Document:

<PAGE>

                                                                   EXHIBIT 10.26

                                 PLEDGE AGREEMENT
                                 ----------------

     THIS PLEDGE AGREEMENT (this "Agreement") is made as of September 21, 2001
                                  ---------
by and among Hologic, Inc., a Delaware corporation (the "Pledgor"), FluoroScan
                                                         -------
Imaging Systems, Inc., a Delaware corporation ("FluoroScan"), Hologic Investment
                                                ----------
Corp., a Massachusetts corporation  ("Investment"), Hologic International
                                      ----------
Holdings B.V., a Netherlands corporation ("International"), X-Ray Technology
                                           -------------
Corporation, a Delaware corporation ("X-Ray"), and Direct Radiography Corp., a
                                      -----
Delaware corporation ("DRC", and collectively with International and Investment,
                       ---
X-Ray and FluoroScan, the "Pledged Stock Issuers") and Foothill Capital
                           ---------------------
Corporation, as Agent (in such capacity, the "Agent"), on behalf of the Lenders
                                              -----
from time to time party to the Loan Agreement referred to below (the "Lenders",
                                                                      -------
and collectively with the Agent, the "Secured Parties").
                                      ---------------

                             W I T N E S S E T H :

     WHEREAS, the Pledgor, FluoroScan and DRC, on the one hand, and the Agent
and the Lenders, on the other hand, have entered into a Loan and Security
Agreement dated as of the date hereof (as amended, restated, modified and/or
supplemented from time to time, the "Loan Agreement") pursuant to which the
                                     --------------
Agent and the other Lenders have agreed, subject to the terms and conditions set
forth therein, to make revolving credit loans, term loans and other financial
accommodations to the Pledgor, FluoroScan and DRC (collectively, the "Loans");
                                                                      -----
and

     WHEREAS, the obligations of the Agent and the other Lenders to make the
Loans are subject to the condition, among others, that the Pledgor and the
Pledged Stock Issuers execute and deliver this Agreement and that the Pledgor
grant the security interest hereinafter described;

     NOW, THEREFORE, in consideration of the willingness of the Agent and the
other Lenders to enter into the Loan Agreement and to agree, subject to the
terms and conditions set forth therein, to make the Loans to Pledgor, FluoroScan
and DRC pursuant thereto, and for other good and valuable consideration, receipt
of which is hereby acknowledged, it is hereby agreed as follows:

     1.   Certain Definitions.

          (a)  As used in this Agreement the following terms shall have the
following definitions:

               (i)  "Pledged Collateral" shall mean the Pledged Notes and the
                     ------------------
          Pledged Stock and any collateral now or hereafter pledged hereunder.

               (ii) "Pledged Notes" shall mean the promissory notes and other
                     -------------
          instruments, if any, payable to the Pledgor listed on Schedule I
          hereto and any other promissory notes and other instruments now or
          hereafter pledged hereunder.

<PAGE>

               (iii)  "Pledged Stock" shall mean the capital stock and other
                       -------------
          securities or ownership interests of each Pledged Stock Issuer listed
          on Schedule I hereto and any additional capital stock and other
          securities or membership interests now or hereafter pledged hereunder.

          (b)  Capitalized terms used but not defined herein shall have the
respective meanings ascribed to such terms in the Loan Agreement. Unless the
context of this Agreement clearly requires otherwise, references to the plural
include the singular, and references to the singular include the plural.

     2.   Security Interest.  To secure the Pledgor's prompt, punctual and
          -----------------
faithful payment and performance of all and each of the Obligations, the Pledgor
hereby deposits with and pledges to the Agent, for its benefit and the benefit
of each of the other Secured Parties, the Pledged Collateral and hereby grants
to the Agent, for its benefit and the benefit of each of the other Secured
Parties, a security interest in and lien on all of the Pledgor's right, title
and interest in and to the Pledged Collateral.

     3.   Special Warranties and Covenants of the Pledgor.  The Pledgor hereby
          -----------------------------------------------
warrants and covenants to the Agent and each of the other Secured Parties that:

          (a)  The Pledged Collateral is duly and validly pledged with the
Agent, for its own benefit and the benefit of each of the other Secured Parties,
in accordance with law, and the Pledgor warrants and will defend the Agent's
right, title and security interest in and to the Pledged Collateral against the
claims and demands of all persons whomsoever.

          (b)  The Pledgor has good title to the Pledged Collateral, free and
clear of all claims, mortgages, pledges, liens, security interests and other
encumbrances of every nature whatsoever except as set forth and permitted under
the Loan Agreement.

          (c)  All of the Pledged Stock has been duly and validly issued and is
fully paid and nonassessable.

          (d)  The Pledged Stock constitutes all of the presently issued and
outstanding capital stock of each of FluoroScan, Investment, X-Ray and DRC and
65 percent of the presently issued and outstanding capital stock of
International.

          (e)  If any additional capital stock or other ownership interests of
any type or class of any of the Pledged Stock Issuers or if any promissory notes
or other securities of any type of any of the Pledged Stock Issuers are acquired
by the Pledgor after the date hereof, the same shall constitute Pledged
Collateral and shall be deposited and pledged with the Agent as provided in
Section 2 hereof simultaneously with such acquisition. The Pledgor shall not
make any loans to any of the Pledged Stock Issuers except as set forth and
permitted under the Loan Agreement.

                                       2
<PAGE>

          (f)  The Pledgor will not sell, convey or otherwise dispose of any of
the Pledged Collateral, nor will the Pledgor create, incur or permit to exist
any pledge, mortgage, lien, charge, encumbrance or any security interest
whatsoever with respect to any of the Pledged Collateral or the proceeds
thereof, other than liens on and security interests in the Pledged Collateral
created hereby or which are otherwise permitted under the Loan Agreement.

          (g)  The Pledgor will not consent to or approve the issuance of any
additional shares of capital stock of any class of the Pledged Stock Issuers,
except for the issuance of additional shares of capital stock to the Pledgor as
permitted by and in accordance with the terms of the Loan Agreement, provided
that any such additional shares of capital stock shall be deposited and pledged
with the Agent simultaneously with such issuance as provided in Section 2
hereof.

     4.   Special Warranties and Covenants of Investment.  Investment hereby
          ----------------------------------------------
warrants and covenants to the Agent and each of the other Secured Parties that:

          (a)  Investment presently qualifies for classification as a "security
corporation" under chapter 63, section 38B of the General Laws of The
Commonwealth of Massachusetts.

          (b)  The Hologic Investment Account is the only deposit or security
account maintained by Investment. Without the consent of the Agent, Investment
shall not open or maintain any deposit or securities accounts other than the
Hologic Investment Account, and any such accounts shall be subject to an
irrevocable payment directive in form and substance satisfactory to Agent.

          (c)  Investment will not create, incur or permit to exist any pledge,
mortgage, lien, charge, encumbrance or any security interest whatsoever with
respect to any of its assets.

     5.   Distributions.  In case, upon the dissolution, winding up, liquidation
          -------------
or reorganization of the Pledged Stock Issuers whether in bankruptcy, insolvency
or receivership proceedings or upon an assignment for the benefit of creditors
or any other marshalling of the assets and liabilities of the Pledged Stock
Issuers or otherwise, any sum shall be paid or any property shall be distributed
upon or with respect to any of the Pledged Collateral, such sum shall be paid
over to the Agent to be held as collateral security for the Obligations. In case
any stock dividend shall be declared on any of the Pledged Collateral, or any
share of stock or fraction thereof shall be issued pursuant to any stock split
involving any of the Pledged Collateral, or any distribution of capital
(excluding ordinary cash dividends) shall be made on any of the Pledged
Collateral, or any property shall be distributed upon or with respect to the
Pledged Collateral pursuant to recapitalization or reclassification of the
capital of the Pledged Stock Issuers, the shares or other property so
distributed shall be delivered to the Agent to be held as collateral security
for the Obligations.

