Document:

Exhibit 10.3

                             SUBORDINATED TERM NOTE

            THIS SUBORDINATED  TERM NOTE AND INDEBTEDNESS  EVIDENCED
            HEREBY  ARE  AND  SHALL  AT  ALL  TIMES  BE  AND  REMAIN
            SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE EXTENT AND IN
            THE  MANNER  SET  FORTH  IN  THAT  CERTAIN  AMENDED  AND
            RESTATED DEBT SUBORDINATION  AGREEMENT,  EFFECTIVE AS OF
            JUNE 30,  2005,  BY AND  AMONG  BANK OF  AMERICA,  N.A.,
            ARGAN, INC., A DELAWARE CORPORATION AND KEVIN J. THOMAS,
            AN  INDIVIDUAL,  TO THE  PRIOR  PAYMENT  IN  FULL OF ALL
            SUPERIOR DEBT (AS DEFINED THEREIN).

$2,698,131.00                                                As of June 30, 2005

      FOR VALUE RECEIVED,  the undersigned,  ARGAN, INC., a Delaware corporation
(the  "Maker"),  hereby  promises  to pay to the order of KEVIN J.  THOMAS  (the
"Creditor"),  at 6620 Daniels Road, Naples,  Florida 34104, the principal sum of
TWO MILLION SIX HUNDRED  NINETY EIGHT  THOUSAND  ONE HUNDRED  THIRTY ONE DOLLARS
($2,698,131.00) (the "Principal  Amount"),  in lawful money of the United States
of  America  in  immediately  available  funds,  without  deduction,  set-off or
counterclaim,  and to pay interest from the date hereof on the principal  amount
hereof from time to time  outstanding,  in like funds, at a rate per annum equal
to ten percent (10%). Interest hereunder shall be due and payable on a quarterly
basis  commencing  on  October 1, 2005 and  continuing  on the first day of each
October,  January,  April and July  thereafter.  Unless  otherwise  prepaid as a
Mandatory  Prepayments as provided below, the Principal Amount together with all
accrued and unpaid interest  thereon shall be due and payable in one installment
on August 1, 2006.

      Notwithstanding  the forgoing,  in the event that the Maker receives gross
cash consideration (prior to the payment of any fees, discounts, costs, expenses
or  commissions)  in  connection  with one or more public  offerings  or private
placements  of the Maker's  capital stock during the period from the date hereof
to August  1,  2006  which is in excess  of  $1,000,000  in the  aggregate  (the
"Aggregate  Consideration"),  the Maker shall prepay the Principal  Amount by an
amount equal to that portion of the Aggregate  Consideration  which is in excess
of $1,000,000 (a "Mandatory Prepayment") so that all capital raised by the Maker
which is in excess of  $1,000,000  shall be paid over to the  Holder  until such
time as the Principal  Amount and all other sums due hereunder have been paid in
full.

      In  addition,  Maker  agrees  that it  shall  not  close  any  transaction
involving the  acquisition by Maker of all or  substantially  all of the capital
stock,  equity  interests  or assets of any  corporation,  partnership,  limited
liability company or any other organization or entity (an "Acquisition")  unless
on or before the closing of any such Acquisition all amounts due hereunder shall
have  been  paid in full  (the  "Additional  Mandatory  Prepayment");  provided,
however, that,  notwithstanding the forgoing, the Maker shall not be required to
make the Additional  Mandatory  Prepayment in connection with any acquisition by
the Maker of any assets,  capital stock or other equity  interests of any of its
subsidiaries  or  affiliates  whether  as a result  of a merger or for any other
reason.

<PAGE>

      Interest  on the  outstanding  Principal  Amount  shall be computed on the
basis of the actual number of days elapsed over a 365 day year.

      The Maker hereby waives diligence, presentment, demand, protest and notice
of any kind  whatsoever.  The  non-exercise  by the  holder of any of its rights
hereunder in any  particular  instance  shall not constitute a waiver thereof in
that or any subsequent instance.

      THIS  SUBORDINATED  TERM NOTE SHALL BE  CONSTRUED IN  ACCORDANCE  WITH AND
GOVERNED BY THE LAWS OF THE STATE OF  CONNECTICUT,  WITHOUT  REGARD TO CHOICE OF
LAW DOCTRINE, AND ANY APPLICABLE LAWS OF THE UNTED STATES OF AMERICA.

