termination Date.

         7. For so long as the Promissory  Notes shall remain  outstanding,  the
Company shall permit one (1)  representative  of the Holders (the "OBSERVER") to
attend all  meetings of the board of  directors  of the  Company  (the "BOARD OF
DIRECTORS");  PROVIDED, that notwithstanding  anything to the contrary contained
herein,  (x) the Observer shall not have any right to vote, whether the Observer
attends such meeting in person, telephonically, or otherwise and (y) the Company
shall have the right to condition  the  Observer's  attendance of any meeting of
the Board of  Directors  on the  execution  and  delivery  by the  Observer of a
customary   confidentiality   agreement   in  form  and   substance   reasonably
satisfactory  to the Company.  The Company shall (i) give the Observer notice of

                                      -3-
<PAGE>

all such meetings,  at substantially  the same time as furnished to the Board of
Directors  and  (ii)  provide  to  the  Observer  all  notices,   documents  and
information furnished to the Board of Directors whether at or in anticipation of
such meetings, or in connection with any material actions by written consents or
otherwise,  at substantially  the same time furnished to the Board of Directors.
The Company shall have the right to exclude the Observer from (x) any portion of
a meeting of the Board of Directors and/or committee and/or (y) the distribution
of a certain  portion of the  documentation  provided to the Board of  Directors
and/or  committee  in  connection  with such  meeting,  if the  presence of such
Observer or the receipt of such materials  would,  in the reasonable  opinion of
outside counsel to the Company, result in the loss of attorney-client  privilege
of the  Company or any of its  Affiliates  with  respect to such  portion of the
meeting or documents. If  _____________________  is no longer willing or able to
serve as the  Observer,  then a successor  Observer  shall be  designated by the
Majority Holders (which successor Observer shall be reasonably acceptable to the
Company).  The  provisions  of this  paragraph  7 shall  terminate  and be of no
further force and effect upon the payment by the Company of the Payments in full
on or prior to the Forbearance Termination Date.

         8.  Effective  as of the date hereof,  the Company  shall issue to each
Holder a number of Common  Shares equal to such  Holder's Pro Rata Share of 2.8%
of the outstanding Common Shares (the "SHARES").

         9.  Nothing set forth herein or  contemplated  hereby is intended to or
shall be construed as a waiver of or acquiescence to the Acknowledged  Events of
Default,  which shall  continue in  existence  subject  only to the terms of the
Forbearance and all  restrictions in the Promissory  Notes  applicable  after an
Event of Default shall remain applicable except as otherwise  expressly provided
in this Forbearance.

         10. Nothing set forth herein or contemplated hereby shall constitute an
agreement  by the  Holders  to  forbear  the  exercise  of any of the rights and
remedies  available  to the  Holders  under the  Promissory  Notes (all of which
rights and remedies are hereby expressly reserved by the Holders) upon and after
the occurrence of a Forbearance Default.

         11. The Company  hereby  acknowledges  and consents to all of the terms
and  conditions of this  Forbearance  and agrees that this  Forbearance  and all
documents executed in connection  herewith do not operate to reduce or discharge
any  obligations  under the  Subscription  Agreements or the  Promissory  Notes.
Except as expressly provided herein, this Forbearance shall not modify or affect
the Company's obligation to comply fully with any other duty, term, condition or
covenant  contained in the  Subscription  Agreements and the Promissory Notes or
the rights and remedies of the Holders under the Subscription Agreements and the
Promissory Notes (including,  without limitation,  the obligation of the Company
to issue  additional  Common Shares to the Holders pursuant to Section 2.1(c) of
the  Subscription  Agreements  commencing March 10, 2009 if the Promissory Notes
remain outstanding as of such date). Except as expressly modified hereby, all of
the terms and provisions of the Subscription Agreements and the Promissory Notes
shall remain in full force and effect.

         12. Each Holder hereby agrees that it shall not sell, transfer, assign,
convey,  pledge,  mortgage,  encumber,  hypothecate  or otherwise  dispose of or
suffer the creation of any interest in or lien on (a "TRANSFER")  any Promissory
Note without obtaining an agreement in writing in form and substance  reasonably
satisfactory  to the  Company  from  such  transferee  to the  effect  that such

                                      -4-
<PAGE>

transferee (and any subsequent  transferee of such transferee)  acknowledges and
agrees that it shall take the  Promissory  Note in such Transfer  subject to the
terms  and  condition  of  this  Forbearance  (including,   without  limitation,
paragraph 2 hereof). Each Holder hereby agrees to indemnify and hold the Company
harmless from and against any and all losses, costs,  expenses,  claims, damages
and other liabilities,  including, without limitation, reasonable attorneys fees
and disbursements, which the Company has suffered, incurred or become subject to
arising out of,  based upon or  otherwise  in respect of a breach by such Holder
(or any such transferee) of its obligations pursuant to this paragraph 12.

         13. The Company hereby represents and warrants to the Holders that: (a)
the Company has taken all necessary action to authorize the execution,  delivery
and performance of this Forbearance; (b) this Forbearance has been duly executed
and  delivered by the Company and  constitutes  the Company's  legal,  valid and
binding  obligation,  enforceable  in  accordance  with its  terms;  and (c) the
Company has the power and  authority  to issue the Shares,  and,  when issued in
accordance herewith, the Shares shall be fully paid and non-assessable.

