Document:

Filed by sedaredgar.com - Anavex Life Sciences Corp. - Exhibit 10.5

Exhibit 10.5 

FORM OF WARRANT 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND
HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1993 ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS. 

THESE WARRANTS WILL EXPIRE AND BECOME NULL AND VOID 
AT 12:00
P.M. ON __________, 2010. 

SHARE PURCHASE WARRANTS TO PURCHASE SHARES OF COMMON STOCK OF

ANAVEX LIFE SCIENCES CORP. 

                   
THIS IS TO CERTIFY THAT _____________________, (the "Holder") of
__________ SHARE PURCHASE WARRANTS, has the right to purchase, upon and
subject to the terms and conditions hereinafter referred to, up to __________
fully paid and non-assessable shares of common stock (the "Shares") in the
capital of Anavex Life Sciences Corp. (hereinafter called the "Company") on or
before 12:00 p.m. on __________ (the "Expiry Date") at a price per Share of
US$4.00 (the "Exercise Price") on the terms and conditions attached hereto as
Appendix A (the "Terms and Conditions"). 

	1. 	
      ONE (1) WARRANT AND THE EXERCISE PRICE ARE REQUIRED TO
      PURCHASE ONE SHARE. THIS CERTIFICATE REPRESENTS __________
      WARRANTS.

	 	 
	2. 	
      These Warrants are issued subject to the Terms and
      Conditions, and the Warrant Holder may exercise the right to purchase
      Shares only in accordance with those Terms and Conditions.

	 	 
	3. 	
      Nothing contained herein or in the Terms and Conditions
      will confer any right upon the Holder hereof or any other person to
      subscribe for or purchase any Shares at any time subsequent to the Expiry
      Date, and from and after such time, this Warrant and all rights hereunder
      will be void and of no value.

                   
IN WITNESS WHEREOF the Company has executed this Warrant Certificate this _____
day of March, 2009. 

ANAVEX LIFE SCIENCES CORP. 

Per:      
_____________________________________________
             
Authorized Signatory 

APPENDIX A 

TERMS AND CONDITIONS dated __________ , 2009, attached to the
Warrants issued by Anavex Life Sciences Corp. 

1.                      
INTERPRETATION 

1.1                    
Definitions 

In these Terms and Conditions, unless there is something in the
subject matter or context inconsistent therewith: 

	 	(a) 	
      "Company" means Anavex Life Sciences Corp. until a
      successor corporation will have become such as a result of consolidation,
      amalgamation or merger with or into any other corporation or corporations,
      or as a result of the conveyance or transfer of all or substantially all
      of the properties and estates of the Company as an entirety to any other
      corporation and thereafter "Company" will mean such successor
      corporation;

	 	 	 
	 	(b) 	
      "Company's Auditors" means an independent firm of
      accountants duly appointed as auditors of the Company;

	 	 	 
	 	(c) 	
      "Director" means a director of the Company for the time
      being, and reference, without more, to action by the directors means
      action by the directors of the Company as a Board, or whenever duly
      empowered, action by an executive committee of the Board;

	 	 	 
	 	(d) 	
      "herein", "hereby" and similar expressions refer to these
      Terms and Conditions as the same may be amended or modified from time to
      time; and the expression "Article" and "Section," followed by a number
      refer to the specified Article or Section of these Terms and
      Conditions;

	 	 	 
	 	(e) 	
      "person" means an individual, corporation, partnership,
      trustee or any unincorporated organization and words importing persons
      have a similar meaning;

	 	 	 
	 	(f) 	
      "shares" means the shares of common stock in the capital
      of the Company as constituted at the date hereof and any shares resulting
      from any subdivision or consolidation of the shares;

	 	 	 
	 	(g) 	
      "Warrant Holders" or "Holders" means the holders of the
      Warrants; and

	 	 	 
	 	(h) 	
      "Warrants" means the warrants of the Company issued and
      presently authorized and for the time being
outstanding.

1.2                    
Gender 

Words importing the singular number include the plural and vice
versa and words importing the masculine gender include the feminine and neuter
genders. 

1.3                    
Interpretation not affected by Headings 

The division of these Terms and Conditions into Articles and
Sections, and the insertion of headings are for convenience of reference only
and will not affect the construction or interpretation thereof. 

