Document:

Term Note Dtd. December 29, 2006

 Exhibit 10.3 
 Term Note 
  

			
		 	December 29, 2006
	$7,119,750.00	 	New York, NY       

 The undersigned (collectively, the “Borrower”), for value received, hereby promise to
pay to LONGVIEW FUND, LP (the “Lender”), or order, on or before December 29, 2008, the principal amount of SEVEN MILLION ONE HUNDRED NINETEEN THOUSAND SEVEN HUNDRED AND FIFTY DOLLARS ($7,119,750.00), or such lesser amount as may, at
the maturity hereof, whether by declaration, acceleration or otherwise, be the aggregate unpaid principal amount of the Term Loan made by the Lender to the Borrower pursuant to the Loan Agreement referred to below. 
 This Note shall bear interest (computed on the basis of the actual number of days elapsed over a 360 -day year) on the unpaid principal amount hereof at
the rate or rates per annum specified in the Loan Agreement referred to below. Commencing January 1, 2007, and on the 1st Business Day of each calendar quarter thereafter, Borrower agrees to pay to Lender accrued interest, until and including
the maturity (whether by declaration, acceleration or otherwise). During the continuance of any Event of Default, at the election of the Lender, the Borrower shall pay the holder of this Note on demand by such holder, interest on the unpaid and
overdue principal of and (to the extent permitted by law) on the unpaid interest on this Note at a rate per annum equal to the Default Rate; and provide further that in no event shall the amount contract for and agreed to be paid by the Borrower as
interest on this Note exceed the highest lawful rate permissible under any law applicable hereto. 
 This Note evidences a loan or loans
under, and is expressly subject to the provisions of, a certain Term Loan and Security Agreement dated as of December 29, 2006 (as amended from time to time, the “Loan Agreement”) by and between the Borrower and the Lender. The holder
of this Note is entitled to the benefits of the Loan Agreement, and to the benefits of the other Loan Documents referred to therein. Neither this reference or such Loan Agreement nor any provision thereof shall affect or impair the absolute and
unconditional obligation of the Borrower to pay the principal of and interest on this Note as otherwise provided herein. All payments of principal of and interest on this Note shall be payable in immediately available funds at the address of the
Lender set forth in the Loan Agreement without deduction, setoff or counterclaim. Capitalized terms used herein without definition shall have the respective meanings ascribed to them in the Loan Agreement. 
 This Note is subject to prepayment in whole or in part and to acceleration on default at times and in the manner specified in the Loan Agreement. The
maker and all endorsers of this Note hereby waive presentment, demand, notice, protest, notice of intent to accelerate, notice to accelerate, and all other demands and notices in connection with the delivery, acceptance, performance or enforcement
of this Note. In case of an Event of Default including, without limitation, a default in the payment of any principal of or interest on this Note, the Borrower will pay to the Lender such further amount as shall be sufficient to cover the cost and
expense of collection including, without limitation, reasonable attorneys’ fees, expenses and disbursements. 

 The Borrower hereby grants to Lender, a lien, security interest and right of set off as security for all
liabilities and obligations to Lender, whether now existing or hereafter arising, upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Lender, or in transit to any of
them. At any time that an Event of Default exists, without demand or notice, Lender may set off the same or any part thereof and apply the same to any liability or obligation of the Borrower and any guarantor even though unmatured and regardless of
the adequacy of any other collateral securing the Loan. ANY AND ALL RIGHTS TO REQUIRE LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SET OFF WITH RESPECT
TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER OR ANY GUARANTOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 This Note shall be construed in accordance with and governed by the internal laws of the State of New York (without giving effect to conflicts of laws principles) and is executed as a sealed instrument as of the date first above written.

