PATENT SECURITY AGREEMENT
Exhibit 10.3
This PATENT SECURITY AGREEMENT (“Agreement”) is made this 17th day of February, 2006, by and between Biosource America, Inc., a Texas corporation, having its principal office at 0000 Xxxxx Xxxxxxx, Xxxxx 000, Xxxxxxx, Xxxxx 00000 (“Grantor”), and BIOsource Fuels, LLC, a Wisconsin limited liability company, having its principal office at 0000 000xx Xxxxxx, Xxxxxxx, Xxxxxxxxx 00000 (“Grantee”).
WHEREAS, Grantor is the owner of the U.S. patent applications listed on the attached Schedule A (the “Patent Applications”);
WHEREAS, Grantee has extended a loan to Grantor pursuant to the terms and conditions of that certain Promissory Note dated the date hereof (“Note”) made by Grantor in favor of Grantee;
WHEREAS, under a Security Agreement dated the date hereof (“Security Agreement”) between Grantor and Grantee, Grantor has granted to Grantee a security interest in certain of its assets (including the Patent Applications) to secure the performance of the obligations of Grantor under the Note; and
WHEREAS, Grantor and Grantee by this instrument seek to confirm and make a record of the grant of a security interest in the Patent Application.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Grantor does hereby acknowledge that it has granted to Grantee a security interest in all of Grantor’s right, title and interest in, to, and under the Patent Application. Grantor also acknowledges and confirms that the rights and remedies of Grantee with respect to the security interests in the Patent Application granted hereby are more fully set forth in the Note and the Security Agreement, the terms and provisions of which are incorporated herein by reference.
Biosource America, Inc. |
BIOsource Fuels, LLC |
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Kenosha Beef International, Ltd., Manager |
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/s/ X.X. XxXxxx |
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President |
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STATE OF TEXAS |
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STATE OF WISCONSIN |
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COUNTY OF XXXXXX |
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COUNTY OF KENOSHA |
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Subscribed and sworn to before me |
Subscribed and sworn to before me |
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this 17th day of February, 2006. |
this day of February, 2006. |
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Xxxxxxx X. Xxxxxxx |
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Notary Public, State of Texas |
Notary Public, State of |
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My Commission Expires: |
Oct 26, 2009 |
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My Commission Expires: |
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SCHEDULE A
U.S. Patent Applications
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Title |
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Filing Date |
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10/766,740 |
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Production of Biodiesel and Glycerin from High Free Fatty Acid Feedstocks |
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January 26, 2004 |
60/537,251 |
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Production of Biodiesel and Glycerin from High Free Fatty Acid Feedstocks |
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January 15, 2004 |
60/443,049 |
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Industrial Process for the Production of Biodiesel and Glycerin from High Free Fatty Acid Feedstocks |
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January 27, 2003 |
(but excluding any right, title and interest Xx. Xxxx Xxxx may have in U.S. Provisional App. Serial No. 60/443,049 as a named inventor thereon)
NOTE: COMPLETE AND ATTACH FORM PTO 1595
