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• SECURITY AGREEMENT
<br /> Date: June 15, 1999
<br /> Secured
<br /> Debtor: Badger Die Casting, LLC Party: Elk River Economic Development
<br /> Address: Authority
<br /> Address: 13065 Orono Parkway
<br /> Elk River,MN 55330
<br /> 1. SECURITY INTEREST. To secure the payment and performance of that certain
<br /> Amended and Restated Promissory Note dated June 15, 1999, executed and delivered by the Debtor
<br /> to the Secured Party in the principal sum of$45,150.12 plus interest and other charges as therein
<br /> provided, and all amendments, extensions, renewals and replacements thereof(herein collectively
<br /> referred to as the "Obligations"), the Debtor grants the Secured Party a security interest (the
<br /> "Security Interest") in the following property(the "Collateral"):
<br /> All inventory of the Debtor and all returns of such inventory, and all warehouse receipts, bills
<br /> of lading and other documents of title covering such inventory, whether now existing or hereafter
<br /> arising, whether now owned or hereafter acquired;
<br /> •
<br /> All equipment of the Debtor, including without limitation the items listed on Exhibit A
<br /> attached hereto, together with all accessions, accessories, attachments, fittings, increases, parts,
<br /> repairs, returns, renewals and substitutions of all or any part thereof, and all warehouse receipts, bills
<br /> of lading and other documents of title covering such equipment, whether now existing or hereafter
<br /> arising, whether now owned or hereafter acquired;
<br /> All accounts, instruments, chattel paper, other rights to payment, deposit accounts, money,
<br /> patents, patent applications, trademarks, trademark applications, copyrights, copyright applications,
<br /> trade names, other names, and other general intangibles of the Debtor, together with all rights, liens,
<br /> security interests and other interests which the Debtor may at any time have by law or agreement
<br /> against any account debtor or obligor obligated to make any such payment or against any of the
<br /> property of such account debtor or obligor, whether now existing or hereafter arising, whether now
<br /> owned or hereafter acquired;
<br /> and all products and proceeds of the foregoing property, including without limitation all
<br /> accounts, instruments, chattel paper, other rights to payment, deposit accounts, money, insurance
<br /> proceeds and general intangibles related to the foregoing property, and all refunds of insurance
<br /> premiums due or to become due under all insurance policies covering the foregoing property.
<br /> 2. REPRESENTATIONS,WARRANTIES AND AGREEMENTS. The Debtor represents,
<br /> warrants and agrees as follows:
<br /> KeesK 995382.1
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