     6.   Events of Default.  There shall exist a default under this Agreement
          -----------------
upon the happening of any of the following events or conditions (herein called
"Events of Default"):
 -----------------

                                       3
<PAGE>

          (a)  Default shall be made in the due and punctual payment of any
principal of or premium, if any, or interest on any of the Obligations as and
when the same shall become due and payable (whether at maturity or at a date
fixed for any prepayment or installment or by declaration or acceleration or
otherwise) and such default shall continue beyond the expiration of the
applicable period of grace, if any; or

          (b)  Any other Event of Default (as defined or provided in the Loan
Agreement) shall occur.

     7.  Rights and Remedies of Agent.  Upon the occurrence of any Event of
         ----------------------------
Default, such default not having previously been remedied or cured, the Agent
shall have the following rights and remedies:

          (a)  The right to deliver to Goldman Sachs & Co. instructions
consistent with the Payment Directive that any withdrawals from the Hologic
Investment Account be transferred and deposited into the Agent's Account.

          (b)  All rights and remedies provided by law, including, without
limitation, those provided by the Massachusetts Uniform Commercial Code as in
effect from time to time (the "Code");
                               ----

          (c)  All rights and remedies provided in this Agreement; and

          (d)  All rights and remedies provided in the Loan Agreement or in any
other agreement, document or instrument pertaining to the Obligations.

     8.  Right to Transfer into Name of Agent, etc.  In case there shall
         -----------------------------------------
exist an Event of Default, but subject to the provisions of the Code or other
applicable law, the Agent may cause all or any of the Pledged Collateral to be
transferred into its name or into the name of its nominee or nominees. So long
as no Event of Default shall exist, the Pledgor shall be entitled to exercise as
the Pledgor shall deem fit, but in a manner not inconsistent with the terms
hereof or of the Obligations, the voting power with respect to the Pledged
Collateral.

     9.  Right of Agent to Exercise Voting Power, etc.  In case there shall
         --------------------------------------------
exist an Event of Default, the Agent shall be entitled to exercise the voting
power with respect to the Pledged Collateral, to receive and retain, as
collateral security for the Obligations, any and all dividends or other
distributions at any time and from time to time declared or made upon any of the
Pledged Collateral, and to exercise any and all rights of payment, conversion,
exchange, subscription or any other rights, privileges or options pertaining to
the Pledged Collateral as if it were the absolute owner thereof, including
without limitation, the right to exchange, at its discretion, any and all of the
Pledged Collateral upon the merger, consolidation, reorganization,
recapitalization or other readjustment of the Pledged Stock Issuers or, upon the
exercise of any such right, privilege or option pertaining to the Pledged
Collateral, and in connection therewith, to deposit and deliver any and all of
the Pledged Collateral with any committee, depositary, transfer agent, registrar
or other designated agency upon such terms and conditions as the Agent

                                       4
<PAGE>

may determine, all without liability except to account for property actually
received, but the Agent shall have no duty to exercise any of the aforesaid
rights, privileges or options and shall not be responsible for any failure to do
so or delay in so doing.

     10.  Right of Agent to Dispose of Collateral, etc.  Upon the occurrence of
          --------------------------------------------
an Event of Default, such default not having previously been remedied or cured,
the Agent shall have the right at any time or times thereafter to sell, resell,
assign and deliver all or any of the Pledged Collateral in one or more parcels
at any exchange or broker's board or at public or private sale. Unless the
Pledged Collateral is perishable or threatens to decline speedily in value or is
of a type customarily sold on a recognized market, the Agent will give the
Pledgor at least ten days' prior written notice at the address of the Pledgor
specified in section 17 hereof of the time and place of any public sale thereof
or of the time after which any private sale or any other intended disposition
thereof is to be made. Any such notice shall be deemed to meet any requirement
hereunder or under any applicable law (including, without limitation, the Code)
that reasonable notification be given of the time and place of such sale or
other disposition. Such notice may be given without any demand of performance or
other demand, all such demands being hereby expressly waived by the Pledgor. All
such sales shall be at such commercially reasonable price or prices as the Agent
shall deem best and either for cash or on credit or for future delivery (without
assuming any responsibility for credit risk). At any such sale or sales the
Agent may purchase any or all of the Pledged Collateral to be sold thereat upon
such terms as the Agent may deem best. Upon any such sale or sales the Pledged
Collateral so purchased shall be held by the purchaser absolutely free from any
claims or rights of whatsoever kind or nature, including any equity of
redemption and any similar rights, all such equity of redemption and any similar
rights being hereby expressly waived and released by the Pledgor. In the event
any consent, approval or authorization of any governmental agency will be
necessary to effectuate any such sale or sales, the Pledgor shall execute, and
hereby agrees to cause the Pledged Stock Issuers to execute, all such
applications or other instruments as may be required. The proceeds of any such
sale or sales, together with any other additional collateral security at the
time received and held hereunder, shall be received and applied: first, to the
payment of all costs and expenses of such sale, including reasonable attorneys'
fees; second, to the payment of the Obligations in such order of priority as the
Agent shall determine, and any surplus thereafter remaining shall be paid to the
Pledgor or to whomever may be legally entitled thereto (including, if
applicable, any subordinated creditor of the Pledged Stock Issuers or the
Pledgor).

          The Pledgor recognizes that the Agent may be unable to effect a public
sale of all or a part of the Pledged Collateral by reason of certain
prohibitions contained in the Securities Act of 1933, but may be compelled to
resort to one or more private sales to a restricted group of purchasers, each of
whom will be obligated to agree, among other things, to acquire such Pledged
Collateral for its own account, for investment and not with a view to the
distribution or resale thereof.  The Pledgor acknowledges that private sales so
made may be at prices and upon other terms less favorable to the seller than if
such Pledged Collateral were sold at public sales, and that the Agent has no
obligation to delay sale of any such Pledged Collateral for the period of time
necessary to permit such Pledged Collateral to be registered for public sale
under the Securities Act of 1933.  The Pledgor agrees that any such private
sales shall not be deemed to

                                       5
<PAGE>

have been made in a commercially unreasonable manner solely because they shall
have been made under the foregoing circumstances.

     11.  Collection of Amounts Payable on Account of Pledged Collateral, etc.
          -------------------------------------------------------------------
Upon the occurrence of any Event of Default, the Agent may, but without
obligation to do so, demand, sue for and/or collect any money or property at any
time due, payable or receivable, to which it may be entitled hereunder, on
account of or in exchange for any of the Pledged Collateral and shall have the
right, for and in the name, place and stead of the Pledgor, to execute
endorsements, assignments or other instruments of conveyance or transfer with
respect to all or any of the Pledged Collateral.

     12.  Care of Pledged Collateral in Agent's Possession.  Beyond the exercise
          ------------------------------------------------
of reasonable care to assure the safe custody of the Pledged Collateral while
held hereunder, the Agent shall have no duty or liability to collect any sums
due in respect thereof or to protect or preserve rights pertaining thereto, and
shall be relieved of all responsibility for the Pledged Collateral upon
surrendering the same to the Pledgor.