1.4                    
Applicable Law 

The Warrant and the terms hereof are governed by the laws of
the State of Nevada and the federal laws applicable therein. The Holder, in the
Holder’s personal or corporate capacity and, if applicable, on behalf of each
beneficial purchaser for whom the Holder is acting, irrevocably attorns to the
jurisdiction of the courts of the State of Nevada. 

- 2 - 

2.                      
ISSUE OF WARRANTS 

2.1                    
Additional Warrants 

The Company may at any time and from time to time issue
additional warrants or grant options or similar rights to purchase shares of its
capital stock. 

2.2                    
Warrants to Rank Pari Passu 

All Warrants and additional warrants, options or similar rights
to purchase shares from time to time issued or granted by the Company, will rank
pari passu whatever may be the actual dates of issue or grant thereof, or
of the dates of the certificates by which they are evidenced. 

2.3                    
Issue in substitution for Lost Warrants 

	 	(a) 	
      In case a Warrant becomes mutilated, lost, destroyed or
      stolen, the Company, at its discretion, may issue and deliver a new
      Warrant of like date and tenor as the one mutilated, lost, destroyed or
      stolen, in exchange for and in place of and upon cancellation of such
      mutilated Warrant, or in lieu of, and in substitution for such lost,
      destroyed or stolen Warrant and the substituted Warrant will be entitled
      to the benefit hereof and rank equally in accordance with its terms with
      all other Warrants issued or to be issued by the Company.

	 	 	 
	 	(b) 	
      The applicant for the issue of a new Warrant pursuant
      hereto will bear the cost of the issue thereof and in case of loss,
      destruction or theft furnish to the Company such evidence of ownership and
      of loss, destruction, or theft of the Warrant so lost, destroyed or stolen
      as will be satisfactory to the Company in its discretion and such
      applicant may also be required to furnish indemnity in amount and form
      satisfactory to the Company in its discretion, and will pay the reasonable
      charges of the Company in connection therewith.

2.4                    
Warrant Holder Not a Shareholder 

The holding of a Warrant will not constitute the Holder thereof
as a shareholder of the Company, nor entitle him to any right or interest in
respect thereof except as in the Warrant expressly provided. 

3.                     
 NOTICE 

3.1                    
Notice to Warrant Holder 

Any notice required or permitted to be given to the Holder will
be in writing and may be given by prepaid registered post, electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy to the address of the Holder appearing on the Holder's Warrant or
to such other address as any Holder may specify by notice in writing to the
Company, and any such notice will be deemed to have been given and received by
the Holder to whom it was addressed if mailed, on the third day following the
mailing thereof, if by facsimile or other electronic communication, on
successful transmission, or, if delivered, on delivery; but if at the time or
mailing or between the time of mailing and the third business day thereafter
there is a strike, lockout, or other labor disturbance affecting postal service,
then the notice will not be effectively given until actually delivered. 

- 3 - 

3.2                    
Notice to the Company 

Any notice required or permitted to be given to the Company
will be in writing and may be given by prepaid registered post, electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy to the address of the Company set forth below or such
other address as the Company may specify by notice in writing to the Holder, and
any such notice will be deemed to have been given and received by the Company to
whom it was addressed if mailed, on the third day following the mailing thereof,
if by facsimile or other electronic communication, on successful transmission,
or, if delivered, on delivery; but if at the time or mailing or between the time
of mailing and the third business day thereafter there is a strike, lockout, or
other labour disturbance affecting postal service, then the notice will not be
effectively given until actually delivered: 

Anavex Life Sciences Corp. 
27
Marathonos Ave., Pallini, 17455 Athens, Greece 

Attention: President 

Fax No. +1 250 764 9701 

4.                     
 EXERCISE OF WARRANTS 

4.1                    
Method of Exercise of Warrants 

The right to purchase shares conferred by the Warrants may be
exercised by the Holder surrendering the Warrant Certificate representing same,
with a duly completed and executed subscription in the form attached hereto and
a bank draft or certified check payable to the Company for the purchase price
applicable at the time of surrender in respect of the shares subscribed for in
lawful money of the United States of America, to the Company at the address set
forth in, or from time to time specified by the Company pursuant to, Section
3.2. 

4.2                    
Effect of Exercise of Warrants 

	 	(a) 	
      Upon surrender and payment as aforesaid the shares so
      subscribed for will be deemed to have been issued and such person or
      persons will be deemed to have become the Holder or Holders of record of
      such shares on the date of such surrender and payment, and such shares
      will be issued at the subscription price in effect on the date of such
      surrender and payment.