      This  Subordinated  Term  Note  is  being  issued  in  full  and  complete
satisfaction  of all  obligations  of the  Maker  to  pay  to the  Creditor  the
Additional  Cash  Consideration  (as defined in and to be paid  pursuant to that
certain  Agreement and Plan of Merger among the Maker,  the  Creditor,  Vitarich
Laboratories,  Inc., a Florida  corporation and Vitarich  Laboratories,  Inc., a
Delaware  corporation  (formerly  known  as  AGAX/VLI  Acquisition  Corporation)
("Vitarich")   dated  as  of  August  31,   2004);   provided,   however,   that
notwithstanding the forgoing,  the Maker and the Creditor agree and acknowledge,
that the obligation of Argan to pay the Reduced  Earn-back Amount (as defined in
that  certain  Letter  Agreement  among the Maker,  the  Creditor  and  Vitarich
effective  as of June 30,  2005 (the  "Letter  Agreement"))  and the  Additional
Earn-back Amount (as defined in the Letter Agreement),  as applicable,  shall be
evidenced by and paid in accordance with the terms of said Letter  Agreement and
related Subordinated Term Note (Earn-back Obligations).

                                       ARGAN, INC.

                                       By: /s/ Haywood Miller
                                           ------------------------
                                           Name: Haywood Miller
                                           Title: EVPExhibit 10.4

               AMENDED AND RESTATED DEBT SUBORDINATION AGREEMENT

      THIS  AGREEMENT  effective as of the 30th day of June,  2005, by and among
KEVIN J.  THOMAS,  an  individual  (the  "Creditor"),  ARGAN,  INC.,  a Delaware
corporation  ("Argan"),  SOUTHERN MARYLAND CABLE,  INC., a Maryland  corporation
("SMC" and  together  with Argan,  the  "Debtor")  and BANK OF AMERICA,  N.A., a
national banking association (the "Lender").

      WHEREAS,  reference  is  made  to  that  certain  Financing  and  Security
Agreement  among the Debtor and the Lender  dated as of August 19,  2003 (as the
same may be  amended,  supplemented  or modified  from time to time,  the "FSA")
pursuant to which the Lender has  extended to the Debtor  certain  loans as more
particularly described therein (collectively, the "Loans"); and

      WHEREAS,  Thomas,  the  Debtor,  Vitarich  Laboratories,  Inc.,  a Florida
corporation  ("Vitarich-Florida")  and Vitarich  Laboratories,  Inc., a Delaware
corporation  (formerly known as AGAX/VLI Acquisition  Corporation,  and a wholly
owned subsidiary of the Debtor  ("Vitarich")  entered into an Agreement and Plan
of Merger dated as of August 31, 2004 (the "Merger Agreement") pursuant to which
Vitarich-Florida merged into Vitarich (the "Merger"); and

      WHEREAS, prior to the Merger, Thomas was a shareholder of Vitarich; and

      WHEREAS,  the Lender  consented  to the Merger on the terms set forth in
the Merger Agreement; and

      WHEREAS, pursuant to the Merger Agreement, Thomas is to receive the Merger
Consideration  (as that term is  defined in the  Merger  Agreement),  including,
without  limitation,  certain  Additional Cash  Consideration (as defined in the
Merger  Agreement,   and  hereinafter  referred  to  as,  the  "Additional  Cash
Consideration")  which  Additional Cash  Consideration is due and payable thirty
(30) days  following  completion of (i) the Argan January 2005 Audit (as defined
in the Merger  Agreement),  and (ii) the February 28, 2005 Financial  Statements
(as defined in the Merger Agreement); and

      WHEREAS, the Debtor and the Creditor agreed to reconstitute the Additional
Cash Consideration as subordinated debt (the "Restructuring") and in furtherance
thereof the Debtor  will  execute  and  deliver to the  Creditor a  Subordinated
Promissory  Note in the form of Exhibit A  attached  hereto  (the  "Subordinated
Note"); and

