Document:

Trademark and Tradename Security Agreement

 Exhibit 10.8 
 TRADEMARK AND TRADENAME SECURITY AGREEMENT 
 THIS TRADEMARK AND TRADENAME SECURITY
AGREEMENT (the “Agreement”) is made as of February 28, 2008, by 
 EP MEDSYSTEMS, INC., a New Jersey corporation
bearing federal employer identification number 22-3212190 and New Jersey state organizational number 0100541773 and having its principal place of business at 575 Route 73 North, Building D, West Berlin, Camden County, New Jersey 08091
(being hereinafter referred to as “Assignor”) 
 in favor of 
 KELTIC FINANCIAL PARTNERS, LP, a Delaware limited partnership, with a place of business at 580 White Plains Road, Suite 610, Tarrytown, New York
10591 (together with its affiliates and subsidiaries, and all successors and assigns thereof hereinafter collectively referred to as “Lender”) 
 WITNESSES THAT: 
 (1) WHEREAS, Lender is currently extending certain loan facilities on a
joint and several basis to the following entities (the following entities being hereinafter collectively called “Borrowers” and individually called a “Borrower”): 
 EP MEDSYSTEMS, INC., a New Jersey corporation bearing federal employer identification number 22-3212190 and New Jersey state organizational
number 0100541773 and having its principal place of business at 575 Route 73 North, Building D, West Berlin, Camden County, New Jersey 08091, 
 and 
 PROCATH CORPORATION, a New Jersey corporation bearing federal employer identification number 22-3261466 and New
Jersey state organizational number 0100568383 and having its principal place of business at 575 Route 73 North, Building D, West Berlin, Camden County, New Jersey 08091; 
 (2) WHEREAS, the aforesaid loan facilities, together with all extensions, modifications (including increases and decreases in amount),
refinancings, renewals, restatements/amendments, substitutions, replacements and/or redatings thereof, being hereinafter collectively and individually referred to as the “Loans”; 

 (3) WHEREAS, the Loans are being extended pursuant to the terms and conditions of a certain
Revolving/Term Loan Agreement by and among Lender and Borrowers and dated even date herewith, as modified, amended, restated, extended or supplanted from time to time, such agreement, together with all extensions, modifications, refinancings,
renewals, restatements/amendments, substitutions, replacements and/or redatings thereof made from time to time hereafter being hereinafter collectively referred to as the “Loan Agreement”; 
 (4) WHEREAS, the Loan Agreement and any and all other documents (including any notes), instruments, writings and agreements related thereto,
together with all extensions, modifications, refinancings, renewals, restatements/amendments, substitutions, replacements and/or redatings thereof, are hereinafter collectively and individually referred to as the “Loan Documents”;

 (5) WHEREAS, it is a condition of Lender’s obligation to continue to extend the Loans to Borrowers under the Loan Agreement or
otherwise that Assignor execute and deliver to Lender this Agreement; 
 (5) WHEREAS, to induce Lender to perform and/or to continue
to perform its obligations under the Loan Documents or otherwise, Assignor is willing to execute and deliver this Agreement to Lender and to perform Assignor’s obligations hereunder; 
 NOW, THEREFORE, in consideration of the foregoing, the mutual covenants set forth in the Loan Agreement and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Assignor hereby agrees and covenants in favor of Lender as follows: 
 1.
Definitions. As used herein, the following terms shall have the following meanings: 
  

	 	1.1	“Agreement” means this Trademark and Tradename Security Agreement, and any and all schedules and exhibits annexed hereto, together with all extensions,
modifications, refinancings, renewals, restatements/amendments, substitutions, replacements and/or redatings hereof, 

  

	 	1.2	“Collateral” means each and all of the following collectively and individually: 

  

	 	(a)	each of the Trademarks and the goodwill of the business symbolized by each of the Trademarks; 

  

	 	(b)	each of the Licenses; 

  

	 	(c)	 all accounts, contract rights and general intangibles of Assignor arising under or relating to the Licenses, whether now existing or hereafter arising, 

  

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including, without limitation, (1) all moneys due and to become due under any License, (2) any damages arising out of or for breach or default in
respect of any such License, (3) all other amounts from time to time paid or payable under or in connection with any such License, and (4) the right of Assignor to terminate any such License or to perform and to exercise all remedies
thereunder; 

  

	 	(d)	any claims by Assignor against third parties, and all proceeds of suits, for infringement of the Trademarks, and the rights to sue for past, present and future infringements and all
rights corresponding thereto in the United States; and 

  

	 	(e)	as to all of the foregoing (a) through (d) inclusive, any and all cash proceeds, non-cash proceeds and products thereof, additions and accessions thereto, replacements and
substitutions therefor, and all related books, records, journals, computer print-outs and data, of Assignor. 

  

	 	1.3	“Events of Default” means any one or more of the events set forth in Section 5 of this Agreement. 

  

	 	1.4	“Licenses” means, collectively and individually, any and all Trademark license agreements granted by Assignor to third parties, whether now existing or hereafter
arising, as any of same may from time to time be amended or supplemented, including, but not limited to, the license agreements listed on Schedule B annexed hereto and made a part hereof. 

  

	 	1.5	“Obligations” means each and all of the following collectively and individually: 

  

	 	(a)	principal due on the Loans and any note now or hereafter evidencing any of the Loans (including all advances and re-advances under the Loans and any aforesaid note) to be paid with
interest thereon as required by the Loan Agreement and any such note; 

  

	 	(b)	advances and re-advances which are and which may be made from time to time by Lender to either Borrower not in compliance with any limitation imposed by the Loan Agreement;

  

	 	(c)	advances and re-advances which are and which may be made from time to time by Lender on behalf of or for the account of either Borrower over and above any monetary limitation on the
Loans and/or over and above any other lending limitation contained in the Loan Agreement, and the interest thereon; 

  

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	 	(d)	all amounts which Lender has actually advanced or is contingently liable to advance on account of Letters of Credit; and/or in the event that Lender is not itself the issuer of any
Letter of Credit, all amounts which Lender actually advances or is contingently liable to advance to any such issuer on account of the Letters of Credit; 

  

	 	(e)	any and all other advances and re-advances made by Lender prior to, on and after the date of this Agreement to, or on the account of, either Borrower; 

  

