EXHIBIT 10.7
GRANT OF SECURITY INTEREST
PATENTS
THIS GRANT OF SECURITY INTEREST, dated as of June 5, 1997, is
executed by Cardiac Control Systems, Inc., a Delaware corporation ("Borrower"),
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in favor of Coast Business Credit(R), a division of Southern Pacific Thrift &
Loan Association ("Lender").
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X. Xxxxxxxx to a Loan and Security Agreement dated as of the date
hereof ("Loan Agreement") between Borrower and Lender, Lender have agreed to
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extend certain credit facilities to Borrower upon the terms and subject to the
conditions set forth therein.
X. Xxxxxxxx owns the letters patent, and/or applications for letters
patent, of the United States, more particularly described on Schedules 1-A and
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1-B annexed hereto as part hereof (collectively, the "Patents");
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X. Xxxxxxxx has entered into a Security Agreement (Intellectual
Property) dated the date hereof (the "Security Agreement") in favor of Lender;
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and
D. Pursuant to the Security Agreement, Xxxxxxxx has granted to Lender
a security interest in all right, title and interest of Borrower in and to the
Patents, together with any reissue, continuation, continuation-in-part or
extension thereof, and all proceeds thereof, including any and all causes of
action which may exist by reason of infringement thereof for the full term of
the Patents (the "Collateral"), to secure the prompt payment, performance and
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observance of the Obligations, as defined in the Security Agreement;
NOW, THEREFORE, for good and valuable consideration, receipt of which
is hereby acknowledged, Borrower does hereby further grant to Lender a security
interest in the Collateral to secure the prompt payment, performance and
observance of the Obligations.
Borrower does hereby further acknowledge and affirm that the rights
and remedies of Lender with respect to the security interest in the Collateral
granted hereby are more fully set forth in the Security Agreement, the terms and
provisions of which are hereby incorporated herein by reference as if fully set
forth herein.
Xxxxxx's address is:
Coast Business Credit,
a division of Southern Pacific Thrift & Loan Association
00000 Xxxxxxxx Xxxxxxxxx, Xxxxx 0000
Xxx Xxxxxxx, Xxxxxxxxxx 00000
Attn: Manager
Telephone No.: (000) 000-0000
Telecopier No.: (000) 000-0000
IN WITNESS WHEREOF, Xxxxxxxx has caused this Assignment to be executed
as of the day and year first above written.
CARDIAC CONTROL SYSTEMS, INC.
By: /s/ Xxxx X. Xxxxx
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Name: Xxxx X. Xxxxx
Title: President
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
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STATE OF Florida )
) ss.
COUNTY OF Orange )
On June 5, 1997, before me, Xxxx X. Xxxxx, President
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(Name and Title of Officer)
personally appeared who executed the foregoing document and is
[X] personally known to me
-or-
[_] proved to me on the basis of satisfactory evidence to be
the person(s) whose name(s) is/are subscribed to the
within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized
capacity(ies), and that by his/her/their signature(s) on
the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
/s/ Xxxxxx X. Xxxxx [SEAL OF NOTARY PUBLIC APPEARS HERE]
------------------------------- Xxxxxx X. Xxxxx
Signature Of Notary My Commission CC589074
EXPIRES OCT. 07, 2000
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OPTIONAL
Though the data below is not required by law, it may prove valuable to persons
relying on the document and could prevent fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT
[_] Individual
[_] Corporate Officer
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Title(s) Title Or Type Of Document
[_] Partner(s) [_] Limited
[_] General --------------------------------------
Number
[_] Attorney-In-Fact Of Pages
[_] Trustee(s)
[_] Guardian/Conservator
[_] Other:
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Date Of Document
Signer is representing:
Name Of Person(s) Or Entity(ies) --------------------------------------
Signer(s) Other Than Named Above
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SCHEDULE 1-A TO GRANT OF SECURITY INTEREST
PATENTS
Title Date Issued Patent No.
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Pacemaker Catheter Utilizing 5,127,403
Bipolar Electrodes Spaced in
Accordance to the Length of a
Heart Depolarization Signal
Self-Sealing Connector for 4,907,592
Electrical Leads for Use in
Wet Environments
Cardiac Pacer with Switching 4,726,379
Circuit for Isolation
Pacemaker Catheter 4,962,767
Process for Polymer Coating 4,497,849
Electrical Conductors
1-A-1
SCHEDULE 1-B TO GRANT OF SECURITY INTEREST
PATENT APPLICATIONS
Title Jurisdiction Application Date Application No.
----- ------------ ---------------- ---------------
Lead Fixation Device
or Suture Sleeve
Atrial "J" Lead
Improved Cardiac
Pacing and Sensing
Using Extra-Cardiac
Indifferent Electrode
Configurations
Suppression of Far-
Field Interference
Signals for
Implantable Device
Data Transmission
Systems
Performed (Shaped)
Single Lead
Pacemaker Systems
Performed (Shaped)
Single Lead
Pacemaker Systems
Active Fixation of a
Lead
1-B-1
