Document:

Exhibit
10.10

 

SUBORDINATION
AGREEMENT

 

THIS
SUBORDINATION AGREEMENT (the “Agreement”) is made and executed as of December __, 2021, by and among (i) NEXT
FRONTIER HOLDINGS, INC., a Delaware corporation (the “Company”), (ii) JUPITER WELLNESS, INC., a
Delaware corporation (the “Senior Creditor”), and (iii) RICHARD TURASKY, an individual (individually
and in his capacity as Representative for the Investors, each as defined below, the “Subordinated Creditor”).

 

W I T N E S S E T H:

 

WHEREAS,
the Company has previously issued one or more Senior Secured Convertible Promissory Notes (the “Subordinated Notes”)
in favor of multiple investors (as indicated on the signature pages to the Notes, collectively, the “Investors”)
on or about February 2021 in the aggregate principal amount of $20,000,000;

 

WHEREAS,
in connection with the issuance of the Subordinated Notes, the Company has entered into a Security Agreement, dated February __, 2021,
by and between the Company and the Investors (the “Subordinated Security Agreement”), pursuant to which the
Company has granted a security interest in all of its assets to the Investors;

 

WHEREAS,
pursuant to the Subordinated Security Agreement, the Investors have appointed the Subordinated Creditor as the “Representative”
(as defined in the Security Agreement) of the Investors and have granted the Subordinated Creditor with the right to enter into this
Agreement and, on behalf of the Investors, subordinate the interests of the Investors to the interests of the Senior Creditor;

 

WHEREAS,
in connection with the Subordinated Notes and the Subordinated Security Agreement, certain obligations shall continue to be owed by the
Company to the Investors and the Subordinated Creditor (together with any and all obligations owing by the Company to the Investors and
the Subordinated Creditor now existing, existing pursuant to the Subordinated Notes and the Subordinated Security Agreement, or otherwise
existing, collectively, the “Existing Obligations”);

 

WHEREAS,
the Company has entered into a Secured Note Purchase Agreement, dated on or about the date hereof (the “Purchase Agreement”),
by and among the Company, as borrower, and Senior Creditor, as lender, pursuant to which a Secured Promissory Note (the “Senior
Note”) was issued by the Company in favor of the Senior Creditor and certain principal amounts were advanced by the Senior
Creditor to the Company;

 

WHEREAS,
all of the Company’s obligations to Senior Creditor under the Purchase Agreement are secured by (i) that certain Security Agreement,
dated as of even date with the Purchase Agreement, made by and between the Company and Senior Creditor (the “Security Agreement”),
which such Security Agreement provides to Senior Creditor a continuing and unconditional security interest (“Senior Creditor’s
Security Interest”) in the “Collateral” (as used in this Agreement, such term shall have the meaning ascribed
to it in the Security Agreement, collectively in the aggregate) of the Company; and

 

    	1

     

    

 

WHEREAS,
the Subordinated Creditor has agreed to subordinate, on behalf of itself and the Investors: (i) all of the Company’s indebtedness
and obligations owing to the Subordinated Creditor and the Investors, including, but not limited to, the Existing Obligations, except
such of Subordinated Creditor’s and Investor’s existing debt or obligations consented to in writing by Lender following the
date hereof on a case by case basis (the “Subordinated Debt”); and (ii) all of the Subordinated Creditor’s
and Investor’s security interests of any nature or kind in the Company’s property and assets, to the “Senior Debt”
(as hereinafter defined) and to Senior Creditor’s Security Interest, all as more specifically hereinafter set forth;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein and other good and valuable consideration, the
Company, Senior Creditor and the Subordinated Creditor do hereby agree as follows:

 

1.
Recitals; Definitions. The recitals set forth above are true and correct and are incorporated herein by reference. Capitalized
terms used in this Agreement and not otherwise defined herein, shall have the same meanings ascribed to such terms in the Purchase Agreement.
The term “Obligations” shall have the meaning set forth in the Security Agreement.