      WHEREAS,  the principal  amount of the  Subordinated  Note will equal that
amount  that  would  otherwise  be  due  to  the  Creditor  as  Additional  Cash
Consideration  under the Merger  Agreement  (exclusive of the Reduced  Earn-back
Amount or the  Additional  Earn-back  Amount (as those terms are defined  below)
which,  if due and  owing,  shall  be paid in  accordance  with  the  terms  and
conditions of the Earn-back Subordinated Note (as defined below); and

      WHEREAS, in connection with the Restructuring,  which was agreed to by the
Lender,  the Debtor,  the  Creditor  and the Lender  entered into a certain Debt
Subordination  Agreement  dated as of  January  31,  2005  (the  "Existing  Debt
Subordination Agreement"); and

      WHEREAS, the amount of Additional  Consideration (as defined in the Merger
Agreement and hereinafter referred to as the "Additional Consideration") payable
to the  Creditor  under the Merger  Agreement  was  reduced by  $1,452,000  (the
"Earn-back Amount") as a result of a write-down of the value of certain Vitarich
inventory (the "Write-Down"); and

      WHEREAS,  in  connection  with the  Write-Down,  the  Creditor,  Argan and
Vitarich  entered into a certain  letter  agreement  dated as of the date hereof
(the "Letter Agreement"); and

      WHEREAS,  subject  to the terms and  conditions  set forth in such  Letter
Agreement,  it was agreed  that the  Creditor  was  entitled  to an amount  (the
"Reduced  Earn-back  Amount") equal to the Earn-back  Amount less $264,000,  and
that  Creditor  will be given the  opportunity  to earn back the  $264,000  (the
"Additional  Earn-back  Amount"),  which  amounts  would then be deemed to be an
additional   component  of  the   Additional   Consideration   (the   "Earn-back
Transaction"); and

<PAGE>

      WHEREAS,  the  Creditor  has  agreed  that any  right of the  Creditor  to
receive,  and any obligation of Argan to pay, the Reduced  Earn-back  Amount and
any  Additional  Earn-back  Amount shall  constitute  subordinated  debt and, in
furtherance  thereof,  Argan has agreed that it will  execute and deliver to the
Creditor a Subordinated Promissory Note (Earn-back Obligations) on the Earn-back
Date (as defined in the Letter  Agreement)  in the form of Exhibit B hereto (the
"Earn-back Subordinated Note"); and

      WHEREAS,  the principal amount of the Earn-back  Subordinated Note will be
that amount  equal to: (i) 50% of the Reduced  Earn-back  Amount (with the other
50% of the Reduced  Earn-back  Amount to be paid  through the  issuance of Argan
capital  stock);  and (ii) 50% of the Additional  Earn-back  Amount,  if earned,
pursuant  to the  terms of the  Letter  Agreement  (with  the  other  50% of the
Additional  Earn-back  Amount,  if any, to be paid through the issuance of Argan
capital stock); and

      WHEREAS,  the  Debtor  has  requested  the  Lender:  (a) to  agree  to the
Earn-back  Transaction and to the issuance of the Earn-back  Subordinated  Note;
and (b) to amend and  restate  the  Existing  Debt  Subordination  Agreement  to
reflect the  addition of the  Earn-back  Subordinated  Note as "Junior  Debt" as
defined therein; and

      WHEREAS, the Lender has so agreed to such Earn-back Transaction;  issuance
of the  Earn-back  Subordinated  Note;  and  amendment  and  restatement  of the
Existing Debt  Subordination  Agreement subject to the execution and delivery by
the Debtor and the Creditor of this Agreement; and

      WHEREAS,  capitalized  terms used herein and not defined herein shall have
the meanings assigned to such terms in the FSA; and

<PAGE>

      NOW,  THEREFORE,  for value  received and in  consideration  of the mutual
benefits to be derived from this Agreement, the parties hereto agree as follows:

      1. Definitions.

            (a) "Junior  Debt" means all of the present and future  indebtedness
(principal,  interest  (including,  without  limitation,  default  interest  and
interest  accruing  after the  commencement  of a  bankruptcy  proceeding  by or
against the  Debtor),  fees,  charges,  collection  and other costs  (including,
without   limitation,   attorney's   fees)  and  expenses  and  other  amounts),
liabilities and obligations of the Debtor to the Creditor,  all whether fixed or
contingent,  matured or unmatured,  and liquidated or  unliquidated  and whether
arising under contract, in tort or otherwise,  including without limitation, the
indebtedness arising under the Subordinated Note and the Earn-back  Subordinated
Note, and all increases, extensions,  modifications,  refinancings,  assignments
and renewals thereof.