	 	(f)	any and all interest, commissions, checking account overdrafts, bank overdrafts, and other loans, advances, obligations, liabilities and indebtedness owed by either Borrower to
Lender (whether direct or indirect, primary, secondary, contingent, joint or several, and regardless of how acquired by Lender) which are due or which will arise or become due in the future, no matter how or when arising and whether under the Loan
Documents or under any other now existing or any future agreement or instrument of whatever nature (i) between either Borrower and Lender or (ii) otherwise; 

  

	 	(g)	the performance and fulfillment by each Borrower of all the terms, conditions, promises, covenants and provisions contained in the Loan Documents, or in any other now existing
agreement or any future agreement or instrument of whatever nature (i) between either Borrower and Lender or (ii) otherwise; 

  

	 	(h)	each Borrower’s obligation to indemnify Lender from and against any and all claims, damages, losses, liabilities, reasonable costs or expenses whatsoever which Lender may incur
(or which may be claimed against Lender by any person or entity whatsoever) by reason of or in connection with the execution and delivery or transfer of, or payment or failure to pay under the Loan Agreement or any of the other Loan Documents, or
under any other now existing agreement or any future agreement or instrument of whatever nature (i) between either Borrower and Lender or (ii) otherwise; 

  

	 	(i)	the amount due upon any notes or other obligations given to, or received by, Lender on account of any of the foregoing; and 

  

	 	(j)	any “Obligations” as such terms may now or hereafter be defined in the Loan Agreement. 

  

	 	1.6	“Trademarks” means, collectively and individually, each and all of the following: 

  

	 	(a)	 trademarks, trade names, trade dress, service marks, prints and labels on which said trademarks, trade names, trade dress and service marks have 

  

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appeared or appear, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all right, title and interest therein and
thereto, and all registrations and recordings thereof, including, without limitation, applications, registrations and recordings in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State
thereof, or any other country or any political subdivision thereof, all whether now or hereafter owned or licensed by Assignor, including, but not limited to, those listed on Schedule A annexed hereto and made a part hereof; and

  

	 	(b)	trademarks, trade names, trade dress and service marks, whether now or hereafter owned by Assignor which has not or is not required to be registered or recorded in any jurisdiction;
and 

  

	 	(c)	reissues, extensions or renewals thereof and all licenses thereof (including, without limitation, all license agreements). 

 2. Security Interest. 
 2.1 Assignor, to secure
payment and performance of all Obligations of each Borrower to Lender, hereby grants Lender a security interest in, all of Assignor’s right, title and interest in and to all of the Collateral, and such security interest shall be deemed to
include the right (but not the obligation) to sue or recover in the name of Assignor for all damages or profits arising out of past infringement and/or infringement that may arise during the period that this Agreement shall be in force between the
parties, on any of the Collateral, or for injury to said goodwill, or acts of unfair competition either under Federal or State Law. The security interest granted herein shall remain in full force and effect until all of the Obligations of Borrowers
to Lender are fully paid and satisfied. 
 2.2 The security interest granted pursuant to this Agreement shall create a continuing security
interest in the Collateral which shall (a) remain in full force and effect until payment in full in cash or in another manner acceptable to Lender and termination of the Obligations of Borrowers to Lender, (b) be binding upon Borrower, its
successors and assigns, and (c) inure to the benefit of, and be enforceable by, Lender and its successors, transferees and assigns. 
 2.3 Upon the payment in full in cash or in another manner acceptable to Lender and termination of the Obligations of Borrowers to Lender then outstanding, this Agreement shall terminate and all rights granted as security in the Collateral
to Lender shall revert to Assignor. Upon any such termination, Lender will, at Assignor’s expense, execute and deliver to Assignor such documents as Assignor shall reasonably request to evidence such termination. 
 3. Representations, Warranties and Covenants of Assignor. Assignor hereby represents, warrants, covenants and agrees as follows: 
  

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 3.1 Title to the Trademarks. Assignor has sole, exclusive, full, clear and unencumbered
right, title and interest in and to the Trademarks and, to Assignor’s knowledge, the registrations of the Trademarks are valid and subsisting and in full force and effect. The Trademarks have not been abandoned, suspended, voluntarily
terminated or cancelled by Assignor and have not been adjudged invalid or unenforceable. 
 3.2 Use of the Trademarks. Except
to the extent that (a) Lender shall in writing consent, or (b) Assignor determines in its reasonable business judgment that a Trademark of Assignor has negligible economic value and such Trademark is no longer utilized in the ordinary
course of Assignor’s business, Assignor (either itself or through licensees) has used and will continue to use the Trademarks on each and every trademark class of goods applicable to its current line as reflected in its current catalogs,
brochures and price lists in order to maintain the Trademarks in full force free from any claim of abandonment for non-use and Assignor will not (and will not permit any licensee thereof to) do any act or knowingly omit to do any act whereby any of
the Trademarks may become invalidated, abandoned, unenforceable, avoided, avoidable or otherwise diminished in value, and shall notify Lender immediately if it knows of any reason or has reason to know of any ground under which any of the foregoing
may occur. 
 3.3 License or Assignment of Trademarks. 
 (a) Assignor has sole, exclusive, full, clear and unencumbered right, title and interest as licensor in and to the License agreements listed on
Schedule B annexed hereto and, except as set forth in said Schedule B, all such License agreements are valid and in full force and effect. Assignor’s licensor rights have not been abandoned, suspended, voluntarily terminated or
cancelled by Assignor have not been adjudged invalid or unenforceable. 
 (b) Assignor may in the ordinary course of business license
Trademarks to any party provided (1) no Event of Default has occurred under the Loan Documents, (2) the terms and conditions of the License are usual and customary for the License in question, (3) the rights of the licensee are
subordinate to the rights of Lender in the Trademark or Tradename, (4) Assignor provides Lender with a copy of the License within 5 days of the execution thereof, and (5) Assignor complies with the provisions of Section 3.6
below so as to extend to Lender with respect to the affected License the right and remedies afforded by this Agreement. 
 (c) Assignor shall
not assign any of the Trademarks to any party without the prior written consent of Lender. 
 3.4 Further Assurances. Assignor
will perform all acts and execute all further instruments and documents, including, without limitation, assignments for security in form suitable for filing with the United States Patent and Trademark Office, reasonably requested by Lender at any
time to evidence, perfect, maintain, record and enforce Lender’s interest in the Collateral or otherwise in furtherance of the provisions of this Agreement, and Assignor hereby authorizes Lender to execute and file (with or without the
signature of Assignor) one or more financing statements (and similar documents) or copies thereof or this Agreement with respect to the Collateral signed only by Lender. 
  