         14. Each Holder hereby makes the  representations and warranties to the
Company set forth on SCHEDULE  II hereto and  covenants  with the Company as set
forth on SCHEDULE II hereto. Such representations,  warranties and covenants are
hereby incorporated by reference herein.

         15. This Forbearance, the Subscription Agreements, the Promissory Notes
and the Pledge Agreement embody the entire agreement  between the parties hereto
and supersede all prior agreements and understandings,  oral or written, if any,
relating to the subject matter hereof.

         16.  This  Forbearance  shall  not  be  deemed  or  construed  to  be a
satisfaction,  reinstatement,  novation, or release of the Promissory Notes, or,
except as expressly provided herein, a waiver by any Holder of any of its rights
thereunder, or at law or in equity.

         17. This  Forbearance  may be  executed in any number of  counterparts,
each of which when so executed and  delivered  shall be an original,  but all of
which  shall  constitute  one and the  same  instrument.  Delivery  of  executed
counterparts  of this  Forbearance by telecopy shall be effective as an original
and shall constitute a representation that an original will be delivered.

         18.  This  Forbearance  and the rights and  obligations  of the parties
under this  Forbearance  shall be governed by, and construed and  interpreted in
accordance with, the law of the State of West Virginia.

             [The parties signatures appear on the following page.]

                                      -5-
<PAGE>

         IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart
of this  Forbearance to be duly executed under seal and delivered as of the date
and year first above written.

                                             JACOBS FINANCIAL GROUP, INC.
                                             a Delaware corporation

                                             By:
---------------------------------            ---------------------------------
Name:                                        Name:    John M. Jacobs
                                             Title:   President

---------------------------------            ---------------------------------
Name:                                        Name:

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Name:                                        Name:

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Name:                                        Name:

---------------------------------            ---------------------------------
Name:                                        Name:

---------------------------------            ---------------------------------
Name:                                        Name:

---------------------------------            ---------------------------------
Name:                                        Name:

---------------------------------            ---------------------------------
Name:                                        Name:

                                      -6-
<PAGE>

                                   SCHEDULE I

                                     HOLDERS

<PAGE>
                                   SCHEDULE II

            REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE HOLDERS

         Defined  terms used in this  SCHEDULE II and not  otherwise  defined in
this  SCHEDULE  II  shall  have  the  meanings  ascribed  to such  terms  in the
Forbearance to which this SCHEDULE II is attached.

         Each Holder  represents  and  warrants to, and agrees with the Company,
that:

         1. The Forbearance has been duly authorized,  executed and delivered by
the Holder, and constitutes a legal, valid and binding obligation of the Holder,
enforceable in accordance with its terms.

         2. The Holder understands the confidential nature of the subject matter
of the  Forbearance  and agrees not to  disclose  the name of the Company or any
matters associated  therewith prior to the public announcement by the Company of
the transactions  effected hereby.  Further,  Holder understands that trading in
the Common Stock of the Company based upon information  derived from the Company
in the process of the issuance of the Shares is strictly  prohibited and subject
to legal prohibitions and sanctions under federal securities laws.

         3. The Holder has had the opportunity to review the Forbearance and the
Pledge Agreement with its counsel or other financial advisors.

         4. The Holder has  knowledge  and  experience in financial and business
matters  sufficient  to  enable  it to  evaluate  the  merits  and  risks  of an
investment in the Shares.

         5. The Holder is acquiring  the Shares  hereunder  for its own account,
solely for investment and not with a view to the resale or distribution  thereof
within the meaning of the  Securities  Act of 1933, as amended (the  "Securities
Act").

         6. The  Holder  understands  that its  acquisition  of the Shares is an
illiquid and may be a long-term investment; and, without impairing its financial
condition,  it is able to hold the Shares for an  indefinite  period of time and
would  be  able to  suffer  a  complete  loss of its  investment  without  undue
financial hardship.

         7. The Holder has had an  opportunity  to ask  questions of and receive
answers from the Company and its officers  concerning  the Company and the terms
and  conditions of the Shares and has had an  opportunity  to obtain  additional
information  from the Company to the extent deemed necessary or advisable by the
Holder in order to verify the accuracy of the information  obtained.  The Holder
has,  to the extent  deemed  necessary  by the  Holder,  consulted  with its own
advisors  (including the Holder's  attorney,  accountant or investment  advisor)
regarding the Holder's investment in the Shares and understands the significance
and effect of its  representations,  warranties,  acknowledgments and agreements
set forth in the Forbearance.

         8. The Holder has reviewed copies of the public filings of the Company,
including those on Forms 10-KSB and 10-QSB. The Holder has, to the extent deemed
necessary  by  the  Holder,   completed  due  diligence  and  such   independent

<PAGE>

investigation concerning the Company and the terms and conditions of the sale of
the Shares contemplated hereby as it has deemed advisable.

         9. The Holder  acknowledges  that neither the  Company,  nor any of its
officers,  representatives  or affiliates,  nor any other person or entity,  has
made any representations or warranties with respect to the Company, its business
or the Shares other than as set forth in the Forbearance.

