Document:

Exhibit 10.4

 

Exhibit
10.4 

 

 

GUARANTY OF OBLIGATIONS OF MEDITE CANCER DIAGNOSTICS,
INC.

 

This GUARANTY, dated as of February ___, 2018
(this “Guaranty”), is made by each of the undersigned (each
a “Guarantor”, and collectively, the
“Guarantors”), in favor of GPB Debt Holdings II, LLC, a Delaware limited
liability company, in its capacity as collateral agent (in such
capacity, the “Collateral
Agent” as hereinafter
further defined) for the “Purchasers” party to the Purchase Agreement (each as
defined below).

 

W I T N E S S E T H:

 

WHEREAS, MEDITE Cancer Diagnostics, Inc., a
Delaware corporation with its executive offices located at 4203 SW
34th
Street, Orlando, Florida 32811 (the
“Company”), and ___________________________________,
in their capacity as investors (the “Purchasers”), are parties to the Securities Purchase
Agreement, dated as of February ___, 2018 (as amended, restated,
extended, replaced or otherwise modified from time to time and
together with all amendments, supplements and exhibits thereto,
collectively, the “Securities Purchase
Agreement”), pursuant to
which, among other actions set forth therein, the Company shall
sell a secured note in an aggregate principal amount of $1,500,000
(as such may be amended, restated, extended, replaced or otherwise
modified from time to time in accordance with the terms thereof,
the “Note”) to the Purchasers and the Purchasers
shall have the right to purchase the Note;

 

WHEREAS, the Securities Purchase Agreement
requires that the Guarantors execute and deliver to the Collateral
Agent simultaneously with the execution of the Securities Purchase
Agreement (i) a guaranty guaranteeing all of the obligations of the
Company under the Securities Purchase Agreement, and the other
Transaction Documents (as defined below) and (ii) a Security and
Pledge Agreement, dated as of the date hereof, granting the
Collateral Agent for the benefit of the Noteholders a lien on and
security interest in all of their assets and properties (as such
may be amended, restated, supplemented or otherwise modified from
time to time in accordance with the terms thereof, the
“Security
Agreement”);
and

 

WHEREAS,
each Guarantor has determined that the execution, delivery and
performance of this Guaranty directly or indirectly benefits, and
is in the best interest of, such Guarantor.

 

NOW,
THEREFORE, in consideration of the premises and the agreements
herein and in order to induce the Purchasers to perform under the
Securities Purchase Agreement, each Guarantor hereby agrees with
the Purchasers as follows:

 

SECTION 1. Definitions.
All terms used in this Guaranty and the recitals hereto which are
defined in the Securities Purchase Agreement or the Note, and which
are not otherwise defined herein shall have the same meanings
herein as set forth therein. In addition, the following terms when
used in the Guaranty shall have the meanings set forth
below:

 

“Bankruptcy
Code” means Chapter 11 of
Title 11 of the United States Code, 11 U.S.C §§ 101 et
seq. (or other applicable bankruptcy, insolvency or similar
laws).

 

“Capital
Stock” means (i) with
respect to any Person that is a corporation, any and all shares,
interests, participations or other equivalents (however designated
and whether or not voting) of corporate stock (including, without
limitation, any warrants, options, rights or other securities
exercisable or convertible into equity interests or securities of
such Person), and (ii) with respect to any Person that is not a
corporation, any and all partnership, membership or other equity
interests of such Person.

 

“Collateral”
means all assets and properties of the
Company and each other Guarantor, wherever located and whether now
or hereafter existing and whether now owned or hereafter acquired,
of every kind and description, tangible or intangible, including,
without limitation, the collateral described in Section 3 of the
Security Agreement.

 

 

 

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“Collateral
Agent” shall have the
meaning set forth in the recitals hereto.

 

 “Governmental
Authority” means any
nation or government, any federal, state, city, town, municipality,
county, local, foreign or other political subdivision thereof or
thereto and any department, commission, board, bureau,
instrumentality, agency or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers
or functions of or pertaining to government.

 

“Guaranteed
Obligations” shall have
the meaning set forth in Section 2
of this Guaranty.

 

“Guarantor” or “Guarantors” shall have the meaning set forth in the
first paragraph of this Guaranty.

 

“Indemnified
Party” shall have the
meaning set forth in Section 13(a)
of this Guaranty

 

“Insolvency
Proceeding” means any
proceeding commenced by or against any Person under any provision
of the Bankruptcy Code or under any other bankruptcy or insolvency
law, assignments for the benefit of creditors, formal or informal
moratoria, compositions, or extensions generally with creditors, or
proceedings seeking reorganization, arrangement, or other similar
relief.

 

“Note” shall have the meaning set forth in the
recitals hereto.

 

“Noteholders” means the Purchasers and any other holder
of all or any portion of the Note.

 

“Obligations” shall have the meaning set forth in
Section 3 of the Security Agreement.

 

“Other Taxes” shall have the meaning set forth in
Section
12(a)(iv) of this
Guaranty.

 

“Paid in Full” or
“Payment in Full”
means the indefeasible payment in full in cash (and/or through the
issuance of Company Common Stock but solely to the extent, in
accordance with and pursuant to the terms of the Note) of all of
the Guaranteed Obligations (other than contingent obligations not
yet due and owing).

 

 “Person” means an individual, corporation, limited
liability company, partnership, association, joint-stock company,
trust, unincorporated organization, joint venture or other
enterprise or entity or Governmental Authority.

 

“Purchaser” shall have the meaning set forth in the
recitals hereto.

 

“Securities Purchase
Agreement” shall have the
meaning set forth in the recitals hereto.

 

“Security
Agreement” shall have the
meaning set forth in the recitals hereto.

 

“Subsidiary”
means any Person in which a Guarantor
directly or indirectly (i) owns a majority of the outstanding
Capital Stock, voting stock or holds any equity or similar interest
of such Person, or (ii) controls or operates a substantial portion
of the business, operations or administration of such Person
including and all of the foregoing, collectively,
“Subsidiaries”.

 

“Taxes” shall have the meaning set forth in
Section
12(a) of this
Guaranty.

 

“Transaction
Party” means the Company
and each other Guarantor, collectively, “Transaction
Parties”.

 

SECTION 2. Guaranty.

 

 

 

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(a) The
Guarantors, jointly and severally, hereby unconditionally and
irrevocably, guaranty to the Collateral Agent, for the benefit of
the Purchasers and any other Noteholder, the punctual payment, as
and when due and payable, by stated maturity, acceleration or
otherwise, of all Obligations, including, without limitation, all
interest, make-whole, redemption and other amounts that accrue
after the commencement of any Insolvency Proceeding of the Company
or any Guarantor, whether or not the payment of such principal,
interest, make-whole, redemption and/or other amounts are
enforceable or are allowable in such Insolvency Proceeding, and all
fees, late fees (as defined in the Note), interest, premiums,
penalties, causes of actions, costs, commissions, expense
reimbursements, indemnifications and all other amounts due or to
become due under the Note and the other Transaction Documents and
(all of the foregoing collectively being the
“Guaranteed
Obligations”), and agree
to pay any and all costs and expenses (including reasonable and
documented counsel fees and expenses) incurred by the Collateral
Agent or Purchasers in enforcing any rights under this Guaranty or
any other Transaction Document. Without limiting the generality of
the foregoing, each Guarantor’s liability hereunder shall
extend to all amounts that constitute part of the Guaranteed
Obligations and would be owed by the Company to the Collateral
Agent or the Purchasers under the Securities Purchase Agreement,
the Notes and any other Transaction Document but for the fact that
they are unenforceable or not allowable due to the existence of an
Insolvency Proceeding involving any Transaction
Party.

 

(b) Each
Guarantor, and by its acceptance of this Guaranty, the Collateral
Agent and the Purchasers, hereby confirms that it is the intention
of all such Persons that this Guaranty and the Guaranteed
Obligations of each Guarantor hereunder not constitute a fraudulent
transfer or conveyance for purposes of the Bankruptcy Code, the
Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer
Act or any similar foreign, federal, provincial, state, or other
applicable law to the extent applicable to this Guaranty and the
Guaranteed Obligations of each Guarantor hereunder. To effectuate
the foregoing intention, the Collateral Agent, the Purchasers and
the Guarantors hereby irrevocably agree that the Guaranteed
Obligations of each Guarantor under this Guaranty at any time shall
be limited to the maximum amount as will result in the Guaranteed
Obligations of such Guarantor under this Guaranty not constituting
a fraudulent transfer or conveyance.

SECTION 3. Guaranty Absolute;
Continuing Guaranty; Assignments.

