INTELLECTUAL PROPERTY SECURITY AGREEMENT
This Intellectual Property Security Agreement (as amended,
supplemented
or otherwise modified from time to time, this "Agreement"), dated
as of March
14, 2007, is by and between SiriCOMM, Inc., a Delaware corporation
("Assignor"),
and Sunflower Capital, LLC, a Missouri limited liability company
("Assignee").
WHEREAS, Assignee has agreed to make a loan (the "Loan") to
Assignor,
pursuant to that certain Loan Agreement, dated as of the date
hereof, by and
between Assignor and Assignee (the "Loan Agreement"); and
WHEREAS, in order to induce Assignee to enter into the Loan
Agreement
and to make the Loan, Assignor agreed to grant a continuing Lien in
the
Collateral (as defined below) to secure the Obligations (as defined
below);
NOW, THEREFORE, in consideration of the above recitals and for
other
good and valuable consideration, the receipt and adequacy of which
are hereby
acknowledged, the parties hereto agree as follows:
1. Defined Terms. All capitalized terms used but not defined
herein
(including the recitals hereto) have the meanings ascribed to them
in the Loan
Agreement. All other terms, unless the context otherwise requires,
have the
meanings provided by the Uniform Commercial Code to the extent the
same are used
or defined therein.
2. Assignment, Patent Mortgage and Grant of Security Interest.
As
collateral security for the prompt and complete payment and
performance of all
of Assignor's present or future indebtedness, obligations and
liabilities of
every kind and character owed to Assignee arising out of the Loan
Documents (the
"Obligations"), Assignor hereby grants a security interest and
mortgage to
Assignee, as security, in Assignor's entire right, title and
interest in, to and
under the following (the "Collateral"):
(a) any and all copyright rights, copyright applications,
copyright registrations and like protections in each work or
authorship
and derivative work thereof, whether published or unpublished
and
whether or not the same also constitutes a trade secret, now or
hereafter existing, created, acquired or held, including
without
limitation those set forth on Exhibit "A" attached hereto
(collectively, the "Copyrights");
(b) any and all trade secrets, proprietary information,
customer lists, manufacturing techniques, formulas, know-how,
product
formulations, and any and all intellectual property rights in
computer
software and computer software products, now or hereafter
existing,
created, acquired or held;
(c) any and all design rights which may be available to
Assignor now or hereafter existing, created, acquired or held;
(d) all patents, patent applications and like protections
including, without limitation, improvements, divisions,
continuations,
renewals, reissues, extensions and continuations-in-part of the
same,
now or hereafter existing, created, acquired or held, including
without
limitation the patents and patent applications set forth on Exhibit
"B"
attached hereto (collectively, the "Patents");
(e)
any trademark and servicemark rights, whether registered
or not, applications to register and registrations of the same and
like
protections, all trade names, trade styles, designs, and the like,
and
all elements of package or trade dress of goods, now or
hereafter
existing, created, acquired or held, and the entire goodwill of
the
business of Assignor connected with and symbolized by such
trademarks,
including without limitation those set forth on Exhibit "C"
attached
hereto (collectively, the "Trademarks");
(f) any and all claims for damages by way of past, present and
future infringement of any of the rights included above, with
the
right, but not the obligation, to sue for and collect such damages
for
said use or infringement of the intellectual property rights
identified
above;
(g) all licenses or other rights to use any of the Copyrights,
Patents or Trademarks, and all license fees and royalties arising
from
such use;
(h) all amendments, extensions, renewals and extensions of any
of the Copyrights, Trademarks or Patents; and
(i) all proceeds and products of the foregoing, including
without limitation all payments under insurance or any indemnity
or
warranty payable in respect of any of the foregoing.
3. Authorization and Request. Assignor authorizes and requests that
the
Register of Copyrights and the Commissioner of Patents and
Trademarks record
this Agreement. Assignor hereby authorizes Assignee to file with
the appropriate
filing office, now or hereafter from time to time, financing
statements,
continuation statements, and amendments thereto, naming Assignor as
debtor
covering all assets of Assignor, including but not limited to any
specific
listing, identification, or type of all or any portion of assets of
Assignor.
Assignor acknowledges and agrees by evidence of its signature
below, this
authorization is sufficient to satisfy the requirements of Revised
Article 9 of
the Uniform Commercial Code, July 1, 2001 revisions.
4. Covenants and Warranties. Assignor represents, warrants,
covenants
and agrees as follows:
(a) Assignor is the sole and lawful owner of the Collateral,
except for non-exclusive licenses granted by Assignor to its
customers
in the ordinary course of business and except for Permitted
Encumbrances.
(b) Performance of this Agreement does not conflict with or
result in a breach of any agreement to which Assignor is a party or
by
which Assignor is bound.
(c) During the term of this Agreement, Assignor will not
transfer or otherwise encumber any interest in the Collateral,
except
for licenses granted by Assignor in the ordinary course of business
and
for Permitted Encumbrances.
(d) Each of the Patents is valid and enforceable, and no part
of the Collateral has been judged invalid or unenforceable, in
whole or
in part, and no claim has been made that any part of the
Collateral
violates the rights of any third party.
(e) Assignor
shall promptly advise Assignee of any material
change in the composition of the Collateral, including but not
limited
to any subsequent ownership right of Assignor in or to any
Trademark,
Patent or Copyright not specified in this Agreement,
(f) Assignor shall at its expense (i) protect, defend and
maintain the validity and enforceability of the Trademarks, Patents
and
Copyrights, (ii) use its best efforts to detect infringements of
the
Trademarks, Patents and Copyrights and promptly advise Assignee
in
writing of material infringements detected and (iii) not allow
any
Trademarks, Patents or Copyrights to be abandoned, forfeited or
dedicated to the public without the written consent of Assignee,
which
shall not be unreasonably withheld,
(g) Assignor shall promptly register the most recent version
of any of Assignor's Copyrights, if not so already registered,
and
shall, from time to time, execute and file such other instruments,
and
take such further actions a