Release of Intellectual Property Security Interests
(Short Form)

Summary

This Release of Intellectual Property Security Interests (Short Form) template is used to release IP security interests that have been provided to a collateral agent as collateral for a secured loan transaction. This template includes practical guidance and drafting notes. Counsel should note that while this template terminates the underlying security interests, further steps may need to be taken to clean up the related intellectual property registrations and UCC filings. In order to remove registrations, counsel can either provide this template to the United States Copyright Office or United States Patent and Trademark Office, as applicable, or can break-out separate releases for each type of intellectual property (see Release of Security Interest in Copyrights (Short Form), Release of Security Interest in Patents (Short Form) and Release of Security Interest in Trademarks (Short Form)). UCC financing statements may or may not need to be modified depending on whether the filed statements provide specificity on the intellectual property assets. For example, a financing statement that has a simple "all assets" description will not need to be updated. Conform the capitalized terms to the defined terms in the relevant credit agreement. Read this template in conjunction with the practice note Perfection Outside Article 9: Vessels, Aircraft, Intellectual Property, and Life Insurance Policies.