 

(a) The
Guarantors, jointly and severally, guaranty that the Guaranteed
Obligations will be paid strictly in accordance with the terms of
the Notes and the other Transaction Documents, regardless of any
law, regulation or order now or hereafter in effect in any
jurisdiction affecting any of such terms or the rights of the
Collateral Agent, the Purchasers and/or any other Noteholder with
respect thereto. The obligations of each Guarantor under this
Guaranty are independent of the Guaranteed Obligations, and a
separate action or actions may be brought and prosecuted against
any Guarantor to enforce such obligations, irrespective of whether
any action is brought against any Transaction Party or whether any
Transaction Party is joined in any such action or actions. The
liability of any Guarantor under this Guaranty shall be as a
primary obligor (and not merely as a surety) and shall be
irrevocable, absolute and unconditional irrespective of, and each
Guarantor hereby irrevocably waives, to the maximum extent
permitted by law, any defenses it may now or hereafter have in any
way relating to, any or all of the following:

 

(i) any
lack of validity or enforceability of the Notes and/or any other
Transaction Document;

 

(ii) any
change in the time, manner or place of payment of, or in any other
term of, all or any of the Guaranteed Obligations, or any other
amendment or waiver of or any consent to departure from any
Transaction Document, including, without limitation, any increase
in the Guaranteed Obligations resulting from the extension of
additional credit to any Transaction Party or extension of the
maturity of any Guaranteed Obligations or otherwise;

 

 

 

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(iii) any
taking, exchange, release or non-perfection of any
Collateral;

 

(iv) any
taking, release or amendment or waiver of or consent to departure
from any other guaranty, for all or any of the Guaranteed
Obligations;

 

(v) any
change, restructuring or termination of the corporate, limited
liability company or partnership structure or existence of any
Transaction Party;

 

(vi) any
manner of application of Collateral or any other collateral, or
proceeds thereof, to all or any of the Guaranteed Obligations, or
any manner of sale or other disposition of any Collateral or any
other collateral for all or any of the Guaranteed Obligations or
any other Obligations of any Transaction Party under the
Transaction Documents or any other assets of any Transaction Party
or any of its Subsidiaries;

 

(vii) any
failure of the Collateral Agent, the Purchasers and/or any other
Noteholder to disclose to any Transaction Party any information
relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other
Transaction Party now or hereafter known to the Collateral Agent,
the Purchasers and/or any other Noteholder (each Guarantor waiving
any duty on the part of the Collateral Agent, the Purchasers and/or
any other Noteholder to disclose such information);

 

(viii) taking
any action in furtherance of the release of any Guarantor or any
other Person that is liable for the Obligations from all or any
part of any liability arising under or in connection with any
Transaction Document without the prior written consent of the
Collateral Agent; or

 

(ix) any
other circumstance (including, without limitation, any statute of
limitations) or any existence of or reliance on any representation
by the Collateral Agent, the Purchasers and/or any other Noteholder
that might otherwise constitute a defense (other than defense of
payment) available to, or a discharge of, any Transaction Party or
any other guarantor or surety.

 

(b) This
Guaranty shall continue to be effective or be reinstated, as the
case may be, if at any time any payment of any of the Guaranteed
Obligations is rescinded or must otherwise be returned by the
Collateral Agent, the Purchasers, any other Noteholder and/or any
other Person upon the insolvency, bankruptcy or reorganization of
any Transaction Party or otherwise, all as though such payment had
not been made.

 

(c) This
Guaranty is a continuing guaranty and shall (i) remain in full
force and effect until Payment in Full of the Guaranteed
Obligations (other than inchoate indemnity obligations) and shall
not terminate for any reason prior to the Maturity Date of the Note
(other than Payment in Full of the Guaranteed Obligations), and
(ii) be binding upon each Guarantor and its respective successors
and assigns. This Guaranty shall inure to the benefit of and be
enforceable by the Collateral Agent, the Purchasers and/or any
other Noteholder and their respective successors, and permitted
pledgees, transferees and assigns. Without limiting the generality
of the foregoing sentence, the Collateral Agent, the Purchasers
and/or any other Noteholder may pledge, assign or otherwise
transfer all or any portion of its rights, remedies and obligations
under and subject to the terms of any Transaction Document to any
other Person and such other Person shall thereupon become vested
with all the benefits in respect thereof granted to the Collateral
Agent, the Purchasers and/or any other Noteholder (as applicable)
herein or otherwise, in each case as provided in the Securities
Purchase Agreement or such other Transaction Document. None of the
rights or obligations of any Guarantor hereunder may be assigned or
otherwise transferred without the prior written consent of the
Purchasers.

 

 

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SECTION 4. Waivers.
To the extent permitted by applicable law, each Guarantor hereby
waives promptness, diligence, protest, notice of acceptance and any
other notice or formality of any kind with respect to any of the
Guaranteed Obligations and this Guaranty and any requirement that
the Collateral Agent exhaust any right or take any action against
any Transaction Party or any other Person or any Collateral. Each
Guarantor acknowledges that it will receive direct and indirect
benefits from the financing arrangements contemplated herein and
that the waiver set forth in this Section 4
is knowingly made in contemplation of
such benefits. The Guarantors hereby waive to the extent permitted
by applicable law any right to revoke this Guaranty, and
acknowledge that this Guaranty is continuing in nature and applies
to all Guaranteed Obligations, whether existing now or in the
future. Without limiting the foregoing, to the extent permitted by
applicable law, each Guarantor hereby unconditionally and
irrevocably waives to the extent permitted by applicable law (a)
any defense arising by reason of any claim or defense based upon an
election of remedies by the Collateral Agent or the Purchasers that
in any manner impairs, reduces, releases or otherwise adversely
affects the subrogation, reimbursement, exoneration, contribution
or indemnification rights of such Guarantor or other rights of such
Guarantor to proceed against any of the other Transaction Parties,
any other guarantor or any other Person or any Collateral, and (b)
any defense based on any right of set-off or counterclaim against
or in respect of the Guaranteed Obligations of such Guarantor
hereunder. Each Guarantor hereby unconditionally and irrevocably
waives to the extent permitted by applicable law any duty on the
part of the Collateral Agent, the Purchasers and/or any other
Noteholder to disclose to such Guarantor any matter, fact or thing
relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other
Transaction Party or any of its Subsidiaries now or hereafter known
by the Collateral Agent, the Purchasers and/or any other
Noteholder.

 

SECTION 5. Subrogation.
No Guarantor may exercise any rights that it may now or hereafter
acquire against any Transaction Party or any other Guarantor and/or
guarantor that arise from the existence, payment, performance or
enforcement of any Guarantor’s obligations under this
Guaranty, including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution or indemnification and any
right to participate in any claim or remedy of the Collateral
Agent, the Purchaser and/or any other Noteholder against any
Transaction Party or any other guarantor or any Collateral, whether
or not such claim, remedy or right arises in equity or under
contract, statute or common law, including, without limitation, the
right to take or receive from any Transaction Party or any other
guarantor, directly or indirectly, in cash or other property or by
set-off or in any other manner, payment or security solely on
account of such claim, remedy or right, unless and until there has
been Payment in Full of the Guaranteed Obligations; If any amount
shall be paid to a Guarantor in violation of the immediately
preceding sentence at any time prior to Payment in Full of the
Guaranteed Obligations and all other amounts payable under this
Guaranty, such amount shall be held in trust for the benefit of the
Collateral Agent and shall forthwith be paid to the Collateral
Agent to be credited and applied to the Guaranteed Obligations and
all other amounts payable under this Guaranty, whether matured or
un-matured, in accordance with the terms of the Transaction
Document, or to be held as Collateral for any Guaranteed
Obligations or other amounts payable under this Guaranty thereafter
arising. If (a) any Guarantor shall make payment to the Collateral
Agent of all or any part of the Guaranteed Obligations, and (b)
there has been Payment in Full of the Guaranteed Obligations, the
Collateral Agent will, at such Guarantor’s request and
expense, execute and deliver to such Guarantor appropriate
documents to evidence payment in Full of the Guaranteed Obligations
without recourse and without representation or warranty, necessary
to evidence the transfer by subrogation to such Guarantor of an
interest in the Guaranteed Obligations resulting from such payment
by such Guarantor.

 

SECTION 6. Representations,
Warranties and Covenants.

 

(a) Each
Guarantor hereby represents and warrants as of the date first
written above as follows:

 

(i) such
Guarantor (A) is a corporation, limited liability company or
limited partnership duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization as
set forth on the signature pages hereto, (B) has all requisite
corporate, limited liability company or limited partnership power
and authority to conduct its business as now conducted and as
presently contemplated and to execute, deliver and perform its
obligations under this Guaranty and each other Transaction Document
to which such Guarantor is a party, and to consummate the
transactions contemplated hereby and thereby and (C) is duly
qualified to do business and is in good standing, in each case if
such concept is applicable, in each jurisdiction in which the
character of the properties owned or leased by it or in which the
transaction of its business makes such qualification necessary
except where the failure to be so qualified (individually or in the
aggregate) would not result in a Material Adverse
Effect.

 

 

 

-5-

 

 

 

(ii) The
execution, delivery and performance by such Guarantor of this
Guaranty and each other Transaction Document to which such
Guarantor is a party (A) have been duly authorized by all necessary
corporate, limited liability company or limited partnership action,
(B) do not and will not contravene its charter, articles,
certificate of formation or by-laws, its limited liability company
or operating agreement or its certificate of partnership or
partnership agreement, as applicable, or any applicable law or any
contractual restriction binding on such Guarantor or its properties
do not and will not result in or require the creation of any lien,
security interest or encumbrance (other than pursuant to any
Transaction Document) upon or with respect to any of its
properties, and (C) do not and will not result in any default,
noncompliance, suspension, revocation, impairment, forfeiture or
nonrenewal of any material permit, license, authorization or
approval applicable to it or its operations or any of its
properties.