	 	 	 
	 	(b) 	
      Within ten business days after surrender and payment as
      aforesaid, the Company will forthwith cause to be delivered to the person
      or persons in whose name or names the shares so subscribed for are to be
      issued as specified in such subscription or mailed to him, her or them at
      his, her or their respective addresses specified in such subscription, a
      certificate or certificates for the appropriate number of shares not
      exceeding those which the Warrant Holder is entitled to purchase pursuant
      to the Warrant surrendered.

4.3                    
Subscription for Less Than Entitlement 

The Holder of any Warrant may subscribe for and purchase a
number of shares less than the number which the Holder is entitled to purchase
pursuant to the surrendered Warrant. In the event of any purchase of a number of
shares less than the number which can be purchased pursuant to a Warrant, the
Holder thereof upon exercise thereof will in addition be entitled to receive a
new Warrant in respect of the balance of the shares which the Holder is entitled
to purchase pursuant to the surrendered Warrant and which are not then
purchased. 

- 4 - 

4.4                    
Warrants for Fractions of Shares 

To the extent that the Holder of any Warrant is entitled to
receive on the exercise or partial exercise thereof a fraction of a share, such
right may be exercised in respect of such fraction only in combination with
another Warrant or other Warrants which in the aggregate entitle the Holder to
receive a whole number of such shares. 

4.5                    
Expiration of Warrants 

After the expiration of the period within which a Warrant is
exercisable, all rights thereunder will wholly cease and terminate and such
Warrant will be void and of no effect. 

4.6                    
Time of Essence 

Time will be of the essence hereof. 

4.7                    
Subscription Price 

Each Warrant is exercisable at a price per share (the "Exercise
Price") of US$4.00. One (1) Warrant and the Exercise Price are required to
subscribe for each share during the term of the Warrants. 

4.8                    
Adjustment of Exercise Price 

	 	(a) 	
      The Exercise Price and the number of shares deliverable
      upon the exercise of the Warrants will be subject to adjustment in the
      event and in the manner following:

	 	 	 	 
	 		(i) 	
      If and whenever the shares at any time outstanding are
      subdivided into a greater or consolidated into a lesser number of shares
      the Exercise Price will be decreased or increased proportionately as the
      case may be; upon any such subdivision or consolidation the number of
      shares deliverable upon the exercise of the Warrants will be increased or
      decreased proportionately as the case may be.

	 	 	 	 
	 		(ii) 	
      In case of any capital reorganization or of any
      reclassification of the capital of the Company or in the case of the
      consolidation, merger or amalgamation of the Company with or into any
      other Company (hereinafter collectively referred to as a
      "Reorganization"), each Warrant will after such Reorganization confer the
      right to purchase the number of shares or other securities of the Company
      (or of the Company's resulting from such Reorganization) which the Warrant
      Holder would have been entitled to upon Reorganization if the Warrant
      Holder had been a shareholder at the time of such
Reorganization.

	 	 	 	 
	 			
      In any such case, if necessary, appropriate adjustments
      will be made in the application of the provisions of this Article Four
      relating to the rights and interest thereafter of the Holders of the
      Warrants so that the provisions of this Article Four will be made
      applicable as nearly as reasonably possible to any shares or other
      securities deliverable after the Reorganization on the exercise of the
      Warrants.

	 	 	 	 
	 			
      The subdivision or consolidation of shares at any time
      outstanding into a greater or lesser number of shares (whether with or
      without par value) will not be deemed to be a Reorganization for the
      purposes of this clause 4.8(a)(ii).

	 	 	 	 
	 	(b) 	
      The adjustments provided for in this Section 4.8 are
      cumulative and will become effective immediately after the record date or,
      if no record date is fixed, the effective date of the event which results
      in such adjustments.

- 5 - 

4.9                    
Determination of Adjustments 

If any questions will at any time arise with respect to the
Exercise Price or any adjustment provided for in Section 4.8, such questions
will be conclusively determined by the Company's Auditors, or, if they decline
to so act any other firm of certified public accountants in the United States of
America that the Company may designate and who will have access to all
appropriate records and such determination will be binding upon the Company and
the Holders of the Warrants. 