     13.  WAIVERS, ETC.  THE PLEDGOR HEREBY WAIVES PRESENTMENT, DEMAND, NOTICE,
          ------------
PROTEST AND, EXCEPT AS IS OTHERWISE PROVIDED HEREIN, ALL OTHER DEMANDS AND
NOTICES IN CONNECTION WITH THIS AGREEMENT OR THE ENFORCEMENT OF THE AGENT'S
RIGHTS HEREUNDER OR IN CONNECTION WITH ANY OBLIGATIONS OR ANY PLEDGED
COLLATERAL; CONSENTS TO AND WAIVES NOTICE OF THE GRANTING OF RENEWALS,
EXTENSIONS OF TIME FOR PAYMENT OR OTHER INDULGENCES TO THE PLEDGED STOCK ISSUERS
OR THE PLEDGOR OR TO ANY THIRD PARTY, OR SUBSTITUTION, RELEASE OR SURRENDER OF
ANY COLLATERAL SECURITY FOR ANY OBLIGATION, THE ADDITION OR RELEASE OF PERSONS
PRIMARILY OR SECONDARILY LIABLE ON ANY OBLIGATION OR ON ANY COLLATERAL SECURITY
FOR ANY OBLIGATION, THE ACCEPTANCE OF PARTIAL PAYMENTS ON ANY OBLIGATION OR ON
ANY COLLATERAL SECURITY FOR ANY OBLIGATION AND/OR THE SETTLEMENT OR COMPROMISE
THEREOF.  NO DELAY OR OMISSION ON THE PART OF THE AGENT IN EXERCISING ANY RIGHT
HEREUNDER SHALL OPERATE AS A WAIVER OF SUCH RIGHT OR OF ANY OTHER RIGHT
HEREUNDER.  ANY WAIVER OF ANY SUCH RIGHT ON ANY ONE OCCASION SHALL NOT BE
CONSTRUED AS A BAR TO OR WAIVER OF ANY SUCH RIGHT ON ANY FUTURE OCCASION.  THE
PLEDGOR FURTHER WAIVES ANY RIGHT IT MAY HAVE UNDER THE CONSTITUTION OF THE
COMMONWEALTH OF MASSACHUSETTS, UNDER THE CONSTITUTION OF THE STATE OF GEORGIA
(OR UNDER THE CONSTITUTION OF ANY OTHER STATE IN WHICH ANY OF THE PLEDGED
COLLATERAL MAY BE LOCATED), OR UNDER THE CONSTITUTION OF THE UNITED STATES OF
AMERICA, TO NOTICE (OTHER THAN ANY REQUIREMENT OF NOTICE PROVIDED HEREIN) OR TO
A JUDICIAL HEARING PRIOR TO THE EXERCISE OF ANY RIGHT OR REMEDY PROVIDED BY THIS
AGREEMENT TO THE AGENT AND WAIVES ITS RIGHTS, IF ANY, TO SET ASIDE OR INVALIDATE
ANY SALE DULY CONSUMMATED IN ACCORDANCE WITH THE FOREGOING PROVISIONS HEREOF ON
THE GROUNDS (IF

                                       6
<PAGE>

SUCH BE THE CASE) THAT THE SALE WAS CONSUMMATED WITHOUT A PRIOR JUDICIAL
HEARING. THE PLEDGOR'S WAIVERS UNDER THIS SECTION HAVE BEEN MADE VOLUNTARILY,
INTELLIGENTLY AND KNOWINGLY AND AFTER THE PLEDGOR HAS BEEN APPRISED AND
COUNSELED BY ITS ATTORNEYS AS TO THE NATURE THEREOF AND ITS POSSIBLE ALTERNATIVE
RIGHTS.

     14.  Termination; Assignment, etc.  This Agreement and the security
          ----------------------------
interest in the Pledged Collateral created hereby shall terminate when all of
the Obligations have been paid and finally discharged in full (provided that the
                                                               --------
Agent is no longer obligated to make Loans under the Loan Agreement).  No waiver
by the Agent or by any other holder of Obligations of any default shall be
effective unless in writing nor operate as a waiver of any other default or of
the same default on a future occasion.  In the event of a sale or assignment by
the Agent of all or any of the Obligations held by it, the Agent may assign or
transfer its rights and interest under this Agreement in whole or in part to the
purchaser or purchasers of such Obligations, whereupon such purchaser or
purchasers shall become vested with all of the powers and rights of the Agent
hereunder, and the Agent shall thereafter be forever released and fully
discharged from any liability or responsibility hereunder with respect to the
rights and interest so assigned.

     15.  Reinstatement.  Notwithstanding the provisions of section 14, this
          -------------
Agreement shall continue to be effective or be reinstated, as the case may be,
if at any time any amount received by the Agent in respect of the Obligations is
rescinded or must otherwise be restored or returned by the Agent upon the
insolvency, bankruptcy, dissolution, liquidation or reorganization of the
Pledged Stock Issuers or the Pledgor or upon the appointment of any intervenor
or conservator of, or trustee or similar official for, the Pledged Stock Issuers
or the Pledgor or any substantial part of their respective properties, or
otherwise, all as though such payments had not been made.

     16.  Governmental Approvals, etc.  Upon the exercise by the Agent of any
          ---------------------------
power, right, privilege or remedy pursuant to this Agreement which requires any
consent, approval, qualification or authorization of any governmental authority
or instrumentality, the Pledgor will execute and deliver, or will cause the
execution and delivery of, all applications, certificates, instruments and other
documents and papers that the Agent may be required to obtain for such
governmental consent, approval, qualification or authorization.

     17.  Restrictions on Transfer, etc.  To the extent that any restrictions
          -----------------------------
imposed by the respective Governing Documents of the Pledged Stock Issuers or
any other document or instrument would in any way affect or impair the pledge of
the Pledged Collateral hereunder or the exercise by the Agent of any right
granted hereunder, including, without limitation, the right of the Agent to
dispose of the Pledged Collateral upon the occurrence of any Event of Default,
the Pledgor hereby waives such restrictions, and represents and warrants that it
has caused the Pledged Stock Issuers to take all necessary action to waive such
restrictions, and the Pledgor hereby agrees that it will take any further action
which the Agent may reasonably request in order that the Agent may obtain and
enjoy the full rights and benefits granted to the Agent by this Agreement free
of any such restrictions.

                                       7
<PAGE>

     18.  Notices.  Except as otherwise provided herein, all notices to the
          -------
Pledgor or to the Agent shall be in writing and shall be deemed to have been
sufficiently given or served for all purposes hereof if personally delivered or
mailed by first class mail, postage prepaid, as follows:

     if to the Pledgor:  Hologic, Inc.
                         35 Crosby Drive
                         Bedford, Massachusetts 01730
                         Attn: Chief Financial Officer
                         Facsimile: (781) 280-0669

     with a copy to:     Brown, Rudnick, Freed & Gesmer, P.C.
                         One Financial Center
                         Boston, Massachusetts  02111
                         Attn: William R. Baldiga, Esq.
                         Facsimile: (617) 856-8201

     if to the Agent:    Foothill Capital Corporation
                         One Boston Place
                         Suite 1800
                         Boston, Massachusetts 02108
                         Attn: Anthony Aloi
                         Facsimile: (617) 523-1697

     with a copy to:     Choate, Hall & Stewart
                         Exchange Place
                         53 State Street
                         Boston, Massachusetts  02109
                         Attn: Peter M. Palladino, Esq.
                         Facsimile: 617-248-4000

or at such other address as the party to whom such notice is directed may have
designated in writing to the other party hereto.  A notice shall be deemed to
have been given upon the earlier to occur of (i) three (3) days after the date
on which it is deposited in the U.S. mails or (ii) receipt by the party to whom
such notice is directed.

     19.  Miscellaneous.  This Agreement shall inure to the benefit of and be
          -------------
binding upon the Agent and the Pledgor and their respective successors and
assigns, and the term "Agent" shall be deemed to include any other holder or
holders of any of the Obligations. In case any provision in this Agreement shall
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby. This Agreement may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which shall be an
original, but all of which together shall constitute one instrument.

