GRANT OF SECURITY INTEREST IN TRADEMARKS
Exhibit
10.7
This
Grant of Security Interest in Trademarks, dated as of June 30, 2009, is made
between Composite Technology Corporation, a Nevada corporation, having a place
of business at 0000 XxXxx Xxxxxx, Xxxxxx, Xxxxxxxxxx 00000 (the “Grantor”) and
Northlight Financial LLC, a Delaware limited liability company, individually and
in its capacity as Collateral Agent, having a place of business at 00 Xxxx
00xx
Xxxxxx, 00xx Xxxxx,
Xxx Xxxx, Xxx Xxxx 00000 (the “Secured Party”);
WHEREAS,
Grantor is the owner of the trademarks applications and registrations identified
on Schedule A attached hereto (collectively the “Trademarks”); and
WHEREAS,
Grantor is obligated to Secured Party under the terms of a certain Security
Agreement among Grantor and the Secured Party dated as of June 30, 2009 (the
“Security Agreement”);
NOW
THEREFORE, pursuant to the Security Agreement and in order to induce the Secured
Party to enter into the Security Agreement, Grantor does hereby grant Secured
Party a security interest in all Grantor’s right, title and interest in and to:
(i) the Trademarks, including all applications or registrations therefor; (ii)
all income, royalties, damages and payments now due or payable or which
hereafter become due or payable in respect to thereto; (iii) all causes of
action (in law or equity) and rights to xxx, counterclaim and/or recover for
past, present or future infringement thereof; and (iv) all rights corresponding
to the foregoing throughout the world.
Grantor
hereby agrees to execute all papers and to perform all other proper acts
requested by Secured Party or its successors or assigns to secure to Secured
Party or its successors or assigns the rights hereby transferred.
Grantor
does hereby acknowledge and affirm that the rights and remedies of Secured Party
with respect to the foregoing security interest in the Trademarks made and
granted hereby are more fully set forth in the Security Agreement, the terms and
provisions of which are hereby incorporated herein by reference as if fully set
forth herein, and that this document is subject to the terms and conditions of
the Security Agreement.
[Signature
Pages Follow]
IN
WITNESS WHEREOF, the undersigned have executed this Grant of Security Interest
in Trademarks this ___ day of June, 2009.
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COMPOSITE
TECHNOLOGY CORPORATION
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By:
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Name:
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Title:
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STATE
OF
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ss:
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COUNTY
OF
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Before
me, the undersigned, a Notary Public of the State of ____________, personally
appeared ____________, having been sworn by me according to law did depose and
say he/she was the ________________ of Composite Technology
Corporation and did acknowledge the execution of the foregoing Grant of Security
Interest in Trademarks on behalf of COMPOSITE TECHNOLOGY
CORPORATION.
IN
WITNESS WHEREOF, I have hereunto set my hand and official seal as of this ___ of
June, 2009.
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Notary
Public
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(Notarial
Seal)
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NORTHLIGHT
FINANCIAL LLC
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By:
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Name:
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Title:
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STATE
OF
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}
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}
ss:
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COUNTY
OF
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}
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Before
me, the undersigned, a Notary Public of the State of ____________, personally
appeared _____________, having been sworn by me according to law did depose and
say he/she was the _________________ of Northlight Financial LLC and
did acknowledge the execution of the foregoing Grant of Security Interest in
Trademarks on behalf of NORTHLIGHT FINANCIAL LLC.
IN
WITNESS WHEREOF, I have hereunto set my hand and official seal as of this ___ of
June, 2009.
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Notary
Public
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(Notarial
Seal)
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SCHEDULE
A
TRADEMARKS
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