(LAKES IOWA MANAGEMENT - NEW PROJECT)
This Security Agreement is made and entered into on January 27, 2005, by and between the Iowa Tribe of
Oklahoma, a federally-chartered corporation (hereinafter referred to as "Iowa Corp" or "Debtor"), created
Section 3 of the Oklahoma Indian Welfare Act of June 26, 1936 (49 Stat. 1967), as issued on January 4, 1938
by the Secretary of the Interior and ratified on February 5, 1938 located in Iowa Indian Country within the
physical boarders of the State of Oklahoma, with business offices located at RR 1, P.O. Box 721, Perkins,
Oklahoma 74059, the Iowa Tribe of Oklahoma ("Iowa Tribe"), a federally-recognized tribe with a Constitution
approved and ratified under the Oklahoma Indian Welfare Act, and Lakes Iowa Management, LLC, a
Minnesota limited liability company (hereinafter referred to as "Lakes" or "Secured Party"), whose business office
is located at 130 Cheshire Lane, Minnetonka, Minnesota 55305.
WHEREAS, the Debtor is a federally-chartered corporation created pursuant to Section 3 of the Oklahoma
Indian Welfare Act of June 26, 1936 (49 Stat. 1967) under a federal charter issued to the Iowa Tribe of
Oklahoma, a federally recognized tribe eligible for the special programs and services provided by the United
States to Indians because of their status as Indians and is recognized as possessing powers of self-government.
WHEREAS, the United States government holds lands in the State of Oklahoma in trust for the benefit of the
Iowa Tribe over which the Iowa Tribe possesses sovereign governmental powers and the Iowa Tribe holds or
intends to acquire interests in lands which constitute "Indian lands" upon which the Iowa Tribe may legally
conduct gaming under applicable federal law.
WHEREAS, Secured Party has entered into an agreement with Debtor and the Iowa Tribe dated January 27,
2005 (as amended from time to time, the "Management Contract"), pursuant to which Lakes is to manage the