 

2.
Subordination. Until the Obligations and all
other obligations of any nature or kind of the Company to Senior Creditor under the Purchase Agreement or any Transaction Agreement (as
defined in the Purchase Agreement), whether now existing or hereafter arising, together with all costs of collection (including attorneys’
fees and court costs and expenses throughout all trial and appellate levels and all negotiations, mediations, arbitrations and bankruptcy
proceedings) (collectively, the “Senior Debt”) are indefeasibly paid in full (hereinafter referred to as a
“Discharge” or as the Senior Debt being “Discharged”), the Subordinated Creditor,
on behalf of the Investors, does hereby subordinate: (i) any right to payment or distribution by or on behalf of the Company, directly
or indirectly, of assets of the Company of any kind or character for or on account of the Subordinated Debt; and (ii) any and all security
interests, liens, charges, encumbrances or other interests that the Subordinated Creditor or the Investors may have or obtain at any
time in any assets of the Company to secure the Subordinated Debt (the “Existing Liens”), to the prior payment
in full of the Senior Debt, and to Senior Creditor’s Security Interest in the Collateral, and the Subordinated Creditor agrees,
on behalf of itself and the Investors, that until such time as the Senior Debt has been Discharged, any and all Existing Liens shall
be junior and subordinate to Senior Creditor’s Security Interest, and Senior Creditor’s Security Interest shall be first,
senior and prior to each of the Existing Liens. The priority specified in the preceding sentence shall be applicable irrespective of
the dates, times or order of attachment or perfection of the Existing Liens, the time or order of filing of any Existing Liens, the time
or order of filing of any financing statements relating to any of the Existing Liens, the time or order of obtaining control or possession,
the giving or failure to give notice of the acquisition or expected acquisition of any purchase money liens, the failure to perfect or
maintain the perfection or priority of Senior Creditor’s Security Interest or the failure of Senior Creditor to obtain control
or possession of any Collateral. The Subordinated Creditor, on behalf of itself and the Investors, to the fullest extent permitted by
applicable law, waive as to Senior Creditor, any requirement regarding, and agree not to demand, request, plead or otherwise claim the
benefit of, any marshaling, appraisement, valuation or other similar right that may otherwise be available to the Subordinated Creditor
or the Investors under applicable law with respect to any Collateral.

 

    	2

     

    

 

3.
Payment; Enforcement. Until such time as the Senior Debt is Discharged, the Subordinated Creditor and the Investors will not demand
or receive from the Company, and the Company will not pay to the Subordinated Creditor or the Investors, all or any part of the Subordinated
Debt, by way of payment, prepayment, setoff, lawsuit or otherwise. Notwithstanding the occurrence or non-occurrence of an Event of Default,
at no time until the Senior Debt is Discharged will the Subordinated Creditor or the Investor exercise any remedy with respect to any
of the Existing Liens against any assets or property of the Company, nor will the Subordinated Creditor or any Investor commence, or
cause to commence, prosecute or participate in any administrative, legal or equitable action against the Company. Notwithstanding
the foregoing, nothing in this Section shall prohibit the Subordinated Creditor or any Investor from converting the indebtedness owing
under the Subordinated Notes into equity of the Company.

 

4.
Subordination Upon Any Distribution of Assets of the Company. In the event of any payment or distribution of assets of the Company
of any kind or character, whether in cash, property, or securities, upon the dissolution, winding up, or total or partial liquidation
or reorganization, readjustment, arrangement, or similar proceeding relating to the Company, or its property, whether voluntary or involuntary,
or in bankruptcy, insolvency, receivership, arrangement, or similar proceedings or upon an assignment for the benefit of creditors, or
upon any other marshaling or composition of the assets and liabilities of the Company, or otherwise (such events, collectively, the “Insolvency
Events”): (i) all amounts owing on account of the Senior Debt shall first be paid in full and in cash, or payment provided
for in cash or in cash equivalents, before any payment or distribution is made on account of the Subordinated Debt; and (ii) to the extent
permitted by applicable law, any payments or distributions on account of the Subordinated Debt to which the Subordinated Creditor or
any Investor would be entitled except for the provisions hereof, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee
for the benefit of creditors, or other liquidating agent making such payment or distribution directly to Senior Creditor for application
to the payment of the Senior Debt in accordance with clause (i), after giving effect to any concurrent payment or distribution or provision
therefor to Senior Creditor in respect of such Senior Debt.