 

(iii) No
authorization or approval or other action by, and no notice to or
filing with, any Governmental Authority or other Person is required
in connection with the due execution, delivery and performance by
such Guarantor of this Guaranty or any of the other Transaction
Documents to which such Guarantor is a party (other than expressly
provided for in any of the Transaction Documents).

 

(iv) This
Guaranty has been duly executed and delivered by each Guarantor and
is, and each of the other Transaction Documents to which such
Guarantor is or will be a party, when executed and delivered, will
be, a legal, valid and binding obligation of such Guarantor,
enforceable against such Guarantor in accordance with its terms,
except as may be limited by the Bankruptcy Code or other applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, suretyship or similar laws and equitable principles
(regardless of whether enforcement is sought in equity or at
law).

 

(v) There
is no pending or, to the knowledge of such Guarantor, threatened
action, suit or proceeding against such Guarantor or to which any
of the properties of such Guarantor is subject, before any court or
other Governmental Authority or any arbitrator that (A) if
adversely determined, could reasonably be expected to have a
Material Adverse Effect or (B) relates to this Guaranty or any of
the other Transaction Documents to which such Guarantor is a party
or any transaction contemplated hereby or thereby.

 

(vi) Such
Guarantor (A) has read and understands the terms and conditions of
the Securities Purchase Agreement and the other Transaction
Documents, and (B) now has and will continue to have independent
means of obtaining information concerning the affairs, financial
condition and business of the Company and the other Transaction
Parties, and has no need of, or right to obtain from the Collateral
Agent or the Purchasers, any credit or other information concerning
the affairs, financial condition or business of the Company or the
other Transaction Parties.

 

(vii) There
are no conditions precedent to the effectiveness of this Guaranty
that have not been satisfied or waived.

 

(b) Each
Guarantor covenants and agrees that until Payment in Full of the
Guaranteed Obligations, it will comply with each of the covenants
which are set forth in Section 4 of the Securities Purchase
Agreement as if such Guarantor were a party thereto.

 

SECTION 7. Right of
Set-off. Upon the occurrence
and during the continuance of any Event of Default, the Collateral
Agent, the Purchasers and/or any other Noteholder may, and is
hereby authorized to, at any time and from time to time, without
notice to the Guarantors (any such notice being expressly waived by
each Guarantor) and to the fullest extent permitted by law, set-off
and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at
any time owing by the Collateral Agent, the Purchasers and/or any
other Noteholder to or for the credit or the account of any
Guarantor against any and all obligations of the Guarantors now or
hereafter existing under this Guaranty or any other Transaction
Document, irrespective of whether or not the Collateral Agent, the
Purchasers and/or any other Noteholder shall have made any demand
under this Guaranty or any other Transaction Document and although
such obligations may be contingent or unmatured. The Collateral
Agent, the Purchasers and/or any other Noteholder agrees to notify
the relevant Guarantor promptly after any such set-off and
application made by the Collateral Agent or the Purchasers,
provided that the failure to give such notice shall not affect the
validity of such set-off and application. The rights of the
Collateral Agent, the Purchasers and/or any other Noteholder under
this Section 7
are in addition to other rights and
remedies (including, without limitation, other rights of set-off)
which the Collateral Agent, the Purchasers and/or any other
Noteholder may have under this Guaranty or any other Transaction
Document in law or otherwise.

 

 

 

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SECTION 8. Limitation on
Guaranteed Obligations.

 

(a) Notwithstanding
any provision herein contained to the contrary, each
Guarantor’s liability hereunder shall be limited to an amount
not to exceed as of any date of determination the greater
of:

 

(i) the
amount of all Guaranteed Obligations and

 

(ii) the
amount which could be claimed by the Collateral Agent from any
Guarantor under this Guaranty without rendering such claim voidable
or avoidable under the Bankruptcy Code or under any applicable
state Uniform Fraudulent Transfer Act, Uniform Fraudulent
Conveyance Act or similar statute or common law after taking into
account, among other things, Guarantor’s right of
contribution and indemnification.

 

(b) Each
Guarantor agrees that the Guaranteed Obligations may at any time
and from time to time exceed the amount of the liability of such
Guarantor hereunder without impairing the guaranty hereunder or
affecting the rights and remedies of the Collateral Agent, the
Purchasers and/or any other Noteholder hereunder or under
applicable law.

 

(c) No
payment made by the Company to any Guarantor, any other guarantor
or any other Person or received or collected by the Collateral
Agent, the Purchasers and/or any other Noteholder from the Company,
any of the Guarantors, any other guarantor or any other Person by
virtue of any action or proceeding or any set-off or appropriation
or application at any time or from time to time in reduction of or
in payment of the Guaranteed Obligations shall be deemed to modify,
reduce, release or otherwise affect the liability of any Guarantor
hereunder which shall, notwithstanding any such payment (other than
any payment made by such Guarantor in respect of the Guaranteed
Obligations or any payment received or collected from such
Guarantor in respect of the Guaranteed Obligations), remain liable
for the Guaranteed Obligations up to the maximum liability of such
Guarantor hereunder until after all of the Guaranteed Obligations
and all other amounts payable under this Guaranty shall have been
Paid in Full.

 

SECTION 9. Notices,
Etc. Any notices, consents,
waivers or other communications required or permitted to be given
under the terms of this Guaranty must be in writing and will be
deemed to have been given and effective on the earliest of:
(a) the date of transmission, if such notice or communication is
delivered via facsimile or email attachment at the facsimile number
or email address as set forth on the signature pages attached
hereto at or prior to 5:30 p.m. (New York City time) on a Business
Day, (b) the next Business Day after the date of transmission, if
such notice or communication is delivered via facsimile or email
attachment at the facsimile number or email address as set forth on
the signature pages attached hereto on a day that is not a Business
Day or later than 5:30 p.m. (New York City time) on any Business
Day, (c) the second (2nd) Business Day
following the date of mailing, if sent by U.S. nationally
recognized overnight courier service or (d) upon actual receipt by
the party to whom such notice is required to be given. The address
for such notices and communications shall be as set forth on the
signature pages attached hereto.

 

SECTION 10. Governing Law;
Jurisdiction. All questions
concerning the construction, validity, enforcement and
interpretation of this Guaranty shall be governed by the internal
laws of the State of New York, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State
of New York. Each Guarantor hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in
The City of New York, Borough of Manhattan, for the adjudication of
any dispute hereunder or in connection herewith or under any of the
other Transaction Documents or with any transaction contemplated
hereby or thereby, and hereby irrevocably waives, and agrees not to
assert in any suit, action or proceeding, any claim, obligation or
defense that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in
an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in
any such suit, action or proceeding by mailing a copy thereof to
such party at the address for such notices to it under Section 9(f)
of the Securities Purchase Agreement and agrees that such service
shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law.
Nothing contained herein shall be deemed or operate to preclude the
Collateral Agent or the Purchasers from bringing suit or taking
other legal action against any Guarantor in any other jurisdiction
to collect on a Guarantor’s obligations or to enforce a
judgment or other court ruling in favor of the Collateral Agent or
the Purchasers.

 

 

 

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SECTION 11. WAIVER OF JURY TRIAL,
ETC. EACH GUARANTOR HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR
ARISING OUT OF THIS GUARANTY, ANY OTHER TRANSACTION DOCUMENT OR ANY
TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

SECTION 12. Taxes.

 

(a) All
payments made by any Guarantor hereunder or under any other
Transaction Document shall be made in accordance with the terms of
the respective Transaction Document and shall be made without
set-off, counterclaim, withholding, deduction or other defense.
Without limiting the foregoing, all such payments shall be made
free and clear of and without deduction or withholding for any
present or future taxes, levies, imposts, deductions, charges or
withholdings, and all liabilities with respect thereto,
excluding
taxes imposed on the net income of the
Collateral Agent, the Purchasers and/or any other Noteholder by the
jurisdiction in which the Collateral Agent, the Purchasers and/or
any other Noteholder is organized or where it has its principal
lending office (all such non-excluded taxes, levies, imposts,
deductions, charges, withholdings and liabilities, collectively or
individually, “Taxes”). If any Guarantor shall be required to
deduct or to withhold any Taxes from or in respect of any amount
payable hereunder or under any other Transaction
Document:

 

(i) the
amount so payable shall be increased to the extent necessary so
that after making all required deductions and withholdings
(including Taxes on amounts payable to the Collateral Agent or the
Purchasers pursuant to this sentence) the Collateral Agent or the
Purchasers receives an amount equal to the sum it would have
received had no such deduction or withholding been
made,

 

(ii) such
Guarantor shall make such deduction or withholding,

 

(iii) such
Guarantor shall pay the full amount deducted or withheld to the
relevant Governmental Authority in accordance with applicable law,
and

 

(iv) as
promptly as possible thereafter, such Guarantor shall send the
Collateral Agent or the Purchaser an official receipt (or, if an
official receipt is not available, such other documentation as
shall be satisfactory to the Collateral Agent, as the case may be)
showing payment. In addition, each Guarantor agrees to pay any
present or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies that arise from any
payment made hereunder or from the execution, delivery,
registration or enforcement of, or otherwise with respect to, this
Guaranty or any other Transaction Document (collectively,
“Other
Taxes”).