5.                      
WAIVER OF CERTAIN RIGHTS 

5.1                    
Immunity of Shareholders, etc. 

The Warrant Holder, as part of the consideration for the issue
of the Warrants, waives and will not have any right, cause of action or remedy
now or hereafter existing in any jurisdiction against any past, present or
future incorporator, shareholder, director or officer (as such) of the Company
for the issue of shares pursuant to any Warrant or on any covenant, agreement,
representation or warranty by the Company herein contained or in the Warrant.

6.                      
MODIFICATION OF TERMS, ETC. 

6.1                    
Modification of Terms and Conditions for Certain Purposes 

From time to time the Company may, subject to the provisions of
these presents, modify the Terms and Conditions hereof, for the purpose of
correction or rectification of any ambiguities, defective provisions, errors or
omissions herein. 

6.2                    
Warrants Not Transferable 

The Warrant and all rights attached to it are not transferable.

DATED as of the date first above written in these Terms and
Conditions. 

ANAVEX LIFE SCIENCES CORP.

Per:    
__________________________________________
           
Authorized Signatory 

FORM OF SUBSCRIPTION 

	TO: 	Anavex Life Sciences Corp. 
	 	27 Marathonos Ave.
    
	  	Pallini, 17455 
	  	Athens, Greece

The undersigned Holder of the within Warrants hereby subscribes
for ____________ shares of common stock (the "Shares") of Anavex Life Sciences
Corp. (the "Company") pursuant to the within Warrants at US$4.00 per Share on
the terms specified in the said Warrants. This subscription is accompanied by a
certified check or bank draft payable to or to the order of the Company for the
whole amount of the purchase price of the Shares. 

The undersigned represents that, at the time of the exercise of
these Warrants, all of the representations and warranties contained in Section 6
of the Subscription Agreement between the Company and the undersigned pursuant
to which these Warrants were issued are true and accurate. 

The undersigned hereby directs that the Shares be registered as
follows: 

	NAME(S) IN FULL 	 	ADDRESS(ES) 	 	NUMBER OF SHARES 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	  	 	TOTAL: 	 	  

(Please print full name in which share certificates are to be
issued, stating whether Mr., Mrs. or Miss is applicable). 

DATED this ________ day of __________________, ______. 

In the presence of: 

	 	 	 
	Signature of Witness 	 	Signature of Warrant Holder

Please print below your name and address in full. 

	Name (Mr./Mrs./Miss) 	 	 
	 	 	 
	Address 	 	 
	 	 	 
	 	 	 

INSTRUCTIONS FOR SUBSCRIPTION 

The signature to the subscription must correspond in every
particular with the name written upon the face of the Warrant without alteration
or enlargement or any change whatever. If there is more than one subscriber, all
must sign. In the case of persons signing by agent or attorney or by personal
representative(s), the authority of such agent, attorney or representative(s) to
sign must be proven to the satisfaction of the Company. If the Warrant
certificate and the form of subscription are being forwarded by mail, registered
mail must be employed.WWW.EXFILE.COM, INC. -- 888-775-4789 -- CAS MEDICAL SYSTEMS, INC. -- EXHIBIT 10.29 TO FORM 10-K

    EXHIBIT
10.29

     

    SECOND MODIFICATION
AGREEMENT

     

    THIS
SECOND MODIFICATION AGREEMENT, executed on April 3, 2009 effective March 31,
2009 by and between CAS MEDICAL SYSTEMS, INC., a Delaware corporation having its
chief executive office at 44 East Industrial Road, Branford, Connecticut (the
"Borrower") and NEWALLIANCE BANK, a Connecticut stock savings bank with a place
of business at 195 Church Street, New Haven, Connecticut (the
"Bank").

    

    W I T N E S S E T H

    

    WHEREAS,
the Borrower executed a Commercial Revolving Promissory Note in the original
principal amount of Ten Million Dollars ($10,000,000.00) dated February 11,
2008, as modified by a Debt Modification Agreement (the “First Modification”)
from Borrower dated December 31, 2008  (said Commercial Revolving
Promissory Note, as modified by the First Modification, herein called the "Note"
and the loan evidenced by the Note herein called the “Loan”); and

    

    WHEREAS
the Note was issued pursuant to a Commercial Loan Agreement dated February 11,
2008 between Borrower and Bank, including a Commercial Loan Agreement Addendum
(“Addendum”) also dated February 11, 2008 between Borrower and Bank, which said
Commercial Loan Agreement, including the Addendum, were modified by the First
Modification (said Commercial Loan Agreement, including the Addendum, as
modified by the First Modification herein called the "Loan Agreement");
and