         10. The Holder  understands  that the Shares  have not been  registered
under the  Securities  Act in reliance upon an exemption  from the  registration
requirements  of the Securities  Act pursuant to Section 4(2) thereof,  that the
Shares have not been registered under applicable state securities laws, and that
the Shares may not be sold or otherwise  disposed of unless registered under the
Securities Act and applicable  state securities laws (the Company being under no
obligation  to so register  such  Shares) or exempted  from  registration.  [The
Holder further understands that the exemption from registration afforded by Rule
144 promulgated under the Securities Act is not presently available with respect
to the Shares.]

         11. The Holder is an  "Accredited  Investor" as such term is defined in
Rule 501 of Regulation D promulgated  under the  Securities  Act. The Holder has
previously  accurately  completed and delivered to the Company Appendix A to the
Subscription  Agreement  and the  information  set forth on such Appendix A with
respect to such Holder is true and correct as of the date hereof.

         12. The Holder  acknowledges that neither the Company nor any person or
entity  acting on its behalf has offered to sell any of the Shares to the Holder
by means of any form of general  solicitation or advertising,  including without
limitation  (i)  any  advertisement,  article,  notice  or  other  communication
published  in any  newspaper,  magazine  or similar  media,  or  broadcast  over
television or radio,  and (ii) any seminar or meeting whose  attendees have been
invited by any general solicitation or general advertising.EXHIBIT 10.2
                   GENERAL HYPOTHECATION AND PLEDGE AGREEMENT

                                                       Dated as of June 5, 2009

         In   consideration  of  the  Obligations  (as  defined  below)  of  the
undersigned to the holders of the  Promissory  Notes (as defined  below),  their
respective successors and assigns (each, a "SECURED PARTY" and collectively, the
"SECURED PARTIES"), and in order to induce the Secured Parties to enter into the
Forbearance Agreement, of even date herewith (the "FORBEARANCE  AGREEMENT"),  by
and among the  undersigned  (referred  to  herein  as the  "UNDERSIGNED"  or the
"DEBTOR")  and the  Secured  Parties and waive  compliance  by the Debtor of its
obligation to make the Initial  Amortization Payment (as such term is defined in
the Promissory Notes), the undersigned,  subject to the terms and subject to the
conditions hereof, hereby agrees as follows:

         I.  COLLATERAL.  (a)  COLLATERAL.  As  security  for all  indebtedness,
liabilities or other obligations of the Debtor,  whether joint, several or joint
and several,  now or hereafter  existing and whether absolute or contingent (the
"OBLIGATIONS"), pursuant to one or more promissory notes issued by Debtor to the
Secured  Parties  pursuant to a Subscription  Agreement For Promissory  Note and
Common Stock between the Debtor and each Secured Party (such  promissory  notes,
as amended or otherwise  modified,  supplemented  or restated from time to time,
the "PROMISSORY  NOTES"),  the Debtor hereby grants to the Collateral  Agent (as
defined below),  for the ratable  benefit of the Collateral  Agent and the other
Secured  Parties,  a lien upon and a  security  interest  in and to,  all of the
Debtor's right,  title and interest,  whether now owned or hereafter acquired or
arising, in, to and under the following (collectively, the "COLLATERAL"):

                  (i) the shares of capital  stock of  Crystal  Mountain  Water,
         Inc. described on SCHEDULE I hereto (the "PLEDGED STOCK");

                  (ii) all certificates  and instruments  evidencing the Pledged
         Stock and all interest,  dividends,  distributions,  cash, instruments,
         securities,  shares of stock,  and other amounts and property from time
         to time received,  receivable, paid or payable or otherwise distributed
         from time to time in respect of, in exchange or substitution for, or as
         an addition to the Pledged Stock; and

                  (iii) all proceeds of any and all of the foregoing  Collateral
         described in clauses (i) and (ii) above.

         (b) STOCK  CERTIFICATES AND POWERS.  Within 10 days after the execution
of this Agreement, Debtor shall deliver to the Collateral Agent each certificate
representing one or more shares of Pledged Stock owned by Debtor,  together with
an undated  stock power  covering  such  certificate,  duly executed in blank by
Debtor.  Within 10 days after the  earlier to occur of (i) the  satisfaction  in
full of all of the  Obligations  and  (ii) the  payment  by the  Company  of the
Payments (as such term is defined in the  Forbearance  Agreement)  in full on or
prior  to the  Forbearance  Termination  Date (as such  term is  defined  in the
Forbearance Agreement),  the Collateral Agent shall return each such certificate
and  stock  power to Debtor  and shall  file a UCC  termination  statement  with
respect to each UCC financing statement filed with respect to the Collateral.

                                      -1-
<PAGE>

         (c) EXCHANGES  AND  SUBSTITUTIONS.  Any  certificates,  instruments  or
shares of any security  received in exchange or substitution  for or in addition
to any other Collateral  pledged  hereunder  (whether in connection with a stock
split,  or  recapitalization  or  otherwise)  shall  be  promptly  delivered  to
Collateral  Agent with  appropriate  endorsements  or stock  powers  endorsed in
blank.