 

(b) Each
Guarantor hereby indemnifies and agrees to hold each Indemnified
Party harmless from and against Taxes or Other Taxes (including,
without limitation, any Taxes or Other Taxes imposed by any
jurisdiction on amounts payable under this Section
12) paid by any Indemnified
Party as a result of any payment made hereunder or from the
execution, delivery, registration or enforcement of, or otherwise
with respect to, this Guaranty or any other Transaction Document,
and any liability (including penalties, interest and expenses for
nonpayment, late payment or otherwise) arising therefrom or with
respect thereto, whether or not such Taxes or Other Taxes were
correctly or legally asserted so long as each Guarantor was
provided with the right set forth above. This indemnification shall
be paid within thirty (30) days from the date on which the
Collateral Agent or the Purchaser makes written demand therefor,
which demand shall identify the nature and amount of such Taxes or
Other Taxes.

 

(c) If
any Guarantor fails to perform any of its obligations under
this Section
12, such Guarantor shall
indemnify the Collateral Agent and the Purchasers for any taxes,
interest or penalties that may become payable as a result of any
such failure. The obligations of the Guarantors under this
Section
12 shall survive the
termination of this Guaranty and the payment of the Obligations and
all other amounts payable hereunder.

 

 

 

-8-

 

 

 

SECTION 13. Indemnification.

 

(a) Without
limitation of any other obligations of any Guarantor or remedies of
the Collateral Agent or the Purchasers under this Guaranty or
applicable law, except to the extent resulting solely from such
Indemnified Party’s gross negligence, bad faith or willful
misconduct, as determined by a final judgment of a court of
competent jurisdiction no longer subject to appeal, each Guarantor
shall, to the fullest extent permitted by law, indemnify, reimburse
and hold harmless the Collateral Agent and the Purchasers and each
of their affiliates and their respective officers, directors,
members, managers, employees, agents and advisors (each, an
“Indemnified
Party”) from and against,
and shall pay on demand, any and all claims, damages, losses,
liabilities and expenses (including, without limitation, reasonable
fees and expenses of counsel) that may be incurred by or asserted
or awarded against any Indemnified Party in connection with or as a
result of any failure of any Guaranteed Obligations to be the
legal, valid and binding obligations of any Transaction Party
enforceable against such Transaction Party in accordance with their
terms.

 

(b) Each
Guarantor hereby also agrees that none of the Indemnified Parties
shall have any liability (whether direct or indirect, in contract,
tort or otherwise) or any fiduciary duty or obligation to any of
the Guarantors or any of their respective affiliates or any of
their respective officers, directors, employees, agents and
advisors, and each Guarantor hereby agrees not to assert any claim
against any Indemnified Party on any theory of liability, for
special, indirect, consequential, incidental or punitive damages
arising out of or otherwise relating to the facilities, the actual
or proposed use of the proceeds of the advances, the Transaction
Documents or any of the transactions contemplated by the
Transaction Documents.

 

SECTION 14. Miscellaneous.

 

(a) Each
Guarantor will make each payment hereunder in lawful money of the
United States of America and in immediately available funds to the
Collateral Agent or the Purchasers, at such address specified by
the Collateral Agent or the Purchasers from time to time by notice
to the Guarantors.

 

(b) No
amendment or waiver of any provision of this Guaranty and no
consent to any departure by any Guarantor therefrom shall in any
event be effective unless the same shall be in writing and signed
by each Guarantor, the Collateral Agent and the Purchasers, and
then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given.

 

(c) No
failure on the part of the Collateral Agent or the Purchasers to
exercise, and no delay in exercising, any right or remedy hereunder
or under any other Transaction Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any right
hereunder or under any Transaction Document preclude any other or
further exercise thereof or the exercise of any other right or
remedy. The rights and remedies of the Collateral Agent and the
Purchasers provided herein and in the other Transaction Documents
are cumulative and are in addition to, and not exclusive of, any
rights or remedies provided by law. The rights and remedies of the
Collateral Agent and the Purchasers under any Transaction Document
against any party thereto are not conditional or contingent on any
attempt by the Collateral Agent or the Purchasers to exercise any
of their respective rights or remedies under any other Transaction
Document against such party or against any other
Person.

 

(d) If
any provision of this Guaranty or any Transaction Document is
prohibited by law or otherwise determined to be invalid or
unenforceable by a court of competent jurisdiction, the provision
that would otherwise be prohibited, invalid or unenforceable shall
be deemed amended to apply to the broadest extent that it would be
valid and enforceable, and the invalidity or unenforceability of
such provision shall not affect the validity of the remaining
provisions of this Guaranty so long as this Guaranty as so modified
continues to express, without material change, the original
intentions of the parties as to the subject matter hereof and the
prohibited nature, invalidity or unenforceability of the
provision(s) in question does not substantially impair the
respective expectations or reciprocal obligations of the parties or
the practical realization of the benefits that would otherwise be
conferred upon the parties.  The parties will endeavor in good
faith negotiations to replace the prohibited, invalid or
unenforceable provision(s) with a valid provision(s), the effect of
which comes as close as possible to that of the prohibited, invalid
or unenforceable provision(s).

 

 

 

-9-

 

 

 

(e) This
Guaranty and the other Transaction Documents reflect the entire
understanding of the transaction contemplated hereby and shall not
be contradicted or qualified by any other agreement, oral or
written, entered into before the date hereof.

 

(f) The
headings of this Guaranty are for convenience of reference and
shall not form part of, or affect the interpretation of, this
Guaranty.  Unless the context clearly indicates otherwise,
each pronoun herein shall be deemed to include the masculine,
feminine, neuter, singular and plural forms thereof.  The
terms “including,” “includes,”
“include” and words of like import shall be construed
broadly as if followed by the words “without
limitation.”  The terms “herein,”
“hereunder,” “hereof” and words of like
import refer to this entire Agreement instead of just the provision
in which they are found.

 

SECTION 15. Currency
Indemnity.

 

If, for the purpose of obtaining or enforcing
judgment against Guarantor in any court in any jurisdiction, it
becomes necessary to convert into any other currency (such other
currency being hereinafter in this Section 15
referred to as the
“Judgment
Currency”) an amount due
under this Guaranty in any currency (the “Obligation
Currency”) other than the
Judgment Currency, the conversion shall be made at the rate of
exchange prevailing on the Business Day immediately preceding (a)
the date of actual payment of the amount due, in the case of any
proceeding in the courts of courts of the jurisdiction that will
give effect to such conversion being made on such date, or (b) the
date on which the judgment is given, in the case of any proceeding
in the courts of any other jurisdiction (the applicable date as of
which such conversion is made pursuant to this Section 15
being hereinafter in this
Section
15 referred to as the
“Judgment Conversion
Date”).

 

If, in the case of any proceeding in the court of
any jurisdiction referred to in the preceding paragraph, there is a
change in the rate of exchange prevailing between the Judgment
Conversion Date and the date of actual receipt of the amount due in
immediately available funds, the Guarantors shall pay such
additional amount (if any, but in any event not a lesser amount) as
may be necessary to ensure that the amount actually received in the
Judgment Currency, when converted at the rate of exchange
prevailing on the date of payment, will produce the amount of the
Obligation Currency which could have been purchased with the amount
of’ the Judgment Currency stipulated in the judgment or
judicial order at the rate of exchange prevailing on the Judgment
Conversion Date. Any amount due from the Guarantors under
this Section 15
shall be due as a separate debt and
shall not be affected by judgment being obtained for any other
amounts due under or in respect of this
Guaranty.

 

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

-10-

 

 

 

IN
WITNESS WHEREOF, each Guarantor has caused this Guaranty to be
executed by its respective duly authorized officer, as of the date
first above written.