  

							
	WITNESS:	 		 	
		 		 	IRVINE SENSORS CORPORATION
				
	 /s/ JAMES PIPP
	 		 	By:	 	 /s/ JOHN C. CARSON

		 		 	Name:	 	John C. Carson
		 		 	Title:	 	President & CEO

  

 2Term Note Dtd. December 29, 2006

 Exhibit 10.4 
 Term Note 
  

			
		  	December 29, 2006
	$1,130,250.00	  	New York, NY

 The undersigned (collectively, the “Borrower”), for value received, hereby promise to
pay to ALPHA CAPITAL ANSTALT (the “Lender”), or order, on or before December 29, 2008, the principal amount of ONE MILLION ONE HUNDRED THIRTY THOUSAND TWO HUNDRED AND FIFTY DOLLARS ($1,130,250.00), or such lesser amount as may, at the
maturity hereof, whether by declaration, acceleration or otherwise, be the aggregate unpaid principal amount of the Term Loan made by the Lender to the Borrower pursuant to the Loan Agreement referred to below. 
 This Note shall bear interest (computed on the basis of the actual number of days elapsed over a 360 -day year) on the unpaid principal amount hereof at
the rate or rates per annum specified in the Loan Agreement referred to below. Commencing January 1, 2007, and on the 1st Business Day of each calendar quarter thereafter, Borrower agrees to pay to Lender accrued interest, until and including
the maturity (whether by declaration, acceleration or otherwise). During the continuance of any Event of Default, at the election of the Lender, the Borrower shall pay the holder of this Note on demand by such holder, interest on the unpaid and
overdue principal of and (to the extent permitted by law) on the unpaid interest on this Note at a rate per annum equal to the Default Rate; and provide further that in no event shall the amount contract for and agreed to be paid by the Borrower as
interest on this Note exceed the highest lawful rate permissible under any law applicable hereto. 
 This Note evidences a loan or loans
under, and is expressly subject to the provisions of, a certain Term Loan and Security Agreement dated as of December 29, 2006 (as amended from time to time, the “Loan Agreement”) by and between the Borrower and the Lender. The holder
of this Note is entitled to the benefits of the Loan Agreement, and to the benefits of the other Loan Documents referred to therein. Neither this reference or such Loan Agreement nor any provision thereof shall affect or impair the absolute and
unconditional obligation of the Borrower to pay the principal of and interest on this Note as otherwise provided herein. All payments of principal of and interest on this Note shall be payable in immediately available funds at the address of the
Lender set forth in the Loan Agreement without deduction, setoff or counterclaim. Capitalized terms used herein without definition shall have the respective meanings ascribed to them in the Loan Agreement. 
 This Note is subject to prepayment in whole or in part and to acceleration on default at times and in the manner specified in the Loan Agreement. The
maker and all endorsers of this Note hereby waive presentment, demand, notice, protest, notice of intent to accelerate, notice to accelerate, and all other demands and notices in connection with the delivery, acceptance, performance or enforcement
of this Note. In case of an Event of Default including, without limitation, a default in the payment of any principal of or interest on this Note, the Borrower will pay to the Lender such further amount as shall be sufficient to cover the cost and
expense of collection including, without limitation, reasonable attorneys’ fees, expenses and disbursements. 

 The Borrower hereby grants to Lender, a lien, security interest and right of set off as security for all
liabilities and obligations to Lender, whether now existing or hereafter arising, upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Lender, or in transit to any of
them. At any time that an Event of Default exists, without demand or notice, Lender may set off the same or any part thereof and apply the same to any liability or obligation of the Borrower and any guarantor even though unmatured and regardless of
the adequacy of any other collateral securing the Loan. ANY AND ALL RIGHTS TO REQUIRE LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SET OFF WITH RESPECT
TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER OR ANY GUARANTOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 This Note shall be construed in accordance with and governed by the internal laws of the State of New York (without giving effect to conflicts of laws principles) and is executed as a sealed instrument as of the date first above written.

  

							
	WITNESS:	 		 	
			
		 		 	IRVINE SENSORS CORPORATION
				
	 /s/ JAMES PIPP
	 		 	By:	 	 /s/ JOHN C. CARSON

		 		 	Name:	 	John C. Carson
		 		 	Title:	 	President & CEO

  

