Exhibit 4.6.1
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DEBTOR NAME AND ADDRESS
MGP INGREDIENTS, INC.
PO Box 130
Atchison, KS 66002
Type: o individual o partnership x corporation o
State of organization/registration (if
applicable) Kansas
o If checked, refer to addendum
for additional Debtors and signatures.
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SECURED PARTY NAME AND ADDRESS
Union State Bank of Everest DBA Bank of Atchison
USB
701 Kansas Avenue
Atchison, KS 66002
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COMMERCIAL SECURITY
AGREEMENT
The date of this Commercial Security Agreement
(Agreement) is July 20, 2009
SECURED DEBTS.
This Agreement will secure
all sums advanced by Secured Party under the terms of this
Agreement and the payment and performance of the following
described Secured Debts that (check one) x Debtor o
(Borrower) owes to Secured
Party:
o
Specific Debts.
The following debts and all
extensions, renewals, refinancings, modifications, and replacements
(describe):
x
All Debts.
All present and future debts,
even if this Agreement is not referenced, the debts are also
secured by other collateral, or the future debt is unrelated to or
of a different type than the current debt. Nothing in this
Agreement is a commitment to make future loans or
advances.
SECURITY INTEREST.
To secure the payment and
performance of the Secured Debts, Debtor gives Secured Party a
security interest in all of the Property described in this
Agreement that Debtor owns or has sufficient rights in which to
transfer an interest, now or in the future, wherever the Property
is or will be located, and all proceeds and products of the
Property. “Property” includes all parts,
accessories, repairs, replacements, improvements, and accessions to
the Property; any original evidence of title or ownership; and all
obligations that support the payment or performance of the
Property. “Proceeds” includes anything acquired
upon the sale, lease, license, exchange, or other disposition of
the Property; any rights and claims arising from the Property; and
any collections and distributions on account of the Property.
This Agreement remains in effect until terminated in writing, even
if the Secured Debts are paid and Secured Party is no longer
obligated to advance funds to Debtor or Borrower.
PROPERTY DESCRIPTION. The Property is described as
follows:
o
Accounts and Other Rights to
Payment: All
rights to payment, whether or not earned by performance, including,
but not limited to, payment for property or services sold, leased,
rented, licensed, or assigned. This includes any rights and
interests (including all liens) which Debtor may have by law or
agreement against any account debtor or obligor of
Debtor.
o
Inventory:
All inventory held for
ultimate sale or lease, or which has been or will be supplied under
contracts of service, or which are raw materials, work in process,
or materials used or consumed in Debtor’s
business.
o
Equipment:
All equipment including, but
not limited to, machinery, vehicles, furniture, fixtures,
manufacturing equipment, farm machinery and equipment, shop
equipment, office and record keeping equipment, parts, and tools.
The Property includes any equipment described in a list or
schedule Debtor gives to Secured Party, but such a list is not
necessary to create a valid security interest in all of
Debtor’s equipment.
o
instruments and Chattel
Paper: All
instruments, including negotiable instruments and promissory notes
and any other writings or records that evidence the right to
payment of a monetary obligation, and tangible and electronic
chattel paper.
o
General Intangibles:
All general intangibles
including, but not limited to, tax refunds, patents and
applications for patents, copyrights, trademarks, trade secrets,
goodwill, trade names, customer lists, permits and franchises,
payment intangibles, computer programs and all supporting
information provided in connection with a transaction relating to
computer programs, and the right to use Debtor’s
name.
o
Documents:
All documents of title
including, but not limited to, bills of lading, dock warrants and
receipts, and warehouse receipts.
o
Farm Products and
Supplies: All farm
products including, but not limited to, all poultry and livestock
and their young, along with their produce, products, and
replacements; all crops, annual or perennial, and all products of
the crops; and all feed, seed, fertilizer, medicines, and other
supplies used or produced in Debtor’s farming
operations.
o
Government Payments and
Programs: All
payments, accounts, general intangibles, and benefits including,
but not limited to, payments in kind, deficiency payments, letters
of entitlement, warehouse receipts, storage payments, emergency
assistance and diversion payments, production flexibility
contracts, and conservation reserve payments under any preexisting,
current, or future federal or state government program.
o
Investment Property:
All investment property
including, but not limited to, certificated securities,
uncertificated securities, securities entitlements, securities
accounts, commodity contracts, commodity accounts, and financial
assets.
o
Deposit Accounts:
All deposit accounts
including, but not limited to, demand, time, savings, passbook, and
similar accounts.
x
Specific Property
Description: The
Property includes, but is not limited by, the following (if
required, provide real estate description):
All equipment, parts,
accessories, repairs, replacements, substitutions and improvements
of and to such Equipment and all proceeds of the foregoing located
upon the Flour Mill Real Estate, Onaga Real Estate and Atchison
Plant Real Estate located on the North side of the 1100 block of
Main, the North & South side of 1200 and 1300 main street
Atchison Kansas.
USE OF PROPERTY. The Property will be used for
o
personal x business o agricultural o purposes.
SIGNATURES. Debtor agrees to the terms on pages 1 and 2
of this Agreement and acknowledges receipt of a copy of this
Agreement.
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DEBTOR
MGP INGREDIENTS, INC.
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SECURED PARTY
Union State Bank of Everest DBA Bank of Atchison
USB
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/s/ Timothy W. Newkirk
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/s/ Donald E. Ball
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Timothy W. Newkirk, President and CEO
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Donald E. Ball, Senior Vice President
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