 

5.
Payment Over to Senior Creditor. In the event that any payments or distributions on account of the Subordinated Debt or in any
way relating to the Collateral or any assets or property of the Company shall be received in contravention of this Agreement by the Subordinated
Creditor or any Investor before all Senior Debt is Discharged, such payments or distributions shall be held in trust for the benefit
of Senior Creditor and shall be immediately paid over or delivered to Senior Creditor, in the same form as received, with any necessary
endorsements, for application to the payment of the Senior Debt remaining unpaid, after giving effect to any concurrent payments or distributions
to Senior Creditor in respect of the Senior Debt.

 

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6.
Release of Collateral Upon Permitted Collateral Sale. In connection with any sale, lease, exchange, transfer or other disposition
of Collateral or any other assets of the Company by Senior Creditor, the Subordinated Creditor on behalf of itself and the Investors
hereby agrees: (i) that upon the written request of Senior Creditor with respect to the Collateral or other assets subject to such sale
or other disposition (which written request shall specify the proposed closing date), release or otherwise terminate any Existing Liens
on such Collateral or other assets; (ii) to promptly deliver such terminations of financing statements, partial lien releases, mortgage
satisfactions and discharges, endorsements, assignments or other instruments of transfer, termination or release (collectively, “Release
Documents”) and take such further actions as Senior Creditor shall reasonably require in order to release and/or terminate
the Existing Liens or any other claims that the Subordinated Creditor or any Investor may have on the Collateral or any other assets
of the Company subject to such sale or other disposition; provided that no such Release Documents shall be filed or become effective
until the closing of such sale or other disposition; and (iii) shall be deemed to have consented under the documents evidencing the Existing
Obligations to such sale or disposition free and clear of such Existing Liens or other claims or security interests the Subordinated
Creditor or any Investor may have and to have waived the provisions of the documents evidencing the Existing Obligations to the extent
necessary to permit such transaction.

 

7.
Authorization to Senior Creditor. If, while any Subordinated Debt is outstanding, any Insolvency Event shall occur and be continuing
with respect to any of the Company or their property that constitutes a default or Event of Default under the Purchase Agreement or any
of the Transaction Agreements: (i) Senior Creditor is hereby irrevocably authorized and empowered (in the name of the Subordinated Creditor
or any Investor or otherwise), to demand, sue for, collect, and receive every payment or distribution in respect of the Subordinated
Debt on the terms and conditions provided herein and give acquittance therefor and to file claims and proofs of claim and take such other
actions (including voting the Subordinated Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the
rights or interests of Senior Creditor hereunder (but in no event shall Senior Creditor have any obligation to take any such actions);
and (ii) the Subordinated Creditor on behalf of itself and the Investors shall promptly take such action as Senior Creditor reasonably
may request to effectuate the provisions of this Agreement: (A) to collect the Subordinated Debt for the account of Senior Creditor and
to file appropriate claims or proofs of claim in respect of the Subordinated Debt; (B) to execute and deliver to Senior Creditor such
powers of attorney, assignments, and other instruments as it may request to enable it to enforce any and all claims with respect to the
Subordinated Debt consistent with the terms of this Agreement; and (C) to collect and receive any and all payments and distributions
on account of the Subordinated Debt as provided herein until the Senior Debt is Discharged.