 

	
 

	
 

	
 

	
 

	

GUARANTORS:

	
 

	
 

	
 

	
 

	

MEDITE ENTERPRISES INC.,

	
 

	

a
Florida corporation

 

	
 

	
 

	
 

	
 

	

By:

	
 

	
 

	
 

	

Name:

	
 

	
 

	

Title:

	
 

	
 

	

Address:

 

	
 

	

MEDITE GMBH a German limited liability company

	
 

	
 

	
 

	
 

	

By:

	
 

	
 

	
 

	

Name:

	
 

	
 

	

Title:

	
 

	
 

	

 Address:

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

MEDITE LAB SOLUTIONS, INC.,

	
 

	

a
Florida corporation

	
 

	
 

	
 

	
 

	

By:

	
 

	
 

	
 

	

Name:

	
 

	
 

	

Title:

Address:

 

 

 

CYTOGLOBE
GMBH,

a
German limited liability company

 

By:
__________________________________________

      Name:

      Title:

     
Address:

	

 

 

ACCEPTED
BY:

	
 

	
 

	

GPB DEBT HOLDINGS II, LLC,

	

as
Collateral Agent for the Purchasers

	
 

	
 

	

By:

	
 

	
 

	

Name:

	
 

	

Title:

	
 

	

Address:

         

 

 

 

PURCHASER

 

 

_______________________________

 

 

 

 

 

 

 

-11-Exhibit 10.5

 

Exhibit 10.5

 

SUBORDINATION AND INTERCREDITOR AGREEMENT

 

THIS SUBORDINATION AND INTERCREDITOR
AGREEMENT (as amended, restated, supplemented or otherwise
modified, this “Agreement”) is entered
into as of this February ___, 2018, by and among (i) GPB Debt
Holdings II, LLC, a Delaware limited liability company, in its
capacity as collateral agent for each of the investors listed on
Schedule I hereto under and pursuant to the Senior Security
Agreement and the Purchase Agreement (each as hereinafter defined)
(in such capacity, together with its successors and assigns in such
capacity, the “Senior Agent”), (ii) each
of the investors listed on Schedule I attached hereto designated as
“Subordinated Creditors” (collectively, the
“Subordinated
Creditors”), and (iii) MEDITE Cancer Diagnostics, Inc.
(“Borrower”).

 

R E C I T A L S

 

A.           

The Senior Creditor
and the Borrower are entering into that certain Securities Purchase
Agreement of even date herewith (as the same may be amended,
supplemented or otherwise modified from time to time as permitted
hereunder, the “Purchase Agreement”),
pursuant to which, among other things, the Senior Creditor has
agreed, subject to the terms and conditions set forth in the
Purchase Agreement, to purchase the Note (as defined therein) to be
issued by the Borrower. The Senior Debt of the Borrower under the
Purchase Agreement and Note is secured by security interests in and
liens on substantially all of the assets of the Obligors (as
defined herein) pursuant to that certain Security Agreement, dated
as of the date hereof, to be entered into by and among the Senior
Agent as a debtor and collateral agent, the Borrower and the other
Obligors parties thereto (the “Senior Security
Agreement”, together with the other collateral and
transaction documents executed and delivered in connection with the
Purchase Agreement and the Note, the “Senior Documents”).
Capitalized terms used but not defined herein shall have the
meanings set forth in the Purchase Agreement.

 

B.           

As an inducement to
and as one of the conditions precedent to the agreement of the
Senior Creditor to consummate the transactions contemplated by the
Purchase Agreement, the Senior Creditor has required the execution
and delivery of this Agreement by the Subordinated Creditors and
the Company in order to set forth the relative rights and
priorities of the Senior Agent under the Transaction Documents (as
defined below) and the Subordinated Creditors under the
Subordinated Debt Transaction Documents (as defined
below).

 

NOW, THEREFORE, in order to induce the
Senior Creditor to consummate the transactions contemplated by the
Purchase Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which hereby are acknowledged, the
parties hereto hereby agree as follows:

 

1.            

Definitions.
The following terms shall have the following meanings in this
Agreement:

 

“Bankruptcy
Code” shall mean Title 11 of the United
States Code, as amended from time to time and any successor statute
and all rules and regulations promulgated thereunder.

 

“Distribution”
means, with
respect to any indebtedness or obligation:  (a) any payment or
distribution by any Person of cash, securities (other than (i)
Common Stock issued pursuant to a conversion by the Subordinated
Creditors pursuant to the  12% Secured Convertible Notes or
hereunder or (ii) any penalty incurred by the Company as a result
of its failure to timely deliver Common Stock pursuant to the terms
of the 12% Secured Convertible Notes) or other property, by set-off
or otherwise, on account of such indebtedness or obligation; (b)
any redemption, purchase or other acquisition of such indebtedness
or obligation by any Person; or (c) the granting of any lien or
security interest to or for the benefit of the holders of such
indebtedness or obligation in or upon any property of any
Person

 

 

 

-1-

 

“Enforcement
Action” shall mean: (a) to take from or for the
account of the Company or any Obligor or any other guarantor of the
Subordinated Debt, by set-off or in any other manner, the whole or
any part of any moneys which may now or hereafter be owing by the
Company, any other obligor or or any such guarantor with respect to
the Subordinated Debt; (b) to ask for, demand or sue for payment
of, or to initiate or participate with others in any suit, action
or proceeding against the Company, any other Obligor or any such
guarantor to (i) enforce payment of or to collect the whole or any
part of the Subordinated Debt or (ii) commence judicial enforcement
of any of the rights and remedies under the Subordinated Debt
Documents or applicable law with respect to the Subordinated Debt;
(c) to accelerate the Subordinated Debt; (d) to exercise any put
option or to cause the Company, any other Obligor or any such
guarantor to honor any redemption or mandatory prepayment
obligation under any Subordinated Debt Transaction Document; (e) to
notify account debtors or directly collect accounts receivable or
other payment rights of the Company, any other Obligor or any such
guarantor; or (f) take any action under the provisions of any state
or federal law, or under any contract or agreement, to enforce,
foreclose upon, take possession of or sell any property or assets
of the Company, any other Obligor or any such
guarantor.

 

“Obligor”
means each of the Borrower, the Borrower’s direct and
indirect subsidiaries and any other Person that now or hereafter
is, or whose assets now or hereafter are, liable for all or any
portion of the Senior Debt.

 

“Paid in
Full” of “Payment in
Full” means that: (a) all Senior Debt has been
indefeasibly paid in full in cash or converted to shares of Common
Stock pursuant to the terms of the Note (in each case, other than
contingent indemnification obligations for which no claim yet has
been asserted in writing); (b) all commitments to lend or purchase
any Note under the Transaction Documents have been terminated and
no Person has any further right to obtain loans or other extensions
of credit under the Transaction Documents; and (c) any costs,
expenses and contingent indemnification obligations which are not
yet due and payable but with respect to which a claim is pending or
may reasonably be expected to be asserted under the Transaction
Documents have been paid in full in cash.

 

“Permitted
Refinancing” shall mean any refinancing of the
Senior Debt under the Transaction Documents, provided that the
financing documentation entered into by the Borrower in connection
with such Permitted Refinancing constitutes Permitted Refinancing
Senior Debt Documents.

 

“Permitted
Refinancing Senior Debt Documents” shall mean any financing
documentation which replaces the Transaction Documents and pursuant
to which the Senior Debt under the Transaction Documents is
refinanced, as such financing documentation may be amended,
supplemented or otherwise modified from time to time in accordance
with the terms of this Agreement.

 

“Permitted
Subordinated Debt Payments” means the regularly scheduled
payments of principal and interest in respect of the Subordinated
Note (as in effect on the date hereof), provided that no Senior
Payment Default, Senior Covenant Default or Equity Conditions
Failure (as defined in the Notes) has occurred and is
continuing.

 

 

-2-

 

“Person” means
any natural person, corporation, general or limited partnership,
limited liability company, firm, trust, association, government,
governmental agency or other entity, whether acting in an
individual, fiduciary or other capacity.

 

“Proceeding”
shall mean any voluntary or involuntary insolvency, bankruptcy,
receivership, custodianship, liquidation, dissolution,
reorganization, assignment for the benefit of creditors,
appointment of a custodian, receiver, trustee or other officer with
similar powers or any other proceeding for the liquidation,
dissolution or other winding up of a Person.

 

 

“Senior Covenant
Default” shall mean any “Event of Default”
(other than a Senior Payment Default) under the Note, or any
condition or event that, after notice or lapse of time or both,
would constitute such an Event of Default (other than a Senior
Payment Default) if that condition or event were not cured or
removed within any applicable grace or cure period set forth
therein.

 

“Senior
Creditor” shall mean the holders of the
Senior Debt from time to time party to the Purchase
Agreement.

 

“Senior
Debt” shall mean all obligations, liabilities and
indebtedness of every nature of any Obligor or guarantor from time
to time owed to the Senior Creditor and Senior Agent under the
Transaction Documents, including, without limitation, the principal
amount of all debts, claims and indebtedness, accrued and unpaid
interest and all fees, costs and expenses, whether primary,
secondary, direct, contingent, fixed or otherwise, heretofore, now
and from time to time hereafter owing, due or payable, whether
before or after the filing of a Proceeding under the Bankruptcy
Code together with (a) any amendments, modifications, renewals or
extensions thereof to the extent in accordance with the terms of
this Agreement and (b) any interest accruing thereon after the
commencement of a Proceeding, without regard to whether or not such
interest is an allowed claim.

 

“Senior
Default” shall mean any Senior Payment Default or
Senior Covenant Default.

 

“Senior Default
Notice” shall mean a written notice from
the Senior Agent or any Senior Creditor pursuant to which the
Subordinated Creditors are notified of the occurrence of a Senior
Default, which notice incorporates a reasonably detailed
description of such Senior Default.