         (d) VOTING RIGHTS.  So long as no Forbearance  Default (as such term is
defined in the Forbearance Agreement) shall have occurred and is continuing, the
Debtor  shall be  entitled to exercise  all voting and other  consensual  rights
pertaining to the  Collateral  beneficially  owned by it or any part thereof for
any purpose not inconsistent  with the terms of this Agreement,  the Forbearance
Agreement or the Promissory Notes.

         (f)   CERTAIN   DEFINITIONS.   (i)  Any  term  used  in  this   General
Hypothecation   and  Pledge   Agreement   (the   "HYPOTHECATION"   or   "GENERAL
HYPOTHECATION  AND PLEDGE  AGREEMENT") and not otherwise  defined herein,  shall
have the  meaning  given  thereto  in the  Promissory  Notes or, if not  defined
therein, in the Uniform Commercial Code in effect from time to time in the State
of West Virginia (the "UCC").

         II.  CERTAIN  RESPONSIBILITIES.  The  Collateral  Agent shall  exercise
reasonable  care in the custody of any property at any time(s) in its possession
or control  hereunder,  or otherwise subject to the terms and provisions hereof,
but  shall be deemed  to have  exercised  reasonable  care if such  property  is
accorded  treatment  substantially  equal to that  which  the  Collateral  Agent
accords his or its own property (it being  understood that the Collateral  Agent
shall have no  responsibility  for ascertaining or taking action with respect to
calls, conversions,  exchanges, maturities, tenders or other matters relative to
any  property and whether or not the  Collateral  Agent has or is deemed to have
knowledge of such matters),  or if the  Collateral  Agent takes such action with
respect to the property as the Debtor shall reasonably  request in writing,  but
no failure to comply with any such  request nor any  omission to do any such act
requested by the Debtor shall be deemed a failure to exercise  reasonable  care,
nor  shall  any  failure  of the  Collateral  Agent to take  necessary  steps to
preserve  rights  against any parties with respect to any property in his or its
possession or control,  or otherwise subject to the terms and provisions hereof,
be deemed a failure to exercise reasonable care.

         III.  DEMAND AND  REMEDIES,  ETC.  (a)  DEMANDS FOR  PAYMENT.  Upon the
occurrence and during the continuance of a Forbearance  Default,  the Collateral
Agent shall have and may,  in his or its sole  discretion,  exercise,  invoke or
enforce  any and all of the  rights  and  remedies  set  forth in the  following
subparagraphs (b) through (d):

                  (b) GENERAL RIGHTS AND REMEDIES.  The  Collateral  Agent shall
have and may  exercise,  invoke or enforce  all of the rights and  remedies  (i)
provided to the Secured  Parties under the Promissory  Notes,  and/or (ii) under
applicable  law or equity,  and/or (iii) provided to a secured party by the UCC.
The Debtor further agrees that in the event notice is necessary,  written notice
mailed (with a faxed copy  contemporaneously sent to the Debtor at the facsimile
number specified  herein) to the Debtor at the address given in the Subscription
Agreements five days prior to the date of public sale of property subject to the
security  interest  of the  Secured  Parties  or prior to the date  after  which

                                      -2-
<PAGE>

private  sale or any  other  disposition  of said  property  will be made  shall
constitute reasonable notice, but notice given in any other reasonable manner or
at any other reasonable time shall be sufficient to the extent received.

                  (c) SPECIAL  REMEDIES  AND RIGHTS  RELATED TO  COLLATERAL.  In
addition to the rights and remedies of  Collateral  Agent and the other  Secured
Parties  described  above,  the  Collateral  Agent may, upon the  occurrence and
during the  continuance of a Forbearance  Default,  exercise,  invoke or enforce
such  other  rights  and/or  remedies  which the  Debtor  may have under or with
respect to any securities  pledged as Collateral and the documents  which relate
to such Securities.

                  (d) SALE  LIMITATIONS.  (i) The Debtor agrees that in any sale
of any interest in the Collateral  (whether or not such Collateral may be deemed
to constitute a security),  the  Collateral  Agent is hereby  authorized  and is
instructed to comply with any limitation or restriction in connection  with such
sale as it may be  advised  by  counsel  is  necessary  in order  to  avoid  any
violation of applicable  law or in order to obtain any required  approval of the
purchaser by any governmental or regulatory authority or officer, and the Debtor
further  agrees  that  such  compliance  shall not  result  in such  sale  being
considered or deemed not to have been made in a commercially reasonable manner.