    

    WHEREAS,
Borrower's obligations to the Bank, including those under the Note and Loan
Agreement are secured inter alia by a security
interest in the Collateral, as defined in the Security Agreement (the “Security
Agreement”) from Borrower to Bank dated February 11, 2008, and herein also
called the “Collateral;” and

    

    WHEREAS,
in connection with the Loan, Borrower executed and delivered various other
documents, instruments and/or indemnities to Bank (said documents, instruments
and indemnities, including without limitation, the Note, the Loan Agreement, the
Security Agreement, the Loan Documents as defined in the Loan Agreement, and all
other documents evidencing, securing, or relating to the Loan, collectively
called the "Loan Documents"); and

    

    WHEREAS,
Borrower has requested a modification of the debt service coverage ratio
covenant contained in the Loan Agreement and the Bank is willing to modify such
covenant subject to and on the terms and conditions set forth
herein.

    

    NOW,
THEREFORE in consideration of the mutual promises and covenants contained
herein, the parties hereto agree as follows:

    

    1.  Borrower
acknowledges and agrees that (i) as of March 31, 2009, the outstanding principal
balance due Bank under the Note was Three Million One Hundred Thirty-Five
Thousand Three Hundred Thirty-Eight and 93/100 Dollars ($3,135,338.93) (ii) that
as of the date of execution of this Modification Agreement, the outstanding
principal balance due Bank under the Note is Three Million Four Hundred One
Thousand Nineteen and 22/100 Dollars ($3,401,019.22); and (iii) the said
principal balances were due and owing to the Bank under the Note as of said
applicable dates, without defense, offset or
counterclaim.
 

    
      2.
The
Loan Agreement is modified as follows:

    

    

    
      2.1.       
  To
indicate that Section 3.1(c) of the Loan Agreement is modified to provide
that:

    

    

    a.  Whenever
the Borrower requests an Advance which, if made, would result in the principal
balance outstanding pursuant to the Loan Agreement, exceeding or equal to two
million dollars ($2,000,000.00), the following requirements are to be satisfied
as to all amounts which would be outstanding under or pursuant to the Loan
Agreement, if the new Advance were made (including amounts outstanding prior to
the making of such new Advance):

    

    i.  The
maximum principal amount which is outstanding pursuant to the Loan Agreement
shall not exceed the lesser of (the lesser of a or b in the Loan Agreement shall
be called the “Borrowing Base”):

    

    a.           
The sum of:

    

    (1)           Seventy-Five
Percent (75.00%) of the
Borrower's Eligible Receivables; AND

    

    (2)           the
lesser of two million five hundred thousand dollars ($2,500,000.00) or Thirty
Percent (30.00%) of the
Borrower's Eligible Inventory;

    

    OR

    

    b.           Five
Million Dollars ($5,000,000.00).

    

    2.2.           To
indicate that the term “Borrowing Base” as used in the Loan Agreement, shall
have the meaning of “Borrowing Base” set forth in Section 2.1 of this
Modification Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.3.           To
indicate that in 2009, the Debt Service Coverage Ratio shall not be tested
quarterly but shall be tested as of Borrower’s fiscal year end December 31,
2009, as of which time Borrower shall have a minimum Debt Service Coverage Ratio
of 1.0 to 1.0.  Thereafter Borrower shall maintain a minimum Debt
Service Coverage Ratio of 1.5 to 1.0, to be tested quarterly on a rolling four
quarter basis commencing with the first quarter ending on March 31, 2010, and
each quarter end thereafter. Debt Service Coverage Ratio is defined as:
(Earnings Before Interest Expense, Taxes, Depreciation and Amortization Expense)
divided by (Current Maturities of Long Term Debt plus Interest Expense) all as
determined in accordance with generally accepted accounting
principles.

    

    2.4.           To
indicate that references to the Note therein shall mean the “Note,” as that term
is defined in this Modification Agreement, as modified by this Modification
Agreement, as the same may be further amended and/or restated from time to
time.

    

    2.5.           To
indicate that references to the Security Agreement therein shall mean the
“Security Agreement,” as that term is defined in this Modification Agreement, as
modified by this Modification Agreement, as the same may be further amended
and/or restated from time to time.