            (b) "Superior Debt" means all of the present and future indebtedness
(principal,  interest  (including,  without  limitation,  default  interest  and
interest  accruing  after the  commencement  of a  bankruptcy  proceeding  by or
against the  Debtor),  fees,  charges,  collection  and other costs  (including,
without   limitation,   attorney's   fees)  and  expenses  and  other  amounts),
liabilities and obligations  (including,  without  limitation,  letter of credit
reimbursement  obligations,  protective advances permitted under the FSA and the
other  Financing  Documents  for  unpaid  taxes,  insurance,   etc.,  and  yield
maintenance  and other  indemnification  amounts)  of the  Debtor to the  Lender
including  any such  indebtedness  under the FSA or any of the  other  Financing
Documents, all whether fixed or contingent, matured or unmatured,  liquidated or
unliquidated,  and whether arising under contract, in tort or otherwise, and all
increases, extensions, modifications,  refinancings, assignments and/or renewals
thereof.

<PAGE>

      2. Subordination.

            (a) Creditor  hereby  postpones and  subordinates  all of the Junior
Debt to the full and final payment of all of the Superior Debt to the extent and
in the manner set forth herein, provided that so long as (i) no Default or Event
of Default has occurred and is continuing under or within the meaning of the FSA
or any of the other Financing  Documents and after giving effect to such payment
no Default or Event of Default would occur (including,  without limitation,  any
default  of any  financial  covenant  set  forth in the FSA or any of the  other
Financing  Documents),  and (ii) no event or condition has occurred  which would
constitute  such a Default or Event of  Default  but for the giving of notice or
passage of time, or both (including,  without limitation, any event or condition
that would cause a default of any financial covenant set forth in the FSA or any
of the other  Financing  Documents),  Lender agrees that for purposes of the FSA
and the other  Financing  Agreement  Debtor is permitted  to, and may make,  and
Creditor is permitted to, and may accept:  (A) regularly  scheduled  payments of
principal  and interest  under the Junior Debt;  and (B)  mandatory and optional
prepayments  of the Junior Debt  including,  without  limitation,  any Mandatory
Prepayment, the Additional Mandatory Prepayment or any other optional prepayment
allowed under the Junior Debt,  but only to the extent such  prepayments  do not
otherwise violate the prohibitions in clauses (i) and (ii) above.

            (b) Creditor agrees that so long as Debtor is indebted to the Lender
under or in connection with the FSA and the other Financing Documents,  Creditor
shall promptly provide Lender (or its successors or assigns, as the case may be)
with a copy of all notices  which the Creditor  from time to time may serve upon
Debtor in connection with the Junior Debt.

      3.  Collateral  for  Superior  Debt.  In  furtherance  of and for the sole
purposes of  enforcing,  exercising  and securing the rights of the Lender under
Section  7  herein  relating  to the  Lender's  authority  to act as  Creditor's
attorney-in-fact  in connection with a bankruptcy or similar  proceeding against
the Creditor,  Creditor hereby  transfers and assigns to Lender,  its successors
and assigns,  all of its right,  title and interest in and to, and grants to the
Lender,  its  successors  and assign,  a security  interest in, the Junior Debt.
Creditor agrees to execute and deliver to Lender any additional  assignments and
instruments  deemed necessary by Lender to effect or confirm such assignment and
transfer and to effect  collection of any and all payments  which may be made at
any time on account of the Junior Debt.

      4.  Warranties and  Representations  of Creditor and Debtor.  Creditor and
Debtor hereby  represent and warrant:  (a) that Creditor has not relied and will
not rely on any  representation or information of any nature made by or received
from Lender  relative to the Debtor in deciding to execute this  Agreement or to
permit it to  continue  in effect;  (b) that  Creditor  is or will be the lawful
owner of the Junior Debt and no part thereof is subject to any  defense,  offset
or  counterclaim;  (c) that Creditor has not heretofore  assigned or transferred
any  Junior  Debt  or any  interest  therein;  and  (d)  that  Creditor  has not
heretofore given any subordination in respect of the Junior Debt.

