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Exhibit 10.18(b)
INTELLECTUAL PROPERTY SECURITY AGREEMENT
This Intellectual Property Security Agreement is entered into as of
October 4, 1999 by and between FAR EAST NATIONAL BANK ("Bank") and iPHYSICIAN
NET, INC., a Delaware corporation, formerly known as IPNI COMMUNICATIONS
CORPORATION ("Grantor").
RECITALS
A. Bank has agreed to make certain advances of money and to extend
certain financial accommodation to Grantor (the "Loans") in the amounts and
manner set forth in that certain Loan and Security Agreement by and between Bank
and Grantor dated of even date herewith (as the same may be amended, modified or
supplemented from time to time, the "Loan Agreement"; capitalized terms used
herein are used as defined in the Loan Agreement).
B. Bank is willing to make the Loans to Grantor, but only upon the
condition, among others, that Grantor shall grant to Bank a security interest in
certain Copyrights, Trademarks and Patents to secure the obligations of Grantor
under the Loan Agreement.
C. Pursuant to the terms of the Loan Agreement, Grantor has granted to
Bank a security interest in all of Grantor's right, title and interest, whether
presently existing or hereafter acquired, in, to and under all of the
Collateral.
NOW, THEREFORE, as collateral security for the prompt and complete
payment when due of its obligations under the Loan Agreement, Grantor hereby
agrees as follows:
AGREEMENT
To secure its Obligations to Bank under the Loan Agreement, Grantor
grants and pledges to Bank a security interest in all of Grantor's right, title
and interest in, to and under its Intellectual Property Collateral (including
without limitation those Copyrights, Patents and Trademarks listed on Schedules
A, B and C hereto), and including without limitation all proceeds thereof (such
as, by way of example but not by way of limitation, license royalties and
proceeds of infringement suits), the right to xxx for past, present and future
infringements, all rights corresponding thereto throughout the world and all
re-issues, divisions continuations, renewals, extensions and
continuations-in-part thereof.
This security interest is granted in conjunction with the security
interest granted to Bank under the Loan Agreement. The rights and remedies of
Bank with respect to the security interest granted hereby are in addition to
those set forth in the Loan Agreement and the other Loan Documents, and those
which are now or hereafter available to Bank as a matter of law or equity. Each
right, power and remedy of Bank provided for herein or in the Loan Agreement or
any of the Loan Documents, or now or hereafter existing at law or in equity
shall be cumulative and concurrent and shall be in addition to every right,
power or remedy provided for herein and the exercise by Bank of any one or more
of the rights, powers or remedies provided for in this Intellectual Property
Security Agreement, the Loan Agreement or any of the other Loan Documents, or
now or hereafter existing at law or in equity, shall not preclude the
simultaneous or later exercise by any person, including Bank, of any or all
other rights, powers or remedies.
Borrower represents and warrants that Exhibits A, B and C attached
hereto set forth any and all intellectual property rights in connection to which
Borrower has registered or filed an application with either the United States
Patent and Trademark Office or the United States Copyright Office, as
applicable.
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IN WITNESS WHEREOF, the parties have cause this Intellectual Property
Security Agreement to be duly executed by its officers thereunto duly authorized
as of the first date written above.
GRANTOR:
Address of Grantor: iPHYSICIAN NET, INC.
0000 Xxxxx Xxxxxx Xxxxxx Xxxxx, Xxxxx000
Xxxxxxxxxx, XX 00000 By:__________________
Attn: Xxxx X. Xxxxxxxxxx
Title:_______________
BANK:
Address of Bank: FAR EAST NATIONAL BANK
0000 Xxxxxxx Xxxxx, Xxxxx 000
Xxx Xxxx, XX 00000
Attn: Xxxxxx Xxxxxxxx By:__________________
Title:_______________
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EXHIBIT A
Copyrights
Description Registration Number Registration Date
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EXHIBIT B
Patents
Registration/ Registration/
Description Application Number Application Date
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EXHIBIT C
Trademarks
Description Registration/ Registration/
Application Number Application Date
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