    

    3.  The
Note is modified as follows:

    

    3.1.           To
indicate that commencing as of March 31, 2009, and continuing thereafter the
Borrower shall pay interest on the outstanding principal balance of the Note, at
the rate per annum which is at all times equal to the greater of (a) the Index
Rate, as hereafter defined, or  (b) four percent (4.0%). The term
“Index Rate” shall mean the Base Rate (as hereafter defined) in effect from time
to time, plus one percentage point (1.0%).  Any change in the Base
Rate shall cause an immediate change in the Index Rate without notice from the
Holder of the Note so that the Index Rate shall at all times be equal to the
Base Rate in effect from time to time, plus one percentage point
(1.0%).  Holder shall not be required to provide notice of any change
in the interest rate made pursuant to the Note, as modified by this Modification
Agreement. The term “Base Rate” shall mean the rate designated from time to time
by the Bank as its “Base Rate.” The Base Rate is not necessarily the best or
lowest interest rate charged by the Bank.  If the Bank discontinues
the designation of a Base Rate, for any reason, the Bank can select, in its sole
discretion, a reasonably comparable substitute index therefor.

    

    3.2.           To
indicate that after the occurrence of an Event of Default (as defined in the
Note) or after maturity of the Note, and including the period after any judgment
has been rendered with respect thereto, the Borrower shall pay interest on the
outstanding principal balance of the Note, at the rate which shall be three
percentage points (3.0%) per annum higher than the rate of interest that would
otherwise be payable under the Note, as set forth in Section 3.1
of  this Modification Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    3.3.           To
indicate that references therein to the “Commercial Loan Agreement” or the
“Agreement” shall mean the “Loan Agreement,” as that term is defined in this
Modification Agreement, as modified by this Modification Agreement, as the same
may be further amended and/or restated from time to time.

    

    4. The
Loan Documents are hereby reaffirmed and modified to incorporate the terms
contained in this Modification Agreement.  Any default in this
Modification Agreement shall be an Event of Default as defined in the Loan
Agreement. The Borrower acknowledges and agrees that without limiting any other
rights or remedies available to the Bank at law, equity or by contract, upon the
occurrence of an Event of Default, as defined in or under the Note or Loan
Agreement, or the failure to comply with the terms of this Modification
Agreement, the entire principal balance of the Note, with accrued interest
thereon shall, at the option of holder of the Note, become due and payable
forthwith without demand or notice.

    

    5. The
Borrower reaffirms all its representations, warranties, covenants (both
affirmative and negative), waivers and indemnities contained in the Loan
Documents, as modified hereby.  All of the representations and
warranties set forth in the Loan Documents are true and correct as if made on
the date of execution of this Agreement.

    

    6. The
Borrower represents, acknowledges and affirms that it has no claim, defense,
offset or counterclaim whatsoever against Bank with respect to the Note, the
Loan Agreement, or any other Loan Document, or the modifications made herein,
and that Bank is relying on this representation in agreeing to said
modifications.  The Borrower further acknowledges that Bank would not
agree to said modifications unless the Borrower made the representations
contained in this paragraph, and elsewhere in this Modification Agreement,
freely and willingly, after due consultation with its
attorneys.  Borrower further represents that this Modification
Agreement, and all of the Loan Documents executed by it, are its valid and
binding obligations and enforceable in accordance with their terms and further
represents that no Event of Default (as defined in the Loan Agreement or any
Loan Document) has occurred nor has there occurred any event or condition which,
with the giving of notice or the passage of time or both would constitute an
Event of Default.

    

    7. In
furtherance of the immediately preceding paragraph, Borrower, as of March 31,
2009 and as of the date of its execution of this Modification Agreement,
releases, and forever discharges the Bank, its officers, agents, successors and
assigns, from any and all claims, actions, causes of action, obligations and
liabilities of any kind known or unknown which the Borrower has or may have as
of March 31, 2009, and as of the date of Borrower’s execution hereof, whether
relating to the Note, the Loan Agreement, any of the Loan Documents or any of
the transactions contemplated hereby or consummated in connection herewith, or
any negotiations in connection with any of the foregoing.