<PAGE>

      5. Negative  Covenants.  Except to the extent  otherwise  permitted  under
Section 2 hereof, until all of the Superior Debt has been fully and finally paid
and any obligations of the Lender to extend further Superior Debt is terminated:
(a) Debtor shall not, directly or indirectly, make any payment on account of the
Junior Debt and shall not grant any  security  interest  in,  mortgage,  pledge,
assign or transfer  any of their  respective  assets to secure or satisfy all or
any part of the Junior Debt; (b) Creditor shall not demand or accept from Debtor
or any other person any such payment of, or collateral  for the Junior Debt, nor
shall  Creditor  enforce any part of the Junior  Debt;  (c)  Creditor  shall not
hereafter give any  subordination  in respect of the Junior Debt, or transfer or
assign any of the Junior Debt to any person  other than the  Lender;  (d) Debtor
will not hereafter  issue any instrument,  security or other writing  evidencing
any part of the Junior  Debt,  and Creditor  will not receive any such  writing,
except upon the prior written approval of the Lender or at the request of and in
the manner requested by the Lender;  (e) Creditor will not commence or join with
any other creditors of the Debtor in commencing any bankruptcy,  reorganization,
receivership  or  insolvency  proceeding  against  the  Debtor;  and (f) neither
Creditor nor Debtor shall otherwise take or permit any action  prejudicial to or
inconsistent with the provisions of this Agreement.

      6. Turnover of Prohibited  Transfers.  If any payment on account of or any
collateral  for any part of the Junior Debt is received by Creditor in violation
of the terms of this  Agreement,  such payment or collateral  shall be delivered
within  one (1)  business  day by  Creditor  to Lender  for  application  to the
Superior Debt, in the form received,  except for the addition of any endorsement
or  assignment  necessary to effect a transfer of all rights  therein to Lender.
Lender  is  irrevocably   authorized  to  supply  any  required  endorsement  or
assignment which may have been omitted. Until so delivered,  any such payment or
collateral  shall be held by  Creditor  in trust  for  Lender  and  shall not be
commingled with other funds or property of Creditor.

      7. Authority to Act for Creditor.  For so long as any of the Superior Debt
shall  remain  unpaid,  Lender  shall  have  the  right  to  act  as  Creditor's
attorney-in-fact   for  the  purposes   specified  herein  and  Creditor  hereby
irrevocably  appoints  Lender its true and lawful  attorney,  with full power of
substitution,  in the name of Creditor or in the name of Lender, for the use and
benefit  of Lender,  without  notice to  Creditor  or any of its  successors  or
assigns,  to perform the following acts, at Lender's  option,  at any meeting of
creditors  of  Debtor  or in  connection  with any case or  proceeding,  whether
voluntary or involuntary,  for the distribution,  division or application of the
assets of Debtor or the  proceeds  thereof,  regardless  of whether such case or
proceeding  is  for  the  liquidation,   dissolution,  winding  up  of  affairs,
reorganization or arrangement of Debtor, or for the composition of the creditors
of Debtor,  in  bankruptcy  or in connection  with a  receivership,  or under an
assignment for the benefit of creditors of Debtor or otherwise:

            (a) To enforce claims  comprising the Junior Debt, either in its own
name or in the name of  Creditor,  by proof of  debt,  proof of  claim,  suit or
otherwise;

            (b) To collect any assets of Debtor distributed,  divided or applied
by way of dividend or payment on account of the Junior Debt,  or any  securities
issued on account of the Junior Debt and to apply the same,  or the  proceeds of
any realization upon the same that Lender in its discretion elects to effect, to
the Superior Debt until all of the Superior Debt (including, without limitation,
all  interest  accruing  on the  Superior  Debt  after the  commencement  of any
bankruptcy case) has been paid in full, rendering any surplus to the Creditor if
and to the extent permitted by law;

<PAGE>

            (c) To vote  claims  comprising  the Junior Debt to accept or reject
any  plan of  partial  or  complete  liquidation,  reorganization,  arrangement,
composition or extension; and

            (d) To take  generally  any  action  in  connection  with  any  such
meeting,  case or proceeding  that Creditor  would be authorized to take but for
this Agreement.