                  (ii) IF THE SALE OR TRANSFER OF SUCH  COLLATERAL IS RESTRICTED
UNDER  APPLICABLE  SECURITIES  LAWS,  THESE  RESTRICTIONS MAY LIMIT THE GROUP OF
POTENTIAL  PURCHASERS  AND/OR  THE  PRICE  RECEIVED  AT ANY  SALE.  DEBTOR  ALSO
ACKNOWLEDGES  THAT SECURED PARTY MAY BE UNABLE TO EFFECT A PUBLIC SALE OF ALL OR
ANY PART OF THE COLLATERAL AND MAY BE COMPELLED TO RESORT TO ONE OR MORE PRIVATE
SALES (IF PERMISSIBLE  UNDER APPLICABLE LAW) TO A RESTRICTED GROUP OF PURCHASERS
WHO WILL BE OBLIGATED TO AGREE,  AMONG OTHER THINGS,  TO ACQUIRE THE  COLLATERAL
FOR THEIR OWN ACCOUNT, FOR INVESTMENT AND NOT WITH A VIEW TO THE DISTRIBUTION OR
RESALE THEREOF.  DEBTOR FURTHER  ACKNOWLEDGES THAT ANY SUCH PRIVATE SALES MAY BE
AT PRICES AND ON TERMS LESS  FAVORABLE  THAN THOSE OF PUBLIC  SALES,  AND AGREES
THAT SUCH  PRIVATE  SALES  SHALL BE  DEEMED TO HAVE BEEN MADE IN A  COMMERCIALLY
REASONABLE  MANNER AND THAT SECURED PARTY HAS NO OBLIGATION TO DELAY SALE OF ANY
COLLATERAL TO PERMIT THE ISSUER THEREOF TO REGISTER IT FOR PUBLIC SALE UNDER THE
SECURITIES ACT OF 1933.  DEBTOR AGREES THAT COLLATERAL  AGENT SHALL BE PERMITTED
TO TAKE SUCH  ACTIONS AS THE  COLLATERAL  AGENT DEEMS  REASONABLY  NECESSARY  IN
DISPOSING  OF THE  COLLATERAL  TO  AVOID  CONDUCTING  A PUBLIC  DISTRIBUTION  OF
SECURITIES IN VIOLATION OF THE SECURITIES ACT OF 1933 OR THE SECURITIES  LAWS OF
ANY  STATE,  AS NOW  ENACTED OR AS THE SAME MAY IN THE  FUTURE BE  AMENDED,  AND
ACKNOWLEDGES  THAT  ANY  SUCH  ACTIONS  SHALL  BE  COMMERCIALLY  REASONABLE.  IN
ADDITION,  DEBTOR  AGREES TO EXECUTE,  FROM TIME TO TIME,  ANY AMENDMENT TO THIS
AGREEMENT OR OTHER DOCUMENT AS SECURED PARTY MAY REASONABLY  REQUIRE TO EVIDENCE
THE ACKNOWLEDGMENTS AND CONSENTS OF DEBTOR SET FORTH IN THIS PARAGRAPH.

                                      -3-
<PAGE>

                  IV. COSTS AND EXPENSES.  The Debtor will pay to the Collateral
Agent, upon demand, all reasonable costs and expenses,  including reasonable and
documented  attorneys' fees,  related or incidental to the selling or collection
of or  realization  upon any of the  Collateral or relating or incidental to the
establishment or preserving or enforcement of the rights of the Collateral Agent
and the other Secured Parties  hereunder or in respect of any of the Collateral,
and obtaining  legal advice with respect to any of the  foregoing.  Furthermore,
that the net proceeds of the  Collateral,  resulting  from sale,  collection  or
otherwise,  and other  available  moneys coming into the hands of the Collateral
Agent or the other Secured Parties, may be applied by it, to the satisfaction or
reduction of such of the costs and expenses or other  Obligations  as it may see
fit.

                  V. RIGHTS  UNIMPAIRED.  All rights of the Collateral Agent and
the other  Secured  Parties  and liens of the  Secured  Parties  shall  continue
unimpaired,  and the Debtor  shall be and  remain  bound by the  Obligations  in
accordance  with the terms  thereof,  notwithstanding  the release of any of the
Collateral or any other property,  or of any rights or interests therein, or any
delay, extension of time, renewal, compromise or other indulgence granted by the
Secured Party in reference to any of the  Obligations  or any  promissory  note,
draft,  bill of  exchange  or other  instrument  or other  obligations  given in
connection  therewith or  constituting a part of the said  property,  the Debtor
hereby waiving all notice of any such delay, extension,  release,  substitution,
renewal,  compromise or other  indulgence.  The Collateral  Agent shall have the
right to enforce one or more remedies  hereunder,  successively or concurrently,
and such action shall not operate to estop or prevent the Collateral  Agent from
pursuing any further remedy which it may have, and any  repossession or retaking
or sale of the  Collateral  pursuant  to the terms  hereof  shall not operate to
release Debtor until full payment of any deficiency has been made in cash.

                  VI.  CERTAIN  TRANSFERS.  Upon the  occurrence  and during the
continuation of a Forbearance  Default,  the Collateral Agent may, at its option
and without  obligation  to do so,  transfer to or register in its name,  or the
name  of  its  nominee(s),   including  any  "clearing   corporation"  or  other
"custodian" as defined in the UCC and any nominee(s) thereof, all or any part of
the  Collateral  and it may do so  before or after  the  maturity  of any of the
Obligations and with or without notice to the Debtor. Additionally,  in order to
facilitate  the  sale or  disposition  of the  Collateral  hereunder,  upon  the
occurrence and during the continuance of a Forbearance  Default,  the Collateral
Agent is hereby  authorized to exercise its rights  hereunder,  or take title to
the Collateral,  in the name of an affiliated  entity or other nominee,  and the
Collateral  Agent  shall give  notice of its  exercise  of such rights to Debtor
promptly,  provided any failure on the part of the Collateral Agent to give such
notice shall not limit Collateral Agent's rights hereunder.