                                       8
<PAGE>

     20.  Governing Law; Jurisdiction; Waiver of Jury Trial.  THIS AGREEMENT,
          -------------------------------------------------
INCLUDING THE VALIDITY HEREOF AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER, SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS.  THE PLEDGOR, TO THE EXTENT THAT IT MAY LAWFULLY
DO SO, HEREBY CONSENTS TO SERVICE OF PROCESS, AND TO BE SUED, IN THE
COMMONWEALTH OF MASSACHUSETTS AND CONSENTS TO THE JURISDICTION OF THE COURTS OF
THE COMMONWEALTH OF MASSACHUSETTS AND THE UNITED STATES DISTRICT COURT FOR THE
DISTRICT OF MASSACHUSETTS, AS WELL AS TO THE JURISDICTION OF ALL COURTS TO WHICH
AN APPEAL MAY BE TAKEN FROM SUCH COURTS, FOR THE PURPOSE OF ANY SUIT, ACTION OR
OTHER PROCEEDING ARISING OUT OF ANY OF ITS OBLIGATIONS HEREUNDER OR WITH RESPECT
TO THE TRANSACTIONS CONTEMPLATED HEREBY, AND EXPRESSLY WAIVES ANY AND ALL
OBJECTIONS IT MAY HAVE AS TO VENUE IN ANY SUCH COURTS.  THE PLEDGOR FURTHER
AGREES THAT A SUMMONS AND COMPLAINT COMMENCING AN ACTION OR PROCEEDING IN ANY OF
SUCH COURTS SHALL BE PROPERLY SERVED AND SHALL CONFER PERSONAL JURISDICTION IF
SERVED PERSONALLY OR BY CERTIFIED MAIL TO IT AT ITS ADDRESS PROVIDED IN SECTION
17 HEREOF OR AS OTHERWISE PROVIDED UNDER THE LAWS OF THE COMMONWEALTH OF
MASSACHUSETTS.  THE PLEDGOR IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN
ANY SUIT, ACTION OR OTHER PROCEEDING INSTITUTED BY OR AGAINST THE PLEDGOR IN
RESPECT OF ITS OBLIGATIONS HEREUNDER OR THE TRANSACTIONS CONTEMPLATED HEREBY.

                                       9
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as a sealed
instrument as of the date first above written.

                                    PLEDGOR:
                                    -------

                                    HOLOGIC, INC.

                                    By: /s/ Glenn P. Muir
                                       ---------------------------------
                                       Glenn P. Muir,
                                       Chief Financial Officer

                                    PLEDGED STOCK ISSUERS:
                                    ---------------------

                                    FLUOROSCAN IMAGING SYSTEMS,
                                    INC.

                                    By: /s/ Glenn P. Muir
                                       ---------------------------------
                                       Glenn P. Muir,
                                       Vice President - Finance

                                    DIRECT RADIOGRAPHY CORP.

                                    By: /s/ Glenn P. Muir
                                       ---------------------------------
                                       Glenn P. Muir,
                                       Vice President - Finance

                                    HOLOGIC INVESTMENT CORP.

                                    By: /s/ Glenn P. Muir
                                       ---------------------------------
                                       Glenn P. Muir,
                                       Vice President - Finance

                    [Signatures continue on following page.]

                                      S-1
<PAGE>

                                    X-RAY TECHNOLOGY CORPORATION

                                    By: /s/ Glenn P. Muir
                                       ---------------------------------
                                       Glenn P. Muir,
                                       Vice President - Finance

                                    HOLOGIC INTERNATIONAL HOLDINGS, B.V.

                                    By: /s/ Glenn P. Muir
                                       ---------------------------------
                                       Name: Glenn P. Muir
                                             ------------------------------
                                       Title:______________________________

                                    AGENT:
                                    -----

                                    FOOTHILL CAPITAL CORPORATION,
                                    as Agent and Lender

                                    By: /s/ Scott Ryan
                                       ---------------------------------
                                       Scott Ryan,
                                       Vice President

                                      S-2<PAGE>

                                                                 EXHIBIT 10.27

                        GUARANTY AND SECURITY AGREEMENT
                        -------------------------------

     This GUARANTY AND SECURITY AGREEMENT (as amended, supplemented, amended and
restated or otherwise modified from time to time, this "Guaranty and Security
                                                        ---------------------
Agreement"), dated as of September 21, 2001, is made by X-Ray Technology Corp.,
---------
a Delaware corporation, (the "Guarantor"), in favor of Foothill Capital
                              ---------
Corporation, as agent (together with its successor(s) thereto in such capacity,
the "Agent") on behalf of the Lenders from time to time party to the Loan
     -----
Agreement referred to below (the "Lenders", and collectively with the Agent, the
                                  -------
"Secured Parties" and each a "Secured Party").
 ---------------              -------------

                             W I T N E S S E T H :

     WHEREAS, Hologic, Inc., a Delaware corporation ("Parent"), FluoroScan
                                                      ------
Imaging Systems, Inc., a Delaware corporation ("FluoroScan"), and Direct
                                                ----------
Radiography Corp., a Delaware corporation ("DRC", and collectively with Parent
                                            ---
and FluoroScan, the "Borrowers"), on the one hand, and the Agent and the
                     ---------
Lenders, on the other hand, have entered into a Loan and Security Agreement
dated as of the date hereof (as amended, restated, supplemented, and/or
otherwise modified from time to time, the "Loan Agreement" pursuant to which the
                                           --------------
Agent and the Lenders have agreed, subject to the terms and conditions set forth
therein, to make revolving credit loans, term loans and other financial
accommodations to the Borrowers (the "Loans"); and
                                      -----

     WHEREAS, the Guarantor is a wholly-owned Subsidiary of Parent and an
Affiliate of each of the other Borrowers; and

     WHEREAS, it is a condition precedent to the effectiveness of the Loan
Agreement, that the Guarantor execute and deliver this Guaranty and Security
Agreement; and

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Guarantor agrees, for the
benefit of each Secured Party, as follows:

                                   ARTICLE I
                                  DEFINITIONS

     SECTION 1.1.    Loan Agreement Definitions. Unless otherwise defined herein
                     --------------------------
or the context otherwise requires, capitalized terms used in this Guaranty and
Security Agreement, including its preamble and recitals, have the meanings
provided in the Loan Agreement.

     SECTION 1.2.    UCC Definitions.  Unless otherwise defined herein or in the
                     ---------------
Loan Agreement or the context otherwise requires, terms for which meanings are
provided in the Code are used in this Guaranty and Security Agreement, including
its preamble and recitals, with such meanings, as such meanings may from time to
time be amended.
<PAGE>

                                  ARTICLE II
                               SECURITY INTEREST

     SECTION 2.1.  Grant of Security Interest.
                   --------------------------

     SECTION 2.1.1.  The Guarantor hereby assigns, pledges, hypothecates,
charges, mortgages, delivers, and transfers to the Agent, for its benefit and
the ratable benefit of each other Secured Party, and hereby grants to the Agent,
for its benefit and the ratable benefit of each other Secured Party, a
continuing security interest in all of the Guarantor's right, title and interest
in, to and under the personal property, whether now or hereafter existing, owned
or acquired by the Guarantor (the "Collateral"), including:
                                   ----------

              (a)  investment property;

              (b)  goods (including, without limitation, inventory and equipment
     and any accessions thereto);

              (c)  instruments (including, without limitation, promissory
     notes);

              (d)  accounts;

              (e)  documents;

              (f)  chattel paper (whether tangible or electronic);

              (g)  deposit accounts;

              (h)  letter of credit rights;

              (i)  general intangibles (including, without limitation, payment
     intangibles and software); and

              (j)  all supporting obligations with respect to and any and all
     proceeds of the foregoing.

     SECTION 2.1.2.  The grant of the security interest in Section 2.1.1 above
                                                           -------------
is intended by each of the parties hereto to be a grant of a blanket security
interest in all of the Guarantor's property, and shall constitute a grant to the
Agent, for its benefit and the ratable benefit of each other Secured Party, of a
continuing security interest in all of the Guarantor's right, title and interest
in, to and under the following property, whether now or hereafter existing,
owned or acquired by the Guarantor, which property together with the Collateral
described in Sections 2.1.1 above, in applying the law of any such jurisdiction
             --------------
shall be deemed the "Collateral":
                     ----------
              (a)  all equipment of the Guarantor, including all parts thereof
     and all accessions, additions, attachments, improvements, substitutions and
     replacements thereto and therefor and all accessories related thereto;

                                       2
<PAGE>

          (b)  all inventory in all of its forms of the Guarantor, including (i)
     all raw materials and work in process therefor, finished goods thereof, and
     materials used or consumed in the manufacture or production thereof, (ii)
     all goods in which the Guarantor has an interest in mass or a joint or
     other interest or right of any kind (including goods in which the Guarantor
     has an interest or right as consignee), and (iii) all goods which are
     returned to or repossessed by the Guarantor, and all accessions thereto,
     products thereof and documents therefor;