      In no event shall  Lender be liable to  Creditor  for any failure to prove
the Junior Debt,  to exercise  any right with respect  thereto or to collect any
sums payable thereon.

      8. Waivers, Etc.

            (a)  Creditor  and  Debtor  hereby  waive any  defense  based on the
adequacy  of a remedy at law which  might be  asserted as a bar to the remedy of
specific performance of this Agreement in any action brought therefor by Lender.
To the fullest extent permitted by law,  Creditor and Debtor each hereby further
waives:  presentment,  demand,  protest, notice of protest, notice of default or
dishonor,  notice of payment or  nonpayment  and any and all other  notices  and
demands of any kind in connection  with  instruments,  documents and  agreements
evidencing,  securing  or  relating  in any  way to  all or any  portion  of the
Superior Debt or the Junior Debt to which the Creditor or Debtor may be a party;
notice of the acceptance of this Agreement by Lender;  notice of any loans made,
extensions granted or other action taken by Lender in reliance hereon, including
without  limitation:  (i) granting  time or other  indulgences  to Debtor,  (ii)
renewing,  extending,  modifying or compromising any of the Superior Debt, (iii)
possessing, substituting, modifying, waiving or releasing any collateral held as
security for any of the Superior  Debt,  or (iv) adding or releasing  any person
primarily or secondarily  liable  thereon;  and all other demands and notices of
every kind in connection with this Agreement,  the Superior Debt or Junior Debt,
and no such  action  taken by Lender  shall  affect the  subordination  or other
provisions herein in any manner.

            (b) In the  event  of any  sale,  assignment,  disposition  or other
transfer of the Junior  Debt,  Creditor  shall cause the  transferee  thereof to
execute and deliver to Lender an agreement  (substantially  identical  with this
Agreement or otherwise in form and substance  satisfactory to Lender)  providing
for the  continued  subordination  of the Junior  Debt to the  Superior  Debt as
provided herein and for the continued effectiveness of all of the rights arising
under this Agreement.

      9. Indulgences Not Waivers.  Neither the failure nor any delay on the part
of the Lender to exercise any right,  remedy,  power or  privilege  hereunder or
under any  instruments,  documents or  agreements  evidencing or relating to the
Superior Debt shall operate as a waiver thereof or give rise to an estoppel, nor
be construed as an  agreement to modify the terms of this  Agreement,  nor shall
any single or partial  exercise of any right,  remedy,  power or privilege  with
respect to any occurrence be construed as a waiver of such right,  remedy, power
or  privilege  with respect to any other  occurrence.  No consent or waiver by a
party  hereunder  shall be  effective  unless it is in writing and signed by the
party  making such consent or waiver,  and then only to the extent  specifically
stated in such writing.

<PAGE>

      10. Duration and Termination. This Agreement shall constitute a continuing
agreement  of  subordination  and shall  terminate  only upon the full and final
payment of the Superior Debt and  termination of any obligation of the Lender to
extend any further Superior Debt.  Neither the dissolution nor the bankruptcy of
Creditor shall effect a termination hereof.

      11.  Administration by Lender. In the administration of the Superior Debt,
either  before or after a demand or default,  Creditor  acknowledges  and agrees
that Lender may proceed in its sole discretion,  including  without  limitation,
raising or lowering loan advances,  interest rates or fees,  charging additional
fees,  declining to make further advances,  extending  additional loans or other
financing  accommodations  to Debtor,  increasing the dollar amounts of Debtor's
credit limits,  extending credit terms and maturities,  compromising  claims and
exchanging and releasing  collateral or obligors;  all with no duty to Creditor,
and no such action shall affect the  subordination or other provisions herein in
any manner.

