Some people read that part as meaning that the Star Citizen IP and all material related to the distribution of the IP is excluded, not the game itself or its assets. In other words, the name “Star Citizen” is excluded, not the present implementation of the game (nor its assets). The rest of the document seems to imply something like that.
I’m not sure if that’s the correct assumption, but since the document mentions sublicensing the game to CIG while the loan agreement applies (which means the license is at least temporarily assigned to the bank), it seems to be the proper interpretation.
Then again, IANAL, and who knows the full terms of the agreement. Maybe it’s nothing like that at all. Let’s hope we never find out what it really means (by which I mean, I hope there is no default and the loan is properly paid back without issues).