 

“Senior Payment
Default” shall mean any “Event of Default”
under the Note resulting from the failure of the Borrower to pay to
any Senior Creditor, on a timely basis, any principal, interest,
fees or other obligations under the Transaction Documents,
including, without limitation, any default in payment of Senior
Debt after acceleration thereof or the delivery of any Redemption
Notice (as defined in the Senior Note) with respect
thereto.

 

“Subordinated
Debt” shall mean all of the obligations of the
Obligors or any other guarantor to each Subordinated Creditor
evidenced by or incurred pursuant to the Subordinated Debt
Transaction Documents.

 

 

-3-

 

“Subordinated Debt
Default” shall mean a default in the payment of the
Subordinated Debt or in the performance of any term, covenant or
condition contained in the Subordinated Debt Transaction Documents
(other than the Note) or any other occurrence permitting the
Subordinated Creditors to accelerate the payment of, put or cause
the redemption of all or any portion of the Subordinated Debt or
any Subordinated Debt Transaction Document.

 

“Subordinated Debt
Transaction Documents” shall mean the Subordinated Note
and the Subordinated Security Documents.

 

“Subordinated Debt
Default Notice” shall mean a written notice from the
Subordinated Creditors or the Company to the Senior Creditor and
the Senior Agent pursuant to which the Senior Creditor and Senior
Agent are notified of the occurrence of a Subordinated Debt
Default, which notice incorporates a reasonably detailed
description of such Subordinated Debt Default.

 

“Transaction
Documents” shall mean the Purchase Agreement,
the Transaction Documents and all other agreements, documents and
instruments executed from time to time in connection therewith, as
the same may be amended, supplemented or otherwise modified from
time to time subject to the terms of this Agreement.

 

2. 

Subordination.

 

2.1           

Subordination of
Subordinated Debt to Senior Debt. The Borrower covenants and
agrees, and each Subordinated Creditor by its execution of this
Agreement likewise covenants and agrees, notwithstanding anything
to the contrary contained in any of the Transaction Documents, that
the payment of any and all of the Subordinated Debt shall be
subordinate and subject in right and time of payment, to the extent
and in the manner hereinafter set forth, to the prior Payment in
Full of all Senior Debt. Each holder of Senior Debt, whether now
outstanding or hereafter created, incurred, assumed or guaranteed,
shall be deemed to have acquired Senior Debt in reliance upon the
provisions contained in this Agreement.

 

2.2           

Liquidation,
Dissolution, Bankruptcy. In the event of any Proceeding
involving the Borrower or any Obligor:

 

(a)           

All Senior Debt
shall first be Paid in Full before any Distribution, whether in
cash, securities or other property, shall be made to the
Subordinated Creditors on account of any Subordinated
Debt.

 

(b)           

Any Distribution,
whether in cash, securities or other property which would
otherwise, but for the terms hereof, be payable or deliverable in
respect of the Subordinated Debt shall be paid or delivered
directly to the Senior Agent (for the benefit of the Senior
Creditor and to be applied to the outstanding amount of Senior Debt
held by the Senior Creditor) until all Senior Debt is Paid in Full.
Until the Senior Debt is Paid in Full, (i) each Subordinated
Creditor irrevocably authorizes, empowers and directs any debtor,
debtor in possession, receiver, trustee, liquidator, custodian,
conservator or other Person having authority, to pay or otherwise
deliver all such Distributions to the Senior Agent for the benefit
of the Senior Creditor, and (ii) each Subordinated Creditor also
irrevocably authorizes and empowers the Senior Agent, in the name
of Subordinated Creditor, to demand, sue for, collect and receive
any and all such Distributions.

 

 

-4-

 

(c)            

Each Subordinated
Creditor agrees not to initiate, prosecute or participate in any
claim, action or other proceeding challenging the enforceability,
validity, perfection or priority of the Senior Debt or any liens
and security interests securing the Senior Debt.

 

(d)           

Each Subordinated
Creditor agrees that the Senior Creditor may consent to the use of
cash collateral or provide financing to the Borrower on such terms
and conditions and in such amounts as the Senior Creditor, in its
sole discretion, may decide. Each Subordinated Creditor agrees not
to object to any of the foregoing. Each Subordinated Creditor
agrees that it will: (i) not seek to provide financing to the
Borrower in any Proceeding; (ii) support, and not object to or
oppose, any sale or other disposition of any property under Section
363 of the Bankruptcy Code or any other provision of the Bankruptcy
Code or applicable law if the Senior Creditors have consented to
such sale or disposition; and (iii) not propose, seek and/or
support confirmation of any plan to which the Senior Creditor has
not consented in writing; each Subordinated Creditor agrees to
object to and vote to reject confirmation of any plan which the
Senior Creditor has objected to and/or rejected in writing. Each
Subordinated Creditor waives any claim it may now or hereafter have
arising out of the Senior Creditor’s election, in any
Proceeding instituted under the Bankruptcy Code, of the application
of Section 1111(b)(2) of the Bankruptcy Code, and/or any borrowing
or grant of a security interest under Section 364 of the Bankruptcy
Code by the Borrower, as debtor in possession.

 

(e)           

Each Subordinated
Creditor hereby irrevocably authorizes, empowers and appoints the
Senior Agent as its agent and attorney-in-fact to (i) execute,
verify, deliver and file proofs of claim in respect of the
Subordinated Debt upon the failure of any Subordinated Creditor
promptly to do so prior to ten (10) Business Days before the
expiration of the time to file any such proof of claim, and (ii)
vote such claim in any such Proceeding upon the failure of any
Subordinated Creditor to do so prior to five (5) Business Days
before the expiration of the time to vote any such claim;
provided,
however, that the
Senior Agent shall not have any obligation to execute, verify,
deliver, file and/or vote any such proof of claim. In the event
that the Senior Agent votes any claim in accordance with the
authority granted hereby, no Subordinated Creditor shall be
entitled to change or withdraw such vote.

 

(f)           

The Senior Debt
shall continue to be treated as Senior Debt and the provisions of
this Agreement shall continue to govern the relative rights and
priorities of the Senior Agent (for the benefit of the Senior
Creditors) and the Subordinated Creditors even if all or part of
the Senior Debt are subordinated, set aside, avoided, invalidated
or disallowed in connection with any such Proceeding, and this
Agreement shall be reinstated if at any time any payment of any of
the Senior Debt is rescinded or must otherwise be returned by any
holder of Senior Debt or any representative of such
holder.

 

 

-5-

 

2.3 

Subordinated Debt
Payment Restrictions.

 

(a)           

Notwithstanding the
terms of the Subordinated Debt Transaction Documents, the Borrower
hereby agrees that it may not make, directly or indirectly, and
each Subordinated Creditor hereby agrees that it will not accept,
any Distribution with respect to the Subordinated Debt until the
Senior Debt is Paid in Full other than, subject to the terms of
Section 2.2 of this Agreement, Permitted Subordinated Debt
Payments, which shall continue unabated in the absence of a Senior
Default or a Proceeding; provided, however, that the Borrower and
each Subordinated Creditor further agree that no Permitted
Subordinated Debt Payment or any other Distribution may be made by
the Borrower, directly or indirectly, or accepted by such
Subordinated Creditor if, at the time of such payment, any Senior
Default exists; provided, further, that, in the event
that a Senior Default exists but a Subordinated Creditor has not
received any notice of such Senior Default and accepts a Permitted
Subordinated Debt Payment or any other Distribution, then and in
such event the Subordinated Creditor, upon receiving a notice of
such Senior Default, shall immediately deliver such Permitted
Subordinated Debt Payment or other Distribution, as the case may
be, to Senior Agent as set forth in Section 2.5 of this
Agreement.

 

(b)           The
Borrower may resume Permitted Subordinated Debt Payments (and may
make any Permitted Subordinated Debt Payments missed due to the
application of paragraph (a) of this Section 2.3) upon the earliest
to occur of:

 

(i)           in
the case of a Senior Payment Default or a Senior Covenant Default,
as applicable, upon a cure or waiver thereof; or

 

(ii)           all
of the Senior Debt being Paid in Full.

 

(c)           No
Senior Default shall be deemed to have been waived for purposes of
this Section 2.3 unless and until the Borrower shall have received
a written waiver from the Senior Agent.

 

(d)           Notwithstanding
any provisions to the contrary, the failure of the Borrower to make
any payment with respect to the Subordinated Debt by reason of the
operation of Section 2.3 shall not be construed as preventing the
occurrence of a Subordinated Debt Default under the applicable
Subordinated Debt Documents.

 

The
provisions of this Section 2.3 shall not apply to any payment with
respect to which Section 2.2 would be applicable.

 

2.4           

Subordinated Debt
Standstill Provisions. Until the Senior Debt is Paid in
Full, no Subordinated Creditor shall, without the prior written
consent of the Senior Creditor take any Enforcement Action with
respect to the Subordinated Debt.