                  VII.  ASSIGNMENTS  BY SECURED  PARTY.  With the consent of the
Debtor,  which consent shall not be unreasonably  withheld or delayed, a Secured
Party may assign or otherwise  transfer all or any of the  Obligations,  and may
transfer all or any of its security  interest in the  Collateral  and its rights
hereunder to such transferee(s),  who shall thereupon become vested with all the
powers  and rights in  respect  thereof  given to the  Secured  Party  herein or
otherwise and the Secured Party shall  thereafter be forever  relieved and fully
discharged from any liability or responsibility with respect thereto (except for
liability  arising prior to the  assignment by Secured  Party),  but the Secured
Party shall  retain all rights and powers  hereby  given with respect to any and
all instruments, rights or property not so transferred.

                                      -4-
<PAGE>

                  VIII.  PROPERTY.  The word  "property" as used herein includes
goods and merchandise, funds, cash balances, securities (including certificated,
uncertificated and book-entry  securities),  accounts  receivables,  partnership
interests, ancillary rights and interests, general intangibles, choses in action
and any and all  other  forms of  property  whether  real,  personal  or  mixed,
together  with the proceeds  thereof,  any right,  title or interest  therein or
thereto, and any documents relative thereto.

                  IX. NO INVALIDITY,  ETC. This General Hypothecation and Pledge
Agreement  is a continuing  agreement  and shall remain in full force and effect
until the payment in full of the Obligations secured hereunder,  or such earlier
date upon which the Debtor  and each  Secured  Party  shall  otherwise  agree in
writing.   Notwithstanding  the  foregoing,   the  provisions  of  this  General
Hypothecation  and Pledge  Agreement  shall terminate and shall be of no further
force and effect (other than the second  sentence of Section  1(b),  which shall
survive in  accordance  with its terms)  upon the  payment by the Company of the
Payments in full on or prior to the Forbearance Termination Date.

                  X. REPRESENTATIONS,  WARRANTIES AND COVENANTS.  (a) The Debtor
represents  and warrants to the Collateral  Agent and the other Secured  Parties
that:

                  (i) The assignment and security  interest  granted hereby will
not  violate  or  constitute  a  default  under  any  charter,  bylaws  or other
organizing   documents  of  any  corporation  related  to  the  Collateral  (the
"ORGANIZING DOCUMENTS") or any other agreement or instrument which is related to
any such Collateral or to which the Debtor,  or any issuer of a security pledged
hereunder (each an "ISSUER") is a party or any order, judgment, ruling or decree
of any court or other governmental body having  jurisdiction over the Issuers or
the Debtor or any of their respective properties.

                  (ii) The  Debtor is,  and at all times  while any  Obligations
secured hereunder are outstanding  shall remain,  the legal and beneficial owner
of the Collateral.  Upon delivery to the Collateral  Agent of the Pledged Stock,
the  Secured  Parties  shall  have a fully  perfected  first  priority  security
interest  in such  Collateral  and  the  rights  and  interests  related  to the
foregoing.

                  (iii) The Debtor has full right,  power and  authority to make
this  Hypothecation,  to perform its obligations  hereunder,  and to subject the
Collateral to the security interest hereunder, and this Hypothecation represents
the valid and binding  obligation of the Debtor,  enforceable in accordance with
its terms.

                  (iv) The Pledged Stock has been duly and validly issued and is
fully paid and nonassessable.

         (b) In addition to the covenants and  agreements of Debtor set forth in
the Promissory Notes and elsewhere in this  Hypothecation,  the Debtor covenants
and agrees:

                  (i) to execute such other documents and  instruments  (and pay
the cost of filing  and  recording  the same in all  public  offices  reasonably
deemed  necessary by the  Collateral  Agent) and do (or refrain from doing) such
other  acts and  things,  and to cause (to the extent  that  Debtor may so cause
through the  exercise of  commercially  reasonable  efforts)  Issuers to do such

                                      -5-
<PAGE>

other acts and things,  all as the  Collateral  Agent may from time to time deem
reasonably  necessary or appropriate to establish and maintain a valid first and
prior security interest in the Collateral;

                  (ii) to furnish  the  Collateral  Agent with such  information
concerning  the  Collateral  as the  Collateral  Agent  may  from  time  to time
reasonably deem necessary or appropriate,  and to permit the Collateral Agent or
its  designees,  from time to time,  to inspect and make copies of and  extracts
from all  records and all other  papers in the  possession  of the Debtor  which
pertain to the Collateral upon reasonable notice during nominal business hours;

                  (iii) upon the  occurrence  and during  the  continuance  of a
Forbearance  Default,  to send to the  Collateral  Agent  copies of all material
notices and  communications  (other than financial and other reports received in
the ordinary course) with respect to the Collateral as may be received from time
to time by Debtor, unless and until Collateral Agent instructs,  in writing, the
Debtor otherwise; and

                  (iv) to promptly perform all of Debtor's  obligations (if any)
with respect to the Collateral;  and in the event Debtor fails to pay or perform
any such  obligation,  upon 10 days prior written notice,  the Collateral  Agent
may,  but need not, pay or perform  such  obligation  at the expense and for the
account of the Debtor, and all funds expended for such purposes shall constitute
a part of the Obligations secured hereunder, which Debtor promises to pay to the
Collateral Agent.

