INTERCREDITOR AND SUBORDINATION AGREEMENTIntercreditor and Subordination Agreement • June 26th, 2008 • BAXL Holdings, Inc. • Communications equipment, nec • New York
This Intercreditor and Subordination Agreement effective as of the 4th day of June, 2008, (this “Subordination Agreement”) is entered into by and among BAXL Technologies, Inc., a Delaware corporation (“Debtor”), Edward H. Arnold (the “Existing Secured Party”), a holder of certain of the Debtor’s 9% Senior Secured Convertible Promissory Notes (the “Notes”) and Lightwaves Systems, Inc. (the “New Secured Party”) and a holder of certain of the Notes. The Existing Secured Party and the New Secured Party are herein individually referred to as a “Secured Party” and collectively referred to as the “Secured Parties.”