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 3.5 Costs and Expenses. Assignor shall promptly pay all reasonable and necessary expenses
and expenditures of Lender, including, without limitation, reasonable attorney’s fees and expenses, incurred or paid by Lender in protecting, enforcing or exercising its interests, rights or remedies created by, connected with or provided in
this Agreement, or performance pursuant to this Agreement. 
 3.6 Pledge of Additional Trademarks and Licenses. If, before the
Obligations have been finally paid and satisfied in full, Assignor, either itself or through any agent, employee, licensee or designee shall: 
  

	 	(a)	file an application for the registration of any Trademark with the United States Patent and Trademark Office or any similar office or agency of the United States, any State thereof,
or any other country or any political subdivision thereof; or 

  

	 	(b)	file any assignment of any Trademark which Assignor may acquire, own or license from a third party, with the United States Patent and Trademark Office or any similar office or
agency of the United States, any State thereof or any other country or any political subdivision thereof; 

 Assignor shall promptly, but in no
event less frequently than 45 days after the end of each fiscal quarter, notify Lender thereof, and, upon request of Lender shall promptly, but in no event more than twenty (20) days subsequent to such request, execute and deliver any and all
agreements, instruments, documents and papers as Lender may reasonably request to evidence Lender’s security interest in such Trademark or License and the good will and general intangibles of Assignor relating thereto or represented thereby.
Assignor hereby grants Lender a power of attorney, irrevocable until the Obligations of Borrowers to Lender are fully paid and satisfied, to modify this Agreement by amending Schedule A and Schedule B, as applicable, to include any
future Trademarks or Licenses, including, without limitation, registrations or applications appurtenant thereto. 
 3.7 Assignor’s
Authority, Etc. Assignor has the right and power to mortgage and pledge the Collateral, and to grant the security interest in the Collateral herein granted; and the Collateral is not now, and at all times hereafter will not be subject to any
liens, licenses, pledges, assignments, registered license agreements, covenants not to use by Assignor or other encumbrance of any nature whatsoever, and Assignor has not received any written notice from any third party claiming any right or
interest in and to any of the Collateral or that Assignor’s use thereof infringes the rights of any third party. 
 3.8 Negative
Pledge. Assignor will not, without the prior written consent of Lender, assign (by operation of law or otherwise), sell, mortgage, lease, transfer, pledge, hypothecate, grant a 

  

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security interest or lien upon, grant an exclusive or non-exclusive license upon (other than those existing Licenses, if any, listed on Schedule B
annexed hereto and made a part hereof or those that comply with Section 3.3(b) above), or otherwise encumber, grant rights to any other person upon or dispose of any of the Collateral, and nothing in this Agreement shall be deemed a
consent by Lender to any such action except as expressly permitted herein. Assignor shall defend the Collateral against and shall take such other action as is necessary to remove any lien, security interest, claim, right or other encumbrance of any
nature whatsoever in or to the Collateral, and will defend the right, title and interest of Lender in and to any of Assignor’s rights under the Collateral against the claims or demands of all persons whomsoever. 
 3.9 No Additional Trademarks or Licenses. 
 (a) Other than those grants, registrations or applications for registrations listed on Schedule A annexed hereto and made a part hereof, Assignor does not as of the date hereof own any Trademarks or have any
Trademarks registered in or the subject of pending applications in the United States Patent and Trademark Office or any similar office or agency in any other country or any political subdivision thereof. 
 (b) Other than agreements relating to those Licenses listed on Schedule B annexed hereto and made a part hereof, Assignor is not as of the date
hereof a party to any agreement relating to any License. 
 3.10 Additional Further Assurances. Assignor will take all
necessary steps in any proceeding before the United States Patent and Trademark Office or any similar office or agency in any other country, or any political subdivision thereof (i) to maintain each registration and grant of the Trademarks and
Licenses, and (ii) in accordance with its reasonable business judgment and at its expense, to halt any infringement of the Trademarks and shall properly exercise its duty to control the nature and quality of the goods offered by any licensees
in connection with the Licenses. 
 3.11 Responsibility and Liability. Assignor assumes all responsibility and liability
arising from the use of the Trademarks and Licenses, and hereby indemnifies and holds Lender and each director, officer, employee, affiliate and agent thereof, harmless from and against any claim, suit, loss, damage or expense (including
attorneys’ fees and expenses) arising out of any alleged defect in any product manufactured, promoted or sold by Assignor in connection with any of the Trademarks or otherwise arising out of Assignor’s operation of its business from the
use of the Trademarks. In any suit, proceeding or action brought by Lender under any License for any sum owing thereunder, or to enforce any provisions of such License, Assignor will indemnify and keep Lender harmless from and against all expense,
loss or damage suffered by reason of any defense, set off, recoupment, claim, counterclaim, reduction or liability whatsoever of the obligee thereunder or arising out of any other agreement, indebtedness or liability at any time owing to or in favor
of such obligee or its successors from Assignor, and all such obligations of Assignor shall be and remain enforceable against and only against Assignor and shall not be enforceable against Lender. 
  

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 3.12 Lender’s Rights. Lender may, in its sole discretion, pay any amount or do any act
required of Assignor hereunder or requested by Lender to preserve, defend, protect, maintain, record or enforce Assignor’s obligations contained herein, the Obligations of Borrowers to Lender, the Collateral, or the right, title and interest
granted Lender herein, and which Assignor or Borrowers fail to do or pay, and any such payment shall be deemed an advance by Lender to Borrower and Assignor and shall be payable on demand together with interest thereon at the default rate as
specified in the Loan Agreement, and the payment of which shall be secured by the Collateral. 
 3.13 Protection of the
Trademarks. 
 (a) Assignor agrees that if it learns of any use by any person of any term or design likely to cause confusion with any
Trademark, or of any claim of any lien, security interest, claim, right or other encumbrance of any nature whatsoever in or to the Collateral, Assignor shall at Assignor’s expense promptly bring an action against such person for the protection
of Assignor’s interest in and to such Trademark. In addition, Assignor shall promptly notify Lender of such use, lien, security interest, claim, right or other encumbrance. If requested by Lender, Assignor shall allow Lender to join with
Assignor, at Assignor’s expense, in such action in the event that Lender, in its reasonable discretion, deems such joinder advisable for the protection of Lender’s interest in and to the Trademarks. 
 (b) Upon the occurrence of an Event of Default, Assignor agrees that if it learns of any use by any person of any term or design likely to cause
confusion with any Trademark, or of any claim of any lien, security interest, claim, right or other encumbrance of any nature whatsoever in or to the Collateral, Assignor shall promptly notify Lender of such use, lien, security interest, claim,
right or other encumbrance. Lender may, but is not obligated to, bring, at Assignor’s expense, such action as Lender, in its reasonable discretion, may deem advisable for the protection of Lender’s interest in and to the Trademarks.

