Document:

Omnibus Security Interest Acknowledgement

 Exhibit 10.67 
 OMNIBUS SECURITY INTEREST ACKNOWLEDGEMENT 
 This Omnibus Security Interest Acknowledgement (“Acknowledgement”),
dated July 19, 2007, is executed and delivered by Irvine Sensors Corporation (“Irvine Sensors”) and its subsidiary Optex Systems, Inc. (“Optex”). 
 WITNESSETH: 
 WHEREAS, simultaneously with the execution and delivery of this Acknowledgement, Longview Fund, L.P.
(“Longview”) shall lend Irvine Sensors Two Million Dollars ($2,000,000) (“New Loan”) pursuant to that certain Loan Agreement and a Secured Note, each dated as of the date hereof, entered into between Irvine Sensors and Longview,
and issued by Irvine Sensors in favor of Longview; and 
 WHEREAS, in consideration for such loan, Irvine Sensors has agreed to grant a security interest to
Longview in its assets and guarantee its obligations thereunder on a pari passu basis with the senior security interests and guarantee rights granted to Longview and Alpha Capital Anstalt (“Alpha”) pursuant to the Existing Security
Agreements (as defined below), all of which secure and guarantee Irvine Sensors ‘obligations pursuant to those certain $18,250,000 principal amount loans made by Longview and Alpha to Irvine Sensors on or about December 29, 2006.

 1. Acknowledgement as to Application of Security Agreements to the New Loan. Irvine Sensors and Optex hereby acknowledge and agree that the
following security agreements and guaranties shall secure and guaranty all of Irvine Sensors’ obligations under the New Loan (which shall include all obligations under the Loan Agreement and Secured Note referenced in the first recital above)
to Longview (“New Loan Obligations”) as if the New Loan were in existence as of the original date of execution and delivery of each Existing Security Agreement, as well as any other obligations of Irvine Sensors and Optex to Longview and
Alpha under any other agreement now existing or hereafter arising between Irvine Sensors and/or Optex and Longview and/or Alpha, in both cases as if all Obligations (as defined below) created thereby, were originally intended to be part of the
obligations secured by each Existing Security Agreement. Further, Irvine Sensors acknowledges the first priority security interests securing the obligations of Irvine Sensors to Longview and Alpha under the Term Notes issued in connection with the
Term Loan and Security Agreement referenced in 3.e. below, and acknowledges that the New Loan Obligations are afforded the same first priority security interests vis a vis the security interests created under those certain Series 1 Senior
Subordinated Secured Convertible Notes due December 30, 2009 issued by Irvine Sensors and held by Longview Fund, L.P. and Alpha, and that certain Series 2 Senior Subordinated Secured Convertible Note due December 30, 2009 issued by Irvine
Sensors and held by Longview Fund, L.P. 
 2. Cross Collateralization. All Collateral (as defined below) now or hereafter subject to a security
interest or lien of Longview or Alpha pursuant to any or all of the Existing Security Agreements shall secure any and all obligations of Irvine Sensors and/or Optex 

  