      12.  Notices.  All  notices,  requests,  demands and other  communications
required or  permitted  under this  Agreement  or by law shall be in writing and
shall be deemed to have been duly given,  made and received only when  delivered
against  receipt or when deposited in the United States mails,  certified  mail,
return receipt requested, postage prepaid, or when delivered by next day express
delivery service, addressed as set forth below:

            (a)   If to Lender:           Bank of America, N.A.
                                          1101 Wootton Parkway
                                          4th Floor
                                          Rockville, Maryland 20852
                                          Attn: Michael Radcliffe
                                                Senior Vice President

            (b)   If to  Creditor:        Kevin J. Thomas
                                          6620 Daniels Road
                                          Naples, Florida 34104

            (c)   If to Debtor:           Argan, Inc.
                                          One Church Street
                                          Suite 302
                                          Rockville, Maryland 20850
                                          Attn: Arthur Trudel
                                                Senior Vice President and CFO

      Any addressee may alter the address to which communications are to be sent
by giving notice of such change of address in conformity  with the provisions of
this Paragraph 12 for the giving of notice.

<PAGE>

      13.  Lender's  Duties  Limited.  The  rights  granted  to  Lender  in this
Agreement are solely for its protection and nothing herein contained  imposes on
Lender  any  duties  with  respect  to any  property  of  Creditor  or of Debtor
heretofore  or  hereafter  received  by Lender.  Lender has no duty to  preserve
rights  against prior parties on any  instrument or chattel paper  received from
the Debtor as collateral security for the Superior Debt or any portion thereof.

      14.  Effect on Creditor and Debtor.  This  Agreement is being entered into
solely  for the  benefit of  Lender,  its  successors  and  assigns,  and is not
intended to give any rights, benefits or privileges to the Creditor or Debtor.

      15.  Authority.  Creditor and Debtor  represent and warrant that they have
the legal power,  capacity and  authority to enter into this  Agreement and that
the person  signing for the Creditor and Debtor is authorized and directed to do
so.

      16. Entire Agreement,  Amendment. This Agreement constitutes and expresses
the entire understanding  between the parties hereto with respect to the subject
matter  hereof,  and  supersedes  all prior and  contemporaneous  agreements and
understandings,  inducements or conditions,  whether express or implied, oral or
written.  Neither  this  Agreement  nor any portion or  provision  hereof may be
amended  orally or in any manner other than by an agreement in writing signed by
Lender, Creditor and Debtor.

      17.  Additional  Documentation.  Each of the Creditor and the Debtor shall
execute  and  deliver to Lender  such  further  instruments  and shall take such
further  action as Lender may at any time or times request in order to carry out
the provisions and intent of this Agreement.

      18.  Successors and Assigns.  This Agreement shall inure to the benefit of
Lender,  its successors and assigns,  and shall be binding upon the Creditor and
Debtor and their  respective  heirs,  personal  representatives,  successors and
assigns.

      19. Defects Waived. This Agreement is effective notwithstanding any defect
in the validity or enforceability  of any instrument or document  evidencing the
Superior Debt.

      20.  Governing  Law. The validity,  construction  and  enforcement of this
Agreement shall be governed by the internal laws of the State of Connecticut.

      21. Severability.  The provisions of this Agreement are independent of and
separable from each other. If any provision  hereof shall for any reason be held
invalid or  unenforceable,  it is the intent of the parties that such invalidity
or unenforceability shall not affect the validity or enforceability of any other
provision hereof,  and that this Agreement shall be construed as if such invalid
or unenforceable provision had never been contained herein.

      22. Amendment and Restatement. This Agreement amends, restates, supercedes
and replaces in its entirety the Existing Debt Subordination Agreement.

                        THE NEXT PAGE IS A SIGNATURE PAGE

<PAGE>

      IN WITNESS  WHEREOF,  the parties  hereto have caused this Agreement to be
signed,  sealed and delivered,  as of the 5th day of July, 2005, effective as of
the 30th day of June, 2005.

WITNESSES:

/s/ Bill Boutcher                      /s/ Kevin J. Thomas
------------------------------------   ---------------------------
                                       Kevin J. Thomas
/s/ Jennifer Hite
------------------------------------

                                       BANK OF AMERICA, N.A.

                                       By /s/ Michael J. Radcliffe
                                          -------------------------------
                                          Its  Senior Vice President

                                       ARGAN, INC.

                                       By /s/ Haywood Miller
                                          -------------------------------
                                          Name: Haywood Miller
                                          Title: EVP

                                       SOUTHERN MARYLAND CABLE, INC.

                                       By /s/ Arthur Trudel
                                          -------------------------------
                                          Name: Arthur Trudel
                                          Title: VP/CFO

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