 4. Lender’s Appointment as Attorney-in-Fact. 
 4.1 Assignor hereby irrevocably constitutes and appoints Lender, and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with irrevocable power and authority in the
place and stead of Assignor and in the name of Assignor or its own name, from time to time in Lender’s discretion, for the purposes of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all
documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement and, without limiting the generality of the foregoing, hereby gives Lender the power and right, on behalf of Assignor, to do the following:

  

	 	(a)	to pay or discharge taxes, liens, security interests or other encumbrances levied or placed on or threatened against the Collateral, to effect any repairs or any insurance called
for by the terms of this Agreement or the Loan Agreement and to pay all or any part of the premiums therefor and the costs thereof, provided, however, until the occurrence of an Event of Default, Lender shall do the foregoing only if Assignor fails
to do so within 10 days after being requested to do so by Lender; 

  

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	 	(b)	upon the occurrence of an Event of Default: 

  

	 	(1)	to ask, demand, collect, receive and give acquittances and receipts for any and all moneys due and to become due under any Licenses and, in the name of Assignor or in its own name
or otherwise, to take possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any License and to file any claim or to take any other action or proceeding in any court of
law or equity or otherwise deemed appropriate by Lender for the purpose of collecting any and all such moneys due under any License whatsoever; 

  

	 	(2)	to direct any party liable for any payment under any of the Licenses to make payment of any and all moneys due and to become due thereunder directly to Lender or as Lender shall
direct; 

  

	 	(3)	to receive payment of and receipt for any and all moneys, claims and other amounts due and to become due at any time in respect of or arising out of any Collateral;

  

	 	(4)	to commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction, to collect the Collateral or any part thereof and to enforce
any other right in respect of any Collateral; 

  

	 	(5)	to defend any suit, action or proceeding brought against Assignor with respect to any Collateral; 

  

	 	(6)	to settle, compromise, or adjust any suit, action or proceeding described above and, in connection therewith, to give such discharges or releases as Lender may deem appropriate;

  

	 	(7)	generally, to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though Lender were the absolute
owner thereof for all purposes, and to do, at Lender’s option, all acts and things which Lender deems necessary to protect, preserve or realize upon the Collateral and Lender’s security interest therein, in order to effect the intent of
this Agreement, all as fully and effectively as Assignor might do. 

  

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 4.2 This power of attorney is a power coupled with an interest and shall be irrevocable until such time
that all Obligations are indefeasibly paid in full. Notwithstanding the foregoing, Assignor further agrees to execute any additional documents which Lender may require in order to confirm this power of attorney, or which Lender may deem necessary to
enforce any of its rights contained in this Agreement. 
 4.3 The powers conferred on Lender hereunder are solely to protect Lender’s
interests in the Collateral and shall not impose any duty upon Lender to exercise any such powers. Lender shall be accountable only for amounts that it actually receives as a result of the exercise of such powers and neither Lender nor any of its
officers, directors, employees or agents shall be responsible to Assignor for any act or failure to act, except for Lender’s own gross negligence or willful misconduct. 
 4.4 Assignor also authorizes Lender to execute, in connection with any sale provided for in this Agreement, any endorsements, assignments or other
instruments of conveyance or transfer with respect to the Collateral. 
 5. Events of Default. The occurrence of any one or more of the
following shall constitute an Event of Default under this Agreement: 
 5.1 the occurrence of any Event of Default under the Loan Agreement;

 5.2 a breach by Assignor of any covenant contained in this Agreement and such breach continues beyond any applicable grace or notice
period, provided, however, that if no grace or notice period is expressly provided and Assignor’s breach is capable of cure, Lender will provide Assignor notice and 5 days opportunity to cure before an Event of Default is deemed to exist,
provided further however that Lender will not be required to provide the foregoing notice and opportunity to cure, together with any similar notice and opportunity to cure required under any other subsection of this Section 5 or under
any other Loan Document, more than twice in any one calendar year; 
 5.3 if any warranty or representation contained in this Agreement,
including, without limitation, the warranties and representations contained in Section 3 of this Agreement, shall be incorrect in any material respect when made, or if of a continuing nature, becomes materially false; to the extent that any
aforementioned statement or representation is made to the best of the information, knowledge or belief of Assignor but the underlying statement or representation is nonetheless false or misleading in any material respect, an Event of Default will be
deemed to have occurred hereunder if Assignor fails to correct the condition underlying the statement or representation within twenty (20) days after notice from Lender to do so. 
 6. Remedies. Upon the occurrence of an Event of Default, in addition to all other rights and remedies of Lender, whether under law, in equity or otherwise (all such rights and remedies being cumulative,
not exclusive and enforceable alternatively, successively or concurrently): 
  

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 6.1 Lender shall have all of the rights and remedies set forth in the Loan Agreement. 
 6.2 Immediately upon Lender’s written request, Assignor shall not make any further use of the Trademarks or any mark similar thereto for any
purposes. 
 6.3 Lender may, at any time and from time to time, license, whether general, special or otherwise, and whether on an exclusive
or nonexclusive basis, any of the Trademarks, throughout the world for such term or terms, on such conditions, and in such manner, as Lender shall in its sole discretion determine. 
 6.4 Lender may (without assuming any obligations or liability thereunder), at any time, enforce (and shall have the exclusive right to enforce) against
any licensee or sublicensee all rights and remedies of Assignor in, to and under any one or more license agreements with respect to the Collateral, including, without limitation the Licenses, and take or refrain from taking any action under any
license or sublicensee thereof, and Assignor hereby releases Lender from, and agrees to hold Lender free and harmless from and against, any claims arising out of any action taken or omitted to be taken with respect to any such license agreements
except claims arising out of Lender’s willful misconduct. 
 6.5 Lender may foreclose upon the Collateral for the purpose of using,
assigning, selling or otherwise disposing of the Collateral or any of it, either with or without special or other conditions or stipulations, and record any documents with the United States Patent and Trademark Office necessary to evidence
Lender’s ownership in the Collateral. 
 6.6 Lender may appear before the United States Patent and Trademark Office as owner, or as the
representative of the owner, of the Collateral, without recording or filing any documents to evidence Lender’s ownership in the Collateral. 
 6.7 Whether or not Lender forecloses upon the Collateral in accordance with this Agreement, Lender may, at any time and from time to time, assign, sell, or otherwise dispose of, the Collateral or any of it either with or without special or
other conditions or stipulations, with power to buy the Collateral or any part of it, and with power also to execute assurances, and do all other acts and things for completing the assignment, sale or disposition which Lender shall, in its sole
discretion, deems appropriate or proper. 
 6.8 In addition to the foregoing, in order to implement the assignment, sale or other disposal of
any of the Collateral, Lender may, at any time, pursuant to the authority granted in the Power of Attorney in the form of Schedule C annexed hereto and made a part hereof (such authority being effective only upon the occurrence of an Event of
Default), execute and deliver on behalf of Assignor, one or more instruments of assignment of the Trademarks (or any application or registration thereof), in form suitable for filing, recording or registration in any country. Assignor agrees to pay
when due all reasonable costs and expenses incurred in any such transfer of the Trademarks, including any taxes, fees and reasonable attorneys’ fees, and all such costs shall be 