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to Longview and/or Alpha, now in existence or hereafter existing (“Obligations”), and any proceeds of any Collateral may be applied to any of the
Obligations as Longview may see fit, subject to applicable law. 
 3. Definitions. 
 (i) For purposes of this Acknowledgement, the Existing Security Agreements include the following agreements, all dated as of December 29, 2006, except as otherwise stated below with respect to certain
security agreements and a guaranty originally executed and delivered by Irvine Sensors and Optex to and/or in favor of Pequot Private Equity Fund III, L.P. and Pequot Offshore Private Equity Partners III, L.P. (referred to below as the “various
Pequot entities”), which are all dated as of December 30, 2005: 
 a. that certain Irvine Sensors Intellectual Property Security Agreement, executed
and delivered by Irvine Sensors in favor of Longview and Alpha; 
 b. that certain Optex Intellectual Property Security Agreement, executed and delivered by
Optex in favor of Longview and Alpha; 
 c. that certain Optex Guaranty, executed and delivered by Optex in favor of Longview and Alpha; 
 d. that certain Optex Third Party Security Agreement, executed and delivered by Optex in favor of Longview and Alpha; 
 e. that certain Term Loan and Security Agreement by and between Irvine Sensors, on the one hand, and Longview and Alpha, on the other; 
 f. that certain Security Agreement, dated December 30, 2005, by and among Irvine Sensors and various Pequot entities;. 
 g. Subsidiary Security Agreements, all dated December 30, 2005, by and among various subsidiaries of Irvine Sensors (including Optex) and various Pequot entities;
and 
 h. Subsidiary Guaranty, dated December 30, 2005, by and among various subsidiaries of Irvine Sensors and various Pequot entities (items f –
h, all as assigned to Longview and Alpha pursuant to that certain Assignment Agreement by and among the various Pequot entities, Longview and Alpha, dated December 29, 2006). 
 (ii) As used herein, the term “Collateral” shall mean all collateral of Irvine Sensors and Optex as described and/or defined in any Existing Security Agreement. 
  

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 IN WITNESS WHEREOF, Irvine Sensors and Optex have executed this Acknowledgement as of the date first written above.

  

			
	IRVINE SENSORS CORPORATION
		
	By:	 	 /s/ John C. Carson

	Name:	 	John C. Carson
	Title:	 	President & CEO
	
	OPTEX SYSTEMS, INC.
		
	By:	 	 /s/ Timothy W. Looney

	Name:	 	Timothy W. Looney
	Title:	 	President

 [SIGNATURE PAGE TO OMNIBUS
SECURITY INTEREST ACKNOWLEDGEMENT] 
  

 3Unconditional Guaranty

 Exhibit 10.68 
 UNCONDITIONAL GUARANTY 
 For and in consideration of the loan made by LONGVIEW FUND, LP
(“Lender”) to IRVINE SENSORS CORPORATION (“Borrower”), which loan is made pursuant to a Secured Promissory Note issued by Borrower in favor of Lender dated as of July 19, 2007, as amended from time to time (the
“Agreement”), and acknowledging that Lender would not enter into the Agreement without the benefit of this Guaranty, the undersigned guarantor (“Guarantor”) hereby unconditionally and irrevocably guarantees the prompt and
complete payment of all amounts that Borrower owes to Lender under the Agreement or the Loan Agreement (as defined in the Agreement) and performance by Borrower of the Agreement and Loan Agreement between Borrower and Lender, as amended from time to
time, as well any other amounts or obligations by Borrower to Lender for any reason whatsoever, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising (all such amounts due or to be due and obligations to
be performed and any and all documentation executed in connection therewith, collectively referred to as the “Agreements”). All terms used without definition in this Guaranty shall have the meaning assigned to them in the Agreement.