          (c)  all accounts, accounts receivable, loans, contracts, contract
     rights, chattel paper, documents, instruments, investment property and
     general intangibles (including tax refunds) of the Guarantor, whether or
     not arising out of or in connection with the sale or lease of goods or the
     rendering of services;

          (d)  all intellectual property collateral of the Guarantor, including
     goodwill, patents, trade names, trademarks, servicemarks, copyrights,
     blueprints, drawings, purchase orders, customer lists, monies due or
     recoverable from pension funds, route lists, rights to payment and other
     rights under any royalty or licensing agreements, infringement claims,
     computer programs, information contained on computer disks or tapes,
     software, or literature;

          (e)  all chattel paper, documents and instruments of the Guarantor;

          (f)  all books, records, writings, data bases, information and other
     property relating to, used or useful in connection with, evidencing,
     embodying, incorporating or referring to, any of the foregoing;

          (g)  all of the Guarantor's other property and rights of every kind
     and description and interests therein; and

          (h)  all products, offspring, rents, issues, profits, returns, income
     and proceeds of and from any and all of the foregoing Collateral (including
     proceeds which constitute property of the types described in clauses (a)
                                                                  -----------
     through (g) above, and, to the extent not otherwise included, all payments
             ---
     under insurance (whether or not the Agent is the loss payee thereof), or
     any indemnity, warranty or guaranty, payable by reason of loss or damage to
     or otherwise with respect to any of the foregoing Collateral).

     SECTION 2.2.  Security for Obligations. This Guaranty and Security
                   ------------------------
Agreement and the Collateral in which the Secured Parties are granted a security
interest in hereunder secures the payment of all Obligations.

     SECTION 2.3.  Guarantor Remain Liable.  Anything herein to the contrary
                   -----------------------
notwithstanding,

          (a)  the Guarantor will remain liable under the contracts and
     agreements included in the Collateral to the extent set forth therein, and
     will perform all of its duties

                                       3
<PAGE>

     and obligations under such contracts and agreements to the same extent as
     if this Guaranty and Security Agreement had not been executed;

          (b)  the exercise by the Agent of any of its rights hereunder will not
     release the Guarantor from any of its duties or obligations under any such
     contracts or agreements included in the Collateral; and

          (c)  no Secured Party will have any obligation or liability under any
     contracts or agreements included in the Collateral by reason of this
     Guaranty and Security Agreement, nor will any Secured Party be obligated to
     perform any of the obligations or duties of the Guarantor thereunder or to
     take any action to collect or enforce any claim for payment assigned
     hereunder.

     SECTION 2.4.  Continuing Security Interest.  This Agreement shall create a
                   ----------------------------
continuing security interest in the Collateral and shall

          (a)  remain in full force and effect until the date (the "Final
                                                                    -----
     Payment Date") on which the Obligations shall have been finally,
     ------------
     indefeasibly and fully paid and performed and the Commitments shall have
     been terminated,

          (b)  be binding upon the Guarantor, its successors, transferees and
     assigns, and

          (c)  inure, together with the rights and remedies of the
     Administrative Agent hereunder, to the benefit of the Administrative Agent
     and each other Secured Party.

                                  ARTICLE III
                              GUARANTY PROVISIONS

     SECTION 3.1.  Guaranty.  The Guarantor hereby jointly and severally
                   --------
absolutely, unconditionally and irrevocably:

     SECTION 3.1.1.  guarantees the full and punctual payment when due, whether
at stated maturity, by required prepayment, declaration, acceleration, demand or
otherwise, of all Obligations of the Borrowers now or hereafter existing,
whether for principal, interest (including interest accruing at the then
applicable rate provided in the Loan Agreement after the occurrence of any
Default set forth in the Loan Agreement, whether or not a claim for post-filing
or post-petition interest is allowed under applicable law following the
institution of a proceeding under bankruptcy, insolvency or similar laws), fees,
expenses or otherwise (including all such amounts which would become due but for
the operation of the automatic stay under Section 362(a) of the United States
Bankruptcy Code, 11 U.S.C. Section 362(a), and the operation of Sections 502(b)
and 506(b) of the United States Bankruptcy Code, 11 U.S.C. Section 502(b) and
Section 506(b)); and

     SECTION 3.1.2.  indemnifies and holds harmless each Secured Party for any
and all costs and expenses (including reasonable attorneys' fees and expenses)
incurred by such Secured Party in enforcing any rights under this Guaranty;

                                       4
<PAGE>

provided, however, that the Guarantor shall only be liable under this Guaranty
--------  -------
for the maximum amount of such liability that can be hereby incurred without
rendering this Guaranty, as it relates to the Guarantor, voidable under
applicable law relating to fraudulent conveyance or fraudulent transfer, and not
for any greater amount.  This Guaranty constitutes a guaranty of payment when
due and not of collection, and the Guarantor specifically agrees that it shall
not be necessary or required that any Secured Party exercise any right, assert
any claim or demand or enforce any remedy whatsoever against any Loan Party or
any other Person before or as a condition to the obligations of the Guarantor
hereunder.

     SECTION 3.2.  Reinstatement, etc.  The Guarantor hereby agrees that this
                   ------------------
Guaranty shall continue to be effective or be reinstated, as the case may be, if
at any time any payment (in whole or in part) of any of the Obligations is
invalidated, declared to be fraudulent or preferential, set aside, rescinded or
must otherwise be restored by any Secured Party, including upon the occurrence
of any Default or Event of Default or otherwise, all as though such payment had
not been made.

     SECTION 3.3.  Guaranty Absolute, etc. This Guaranty shall in all respects
                   ----------------------
be a continuing, absolute, unconditional and irrevocable guaranty of payment,
and shall remain in full force and effect until the Final Payment Date. The
Guarantor guarantees that the Obligations will be paid strictly in accordance
with the terms of each Loan Document under which they arise, regardless of any
law, regulation or order now or hereafter in effect in any jurisdiction
affecting any of such terms or the rights of any Secured Party with respect
thereto. The liability of the Guarantor under this Guaranty shall be absolute,
unconditional and irrevocable irrespective of:

     SECTION 3.3.1.  any lack of validity, legality or enforceability of any
other Loan Document;

     SECTION 3.3.2.  the failure of any Secured Party

          (a)  to assert any claim or demand or to enforce any right or remedy
     against any Loan Party or any other Person (including any other guarantor)
     under the provisions of any Loan Document or otherwise, or

          (b)  to exercise any right or remedy against any other guarantor
     (including the Guarantor) of, or collateral securing, any Obligations;

     SECTION 3.3.3.  any change in the time, manner or place of payment of, or
in any other term of, all or any part of the Obligations, or any other
extension, compromise or renewal of any Obligation;

     SECTION 3.3.4.  any reduction, limitation, impairment or termination of any
Obligations for any reason, including any claim of waiver, release, surrender,
alteration or compromise, and shall not be subject to (and the Guarantor hereby
waives any right to or claim of) any defense or setoff, counterclaim, recoupment
or termination whatsoever by reason of the invalidity, illegality,
nongenuineness, irregularity, compromise, unenforceability of, any Obligations
(other than the payment and performance in full of the Obligations) or
otherwise;

                                       5
<PAGE>

     SECTION 3.3.5.  any amendment to, rescission, waiver, or other modification
of, or any consent to or departure from, any of the terms of any Loan Document;

     SECTION 3.3.6.  any addition, exchange or release of any collateral or of
the Guarantor of the Obligations, or any surrender or non-perfection of any
collateral, or any amendment to or waiver or release or addition to, or consent
to or departure from, any other guaranty held by any Secured Party securing any
of the Obligations; or

     SECTION 3.3.7.  any other circumstance which might otherwise constitute a
defense available to, or a legal or equitable discharge of, any Loan Party, any
surety or any guarantor.