  

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added to the Obligations of Borrowers to Lender. Lender shall apply the proceeds actually received from any such license, assignment, sale or other
disposition to the payment of the Obligations of Borrowers to Lender as provided for in the Loan Agreement. Assignor shall remain liable for any deficiency with respect to the Obligations of Borrowers to Lender, which shall bear interest and be
payable at the Default Rate under the Loan Agreement. The rights of Assignor to receive any surplus shall be subject to any duty of Lender imposed by law to the holder of any subordinate security interest in the Collateral known to Lender. Nothing
contained herein shall be construed as requiring Lender to take any such action at any time. 
 7. Execution of Special Power of Attorney.
Concurrently with the execution and delivery of this Agreement, Assignor is executing and delivering to Lender a certain Power of Attorney, in the form of Schedule C annexed hereto and made a part hereof, to be used by Lender for the
implementation of the sale, assignment, licensing or other disposition of the Collateral pursuant to this Agreement but only in the exercise of Lender’s remedies after the occurrence of an Event of Default. 
 8. Amendments and Modification. No provision hereof shall be modified, altered, waived or limited except by a written instrument expressly referring to
this Agreement and executed by the party to be charged. 
 9. Binding Nature. This Agreement shall be binding upon and inure to the benefit of
the successors, assigns or other legal representatives of Assignor, and shall, together with the rights and remedies of Lender hereunder, be binding upon and inure to the benefit of Lender, successors, assigns or other legal representatives.

 10. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF. 
 11. Notices. All notices, requests, demands and other communications provide for hereunder
shall be in writing (unless otherwise expressly provided herein) and shall be sent and deemed to have been received as set forth in the Loan Agreement. 
 12. Counterparts. This Agreement may be executed in counterparts, each of which, when taken together, shall be deemed one and the same instrument. 
 13. Headings. Section headings herein are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
 14. Acknowledgment of Receipt. Assignor acknowledges receipt of a copy of this Agreement. 
 15. No Waiver. No course of dealing between Assignor and Lender, and no delay or omission of Lender in exercising or enforcing any of Lender’s rights and remedies hereunder shall constitute a waiver
thereof; and no waiver by Lender of any Event of Default shall operate as a waiver of any other Event of Default. 
  

 13 

 16. Severability. If any of the provisions of this Agreement shall contravene or be held invalid under the
laws of any jurisdiction, this Agreement shall be construed as if not containing such provisions and the rights, remedies, warranties, representations, covenants, and provisions hereof shall be construed and enforced accordingly in such jurisdiction
and shall not in any manner affect such provision in any other jurisdiction, or any other provisions of this Agreement in any jurisdiction. 
 17.
Interest Granted to Lender. Notwithstanding any provision of this Agreement to the contrary, the interest granted to Lender under this Agreement is intended to be a pledge and a security interest only, and the execution of this
Agreement is not intended to create an assignment or a transfer of title or any other property rights to the Trademarks. 
 18. WAIVER OF JURY
TRIAL. ASSIGNOR AGREES (AND BY ITS ACCEPTANCE OF THIS AGREEMENT, LENDER ALSO AGREES) THAT ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY LENDER OR ASSIGNOR ON OR WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE DEALINGS OF THE PARTIES WITH RESPECT HERETO OR THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. ASSIGNOR HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND INTELLIGENTLY, AND WITH THE ADVICE OF ASSIGNOR’S COUNSEL, WAIVES
(AND BY ITS ACCEPTANCE OF THIS AGREEMENT, LENDER ALSO WAIVES), TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER, ASSIGNOR WAIVES ANY RIGHT ASSIGNOR MAY HAVE TO CLAIM OR RECOVER,
IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. ASSIGNOR ACKNOWLEDGES AND AGREES THAT THIS SECTION IS A SPECIFIC AND MATERIAL ASPECT OF THIS
AGREEMENT AND THAT LENDER WOULD NOT EXTEND CREDIT TO BORROWERS IF THE WAIVERS SET FORTH IN THIS SECTION WERE NOT A PART OF THIS AGREEMENT. 
 THIS IS THE LAST PAGE OF THIS DOCUMENT. 
 THE NEXT PAGE IS THE SIGNATURE PAGE. 
  

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

					
	WITNESS:	  	EP MEDSYSTEMS, INC.
			