 1. If Borrower does not pay any amount or perform its obligations in strict accordance with the Agreements, Guarantor shall immediately
pay all amounts due thereunder (including, without limitation, all principal, interest, and fees) and otherwise to proceed to complete the same and satisfy all of Borrower’s obligations under the Agreements. 
 2. If there is more than one guarantor, the obligations hereunder are joint and several, and whether or not there is more than one guarantor, the
obligations hereunder are independent of the obligations of Borrower and any other person or entity, and a separate action or actions may be brought and prosecuted against Guarantor whether action is brought against Borrower or whether Borrower be
joined in any such action or actions. Guarantor waives the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof, to the extent permitted by law. Guarantor’s liability under this Guaranty is not
conditioned or contingent upon the genuineness, validity, regularity or enforceability of the Agreements. 
 3. Guarantor authorizes Lender,
without notice or demand and without affecting its liability hereunder, from time to time to (a) renew, extend, or otherwise change the terms of the Agreements or any part thereof; (b) take and hold security for the payment of this Guaranty or the
Agreements, and exchange, enforce, waive and release any such security; and (c) apply such security and direct the order or manner of sale thereof as Lender in its sole discretion may determine. 
 4. Guarantor waives any right to require Lender to (a) proceed against Borrower , any guarantor or any other person; (b) proceed against or exhaust any
security held from Borrower; or (c) pursue any other remedy in Lender’s power whatsoever. Lender may, at its election, exercise or decline or fail to exercise any right or remedy it may have against Borrower or any security held by Lender,
including without limitation the right to foreclose upon any such security by judicial or nonjudicial sale, without affecting or impairing in any way the liability of Guarantor hereunder. Guarantor waives any defense arising by reason of any
disability or other defense of Borrower or by reason of the cessation from any cause whatsoever of the liability of Borrower. Guarantor waives any setoff, defense or counterclaim that Borrower may have against Lender. Guarantor waives any defense
arising out of the absence, impairment or loss of any right of reimbursement or subrogation or any other rights against Borrower. Until all of the amounts that Borrower owes to Lender have been paid in full, Guarantor shall have no right of
subrogation or reimbursement, contribution or other rights against Borrower, and Guarantor waives any right to enforce any remedy that Lender now has or may hereafter have against Borrower. Guarantor waives all presentments, demands for performance,
notices of nonperformance, protests, notices of protest, notices of dishonor, and notices of acceptance of this Guaranty and of the existence, creation, or incurring of new or additional indebtedness. Guarantor assumes the responsibility for being
and keeping itself informed of the financial condition of Borrower and of all other circumstances bearing upon the risk of nonpayment of any indebtedness or nonperformance of any obligation of Borrower, warrants to Lender that it will keep so
informed, and agrees that absent a request for particular information by Guarantor, Lender shall not have any duty to advise Guarantor of information known to Lender regarding such condition or any such circumstances. Guarantor acknowledges that, to
the extent Guarantor has or may have certain rights of subrogation or reimbursement against Borrower for claims arising out of this Guaranty, those rights may be impaired or destroyed if Lender elects to proceed against any real 

  