    

    8. The
Borrower agrees that nothing contained herein shall in any way impair the Note,
Loan Agreement, the Security Agreement or any other Loan Document, and the
Collateral 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    shall
remain in all respects subject to the lien, charge and encumbrance of the
Security Agreement.  The Borrower further agrees that nothing
contained herein or modified pursuant to this Modification Agreement shall
affect or be construed to affect the lien, charge or encumbrance of the security
interests granted by the Borrower or the priority thereof, over other liens,
charges and encumbrances, or release or affect the liability of any other party
or parties who may now or hereafter be liable under, pursuant to, or on account
of the Note, the Loan Agreement and/or the other Loan Documents. The Borrower
acknowledges, confirms and agrees that (i) the Security Agreement and the
security interest in the Collateral granted to the Bank pursuant to the Security
Agreement, secure among other things, and without limiting the terms of the
Security Agreement, the Borrower’s obligations under this Modification
Agreement, as well as the other Loan Documents; and (ii) the “Obligations” as
defined in the Security Agreement, include, without limitation, all liabilities,
obligations, indebtedness, duties, and covenants of the Borrower under this
Modification Agreement, and under the Note and the Loan Agreement, both as
modified by this Modification Agreement.

    

    9.  Borrower
shall pay a fee of five thousand dollars ($5,000.00) to the Bank on the date of
execution of this Modification Agreement, in consideration of the Bank’s
agreements herein (the “Modification Fee”). The Borrower shall also pay upon
demand all costs and expenses, including reasonable attorneys’ fees, incurred by
Bank in connection with the Loan, including, without limitation, matters
relating to the Debt Service Coverage Ratio covenant in the Loan Agreement, and
the transaction of which this Modification Agreement forms a part, including the
preparation of this Modification Agreement.

    

    10. Capitalized
terms not otherwise defined herein shall have the same meaning as in the
document to which they refer.  Except as modified by this Modification
Agreement, the Note, the Loan Agreement and all other Loan Documents shall
remain unchanged and in full force and effect.  Borrower shall keep
and perform all of the terms and agreements contained in the Loan Documents, as
modified by this Modification Agreement.

    

    11. This
Modification Agreement shall be binding upon and inure to the benefit of the
parties hereto, their respective heirs, successors and assigns.  This
Modification Agreement may only be amended in writing.  If any term or
provision of this Modification Agreement or the application thereof to any
person or circumstance, shall to any extent be invalid or unenforceable, the
remainder of this Modification Agreement, or the application of such term or
provision to persons or circumstances other than those as to which it is invalid
or unenforceable, shall not be affected thereby, and each term and provision of
this Modification Agreement shall be valid and enforceable to the fullest extent
permitted by law.

    

    12. This
Agreement may be signed in one or more counterparts all of which shall
constitute one document and shall be construed under the laws of the State of
Connecticut. The Recitals are incorporated herein.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    13. THE
BORROWER ACKNOWLEDGES THAT THE NOTE, THE LOAN AGREEMENT, ALL LOAN DOCUMENTS AND
THIS MODIFICATION AGREEMENT RESULT FROM A COMMERCIAL TRANSACTION AND THE
BORROWER HEREBY WAIVES ANY RIGHT TO NOTICE OR HEARING UNDER THE CONSTITUTION OF
THE UNITED STATES OR ANY STATE OR FEDERAL LAW,  INCLUDING CONNECTICUT
GENERAL STATUTES SECTION 52-278a ET SEQ., AS NOW OR HEREAFTER AMENDED, OR ANY
SUCCESSOR ACT OR ACTS THERETO, AND WAIVES ANY REQUIREMENTS FOR THE POSTING OF
ANY BOND IN CONNECTION WITH ANY PREJUDGMENT REMEDY SOUGHT.  THE
BORROWER AUTHORIZES THE ATTORNEY FOR ANY HOLDER OF THE NOTE TO ISSUE A WRIT FOR
PREJUDGMENT REMEDY WITHOUT COURT ORDER.  BORROWER ACKNOWLEDGES THAT IT
MAKES THIS WAIVER KNOWINGLY AND VOLUNTARILY AFTER CONSULTATION WITH ITS
ATTORNEY.