     SECTION 3.4.  Setoff. The Guarantor hereby irrevocably authorizes the Agent
                   ------
and each Lender, without the requirement that any notice be given to the
Guarantor (such notice being expressly waived by the Guarantor), upon the
occurrence and during the continuance of any Default described in the Loan
Agreement or, with the consent of the Required Lenders, upon the occurrence and
during the continuance of any other Event of Default, to set-off and appropriate
and apply to the payment of the Obligations (whether or not then due, and
whether or not any Secured Party has made any demand for payment of the
Obligations), any and all balances, claims, credits, deposits (general or
special, time or demand, provisional or final), accounts or money of the
Guarantor then or thereafter maintained with such Secured Party and apply the
same pursuant to the Loan Agreement.  Each Secured Party agrees to notify the
Guarantor and the Agent after any such setoff and application made by such
Secured Party; provided, that the failure to give such notice shall not affect
               --------
the validity of such setoff and application.  The rights of each Secured Party
under this Section are in addition to other rights and remedies (including other
rights of setoff under applicable law or otherwise) which such Secured Party may
have.

     SECTION 3.5.  Waiver, etc. The Guarantor hereby waives promptness,
                   -----------
diligence, notice of acceptance and any other notice with respect to any of the
Obligations and this Guaranty and any requirement that any Secured Party
protect, secure, perfect or insure any Lien, or any property subject thereto, or
exhaust any right or take any action against any Loan Party or any other Person
(including any other guarantor) or entity or any collateral securing the
Obligations, as the case may be.

     SECTION 3.6.  Postponement of Subrogation, etc. The Guarantor agrees that
                   --------------------------------
it will not exercise any rights which it may acquire by way of rights of
subrogation under any Loan Document to which it is a party, nor shall the
Guarantor seek or be entitled to seek any contribution or reimbursement from any
Loan Party, in respect of any payment made under any Loan Document or otherwise,
until following the Final Payment Date. Any amount paid to the Guarantor on
account of any such subrogation rights prior to the Final Payment Date shall be
held in trust for the benefit of the Secured Parties and shall immediately be
paid and turned over to the Agent for the benefit of the Secured Parties in the
exact form received by the Guarantor (duly endorsed in favor of the Agent, if
required), to be credited and applied against the Obligations, whether matured
or unmatured, in accordance with Section 2.7; provided, however, that if the
                                 -----------  --------  -------
Guarantor has made payment to the Secured Parties of all or any part of the
Obligations and the Final Payment Date has occurred, then at the Guarantor's
request, the Agent (on behalf of the Secured Parties) will, at the expense of
the Guarantor, execute and deliver to the

                                       6
<PAGE>

Guarantor appropriate documents (without recourse and without representation or
warranty) necessary to evidence the transfer by subrogation to the Guarantor of
an interest in the Obligations resulting from such payment. In furtherance of
the foregoing, at all times prior to the Final Payment Date, the Guarantor shall
refrain from taking any action or commencing any proceeding against any Loan
Party (or its successors or assigns, whether in connection with a bankruptcy
proceeding or otherwise) to recover any amounts in respect of payments made
under this Guaranty to any Secured Party.

     SECTION 3.7.  Payments; Application.  The Guarantor hereby agrees with each
                   ---------------------
Secured Party that (a) all payments made hereunder shall be applied upon receipt
as set forth in Section 2.4 (b) of the Loan Agreement and (b) all payments made
                ---------------
by the Guarantor hereunder will be made in Dollars to the Agent, without set-
off, counterclaim or other defense and in accordance with the Loan Agreement,
free and clear of and without deduction for any Taxes, the Guarantor hereby
agreeing to comply with and be bound by the provisions of the Loan Agreement in
respect of all payments made by it hereunder and the provisions of which
Sections are hereby incorporated into and made a part of this Guaranty and
Security Agreement by this reference as if set forth herein; provided, that
                                                             --------
references to the "Borrower" or "Borrowers" in such Sections shall be deemed to
be references to the Guarantor, and references to "this Agreement" in such
Sections shall be deemed to be references to this Guaranty.

                                  ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

     In order to induce the Secured Parties to enter into the Loan Agreement and
make Loans thereunder, the Guarantor represents and warrants to each Secured
Party as set forth below.

     SECTION 4.1.  As to Collateral, etc. The Guarantor has no material property
                   ---------------------
other than (a) those patents and trademarks set forth on Schedule I hereto (the
                                                         ----------
"Intellectual Property Collateral") and (b) the bank account listed on Schedule
 --------------------------------                                      --------
II hereto. The Guarantor is a Delaware corporation.
--

     SECTION 4.2.  Ownership, No Liens, etc.  The Guarantor owns its Collateral
                   ------------------------
free and clear of any Lien, except for Permitted Liens.  No effective financing
statement or other filing similar in effect covering any Collateral is on file
in any recording office, except those filed in favor of the Agent relating to
this Agreement.

     SECTION 4.3.  Intellectual Property Collateral. With respect to each item
                   --------------------------------
of Intellectual Property Collateral (other than items of Intellectual Property
Collateral which are not, individually or in the aggregate, material):

          (a)  such Intellectual Property Collateral is subsisting and has not
     been adjudged invalid or unenforceable, in whole or in part;

          (b)  to the knowledge of the Guarantor, such Intellectual Property
     Collateral is valid and enforceable;

                                       7
<PAGE>

          (c)  the Guarantor has made all necessary filings and recordations to
     protect its interest in such Intellectual Property Collateral, including,
     where requested by the Agent, recordations of all of its interests in any
     of the patents or trademarks listed on Schedule I hereto in the United
     States Patent and Trademark Office;

          (d)  the Guarantor is the owner of such right, title and interest in
     and to such Intellectual Property Collateral as is necessary for the
     conduct of its business and no claim has been made that the use of such
     Intellectual Property Collateral does or may violate the asserted rights of
     any third party; and

          (e)  the Guarantor has performed and will continue to perform all acts
     and has paid and will continue to pay all required fees and taxes to
     maintain each and every such item of Intellectual Property Collateral in
     full force and effect so as to avoid a Material Adverse Change.

To the knowledge of the Guarantor, the Guarantor owns directly or is entitled to
use by license or otherwise, all patents, trademarks, trade secrets, copyrights,
mask works, licenses, technology, know-how, processes and rights with respect to
any of the foregoing used in, necessary for or of importance to the conduct of
the Guarantor's business.

     SECTION 4.4.  Validity, etc. This Guaranty and Security Agreement creates a
                   -------------
valid security interest in the Collateral securing the payment of the
Obligations. The Guarantor acknowledges that the Lender intends to or has filed
or caused to be filed all statements in the appropriate offices therefor (or has
executed and delivered to the Agent originals thereof suitable for filing in
such offices) and has taken all of the actions necessary to create perfected
first-priority security interests in any Collateral in which a security interest
may be perfected by the filing of a financing statement.

     SECTION 4.5.  Authorization, Approval, etc. Except as have been obtained or
                   ----------------------------
made and are in full force and effect, no authorization, approval or other
action by, and no notice to or filing with, any governmental authority or
regulatory body (other than in connection with the perfection of the Liens
hereof) is required either

          (a)  for the grant by the Guarantor of the security interest granted
     hereby, the pledge by the Guarantor of any Collateral pursuant hereto or
     for the execution, delivery and performance of this Guaranty and Security
     Agreement by the Guarantor; or

          (b)  for the exercise by the Agent of the voting or other rights
     provided for in this Guaranty and Security Agreement.

     SECTION 4.6.  Compliance with Laws. The Guarantor is in material compliance
                   --------------------
with the requirements of all applicable laws (including the provisions of the
Fair Labor Standards Act), rules and regulations, the non-compliance with any of
which could reasonably be expected to materially adversely affect the value of
the Collateral.

     SECTION 4.7.  Best Interests.  It is in the best interests of the Guarantor
                   --------------
to execute this Agreement inasmuch as the Guarantor will, as a result of being a
wholly-owned subsidiary of

                                       8
<PAGE>

Parent and a sister corporation of the other Borrowers, derive substantial
direct and indirect benefits from the Loans made from time to time to the
Borrowers by the Agent and the other Lenders pursuant to the Credit Agreement,
and the Guarantor agrees that the Secured Parties are relying on this
representation in agreeing to make Loans to the Borrowers.