                  XI. GOVERNING LAW; WAIVER, ETC. IN WRITING. THIS HYPOTHECATION
SHALL BE DEEMED TO HAVE BEEN MADE UNDER,  AND SHALL BE GOVERNED  BY, THE LAWS OF
THE STATE OF WEST VIRGINIA IN ALL RESPECTS,  INCLUDING  MATTERS OF CONSTRUCTION,
VALIDITY AND  PERFORMANCE,  AND NONE OF ITS TERMS OR  PROVISIONS  MAY BE WAIVED,
ALTERED,  MODIFIED,  OR AMENDED EXCEPT AS THE PARTIES HERETO MAY CONSENT THERETO
IN WRITING.

                  XII. FINANCING STATEMENTS. The Collateral Agent is authorized,
at its option,  to file  Financing  Statement(s),  Amendments  and  Continuation
Statement(s)  thereto without the signature of the Debtor with respect to any of
the  Collateral  and to execute and deliver any  instruments,  endorsements  and
documents reasonably necessary to perfect and protect Secured Parties' interests
hereunder;  the Debtor agrees to pay the cost of any such filing or writing, and
to sign upon request any  instruments,  endorsements,  documents or other papers
which the  Collateral  Agent may  reasonably  require to perfect and protect its
security interest therein.

                  XIII.   ATTORNEY-IN-FACT.   THE  COLLATERAL  AGENT  IS  HEREBY
IRREVOCABLY  APPOINTED THE ATTORNEY-IN-FACT OF THE DEBTOR WITH FULL AUTHORITY IN
THE  PLACE  AND  STEAD  OF THE  DEBTOR  AND IN THE  NAME OF THE  DEBTOR,  IN THE
COLLATERAL  AGENT'S  NAME OR  OTHERWISE,  FROM  TIME  TO TIME IN THE  COLLATERAL
AGENT'S DISCRETION,  TO TAKE ANY ACTION AND TO EXECUTE ANY INSTRUMENT,  DOCUMENT
OR AGREEMENT (INCLUDING, WITHOUT LIMITATION, STOCK POWERS, FINANCING STATEMENTS,
AMENDMENTS  THERETO,  CONTINUATION  STATEMENTS)  WHICH THE COLLATERAL  AGENT MAY
REASONABLY  DEEM  NECESSARY OR  ADVISABLE  TO PERFECT,  PRESERVE AND PROTECT THE
SECURITY INTEREST GRANTED OR PURPORTED TO BE GRANTED  HEREUNDER,  AND, FOLLOWING

                                      -6-
<PAGE>

THE OCCURRENCE AND DURING THE CONTINUANCE OF A FORBEARANCE  DEFAULT, (I) TO ASK,
DEMAND,  COLLECT,  RECEIVE,  RECEIPT FOR, SUE FOR, COMPOUND AND GIVE ACQUITTANCE
FOR ANY AND ALL PAYMENTS,  DISTRIBUTIONS  OR  PROPERTIES  WHICH MAY BE OR BECOME
DUE,  PAYABLE  OR  DISTRIBUTABLE  TO OR IN RESPECT  TO THE  COLLATERAL  OR WHICH
CONSTITUTE A PART THEREOF,  WITH FULL POWER TO SETTLE,  ADJUST OR COMPROMISE ANY
CLAIM  THEREUNDER  OR THEREFOR AS FULLY AS THE DEBTOR  COULD  ITSELF DO, (II) TO
ENDORSE OR SIGN THE NAME OF THE DEBTOR ON ALL COMMERCIAL  PAPER GIVEN IN PAYMENT
OR IN PART PAYMENT  THEREOF,  AND ALL  DOCUMENTS OF  SATISFACTION,  DISCHARGE OR
RECEIPT  REQUIRED OR REQUESTED IN  CONNECTION  THEREWITH,  AND (III) TO FILE ANY
CLAIM OR TAKE ANY OTHER ACTION OR  PROCEEDING,  EITHER IN ITS OWN NAME OR IN THE
NAME OF THE DEBTOR, OR OTHERWISE, WHICH THE COLLATERAL AGENT MAY DEEM REASONABLY
NECESSARY OR APPROPRIATE TO COLLECT OR OTHERWISE REALIZE UPON ANY AND ALL OF THE
COLLATERAL,  OR AFFECT A TRANSFER THEREOF, OR WHICH MAY BE REASONABLY  NECESSARY
OR  APPROPRIATE  TO PROTECT AND  PRESERVE  THE RIGHT,  TITLE AND INTEREST OF THE
COLLATERAL  AGENT  IN AND TO THE  COLLATERAL  AND THE  SECURITY  INTENDED  TO BE
AFFORDED  HEREBY OR WHEN ANY  SPECIFIC  RIGHT OF  ACTION IS GIVEN TO  COLLATERAL
AGENT.  THE DEBTOR AGREES TO PAY THE  COLLATERAL  AGENT ON DEMAND ANY REASONABLE
EXPENSES WITH RESPECT TO ANY OF THE ABOVE.