	 /s/ David I. Bruce
	  	By:	 	 /s/ James J. Caruso

	David I. Bruce	  		 	James J. Caruso

  

 15Copyright Security Agreement

 Exhibit 10.9 
 COPYRIGHT SECURITY AGREEMENT 
 THIS COPYRIGHT SECURITY AGREEMENT (the
“Agreement”) is made as of February 28, 2008, by 
 EP MEDSYSTEMS, INC., a New Jersey corporation bearing federal
employer identification number 22-3212190 and New Jersey state organizational number 0100541773 and having its principal place of business at 575 Route 73 North, Building D, West Berlin, Camden County, New Jersey 08091 (being
hereinafter referred to as “Grantor”) 
 in favor of 
 KELTIC FINANCIAL PARTNERS, LP, a Delaware limited partnership, with a place of business at 580 White Plains Road, Suite 610, Tarrytown, New York
10591 (together with its affiliates and subsidiaries, and all successors and assigns thereof hereinafter collectively referred to as “Lender”) 
 WITNESSES THAT: 
 (1) WHEREAS, Lender is currently extending certain loan facilities on a
joint and several basis to the following entities (the following entities being hereinafter collectively called “Borrowers” and individually called a “Borrower”): 
 EP MEDSYSTEMS, INC., a New Jersey corporation bearing federal employer identification number 22-3212190 and New Jersey state organizational
number 0100541773 and having its principal place of business at 575 Route 73 North, Building D, West Berlin, Camden County, New Jersey 08091, 
 and 
 PROCATH CORPORATION, a New Jersey corporation bearing federal employer identification number 22-3261466 and New
Jersey state organizational number 0100568383 and having its principal place of business at 575 Route 73 North, Building D, West Berlin, Camden County, New Jersey 08091; 
  

 1 

 (2) WHEREAS, the aforesaid loan facilities, together with all extensions, modifications (including
increases and decreases in amount), refinancings, renewals, restatements/amendments, substitutions, replacements and/or redatings thereof, being hereinafter collectively and individually referred to as the “Loans”; 
 (3) WHEREAS, the Loans are being extended pursuant to the terms and conditions of a certain Revolving/Term Loan Agreement by and among Lender and
Borrowers and dated even date herewith, as modified, amended, restated, extended or supplanted from time to time, such agreement, together with all extensions, modifications, refinancings, renewals, restatements/amendments, substitutions,
replacements and/or redatings thereof made from time to time hereafter being hereinafter collectively referred to as the “Loan Agreement”; 
 (4) WHEREAS, the Loan Agreement and any and all other documents (including any notes), instruments, writings and agreements related thereto, together with all extensions, modifications, refinancings, renewals,
restatements/amendments, substitutions, replacements and/or redatings thereof, are hereinafter collectively and individually referred to as the “Loan Documents”; 
 (5) WHEREAS, it is a condition of Lender’s obligation to continue to extend the Loans to Borrowers under the Loan Agreement or otherwise that
Grantor execute and deliver to Lender this Agreement; 
 (5) WHEREAS, to induce Lender to perform and/or to continue to perform its
obligations under the Loan Documents or otherwise, Grantor is willing to execute and deliver this Agreement to Lender and to perform Grantor’s obligations hereunder; 
 NOW, THEREFORE, in consideration of the foregoing, the mutual covenants set forth in the Loan Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Grantor hereby agrees and covenants in favor of Lender as follows: 
 ARTICLE I 
 SECURITY INTERESTS 
 1.1 Grant of
Security Interest. 
 (a) As collateral security for the prompt and complete payment and performance when due (whether at the stated
maturity, by acceleration or otherwise) of the Obligations, Grantor hereby grants to the Lender a continuing security interest in all of the right, title and interest of Grantor in, to and under (i) all Copyrights and Copyright Licenses,
whether now existing or hereafter from time to time acquired; and (ii) all Proceeds and Products thereof (all of the above, collectively, the “Collateral”). 
  

 2 

 (b) The security interest of the Lender under this Security Agreement extends to all Collateral of the
kind which is the subject of this Security Agreement which Grantor may acquire at any time during the continuation of this Security Agreement. 
 ARTICLE II 
 SPECIAL PROVISIONS CONCERNING COPYRIGHTS 
 2.1 Rights of Lender; Limitations on Lender’s Obligations. 
 (a) Grantor Remains Liable under Copyright Licenses. Anything herein to the contrary notwithstanding and so long as Grantor is the owner of such Copyright License, Grantor shall remain liable under each of the
Copyright Licenses to which it is a party to observe and perform all the material conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise to each such Copyright License.
Lender shall not have any obligation or liability under any Copyright License by reason of or arising out of this Security Agreement or the receipt by Lender of any payment relating to such Copyright License pursuant hereto, and Lender shall not be
obligated in any manner to perform any of the obligations of Grantor under or pursuant to any Copyright License, to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of
any performance by any party under any Copyright License, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any
time or times. 
 (b) Notice to Contracting Parties. At any time after an Event of Default has occurred and so long as such Event of
Default shall be continuing, upon the request of Lender, Grantor shall, and the Lender may (with concurrent notice to Grantor thereof), notify parties to the Copyright Licenses to which it is a party that the Copyright Licenses have been assigned to
Lender and that payments in respect thereof shall be made directly to Lender. At any time after an Event of Default shall have occurred and be continuing, Lender may in its own name or in the name of others communicate with parties to the Copyright
Licenses to verify with them to its satisfaction the existence, amount and terms thereof. 
 2.2 Representations and Warranties.
Grantor hereby represents and warrants that: (a) Schedule I hereto sets forth the Copyright in which Grantor has any ownership interest; (b) to the best knowledge of Grantor, except as set forth on Schedule I, each Copyright is valid,
subsisting, unexpired and enforceable and has not been abandoned; (c) to Grantor’s knowledge, no holding, decision or judgment has been rendered by any Governmental Authority with respect to any Copyright which would limit, cancel or
question its validity; and (d) except as set forth on Schedule I, no action or proceeding is pending or, to the best knowledge of Grantor, threatened (i) seeking to limit, cancel or question the validity of any Copyright or Grantor’s
ownership thereof, or (ii) which, if adversely determined, would have a material adverse effect on the value of any Copyright. 
 2.3
Covenants. Grantor covenants and agrees with Lender that, from and after the date of this Security Agreement until the Obligations are paid in full: 
 (a) Grantor will employ each Copyright for each published work with such notice of copyright as may be required by law to secure copyright protection; 
  

 3 

 (b) Grantor will not do any act or knowingly omit to do any act whereby any Copyright may become
invalidated; 
 (c) Grantor will not do any act, or omit to do any act, whereby any Copyright is reasonably likely to become injected into
the public domain; 
 (d) Grantor shall notify Lender immediately if it knows, or has reason to know, that any Copyright is reasonably likely
to become injected into the public domain or of any materially adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any court or tribunal in the United States)
regarding Grantor’s ownership of any such Copyright or its validity; 
 (e) Grantor will take all necessary steps as it shall deem
appropriate under the circumstances, to maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration of each Copyright owned by Grantor including, without limitation, filing of applications for
renewal, where necessary; 
 (f) Grantor will promptly notify Lender of any material infringement of any Copyright of which it becomes aware
and will take such actions as it shall reasonably deem appropriate under the circumstances to protect such Copyright, including, where appropriate, the bringing of suit for infringement, seeking injunctive relief and seeking to recover any and all
damages for such infringement, except where such action would be of negligible value, economic or otherwise; and 
 (g) Grantor will not do
any act, or omit to do any act, whereby any Copyright may become abandoned or dedicated. 
 2.4 Lender’s Appointment as
Attorney-in-Fact. Grantor hereby irrevocably constitutes and appoints Lender and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and
stead of Grantor and in the name of Grantor or in its own name, from time to time upon the occurrence and continuance of an Event of Default in Lender’s discretion, for the purpose of carrying out the terms of this Security Agreement, to take
any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Security Agreement, and, without limiting the generality of the foregoing, Grantor hereby
gives Lender the power and right, on behalf of Grantor, without notice to or assent by Grantor, to do the following: 
  

