As used in this subpart:

1. (1) “Commission” means the Arkansas Racing Commission or the commission’s designee;
2. (2) “Enforce a security interest” means the transfer of possession ownership or title pursuant to a security interest;

3. (3)

   1. (A) “Operating license” means the casino license issued to a person for the conduct of gaming.
   2. (B) The term does not include licenses issued to officers, directors, holders of securities, or other ownership interest, key employees, or others who have been licensed due to their relationship to or involvement with the gaming operation;

4. (4) “Personal property gaming collateral” means property subject to a security interest that is composed of:

   1. (A) A security issued by a corporation which is a holder of a casino license in this state;
   2. (B) A security issued by a holding company that is not a publicly traded corporation;
   3. (C) A security issued by a holding company that is a publicly traded corporation, if the enforcement of the security interest will result in the creditor acquiring control as set forth in this part; or
   4. (D) A security issued by a partnership which is a holder of a casino license in this state;
5. (5) “Security” means security as that term is defined in 23 CAR § 358-1301 et seq. and 23 CAR § 358-1401 et seq.;
6. (6) “Security agreement” means an agreement that creates or provides for a security interest;
7. (7) “Security interest” means an interest in property that secures the payment or performance of an obligation or a judgment; and
8. (8) “Secured party” means a person who is a lender, seller, or other person in whose favor there is a security interest or judgment.