 

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8.
Power of Attorney. The Subordinated Creditor, on behalf of itself and the Investors, hereby irrevocably constitutes and appoints
Senior Creditor, and any agent or representative of Senior Creditor, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of the Subordinated Creditor and the Investors and in the name of the
Subordinated Creditor and the Investors or in Senior Creditor’s own name, from time to time in Senior Creditor’s discretion,
for the purpose of carrying out the terms of this Agreement, to take any and all action and to execute any and all documents and instruments,
in each case, which may be necessary or commercially reasonable and appropriate to accomplish the purposes of this Agreement, including
any Release Documents, such power of attorney being coupled with an interest and irrevocable. The Subordinated Creditor hereby ratifies
all that said attorneys shall lawfully do or cause to be done pursuant to the power of attorney granted in this Section. No Person to
whom this power of attorney is presented, as authority for Senior Creditor to take any action or actions contemplated hereby, shall be
required to inquire into or seek confirmation from the Subordinated Creditor or any Investor as to the authority of Senior Creditor to
take any action described herein, or as to the existence of or fulfillment of any condition to this power of attorney, which is intended
to grant to Senior Creditor the authority to take and perform the actions contemplated herein.

 

9.
Certain Agreements of the Subordinated Creditor.

 

(a)
No Benefits. The Subordinated Creditor, on behalf of itself and the Investors, understands that there are various agreements between
Senior Creditor and the Company evidencing and governing the Senior Debt, and the Subordinated Creditor acknowledges and agrees that
such agreements are not intended to confer any benefits on the Subordinated Creditor or the Investors, and that Senior Creditor shall
not have any obligation to the Subordinated Creditor or the Investors, or any other parties, to exercise any rights, enforce any remedies,
or take any actions which may be available to them under such agreements.

 

(b)
No Interference. The Subordinated Creditor, on behalf of itself and the Investors, acknowledges that the Company has granted to
Senior Creditor security interests in all of the Collateral, and agrees not to interfere with or in any manner oppose a disposition of
any Collateral by Senior Creditor in accordance with applicable law and the terms of the Purchase Agreement and other Transaction Agreements.

 

(c)
Reliance by Senior Creditor. The Subordinated Creditor, on behalf of itself and the Investors, acknowledges and agrees that Senior
Creditor has relied upon and will continue to rely upon the subordination provisions provided for herein and the other provisions hereof
in consenting to any other financial accommodations by the Subordinated Creditor or any Investor to the Company.

 

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(d)
Obligations of Company Not Affected. The Subordinated Creditor, on behalf of itself and the Investors, hereby agrees that at any
time and from time to time, without notice to or the consent of the Subordinated Creditor or any Investor, without incurring any responsibility
or obligation to the Subordinated Creditor or any Investor, and without impairing or releasing the subordination provided for herein
or otherwise impairing the rights of Senior Creditor hereunder: (i) the time for Company’s performance of or compliance with any
of its agreements contained in the Purchase Agreement or any other Transaction Agreement may be extended or such performance or compliance
may be waived by Senior Creditor; (ii) the agreements of Company under the Purchase Agreement and other Transaction Agreements may from
time to time be modified by Senior Creditor and Company for the purpose of adding any requirements thereto or changing in any manner
the rights and obligations of the respective parties thereunder; (iii) the manner, place, or terms for payment of the Senior Debt or
any portion thereof may be altered or the terms for payment extended, or the Senior Debt may be renewed in whole or in part, all in accordance
with the terms of the Purchase Agreement and all other Transaction Agreements; (iv) the maturity of the Senior Debt may be accelerated
in accordance with the terms of any present or future agreement between the Company and Senior Creditor; (v) any Collateral may be sold,
exchanged, released, or substituted and any of Senior Creditor’s Security Interest may be terminated, subordinated, or fail to
be perfected or become unperfected; (vi) any guarantor or obligor or other person liable in any manner for Senior Debt may be discharged,
released, or substituted; and (vii) all other rights against the Company, any other party, or with respect to any Collateral, may be
exercised by Senior Creditor (or Senior Creditor may waive or refrain from exercising such rights).

 

(e)
Rights of Senior Creditor Not to Be Impaired. No right of Senior Creditor to enforce the subordination provided for herein or
to exercise its other rights hereunder shall at any time in any way be prejudiced or impaired by any act or failure to act by the Company
or Senior Creditor hereunder or under or in connection with the Purchase Agreement or any of the Transaction Agreements, or by any noncompliance
by the Company with the terms and provisions and covenants herein, in the Purchase Agreement, or in any other Transaction Agreement,
regardless of any knowledge thereof Senior Creditor may have or otherwise be charged with.