    

    14. THE
BORROWER WAIVES TRIAL BY JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON
ANY MATTER ARISING IN CONNECTION WITH THE NOTE, THE LOAN AGREEMENT, ANY LOAN
DOCUMENT, THIS MODIFICATION AGREEMENT OR IN ANY WAY RELATED TO THE FINANCING
TRANSACTIONS OF WHICH THIS MODIFICATION AGREEMENT IS A PART AND/OR THE DEFENSE
OR ENFORCEMENT OF ANY OF BANK’S RIGHTS OR REMEDIES.  BORROWER
ACKNOWLEDGES THAT IT MAKES THIS WAIVER KNOWINGLY AND VOLUNTARILY AFTER
CONSULTATION WITH ITS ATTORNEY.

    

    15. Borrower
will, upon demand, furnish to the Bank such further information,
and

    will
execute and deliver such instruments or documents, and will do all such acts as
the Bank may, at any time or from time to time, reasonably request, or as may be
necessary or appropriate to establish and maintain a valid and enforceable first
security interest of the Bank in the Collateral described in the Security
Agreement.

    

    16. Borrower
shall cause to be delivered to the Bank (i) within 15 days following the
execution hereof, a legal opinion from Borrower’s counsel with respect to this
Modification Agreement, and a current UCC Search of the Delaware Secretary of
State both in form and substance satisfactory to the Bank; and (ii) within 3
days following the date hereof, a current Certificate of Good Standing from the
Delaware Secretary of State  as to Borrower, and a current Certificate
of Authority to Transact Business, as to Borrower from the Connecticut Secretary
of State; and (iii) contemporaneously with the execution hereof by the Borrower,
a resolution of the board of directors of the Borrower certified by the
Secretary or other officer of the Borrower (other than Jeffery A. Baird)
authorizing the execution and delivery of this Modification Agreement by the
Borrower, and authorizing Jeffery A. Baird, Chief Financial Officer to so
execute and deliver this Modification Agreement on behalf of the Borrower, which
resolution shall be in form and substance satisfactory  to the
Bank.

    

    [Balance
of Page Intentionally Left Blank]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the day and year first above written.

    

    Signed,
Sealed and Delivered

    In The
Presence Of:

     

    
    

     

    
      
        	
                /s/
      Terence Sullivan 

                
                  
      

                Terrence
      Sullivan

                

                
                  /s/
      Nathan A. Kelley 

                    
                      
      

                  

                  Nathan A.
      Kelley
 

              	
                NEWALLIANCE BANK

                 

                 

                 

                 

                 

                By:   /s/
      Joy E. Rogers

                
                  
      

                Joy E.
      Rogers 

                Its Vice
      President 

              

      

    

     

     

    
       

      
        
          	
                  /s/
      Sandra A. Nye

                  
                    
      

                  Sandra A.
      Nye

                  

                  
                    /s/
      Deborah Apuzzo 

                      
                        
      

                    

                    Deborah
      Apuzzo
 

                	
                  CAS MEDICAL SYSTEMS, INC.

                   

                   

                   

                   

                   

                  By:   /s/
      Jeffery A. Baird

                  
                    
      

                  Jeffery A.
      Baird 

                   

                

        

      

       

    

    

    STATE OF
CONNECTICUT)

     )   ss:
New
Haven,                              April 3,
2009

    COUNTY OF
NEW HAVEN)

    

    Personally appeared Joy E. Rogers, Vice
President, of NewAlliance Bank, a

    Connecticut
bank, signer and sealer of the foregoing instrument and acknowledged the same to
be her free act and deed as such officer and the free act and deed of said Bank,
before me.

    
      
         

        
          
             

            
              
                	
                         

                         

                      	
                        /s/
      Katherine B. Kregling

                        
                          
      

                        Katherine B. Kregling

                        Notary Public

                        My Commission expires: 2/28/12

                        Commissioner of the 

                        Superior Court 

                      

              

            

             

          

        

        
          
            
              
                 

              

            

          

        

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    STATE
OF CONNECTICUT  )

       
)   ss:                                           
         April 3,
2009

    COUNTY
OF NEW HAVEN  )

    

    Personally appeared Jeffery A. Baird,
Chief Financial Officer of CAS
MEDICAL SYSTEMS, INC., a Delaware corporation, signer and sealer of the
foregoing instrument, and acknowledged the same to be his free act and deed as
such officer and the free act and deed of said corporation, before
me.

    

    
      
        
           

          
            
              	
                       

                       

                    	
                      /s/
      Sandra A. Nye

                      
                        
      

                      Sandra A. Nye

                      Notary Public

                      My Commission expires: 4/30/2012

                      Commissioner of the 

                      Superior Court

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]