                                   ARTICLE V
                                   COVENANTS

     The Guarantor covenants and agrees that, from the Effective Date until the
Final Payment Date, the Guarantor will perform, comply with and be bound by the
obligations set forth below.

     SECTION 5.1.   As to Intellectual Property Collateral.  The Guarantor
                    --------------------------------------
covenants and agrees to comply with the following provisions as such provisions
relate to any item of Intellectual Property Collateral (other than items of
Intellectual Property Collateral which are not, individually or in the
aggregate, material):

          (a)       the Guarantor shall promptly notify the Agent if it knows,
     or has reason to know, that any application or registration relating to any
     material item of the Intellectual Property Collateral may become abandoned
     or dedicated to the public or placed in the public domain or invalid or
     unenforceable, or of any adverse determination or development (including
     the institution of, or any such determination or development in, any
     proceeding in the United States Patent and Trademark Office, the United
     States Copyright Office or any foreign counterpart thereof or any court)
     regarding the Guarantor's ownership of any of the Intellectual Property
     Collateral, its right to register the same or to keep and maintain and
     enforce the same;

          (b)       in no event will the Guarantor or any of its agents,
     employees, designees or licensees file an application for the registration
     of any Intellectual Property Collateral of the Guarantor with the United
     States Patent and Trademark Office, the United States Copyright Office or
     any similar office or agency in any other country or any political
     subdivision thereof, unless it promptly informs the Agent, and upon request
     of the Agent, executes and delivers all agreements, instruments and
     documents as the Agent may reasonably request to evidence the Agent's
     security interest in such Intellectual Property Collateral;

          (c)       the Guarantor will take all necessary steps, including in
     any proceeding before the United States Patent and Trademark Office, the
     United States Copyright Office or any similar office or agency in any other
     country or any political subdivision thereof, to maintain and pursue any
     application (and to obtain the relevant registration after application)
     filed with respect to, and to maintain any registration of, all material
     items of the Intellectual Property Collateral, including the filing of
     applications for renewal, affidavits of use, affidavits of incontestability
     and opposition, interference and cancellation proceedings and the payment
     of fees and taxes (except to the extent that (i) dedication, abandonment or
     invalidation is permitted under the foregoing clause (b) or (ii) the
                                                   ----------
     Guarantor shall either (a) reasonably and in good faith determine that any
     of such

                                       9
<PAGE>

     Intellectual Property Collateral is of negligible economic value to the
     Guarantor, or (b) have a valid business purpose to do otherwise;); and

          (d)       the Guarantor will promptly (but no less than quarterly)
     execute and deliver to the Agent (as applicable) a Patent Security
     Agreement, Trademark Security Agreement and/or Copyright Security
     Agreement, as the case may be, substantially in the form of the Patent
     Security Agreement, the Trademark Security Agreement and the Copyright
     Security Agreement following its obtaining an interest in any patents,
     trademarks or copyrights, and shall execute and deliver to the Agent any
     other document required to acknowledge or register or perfect the Agent's
     interest in any part of such item of Intellectual Property Collateral, in
     each case at the request of the Agent.

     SECTION 5.2.   Further Assurances, etc.  Guarantor, from time to time and
                    ------------------------
at its own expense, will promptly execute and deliver all further documents and
instruments, and take all further action, that may be necessary to protect,
preserve and perfect any security interest granted or purported to be granted
hereby.  Without limiting the generality of the foregoing, Guarantor will:

          (a)       enter into control agreements, and otherwise cause the Agent
     to obtain control over such items of Collateral as the Agent may reasonably
     request;

          (b)       furnish to the Agent, from time to time at the Agent's
     request, statements and schedules further identifying and describing the
     Collateral and such other reports in connection with the Collateral as the
     Agent may reasonably request, all in reasonable detail.

With respect to the foregoing and the grant of the security interest hereunder,
the Guarantor hereby authorizes the Agent to file one or more financing or
continuation statements, and amendments thereto, relative to all or any part of
the Collateral without the signature of the Guarantor where permitted by law.

                                  ARTICLE VI
                                   THE AGENT

     SECTION 6.1.   Agent Appointed Attorney-in-Fact.  The Guarantor hereby
                    --------------------------------
irrevocably appoints the Agent its attorney-in-fact, with full authority in the
place and stead of the Guarantor and in the name of the Guarantor or otherwise,
from time to time in the Agent's discretion, following the occurrence and during
the continuance of an Event of Default, to take any action and to execute any
instrument which the Agent may deem necessary or advisable to accomplish the
purposes of this Guaranty and Security Agreement, including:

          (a)       to ask, demand, collect, sue for, recover, compromise,
     receive and give acquittance and receipts for moneys due and to become due
     under or in respect of any of the Collateral;

                                       10
<PAGE>

          (b)       to receive, endorse, and collect any drafts or other
     instruments, documents and chattel paper, in connection with clause (a)
                                                                  ----------
     above;

          (c)       to file any claims or take any action or institute any
     proceedings which the Agent may deem necessary or desirable for the
     collection of any of the Collateral or otherwise to enforce the rights of
     the Agent with respect to any of the Collateral; and

          (d)       to perform the affirmative obligations of the Guarantor
     hereunder (including all obligations of the Guarantor pursuant to Section
                                                                       -------
     5.6).
     ----

The Guarantor hereby acknowledges, consents and agrees that the power of
attorney granted pursuant to this Section is irrevocable and coupled with an
                                  -------
interest.

     SECTION 6.2.   Agent May Perform.  If the Guarantor fails to perform any
                    -----------------
agreement contained herein, the Agent may itself perform, or cause performance
of, such agreement, and the expenses of the Agent incurred in connection
therewith shall be payable by the Guarantor pursuant to Section 7.4.
                                                        -----------

     SECTION 6.3.   Agent Has No Duty.  The powers conferred on the Agent
                    -----------------
hereunder are solely to protect its interest (on behalf of the Secured Parties)
in the Collateral and shall not impose any duty on it to exercise any such
powers. Except for reasonable care of any Collateral in its possession and the
accounting for moneys actually received by it hereunder, the Agent shall have no
duty as to any Collateral or responsibility for

          (a)       ascertaining or taking action with respect to calls,
     conversions, exchanges, maturities, tenders or other matters relative to
     any investment property, whether or not the Agent has or is deemed to have
     knowledge of such matters, or

          (b)       taking any necessary steps to preserve rights against prior
     parties or any other rights pertaining to any Collateral.

     SECTION 6.4.   Reasonable Care.  The Agent is required to exercise
                    ---------------
reasonable care in the custody and preservation of any of the Collateral in its
possession; provided, however, that the Agent shall be deemed to have exercised
            --------  -------
reasonable care in the custody and preservation of any of the Collateral, if it
takes such action for that purpose as the Guarantor reasonably requests in
writing at times other than upon the occurrence and during the continuance of
any Event of Default, but failure of the Agent to comply with any such request
at any time shall not in itself be deemed a failure to exercise reasonable care.

                                  ARTICLE VII
                                   REMEDIES

     SECTION 7.1.   Certain Remedies.  If any Event of Default shall have
                    ----------------
occurred and be continuing:

                                       11
<PAGE>

          (a)       The Agent may exercise in respect of the Collateral, in
     addition to other rights and remedies provided for herein or otherwise
     available to it, all the rights and remedies of a secured party on default
     under the Code (whether or not the Code applies to the affected Collateral)
     and also may

                    (i)    require the Guarantor to, and the Guarantor hereby
          agrees that it will, at its expense and upon request of the Agent
          forthwith, assemble all or part of the Collateral as directed by the
          Agent and make it available to the Agent at a place to be designated
          by the Agent which is reasonably convenient to both parties, and

                    (ii)   without notice except as specified below, sell the
          Collateral or any part thereof in one or more parcels at public or
          private sale, at any of the Agent's offices or elsewhere, for cash, on
          credit or for future delivery, and upon such other terms as the Agent
          may deem commercially reasonable. The Guarantor agrees that, to the
          extent notice of sale shall be required by law, at least ten days
          prior notice to the Guarantor of the time and place of any public sale
          or the time after which any private sale is to be made shall
          constitute reasonable notification. The Agent shall not be obligated
          to make any sale of Collateral regardless of notice of sale having
          been given. The Agent may adjourn any public or private sale from time
          to time by announcement at the time and place fixed therefor, and such
          sale may, without further notice, be made at the time and place to
          which it was so adjourned.