                  XIV. NO  ASSIGNMENTS;  SUBSTITUTION OF COLLATERAL  AGENT.  The
Debtor may not assign or otherwise transfer its rights or obligations under this
General  Hypothecation and Pledge Agreement without the prior written consent of
the  Collateral  Agent,  but the  obligations  of the Debtor  under this General
Hypothecation  and Pledge  Agreement  will be  binding  on each of the  Debtor's
heirs, beneficiaries,  executors, administrators,  successors, assigns and legal
representatives.  The Collateral Agent may not assign or otherwise  transfer his
or its  rights or  obligations  under  this  General  Hypothecation  and  Pledge
Agreement  without the prior written consent of the Debtor,  but the obligations
of the Collateral  Agent under this General  Hypothecation  and Pledge Agreement
will  be  binding  on  each  of the  Collateral  Agent's  heirs,  beneficiaries,
executors,  administrators,  successors, assigns and legal representatives.  The
Collateral  Agent may resign as  Collateral  Agent  upon 10 days'  notice to the
Secured  Parties  and the  Debtor.  If the  Collateral  Agent  shall  resign  as
Collateral  Agent,  then the  Majority  Holders  (as such term is defined in the
Forbearance  Agreement) shall appoint from among the Secured Parties a successor
Collateral  Agent,  which  successor  collateral  agent  shall be subject to the
approval  of  Debtor  (which  approval  shall  not  be  unreasonably  withheld),
whereupon such successor  Collateral  Agent shall succeed to the rights,  powers
and duties of the former  Collateral  Agent, and the former  Collateral  Agent's
rights,  powers and duties as Collateral Agent shall be terminated,  without any
other or further act or deed on the part of such former  Collateral Agent or any
Secured  Party.  If no successor  Collateral  Agent has accepted  appointment as
Collateral  Agent  by the  date  that is ten  (10)  days  following  a  retiring

                                      -7-
<PAGE>

Collateral  Agent's  notice of  resignation,  the  retiring  Collateral  Agent's
resignation  shall  nevertheless  thereupon  become  effective,  and the Secured
Parties  shall  assume and  perform  all of the duties of the  Collateral  Agent
hereunder  until such time, if any, as the Majority  Holders appoint a successor
agent as provided for above.

                  XV. NO LIENS,  ETC. The Debtor will not  intentionally  incur,
create,  assume or permit to exist any lien, security interest,  pledge or other
charge or encumbrance,  or any other type of preferential  arrangement,  upon or
with respect to any Collateral.

                  XVI.  NO  LIMITS  ON  DEMANDS.  Nothing  contained  herein  or
otherwise  in this General  Hypothecation  and Pledge  Agreement  shall limit or
otherwise  affect in any way the right of Collateral  Agent or any other Secured
Party to demand, at any time following the occurrence of a Forbearance  Default,
payment of any or all of the outstanding amount of the Obligations payable under
the Promissory Notes secured hereby pursuant to the terms thereof.

                  XVII.  LOCATION.  The Debtor  represents  and  warrants to the
Collateral  Agent  and the  other  Secured  Parties  that its  primary  address,
principal  place of business and chief  executive  office or residence is as set
forth  below on the  signature  pages  hereof and Debtor  shall not change  such
primary  address,  principal  place of business  and chief  executive  office or
residence without giving Collateral Agent at least 20 days notice of such change
(which notice shall include the new address thereof).

                  XVIII.    HYPOTHECATION   FOR   COLLATERAL   PURPOSES.    This
Hypothecation  is executed and delivered to the Collateral  Agent for collateral
purposes,  and  constitutes  an assignment  and pledge only of the rights of the
Debtor with respect to the  Collateral  and does not  constitute a delegation of
any duties or  obligations  of the Debtor with respect  thereto.  The Collateral
Agent does not, by its acceptance of this Hypothecation  undertake to perform or
discharge  and  shall  not be  responsible  or  liable  for the  performance  or
discharge of any duties or  responsibilities  with respect to the  Collateral or
related  documents,  and any such assumption or undertaking is hereby  expressly
disclaimed.

               [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                      -8-
<PAGE>

         This  General  Hypothecation  and  Pledge  Agreement  is  executed  and
delivered by the  undersigned and is dated as of the date set forth on the first
page hereof.

                                      JACOBS FINANCIAL GROUP, INC.

                                      By:
                                        ----------------------------------------
                                            Name:  John M. Jacobs.
                                            Title:  President

                                      Address:  Jacobs Financial Group, Inc.
                                                300 Summers Street, Suite 970
                                                Charleston, West Virginia  25301
                                                Attention: President

                                      Telephone No.:  304-342-3535
Telefax No.:  304-342-9726

AGREED TO BY:

COLLATERAL AGENT:

---------------------------

                                      -9-
<PAGE>

                                   SCHEDULE 1
                                       TO
                   GENERAL HYPOTHECATION AND PLEDGE AGREEMENT

                           SPECIFIC PLEDGED COLLATERAL

100 shares of Crystal Mountain Water, Inc.

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