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Patent Security Agreement
"I need a Patent Security Agreement under Hong Kong law to secure a HKD 5 million bank loan against my biotech patent, with the agreement to be effective from March 1, 2025."
1. Parties: Identification of the Grantor (patent owner) and Secured Party, including full legal names and addresses
2. Background: Context of the security agreement, including reference to any underlying obligations or facility agreements
3. Definitions: Definitions of key terms used throughout the agreement, including 'Patent Rights', 'Security Interest', 'Secured Obligations'
4. Grant of Security Interest: Express creation and grant of the security interest over the patent rights
5. Secured Obligations: Definition and scope of the obligations being secured by the patent rights
6. Representations and Warranties: Grantor's representations regarding ownership, validity, and status of the patents
7. Covenants: Ongoing obligations of the Grantor regarding maintenance, protection, and exploitation of the patents
8. Further Assurance: Obligation to execute additional documents and take actions to perfect the security interest
9. Enforcement: Rights and remedies of the Secured Party upon default
10. Power of Attorney: Appointment of Secured Party as attorney-in-fact for certain matters
11. Notices: Process and requirements for giving notices under the agreement
12. General Provisions: Standard boilerplate provisions including governing law, jurisdiction, amendments
1. Patent License: Terms for licensing the patents, used when the Grantor needs to continue using the patents
2. Security Interest in Proceeds: Provisions extending security interest to proceeds from patent exploitation, used when patent generates revenue
3. Cross-Border Provisions: Additional provisions for patents registered in multiple jurisdictions
4. Priority Arrangements: Provisions dealing with priority of security interests, used when multiple security interests exist
5. Intellectual Property Management: Detailed provisions for managing IP portfolio, used for complex patent portfolios
6. Release Provisions: Specific terms for releasing the security interest, used in complex financing structures
1. Schedule 1 - Patent Rights: Detailed list of all patents and patent applications covered by the security interest, including registration numbers and jurisdictions
2. Schedule 2 - Secured Obligations: Detailed description of the secured obligations, including reference to any facility agreements
3. Schedule 3 - Existing Licenses: List of existing licenses and encumbrances affecting the patents
4. Schedule 4 - Filing Requirements: List of required filings in patent offices and other registries
5. Schedule 5 - Form of Patent Office Filings: Templates for required patent office forms and recordings
6. Appendix A - Power of Attorney Form: Form of power of attorney for patent-related matters
7. Appendix B - Notice of Security Interest: Form of notice to be filed with relevant patent offices
Authors
Technology
Pharmaceuticals
Biotechnology
Manufacturing
Electronics
Telecommunications
Chemical Industry
Medical Devices
Automotive
Aerospace
Research & Development
Financial Services
Legal
Intellectual Property
Finance
Treasury
Research & Development
Corporate Secretarial
Risk & Compliance
Technology
Innovation
Patents
Chief Legal Officer
Intellectual Property Counsel
Patent Attorney
Chief Financial Officer
Finance Director
Corporate Lawyer
General Counsel
Security Trustee
Compliance Officer
Chief Technology Officer
Research & Development Director
Innovation Manager
Company Secretary
Risk Manager
Intellectual Property Manager
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