          (b)       All cash proceeds received by the Agent in respect of any
     sale of, collection from, or other realization upon, all or any part of the
     Collateral shall be applied by the Agent against all or any part of the
     Obligations as set forth in Section 3.7.
                                 -----------

          (c)       The Agent may

                    (i)    transfer all or any part of the Collateral into the
          name of the Agent or its nominee, with or without disclosing that such
          Collateral is subject to the Lien hereunder,

                    (ii)   notify the parties obligated on any of the Collateral
          to make payment to the Agent of any amount due or to become due
          thereunder,

                    (iii)  enforce collection of any of the Collateral by suit
          or otherwise, and surrender, release or exchange all or any part
          thereof, or compromise or extend or renew for any period (whether or
          not longer than the original period) any obligations of any nature of
          any party with respect thereto,

                    (iv)   endorse any checks, drafts, or other writings in the
          Guarantor's name to allow collection of the Collateral,

                    (v)    take control of any proceeds of the Collateral, and

                                       12
<PAGE>

                    (vi)   execute (in the name, place and stead of the
          Guarantor) endorsements, assignments, stock powers and other
          instruments of conveyance or transfer with respect to all or any of
          the Collateral.

     SECTION 7.2.   Waiver.  The Guarantor agrees, to the full extent that it
                    ------
may lawfully so agree, that neither it nor anyone claiming through or under it
will set up, claim or seek to take advantage of any appraisement, valuation,
stay, extension or redemption law now or hereafter in force in any locality
where any property subject to the Lien hereof may be situated, in order to
prevent, hinder or delay the enforcement or foreclosure of this Agreement, or
the absolute sale of the Collateral or any part thereof, or the final and
absolute putting into possession thereof, immediately after such sale, of the
purchaser thereof and the Guarantor, for itself and all who may at any time
claim through or under it, hereby waives, to the full extent that it may be
lawful so to do, the benefit of all such laws, and any and all right to have any
of the properties or assets comprising the Collateral marshaled upon any such
sale, and agrees that, subject to the terms of this Agreement, the Agent, or any
court having jurisdiction to foreclose the Lien hereof, may sell the Collateral
as an entirety or in such parcels as it may determine.

     SECTION 7.3.   Compliance with Restrictions.  The Guarantor agrees that
                    ----------------------------

          (a)       in any sale of any of the Collateral whenever an Event of
     Default shall have occurred and be continuing, the Agent is hereby
     authorized to comply with any limitation or restriction in connection with
     such sale as it may be advised by counsel is necessary in order to

                    (i)    avoid any violation of applicable law (including
          compliance with such procedures as may restrict the number of
          prospective bidders and purchasers, require that such prospective
          bidders and purchasers have certain qualifications, and restrict such
          prospective bidders and purchasers to Persons who will represent and
          agree that they are purchasing for their own account for investment
          and not with a view to the distribution or resale of such Collateral),
          or

                    (ii)   obtain any required approval of the sale or of the
          purchaser by any Governmental Authority or official, and

          (b)       such compliance shall not result in such sale being
     considered or deemed not to have been made in a commercially reasonable
     manner, nor shall the Agent be liable nor accountable to the Guarantor for
     any discount allowed by the reason of the fact that such Collateral is sold
     in compliance with any such limitation or restriction.

     SECTION 7.4.   Protection of Collateral.  The Agent may from time to time,
                    ------------------------
at its option, perform any act which the Guarantor fails to perform after being
requested in writing so to perform (it being understood that no such request
need be given after the occurrence and during the continuance of an Event of
Default) and the Agent may from time to time take any other action which the
Agent reasonably deems necessary for the maintenance, preservation or protection
of any of the Collateral or of its security interest therein.

                                       13
<PAGE>

                                 ARTICLE VIII
                           MISCELLANEOUS PROVISIONS

     SECTION 8.1.   Loan Document.  This Guaranty and Security Agreement is a
                    -------------
Loan Document executed pursuant to the Loan Agreement and shall (unless
otherwise expressly indicated herein) be construed, administered and applied in
accordance with the terms and provisions thereof.

     SECTION 8.2.   Binding on Successors, Transferees and Assigns; Assignment.
                    ----------------------------------------------------------
This Guaranty and Security Agreement shall remain in full force and effect until
the Final Payment Date has occurred, shall be binding upon the Guarantor and its
successors, transferees and assigns and shall inure to the benefit of and be
enforceable by each Secured Party and its successors, transferees and assigns,
in each case as permitted by the Loan Agreement; provided, however, that the
                                                 --------  -------
Guarantor may not assign any of its obligations hereunder without the prior
written consent of all Lenders.

     SECTION 8.3.   Amendments, etc.  No amendment to or waiver of any provision
                    ----------------
of this Guaranty and Security Agreement, nor consent to any departure by the
Guarantor from its obligations under this Guaranty and Security Agreement, shall
in any event be effective unless the same shall be in writing and signed by the
Agent (on behalf of the Lenders or the Required Lenders, as the case may be,
pursuant to the Loan Agreement) and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given.

     SECTION 8.4.   Notices.  All notices and other communications provided for
                    -------
hereunder shall be given and effective as set forth in the Loan Agreement.

     SECTION 8.5.   Release of Liens.  On the Final Payment Date, the security
                    ----------------
interests granted herein shall automatically terminate with respect to all
Collateral.  At such time, the Agent will, at the Guarantor's expense, deliver
to the Guarantor, without any representations, warranties or recourse of any
kind whatsoever, all Collateral held by the Agent hereunder, and execute and
deliver to the Guarantor such documents as the Guarantor shall reasonably
request to evidence such termination.

     SECTION 8.6.   No Waiver; Remedies.  No failure on the part of any Secured
                    -------------------
Party to exercise, and no delay in exercising, any right hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any right
hereunder preclude any other or further exercise thereof or the exercise of any
other right.  The remedies herein provided are cumulative and not exclusive of
any remedies provided by law.

     SECTION 8.7.   Section Captions.  Section captions used in this Guaranty
                    ----------------
and Security Agreement are for convenience of reference only, and shall not
affect the construction of this Guaranty and Security Agreement.

     SECTION 8.8.   Severability.  Wherever possible each provision of this
                    ------------
Guaranty and Security Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Guaranty
and Security Agreement shall be prohibited

                                       14
<PAGE>

by or invalid under such law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Guaranty and Security Agreement.

     SECTION 8.9.   Governing Law, Entire Agreement, etc.  THIS GUARANTY AND
                    -------------------------------------
SECURITY AGREEMENT WILL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY
THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, EXCEPT TO THE EXTENT THAT THE
VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES
HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A
JURISDICTION OTHER THAN THE COMMONWEALTH OF MASSACHUSETTS.  This Guaranty and
Security Agreement and the other Loan Documents constitute the entire
understanding among the parties hereto with respect to the subject matter hereof
and thereof and supersede any prior agreements, written or oral, with respect
thereto.

     SECTION 8.10.  Counterparts.  This Guaranty and Security Agreement may be
                    ------------
executed by the parties hereto in several counterparts, each of which shall be
deemed to be an original and all of which shall constitute together but one and
the same agreement.

                                       15
<PAGE>

     IN WITNESS WHEREOF, each of the parties hereto has caused this Guaranty and
Security Agreement to be duly executed and delivered by its officer thereunto
duly authorized as a document under seal as of the date first above written.

                                    X-RAY TECHNOLOGY CORP.

                                    By: /s/ Glenn P. Muir
                                        -------------------------------------
                                        Glenn P. Muir, Vice President-Finance

                                    FOOTHILL CAPITAL CORPORATION

                                    By: /s/ Scott Ryan
                                        -------------------------------------
                                        Scott Ryan, Vice President

                                      D-1

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