 4 

 (a) in the name of Grantor or its own name, or otherwise, to take possession of and indorse and collect
any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Copyright License or with respect to any other Collateral and to file any claim or to take any other action or proceeding in any court of law or
equity or otherwise deemed appropriate by Lender for the purpose of collecting any and all such moneys due under any Copyright License or with respect to any other Collateral whenever payable; 
 (b) to pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, provided that if such taxes are being contested in good
faith and by appropriate proceedings, Lender will consult with such Grantor before making any such payment; and 
 (c) (i) to direct any
party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to Lender or as Lender shall direct; (ii) to ask or demand for, collect, receive payment of and receipt for,
any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (iii) to commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent
jurisdiction to collect the Collateral or any thereof and to enforce any other right in respect of any Collateral; (iv) to defend any suit, action or proceeding brought against Grantor with respect to any Collateral; (v) to settle,
compromise or adjust any suit, action or proceeding described in clause (iv) above upon reasonable terms and, in connection therewith, to give such discharges or releases as Lender may deem reasonably appropriate; (vi) to assign any
Copyright throughout the world for such term or terms, on such conditions, and in such manner, as Lender shall in its reasonable discretion determine; and (vii) generally, to sell, transfer, pledge and make any agreement with respect to or
otherwise deal with any of the Collateral as fully and completely as though Lender were the absolute owner thereof for all purposes, and to do, at Lender’s option and Grantor’s expense, at any time, or from time to time, all acts and
things which Lender reasonably deems necessary to protect, preserve or realize upon the Collateral and Lender’s Liens thereon and to effect the intent of this Security Agreement, all as fully and effectively as Grantor might do. Notwithstanding
anything to the contrary contained herein, Lender shall give Grantor not less than ten days prior written notice of the time and place of any sale or other intended disposition of any of the Collateral. 
 Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with an
interest and shall be irrevocable. 
 2.5 Remedies. Upon the occurrence and continuance of an Event of Default, Lender may exercise,
in addition to all other rights and remedies granted to them in this Security Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations, all rights and remedies of a secured party under the Code (whether
or not in effect in the jurisdiction where such rights are exercised). Without limiting the generality of the foregoing, Lender, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any
notice provided herein or as may be required by law referred to below) to or upon Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby 

  

 5 

 
waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell,
assign, give an option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s
board or office of Lender or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. Lender shall have the right
upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in Grantor, which right or equity is
hereby waived and released. Lender Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to
the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of Lender hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the
Obligations, in such order as Lender may elect, and only after such application and after the payment by Lender of any other amount required by any provision of law, including, without limitation, Section 9-504(1)(c) of the Code, need Lender
account for the surplus, if any, to the Grantors. To the extent permitted by applicable law, Grantor waives all claims, damages and demands it may acquire against Lender arising out of the exercise by them of any rights hereunder, except to the
extent arising from the gross negligence or willful misconduct of Lender. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days
before such sale or other disposition. Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Obligations and the fees and disbursements of any attorneys employed
by Lender to collect such deficiency. 
 ARTICLE III 
 DEFINITIONS 
 Unless otherwise defined herein or in the preamble or recitals hereto, terms
which are defined in the Loan Agreement and used herein are so used as so defined and the following terms shall have the following meanings: 
 “Code” means the Uniform Commercial Code as from time to time in effect in the State of New York. 
 “Copyright License” means any written agreement, naming Grantor, as licensor or licensee, granting any right in the United States to use any Copyright including, without limitation, any referred to in Schedule I
hereto. 
 “Copyrights” means all of the following to the extent Grantor now or hereafter has any right, title or
interest: (a) all United States copyrights and all registrations and applications therefor, including, without limitation, any referred to in Schedule I hereto, and (b) all renewals of such copyrights. 
  

 6 

 “Governmental Authority” means any nation or government, any state or other political
subdivision thereof, any agency, authority instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any
securities exchange and any self-regulatory organization. 
 “Obligations” means each and all of the following collectively
and individually: 
  

	 	(a)	principal due on the Loans and any note now or hereafter evidencing any of the Loans (including all advances and re-advances under the Loans and any aforesaid note) to be paid with
interest thereon as required by the Loan Agreement and any such note; 

  

	 	(b)	advances and re-advances which are and which may be made from time to time by Lender to either Borrower not in compliance with any limitation imposed by the Loan Agreement;

  

	 	(c)	advances and re-advances which are and which may be made from time to time by Lender on behalf of or for the account of either Borrower over and above any monetary limitation on the
Loans and/or over and above any other lending limitation contained in the Loan Agreement, and the interest thereon; 

  

	 	(d)	all amounts which Lender has actually advanced or is contingently liable to advance on account of Letters of Credit; and/or in the event that Lender is not itself the issuer of any
Letter of Credit, all amounts which Lender actually advances or is contingently liable to advance to any such issuer on account of the Letters of Credit; 

  

	 	(e)	any and all other advances and re-advances made by Lender prior to, on and after the date of this Agreement to, or on the account of, either Borrower; 

  

	 	(f)	any and all interest, commissions, checking account overdrafts, bank overdrafts, and other loans, advances, obligations, liabilities and indebtedness owed by either Borrower to
Lender (whether direct or indirect, primary, secondary, contingent, joint or several, and regardless of how acquired by Lender) which are due or which will arise or become due in the future, no matter how or when arising and whether under the Loan
Documents or under any other now existing or any future agreement or instrument of whatever nature (i) between either Borrower and Lender or (ii) otherwise; 

  

	 	(g)	the performance and fulfillment by each Borrower of all the terms, conditions, promises, covenants and provisions contained in the Loan Documents, or in any other now existing
agreement or any future agreement or instrument of whatever nature (i) between either Borrower and Lender or (ii) otherwise; 

  

 7 

	 	(h)	each Borrower’s obligation to indemnify Lender from and against any and all claims, damages, losses, liabilities, reasonable costs or expenses whatsoever which Lender may incur
(or which may be claimed against Lender by any person or entity whatsoever) by reason of or in connection with the execution and delivery or transfer of, or payment or failure to pay under the Loan Agreement or any of the other Loan Documents, or
under any other now existing agreement or any future agreement or instrument of whatever nature (i) between either Borrower and Lender or (ii) otherwise; 

  

	 	(i)	the amount due upon any notes or other obligations given to, or received by, Lender on account of any of the foregoing; and 

  

	 	(j)	any “Obligations” as such terms may now or hereafter be defined in the Loan Agreement. 

