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COMMERCIAL SECURITY AGREEMENT

Security Agreement

COMMERCIAL SECURITY AGREEMENT | Document Parties: MGP INGREDIENTS INC | Union State Bank of Everest DBA Bank of Atchison USB You are currently viewing:
This Security Agreement involves

MGP INGREDIENTS INC | Union State Bank of Everest DBA Bank of Atchison USB

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Title: COMMERCIAL SECURITY AGREEMENT
Date: 9/11/2009
Industry: Food Processing     Sector: Consumer/Non-Cyclical

COMMERCIAL SECURITY AGREEMENT, Parties: mgp ingredients inc , union state bank of everest dba bank of atchison usb
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Exhibit 4.6.1

 

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.

 

SECURED PARTY NAME AND ADDRESS

 

Union State Bank of Everest DBA Bank of Atchison USB

701 Kansas Avenue

Atchison, KS 66002

 

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.

 

DEBTOR

MGP INGREDIENTS, INC.

 

SECURED PARTY

Union State Bank of Everest DBA Bank of Atchison USB

 

 

 

/s/ Timothy W. Newkirk

 

/s/ Donald E. Ball

Timothy W. Newkirk, President and CEO

 

Donald E. Ball, Senior Vice President

 

 

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