6E(3) Blackthorn Golf Course Financing Agreement

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l~ ~ ~~~ SECURITY AGREEMENT THIS SECURITY AGREEMENT (this "Agreement") is made and entered into at South Bend, Indiana, as of May 7, ?010, by and between the South Bend Redevelopment Commission, for and on behalf of the City of South Bend, Department of Redevelopment, Blackthorn Golf Course, (the "Borrower"), in favor of the South Bend Redevelopment Commission, for and on behalf of the City of South Bend, Department of Redevelopment, Airport Economic Development Area (the "Secured Party"). ARTICLE I Definitions and Construction Section 1.1. Defined Terms. As used herein: "Accounts," "Deposit Accounts," "Documents," "Equipment," "Goods," "Instruments," "Inventory," "Proceeds," "Promissory Notes," and "Supporting Obligations," shall mean all of the Borrower's such property within the meanings ascribed to such terms in the Uniform Commercial Code. "Account Debtor" shall have the meaning ascribed to it in the Uniform Commercial Code. "Collateral" shall mean all of the Borrower's property or rights in which a security interest is granted hereunder. "Loan Agreement" shall mean the Promissory Note executed between the Borrower and the Secured Party of even date herewith, as amended, modified or restated fiom time to time. "Liabilities" shall mean: (a) all Obligations, including all future advances; (b) all other time to time obligations of the Borrower to the Secured Party of every type and description, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and whether or not contemplated by the Bon-ower or the Secured Party as of the date of this Agreement, including, without limitation. any modification, extension, or addition to or of the Obligations or the Loan Agreement and any overlying advances, out-of-formula advances and overdrafts made or permitted in connection with the Obligations or other Liabilities; and (c) airy duty of the Borrower to act or to refrain from acting in connection with any Liability. "Uniform Commercial Code" means the Uniform Commercial Code in effect fiom time to time in the State of Indiana or any successor law or laws of like effect. Section 1.2. Incorporation of Uniform Commercial Code Terms. All terms (whether or not capitalized) used herein and not specifically defined herein which are defined in the Uniform Commercial Code shall have the meanings ascribed to such terms in the Uniform Commmercial Code, except where the context of their use clearly requires a different interpretation.