 “Proceeds” means “proceeds”, as such term is defined in Section 9-306(1) of the Code and, to the extent not
included in such definition, shall include, without limitation, (a) any and all proceeds of any insurance, indemnity, warranty, guaranty or letter of credit payable to Grantor, from time to time with respect to any of the Collateral,
(b) all payments (in any form whatsoever) paid or payable to Grantor from time to time in connection with any taking of all or any part of the Collateral by any Governmental Authority or any Person acting under color of Governmental Authority,
(c) all judgments in favor of Grantor in respect of the Collateral and (d) all other amounts from time to time paid or payable or received or receivable under or in connection with any of the Collateral. 
 ARTICLE IV 
 MISCELLANEOUS

 4.1 Amendments, etc. with Respect to the Obligations. Grantor shall remain obligated hereunder, and the Collateral shall remain
subject to the lien granted hereby notwithstanding that, without any reservation of rights against Grantor, and without notice to or further assent by Grantor, any demand for payment of any of the Obligations made by Lender may be rescinded by
Lender, and any of the Obligations continued, and the Obligations, or the liability of Grantor or any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time
to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered, or released by Lender, and the Loan Agreement, the Notes, the other Loan Documents and any other documents executed and delivered
in connection therewith may be amended, modified, supplemented or terminated, in whole or part, as Lender may deem advisable from time to time, and any guarantee, right of offset or other collateral security at any time held by Lender for the
payment of the Obligations may be sold, exchanged, 

  

 8 

 
waived, surrendered or released. Lender shall not have any obligation to protect, secure, perfect or insure this or any other lien at any time held by it as
security for the Obligations or any property subject thereto. Grantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by Lender upon this Security Agreement; the
Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Security Agreement; and all dealings between Grantor or Lender, shall likewise be conclusively presumed to have been had or
consummated in reliance upon this Security Agreement. 
 4.2 Powers Coupled with an Interest. All authorizations and agencies
herein contained with respect to the Collateral are irrevocable and powers coupled with an interest. 
 4.3
Severability. Any provision of this Security Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 4.4 Section Headings. The section headings used in this Security Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof. 
 4.5 No Waiver. Cumulative Remedies.
Lender shall not by any act (except by a written instrument pursuant to Subsection 4.6 hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default
or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any
right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar
to any right or remedy which Lender would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any rights or remedies provided by law. 

 4.6 Integration; Waivers and Amendments; Successors and Assigns; Governing Law. This Security Agreement and the other Loan
Documents represent the entire agreement of Grantor with respect to the subject matter hereof and there are no promises or representations by Lender relative to the subject matter hereof not reflected herein or in the other Loan Documents. None of
the terms or provisions of this Security Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by Grantor and Lender, provided that any provision of this Security Agreement may be waived by
Lender in a written letter or agreement executed by Lender or by telex or facsimile transmission from Lender. This Security Agreement shall be binding upon the successors and assigns of Grantor and shall inure to the benefit of Lender and its

  

 9 

 
successors and assigns. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 4.7 Notices. All notices, requests and demands to or upon Grantor or Lender to be effective shall be in writing or by
telecopy or telex and unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered by hand, or, in the case of mail, three days after deposit in the postal system, first class postage prepaid, or, in the
case of telecopy notice, when sent, or, in the case of telex notice, when sent, answerback received, addressed to a party at the address provided for such party in the Loan Agreement. 
 4.8 Counterparts. This Security Agreement may be executed by one or more of the parties hereto on any number of separate counterparts and
all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 4.10 Termination. This
Security Agreement shall terminate when all the Obligations have been paid in full. Upon such termination, Lender shall promptly reassign and redeliver (or cause to be reassigned and redelivered) to Grantor, or to such person or persons as Grantor
shall designate, or to whomever may be lawfully entitled to receive such surplus, against receipt, such of the Collateral (if any) as shall not have been sold or otherwise applied by Lender pursuant to the terms hereof and shall still be held by it
hereunder, together with appropriate instruments or reassignment and release. Any such reassignment and release shall be without recourse upon or warranty by Lender (other than a warranty that Lender has not assigned its rights and interests
hereunder to any Person) and at the expense of Grantor. 
 4.11 WAIVER OF JURY TRIAL. GRANTOR AGREES (AND BY ITS ACCEPTANCE OF THIS
AGREEMENT, LENDER ALSO AGREES) THAT ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY LENDER OR GRANTOR ON OR WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE DEALINGS OF THE PARTIES WITH RESPECT HERETO OR
THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. GRANTOR HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND INTELLIGENTLY, AND WITH THE ADVICE OF GRANTOR’S COUNSEL, WAIVES (AND BY ITS ACCEPTANCE OF THIS AGREEMENT, LENDER ALSO WAIVES),
TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER, GRANTOR WAIVES ANY RIGHT GRANTOR MAY HAVE TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY,
PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. GRANTOR ACKNOWLEDGES AND AGREES THAT THIS SECTION IS A SPECIFIC AND MATERIAL ASPECT OF THIS AGREEMENT AND THAT LENDER WOULD NOT EXTEND CREDIT TO BORROWERS IF THE
WAIVERS SET FORTH IN THIS SECTION WERE NOT A PART OF THIS AGREEMENT. 
  

 10 

 IN WITNESS WHEREOF, Grantor has caused this instrument to be duly executed as of the day and year
first above written. 
  

							
	WITNESS:	 		 	EP MEDSYSTEMS, INC.
				
	 /s/ David I. Bruce
	 		 	By:	 	 /s/ James J. Caruso

	David I. Bruce	 		 		 	James J. Caruso

  

 11

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