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property security of Borrower by non-judicial foreclosure. That impairment or destruction could, under certain judicial cases and based on equitable
principles of estoppel, give rise to a defense by Guarantor against its obligations under this Guaranty. Guarantor waives that defense and any others arising from Lender’s election to pursue non-judicial foreclosure. 
 5. If Borrower becomes insolvent or is adjudicated bankrupt or files a petition for reorganization, arrangement, composition or similar relief under any
present or future provision of the United States Bankruptcy Code, or if such a petition is filed against Borrower, and in any such proceeding some or all of any indebtedness or obligations under the Agreements are terminated or rejected or any
obligation of Borrower is modified or abrogated, or if Borrower’s obligations are otherwise avoided for any reason, Guarantor agrees that Guarantor’s liability hereunder shall not thereby be affected or modified and such liability shall
continue in full force and effect as if no such action or proceeding had occurred. This Guaranty shall continue to be effective or be reinstated, as the case may be, if any payment must be returned by Lender upon the insolvency, bankruptcy or
reorganization of Borrower, Guarantor, any other guarantor, or otherwise, as though such payment had not been made. 
 6. Any indebtedness,
other than indebtedness incurred in the ordinary course of business, of Borrower now or hereafter held by Guarantor is hereby subordinated to any indebtedness of Borrower to Lender; and such indebtedness of Borrower to Guarantor shall be collected,
enforced and received by Guarantor as trustee for Lender and be paid over to Lender on account of the indebtedness of Borrower to Lender but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this
Guaranty. 
 7. Guarantor agrees to pay reasonable attorneys’ fees and all other costs and expenses which may be incurred by Lender in
the enforcement of this Guaranty. No terms or provisions of this Guaranty may be changed, waived, revoked or amended without Lender’s prior written consent. Should any provision of this Guaranty be determined by a court of competent
jurisdiction to be unenforceable, all of the other provisions shall remain effective. This Guaranty, together with any agreements (including without limitation any security agreements or any pledge agreements) executed in connection with this
Guaranty, embodies the entire agreement among the parties hereto with respect to the matters set forth herein, and supersedes all prior agreements among the parties with respect to the matters set forth herein. No course of prior dealing among the
parties, no usage of trade, and no parol or extrinsic evidence of any nature shall be used to supplement, modify or vary any of the terms hereof. There are no conditions to the full effectiveness of this Guaranty. Lender may assign this Guaranty
without in any way affecting Guarantor’s liability under it. This Guaranty shall inure to the benefit of Lender and its successors and assigns. This Guaranty is in addition to the guaranties of any other guarantors and any and all other
guaranties of Borrower’s indebtedness or liabilities to Lender. 
 8. Guarantor represents and warrants to Lender that (i) Guarantor has
taken all necessary and appropriate action to authorize the execution, delivery and performance of this Guaranty, (ii) execution, delivery and performance of this Guaranty do not conflict with or result in a breach of or constitute a default under
Guarantor’s Articles or Certificate of Incorporation or Bylaws or other organizational documents or agreements to which it is party or by which it is bound, and (iii) this Guaranty constitutes a valid and binding obligation, enforceable against
Guarantor in accordance with its terms. 
 9. Guarantor covenants and agrees that Guarantor shall do all of the following: 
 9.1 Guarantor shall maintain its corporate existence, remain in good standing in its jurisdiction of organization, and continue to qualify in each
jurisdiction in which the failure to so qualify could have a material adverse effect on the financial condition, operations or business of Guarantor. Guarantor shall maintain in force all licenses, approvals and agreements, the loss of which could
have a material adverse effect on its financial condition, operations or business. 
 9.2 Guarantor shall comply with all statutes, laws,
ordinances, directives, orders, and government rules and regulations to which it is subject if non-compliance with such laws could adversely affect the financial condition, operations or business of Guarantor. 

 9.3 At any time and from time to time Guarantor shall execute and deliver such further instruments and
take such further action as may reasonably be requested by Lender to effect the purposes of this Guaranty. 
 10. This Guaranty shall be
governed by the laws of the State of New York, without regard to conflicts of laws principles. GUARANTOR WAIVES ANY RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY OR ANY TRANSACTION CONTEMPLATED
THEREIN, INCLUDING CLAIMS BASED ON CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER COMMON LAW OR STATUTORY BASES. Guarantor submits to the exclusive jurisdiction of the state and federal courts located in the County of New York, New York. If the jury
waiver set forth in this Section is not enforceable, then any dispute, controversy or claim arising out of or relating to this Guaranty or any of the transactions contemplated herein will be finally settled by binding arbitration in New York, NY in
accordance with the then-current Commercial Arbitration Rules of the American Arbitration Association by one arbitrator appointed in accordance with said rules. The arbitrator shall apply New York law to the resolution of any dispute, without
reference to rules of conflicts of law or rules of statutory arbitration. Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to any court of
competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance with this paragraph. The expenses of the arbitration, including the arbitrator’s fees and expert witness fees, incurred by the parties to
the arbitration, may be awarded to the prevailing party, in the discretion of the arbitrator, or may be apportioned between the parties in any manner deemed appropriate by the arbitrator. Unless and until the arbitrator decides that one party is to
pay for all (or a share) of such expenses, both parties shall share equally in the payment of the arbitrator’s fees as and when billed by the arbitrator 
 IN WITNESS WHEREOF, the undersigned Guarantor has executed this Guaranty as of July 19, 2007. 
  

					
	OPTEX SYSTEMS, INC.	 	
			
	By:	 	 /s/ Timothy W. Looney
	 	
	Title:	 	President	 	

 [SIGNATURE PAGE TO OPTEX
UNCONDITIONAL GUARANTY]

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