 

2.5           

Incorrect
Payments. If any Distribution on account of the Subordinated
Debt not permitted to be made by an Obligor or accepted by any
Subordinated Creditor under this Agreement is made and received by
such Subordinated Creditor, such Distribution shall not be
commingled with any of the assets of such Subordinated Creditor,
shall be deemed to be held in trust by such Subordinated Creditor
for the benefit of the Senior Agent and shall be promptly paid over
to the Senior Agent (for the benefit of the Senior Creditor for
application pro rata against the outstanding amount of Senior Debt
held by the Senior Creditor) to the payment of the Senior Debt then
remaining unpaid, until all of the Senior Debt is Paid in
Full.

 

 

-6-

 

2.6            

Seniority of Liens
Securing the Senior Debt. Each Subordinated Creditor by its
execution of this Agreement covenants and agrees, notwithstanding
anything to the contrary contained in any of the Subordinated Debt
Transaction Documents, that prior to the Payment in Full of the
Senior Debt, each Subordinated Creditor’s security interest
in and Lien (as defined in the Senior Security Agreement) on the
Collateral (as defined in the Senior Security Agreement) to secure
the Subordinated Debt shall be and hereby are subordinate for all
purposes and in all respects to the Senior Agent's security
interests in and Liens on the Collateral to secure the Senior Debt,
regardless of the order or time of attachment, or the order, time
or manner of perfection, or the order or time of filing or
recordation of any document or instrument, or other method of
perfecting a Lien. The Lien priorities set forth in the immediately
preceding sentence shall not be altered or otherwise affected by
any amendment, modification, supplement, extension, renewal,
restatement, replacement or refinancing of any of the Senior Debt
or the Subordinated Debt, by any failure to perfect the Senior
Agent's security interest in the Collateral, the subordination of
the Senior Agent's Lien on the Collateral, the avoidance or
invalidation of the Senior Agent's Lien or by any other action or
inaction which any Senior Creditor may take or fail to take with
respect to the Collateral. The Subordinated Creditor shall not
contest the validity, priority or perfection of the Senior
Creditor’s security interest in any collateral in which the
Subordinated Creditor may also have an interest. For the avoidance
of doubt, notwithstanding anything to the contrary contained in any
of the Subordinated Debt Transaction Documents, the Subordinated
Creditors by their execution of this Agreement consent to the
Senior Agent’s filing of Liens (including, without
limitation, UCC-1 financing statements) against the assets of the
Obligors. The Senior Creditor may take action to foreclose or
otherwise realize upon, or protect its interest in, the collateral,
in accordance with its agreements with the Obligors, at any time,
without the consent of the Subordinated Creditor, and the
Subordinated Creditor agrees not to interfere in a manner which
would defeat the purpose of this Agreement in connection therewith.
So long as any part of the Senior Debt is outstanding, if the
Senior Creditor has agreed to release its security interest in any
of the collateral in connection with the realization of any of its
rights with respect to such collateral in any commercially
reasonable disposition, the Senior Creditor is hereby authorized as
the Creditor’s attorney in fact to execute releases and
discharges of the Subordinated Creditor’s liens and security
interests in such collateral.

 

2.7            
Sale,
Transfer or other Disposition of Subordinated
Debt.

 

(a)           

No Subordinated
Creditor shall sell, assign, pledge, dispose of or otherwise
transfer all or any portion of the Subordinated Debt held by it or
any Subordinated Debt Transaction Document: (i) without giving prior written notice of
such action to the Senior Agent; and (ii) unless, prior to the
consummation of any such action, the transferee thereof shall
execute and deliver to the Senior Agent an agreement substantially
identical to this Agreement, providing for the continued
subordination of the Subordinated Debt to the Senior Debt as
provided herein and for the continued effectiveness of all of the
rights of the Senior Agent and the Senior Creditor arising under
this Agreement.

 

(b)           

Notwithstanding the
failure of any transferee to execute or deliver an agreement
substantially identical to this Agreement, the subordination
effected hereby shall survive any sale, assignment, pledge,
disposition or other transfer of all or any portion of the
Subordinated Debt, and the terms of this Agreement shall be binding
upon the successors and assigns of the Subordinated Creditors, as
provided in Section 10 hereof.

 

 

-7-

 

2.8            

Legends.
Until the termination of this Agreement in accordance with Section
16 hereof, each Subordinated Creditor will cause to be clearly,
conspicuously and prominently inserted on the face of the
Subordinated Note, as well as any renewals or replacements thereof,
the following legend:

 

“This
instrument and the rights and obligations evidenced hereby are
subordinate in the manner and to the extent set forth in that
certain Subordination and Intercreditor Agreement (the
“Subordination
Agreement”) dated as of [__], 2018 by and among the holders of Note
(as such term is defined in the Subordination Agreement)
(collectively, the “Senior Creditor”) issued
by the Borrower (as defined below) pursuant to that certain
Securities Purchase Agreement dated as of [___], 2018, by and among the Borrower and the Senior
Creditor from time to time party thereto (as the same may be
amended, supplemented or otherwise modified from time to time
subject to the terms of the Subordination Agreement, the
“Securities Purchase
Agreement”), the holders of the Subordinated Note (as
such term is defined in the Subordination Agreement) (collectively,
the “Subordinated
Creditors”), and the Borrower to the indebtedness
(including interest) owed by the Borrower to the Senior Creditor
under the Note and to indebtedness refinancing the indebtedness
originally issued in connection therewith, subject to the terms of
the Subordination Agreement; and each holder of this instrument, by
its acceptance hereof, irrevocably agrees to be bound by the
provisions of the Subordination Agreement.”

 

3.            

Modifications to
Transaction Documents; Subordinated Debt Transaction
Documents. The Transaction Documents may be amended,
restated, supplemented or otherwise modified in accordance with,
and to the extent permitted by, the terms and provisions contained
in the Transaction Documents. The Subordinated Debt Transaction
Documents may not be amended, restated, supplemented or otherwise
modified without the prior consent of all of the Note
holders.

4.            

Waiver of Certain
Rights by Subordinated Creditor. Each Subordinated Creditor hereby
waives any rights it may have under applicable law to assert the
doctrine of marshaling or to otherwise require the Senior Agent or
the Senior Creditors to marshal any property of the Borrower or any
other Obligor of the Senior Debt for the benefit of such
Subordinated Creditor or to pursue any other remedy in its power.
The Subordinated Creditors waive notice of acceptance of this
Agreement and presentment, demand, protest, notice of protest,
dishonor, notice of dishonor, notice of default, notice of intent
to accelerate or demand payment of any Senior Debt any and all
other notices to which the Subordinated Creditor might otherwise be
entitled, and diligence in collecting any Senior Debt, and agrees
that the Senior Creditor may, once or any number of times, modify
the terms of any Senior Debt, compromise, extend, increase,
accelerate, renew or forbear to enforce payment of any or all
Senior Debt, , all without notice to the Subordinated Creditor and
without affecting in any manner the unconditional obligations of
the Subordinated Creditor under this Agreement

 

-8-

 

5.             

Representations and
Warranties.

 

5.1           

Representations and
Warranties of Each Subordinated Creditor. Each Subordinated
Creditor hereby represents and warrants to the Senior Creditors
that as of the date hereof: (a) if such Subordinated Creditor is a
corporation, limited liability company, limited partnership or
partnership, as applicable, it is duly formed and validly existing
under the laws of the state of its organization or formation; (b)
such Subordinated Creditor has the power and authority and, in the
case of any Subordinated Creditor that is a natural person, the
legal capacity, to enter into, execute, deliver and carry out the
terms of this Agreement, all of which have been duly authorized by
all proper and necessary action; (c) the execution of this
Agreement by such Subordinated Creditor will not violate or
conflict with the organizational documents of such Subordinated
Creditor, (if other than a natural person) any material agreement
binding upon such Subordinated Creditor or any law, regulation or
order or require any consent or approval which has not been
obtained; (d) this Agreement is the legal, valid and binding
obligation of such Subordinated Creditor, enforceable against such
Subordinated Creditor in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by equitable
principles; (e) such Subordinated Creditor is the sole owner,
beneficially and of record, of the Subordinated Debt Transaction
Documents and the Subordinated Debt; and (f) the Subordinated Debt
is, and at all times prior to the termination of this Agreement
shall remain, an unsecured obligation of the Borrower. The
Subordinated Creditors deliver this Agreement based solely on their
independent investigation of (or decision not to investigate) the
financial condition of the Borrower and are not relying on any
information furnished by the Senior Creditor. The Subordinated
Creditor assumes full responsibility for obtaining any further
information concerning the Borrower’s financial condition,
the status of the Senior Debt or any other matter which the
Subordinated Creditor may deem necessary or appropriate now or
later.

 

5.2           

Representations and
Warranties of Senior Agent. The Senior Agent hereby
represents and warrants to the Subordinated Creditors that as of
the date hereof: (a) the Senior Agent is a limited liability
company duly formed and
validly existing under the laws of the state of its organization or
formation; (b) the Senior Agent has the power and authority to
enter into, execute, deliver and carry out the terms of this
Agreement, all of which have been duly authorized by all proper and
necessary action; (c) the execution of this Agreement by Senior
Agent will not violate or conflict with the organizational
documents of the Senior Agent, any material agreement binding upon
the Senior Agent or any law, regulation or order or require any
consent or approval which has not been obtained; and (d) this
Agreement is the legal, valid and binding obligation of the Senior
Agent, enforceable against the Senior Agent in accordance with its
terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally or
by equitable principles.

