Patent Security Agreement
(Short Form)


Summary

This Patent Security Agreement (Short Form) allows one or more grantors to convey a security interest in its patents and patent licenses to the collateral agent in a secured loan transaction. This form includes practical guidance and drafting notes.This form is to be used together with the main security agreement, and can be attached thereto as an exhibit. Patent Security Agreement terms should parallel terms in the main security agreement, or incorporate those terms by reference to avoid conflict in the interpretations of the same terms across various loan documents. Drafting options include pro-grantor terms that allow a borrower to request a waiver from the collateral agent. It is standard practice to file this form with the United States Patent and Trademark Office upon closing.