 2Intellectual Property Security Agreement between Company and Investors

 Exhibit 10.5 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 This Intellectual Property Security Agreement is entered into as
of December 29, 2006 by and between LONGVIEW FUND, LP AND ALPHA CAPITAL ANSTALT (collectively, “Lender”) and IRVINE SENSORS CORPORATION, a Delaware corporation (“Grantor”). 
 RECITALS 
 A. Lender has agreed to
make certain advances of money and to extend certain financial accommodations to Grantor (the “Loans”) in the amounts and manner set forth in that certain Loan and Security Agreement by and between Lender and Grantor dated of even date
herewith (as the same may be amended, modified or supplemented from time to time, the “Loan Agreement”; capitalized terms used herein are used as defined in the Loan Agreement). Lender is willing to make the Loans to Grantor, but only upon
the condition, among others, that Grantor shall grant to Lender a security interest in certain Copyrights, Trademarks and Patents to secure the obligations of Grantor under the Loan Agreement. 
 B. Pursuant to the terms of the Loan Agreement, Grantor has granted to Lender a security interest in all of Grantor’s right, title and interest,
whether presently existing or hereafter acquired, in, to and under all of the Collateral. 
 NOW, THEREFORE, for good and valuable
consideration, receipt of which is hereby acknowledged, and intending to be legally bound, as collateral security for the prompt and complete payment when due of its obligations under the Loan Agreement and all other agreements now existing or
hereafter arising between Grantor and Lender, Grantor hereby represents, warrants, covenants and agrees as follows: 
 AGREEMENT

 To secure its obligations under the Loan Agreement and under any other agreement now existing or hereafter arising between Grantor and
Lender, Grantor grants and pledges to Lender a security interest in all of Grantor’s right, title and interest in, to and under its Intellectual Property Collateral (including without limitation those Copyrights, Patents and Trademarks listed
on Schedules A, B and C hereto), and including without limitation all proceeds thereof (such as, by way of example but not by way of limitation, license royalties and proceeds of infringement suits), the right to sue for past, present and future
infringements, all rights corresponding thereto throughout the world and all re-issues, divisions continuations, renewals, extensions and continuations-in-part thereof. 
 This security interest is granted in conjunction with the security interest granted to Lender under the Loan Agreement. The rights and remedies of Lender with respect to the security interest granted hereby are in
addition to those set forth in the Loan Agreement and the other Loan Documents, and those which are now or hereafter available to Lender as a matter of law or equity. Each right, power and remedy of Lender provided for herein or in the Loan
Agreement or any of the Loan Documents, or now or hereafter existing at law or in equity shall be cumulative and concurrent and shall be in addition to every right, power or remedy provided for herein and the exercise by Lender of any one or more of
the rights, powers or remedies provided for in this Intellectual Property Security Agreement, the Loan Agreement or any of the other Loan Documents, or now or hereafter existing at law or in equity, shall not preclude the simultaneous or later
exercise by any person, including Lender, of any or all other rights, powers or remedies. 
 Grantor represents and warrants that Exhibits A,
B, and C attached hereto set forth any and all intellectual property rights in connection to which Grantor has registered or filed an application with either the United States Patent and Trademark Office or the United States Copyright Office, as
applicable. 
 This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which
together shall constitute the same instrument. 
  

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 IN WITNESS WHEREOF, the parties have caused this Intellectual Property Security Agreement to be duly
executed by its officers thereunto duly authorized as of the first date written above. 
  

									
	 	 	 	 	 	 	GRANTOR:
			
	Address of Grantor:	 		 	IRVINE SENSORS CORPORATION
				
	3001 Red Hill Ave., Bldg. 4-108	 		 		 	
	Costa Mesa, CA 92626	 		 	By:	 	 /s/ JOHN C. CARSON

	  
 Attn: Chief Executive Officer
	 		 	Title:	 	President & CEO
			
	Address:	 		 	LENDERS:
	600 Montgomery Street, 44th Floor	 		 	LONGVIEW FUND, L.P.
	San Francisco, CA 94111	 		 		 	
	Fax: (415) 981-5301	 		 		 	
		 		 		 	By:	 	 /s/ S. MICHAEL RUDOLPH

		 		 		 	Title:	 	CFO – Investment Adviser
			
	Pradafant 7	 		 	ALPHA CAPITAL ANSTALT
	9490 Furstentums	 		 		 	
	Vaduz, Lichtenstein	 		 		 	
	Fax: 011-42-32323196	 		 	By:	 	 /s/ KONRAD ACKERMAN

		 		 		 	Title:	 	Director

  

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