A patent collateral agreement is a legal document drafted when an organization takes a loan from a financial organization by keeping their patent as collateral. The organization is referred to as the assignor and the financial organization is referred to as the lender. The details usually mentioned in the agreement are as follows:
- The name of the assignor company and all the address details of the office location.
- The name of the lender and the address of the branch from which the loan is being granted.
- The effective date of the agreement and also the day on which it is drafted. Usually the effective date and date of drafting the agreement are usually same.
- The legal laws under which the agreement is drafted.
- The amount loan that the assignor procuring.
- The time period in which the loan has to be fully repaid.
- The conditions under which the agreement can be terminated.
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