 

6.            

Subrogation. Until
all Senior Debt is Paid in Full, each Subordinated Creditor shall
be subrogated to the rights of the Senior Agent (for the benefit of
the Senior Creditors) to receive Distributions with respect to the
Senior Debt until the Subordinated Debt is paid in full. Each
Subordinated Creditor agrees that in the event that all or any part
of a payment made with respect to the Senior Debt is recovered from
the holders of the Senior Debt in a Proceeding or otherwise, any
Distribution received by such Subordinated Creditor with respect to
the Subordinated Debt at any time after the date of the payment
that is so recovered, whether pursuant to the right of subrogation
provided for in this Agreement or otherwise, shall be deemed to
have been received by such Subordinated Creditor in trust as
property of the holders of the Senior Debt, and such Subordinated
Creditor shall forthwith deliver the same to the Senior Agent for
application to the Senior Debt until the Senior Debt is Paid in
Full. A Distribution made pursuant to this Agreement to the Senior
Agent for the benefit of the Senior Creditors which otherwise would
have been made to the Subordinated Creditors is not, as between the
Borrower and the Subordinated Creditors, a payment by the Borrower
to or on account of the Senior Debt.

 

 

-9-

 

7.            

Modification.
Any modification or waiver of any provision of this Agreement, or
any consent to any departure by any party from the terms hereof,
shall not be effective in any event unless the same is in writing
and signed by the Senior Agent and the Subordinated Creditors, and
then such modification, waiver or consent shall be effective only
in the specific instance and for the specific purpose given. Any
notice to or demand on any party hereto in any event not
specifically required hereunder shall not entitle the party
receiving such notice or demand to any other or further notice or
demand in the same, similar or other circumstances unless
specifically required hereunder.

 

8.            

Further
Assurances. Each party to this Agreement promptly shall
execute and deliver such further instruments and agreements and do
such further acts and things as may be reasonably requested in
writing by any other party hereto that may be necessary or
desirable in order to effect fully the purposes of this
Agreement.

 

9.            

Notices. Any
notices, consents, waivers or other communications required or
permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered: (i) upon
receipt, if delivered personally; (ii) when sent, if sent by
facsimile (provided confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party);
(iii) when sent, if sent by e-mail (provided that such sent e-mail
is kept on file (whether electronically or otherwise) by the
sending party and the sending party does not receive an
automatically generated message from the recipient’s e-mail
server that such e-mail could not be delivered to such recipient)
and (iv) if sent by overnight courier service, one (1) Business Day
after deposit with an overnight courier service with next day
delivery specified, in each case, properly addressed to the party
to receive the same. The addresses, facsimile numbers and e-mail
addresses for such communications shall be:

 

If to
the Borrower:

 

______________________

 

______________________

 

______________________

 

______________________

 

 

 

If to
the Senior Agent:

 

GPB
Debt Holdings II, LLC

535
West 24Th
Street, Floor 4

New
York, NY 10011

Attn: Evan
Myrianthropoulos

Tim
Cruetz

 

 

 

-10-

 

If to a
Senior Creditor or a Subordinated Creditor, to its address,
facsimile number set forth on the Schedule I, with copies to such
Senior Creditor’s or Subordinated Creditor’s
representatives as set forth on the Schedule of
Buyers,

 

with a
copy (for informational purposes only) to:

 

Gracin
& Marlow, LLP

 

The
Chrysler Building

 

405
Lexington Avenue

New
York, NY 10174

Telephone: (212)
907-6457

Facsimile: (212)
208-4657

Attention: Leslie
Marlow, Esq.

 

or to
such other address, facsimile number or e-mail address and/or to
the attention of such other Person as the recipient party has
specified by written notice given to each other party five (5) days
prior to the effectiveness of such change. Written confirmation of
receipt (A) given by the recipient of such notice, consent, waiver
or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine containing the
time, date and recipient facsimile number or (C) provided by an
overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from an overnight courier
service in accordance with clause (i), (ii) or (iv) above,
respectively. A copy of the e-mail transmission containing the
time, date and recipient e-mail address shall be rebuttable
evidence of receipt by e-mail in accordance with clause (iii)
above.

 

10.            

Successors and
Assigns. This Agreement shall inure to the benefit of, and
shall be binding upon, the respective successors and permitted
assigns of the Senior Agent, the Subordinated Creditors and the
Borrower, in each case to the extent permitted under this
Agreement, the Subordinated Debt Transaction Documents and the
Securities Purchase Transaction Documents. Notwithstanding any such
assignment or transfer, or any subsequent assignment or transfer,
the Senior Debt shall, subject to the terms hereof, be and remain
Senior Debt for purposes of this Agreement, and every permitted
assignee or transferee of any of the Senior Debt or of any interest
therein shall, to the extent of the interest of such permitted
assignee or transferee in the Senior Debt, be entitled to rely upon
and be the third party beneficiary of the subordination provided
under this Agreement and shall be entitled to enforce the terms and
provisions hereof to the same extent as if such assignee or
transferee were initially a party hereto.

 

11.            

Relative
Rights. This
Agreement shall define the relative rights of the Senior Agent (for
the benefit of the Senior Creditors) and the Subordinated
Creditors. Nothing in this Agreement shall: (a) impair, as among
the Obligors and the Senior Creditors and as between the Borrower
and the Subordinated Creditors, the obligation of the Obligors with
respect to the payment of the Senior Debt and the obligation of the
Borrower with respect to the payment of the Subordinated Debt in
accordance with their respective terms; or (b) affect the relative
rights of the Senior Agent (for the benefit of the Senior Creditor)
or the Subordinated Creditors with respect to any other creditors
of the Borrower.

 

12.            

Conflict. In
the event of any conflict between any term, covenant or condition
of this Agreement and any term, covenant or condition of any of the
Subordinated Debt Transaction Documents and/or the Transaction
Documents, the provisions of this Agreement shall control and
govern.

 

-11-

 

13.            

Headings.
The paragraph headings used in this Agreement are for convenience
only and shall not affect the interpretation of any of the
provisions hereof.

 

14.            

Counterparts. This
Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Delivery of an executed
signature page of this Agreement by facsimile transmission or in a
pdf or similar electronic file shall be effective as delivery of a
manually executed counterpart hereof.

 

15.            

Severability. In
the event that any provision of this Agreement is deemed to be
invalid, illegal or unenforceable by reason of the operation of any
law or by reason of the interpretation placed thereon by any court
or governmental authority, the validity, legality and
enforceability of the remaining provisions of this Agreement shall
not in any way be affected or impaired thereby, and the affected
provision shall be modified to the minimum extent permitted by law
so as most fully to achieve the intention of this
Agreement.

 

16.            

Continuation of
Subordination; Termination of Agreement. This Agreement
shall remain in full force and effect until the Senior Debt is Paid
in Full after which this Agreement shall terminate without further
action on the part of the parties hereto.

 

17.            

Governing Law;
Jurisdiction; Jury Trial. All questions concerning the
construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of
New York, without giving effect to any choice of law or conflict of
law provision or rule (whether of the State of New York or any
other jurisdictions) that would cause the application of the laws
of any jurisdictions other than the State of New York. Each party
hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in The City of New York, Borough
of Manhattan, for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to
assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or
that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address
for such notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by
law. Nothing contained herein shall be deemed or operate to
preclude the Senior Agent or any Subordinated Creditor from
bringing suit or taking other legal action against the Obligors or
the Original Obligors, as the case may be, in any other
jurisdiction to collect on the Obligors or the Senior
Obligors’, as the case may be, obligations to such Senior
Agent or Subordinated Creditor or to enforce a judgment or other
court ruling in favor of such Senior Agent or Subordinated
Creditor. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.

 

[Signatures Immediately Follow]

 

 

-12-

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as of the date first
above written.

 

	

BORROWER

 

 

 

	

MEDITE
CANCER DIAGNOSTICS, INC.

 

 

 

By:  Name:

       Title:

 

 

 

Signature Page to Subordination and Intercreditor
Agreement

 

 

-13-

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as of the date first
above written.

 

SENIOR AGENT :

GPB
DEBT HOLDINGS II, LLC By:
                                                              

Name:

Title:

 

Signature Page to Subordination and Intercreditor
Agreement

 

 

-14-

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as of the date first
above written.

 

SUBORDINATED CREDITORS :

____________________________________

Signature Page to Subordination and Intercreditor
Agreement

-15-

 

SCHEDULE I

 

	

Senior Creditors

 

	

Name:

	

Address:

	

GPB
Debt Holdings II, LLC

	

535
West 24Th
Street, Floor 4

New
York, NY 10011

 

 

 

	

Subordinated Creditors

 

	

Name:

	

Address and Facsimile Number:

	
 

	
 

	
 

	
 

 

 

 

 

-16-

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