 

(f)
Financial Condition of the Company. The Subordinated Creditor and the Investors shall not have any right to require Senior Creditor
to obtain or disclose any information with respect to: (i) the financial condition or assets or liabilities of the Company, or the ability
of the Company to pay the Senior Debt, or perform their respective obligations under the Purchase Agreement or other Transaction Agreements;
(ii) the Senior Debt; (iii) the Collateral or other security for any or all of the Senior Debt; (iv) the existence or nonexistence of
any guarantees of, or any other subordination agreements with respect to, all or any part of the Senior Debt; (v) any action or inaction
on the part of Senior Creditor or any other party; or (vi) any other matter, fact, or occurrence whatsoever, except that Senior Creditor
agrees to provide written notice of any default or Event of Default by Company under the Purchase Agreement or any of the Transaction
Agreements, provided, however, that no rights or benefits conferred upon Senior Creditor by this Agreement or under the Purchase Agreement
or any of the Transaction Agreements shall be impaired or adversely affected by any failure of Senior Creditor to provide such notice.

 

10.
Restrictions on Transferability of Subordinated Debt. The Subordinated Creditor, on behalf of itself and the Investors, agrees
that it shall not transfer, assign, encumber, hypothecate or subordinate, at any time while this Agreement remains in effect, any right,
claim or interest of any kind in or to any of the Subordinated Debt, either principal or interest or otherwise, and there shall promptly
be placed on each promissory note or other document or agreement constituting a portion of the Subordinated Debt, a legend reciting that
the same is subject to this Agreement; provided, however, the Subordinated Creditor shall have the right to transfer or assign the Subordinated
Debt, or any portion thereof, so long as a condition precedent to such transfer or assignment, the transferee or assignee shall execute
and deliver to Senior Creditor a subordination agreement substantially in the same form as this Agreement with respect to such transferred
portion of the Subordinated Debt.

 

11.
Authorization. The Subordinated Creditor hereby represents and warrants that it has the authority to execute this Agreement and
subordinate the rights and interests of the Investors as contemplated hereby.

 

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12.
Miscellaneous.

 

(a)
Subrogation. The Subordinated Creditor, on behalf of itself and the Investors, hereby agrees that until the Senior Debt is Discharged,
it shall waive any claims and shall not exercise any right or remedy, direct or indirect, arising by way of subrogation or otherwise,
against the Company.

 

(b)
Continuing Agreement. This Agreement is a continuing agreement of subordination and shall continue in effect and be binding upon
the Company and the Subordinated Creditor and the Investors until the Senior Debt is Discharged, or until the Subordinated Debt is paid
in full. The subordinations, agreements, and priorities set forth herein shall remain in full force and effect regardless of whether
any party hereto in the future seeks to rescind, amend, terminate, or reform, by litigation or otherwise, its respective agreements with
the Company.

 

(c)
Reinstatement. This Agreement shall continue to be effective or shall be reinstated, as the case may be, if, for any reason, any
payment of the Senior Debt by or on behalf of the Company shall be rescinded or must otherwise be restored or returned by Senior Creditor,
whether as a result of an Insolvency Event or otherwise.

 

(d)
Obligations of the Company Not Affected. The provisions of this Agreement are intended solely for the purpose of defining the
relative rights of the Subordinated Creditor and the Investors, on the one hand, and of Senior Creditor, on the other hand, with respect
to the obligations of the Company to Senior Creditor and the Subordinated Creditor and the Investors.

 

(e)
Further Assurances and Additional Acts. The Subordinated Creditor shall execute, acknowledge, deliver, file, notarize, and register
at its own expense all such further agreements, instruments, certificates, financing statements, documents, and assurances, and perform
such acts as Senior Creditor reasonably shall deem necessary to effectuate the purposes of this Agreement, and promptly provide Senior
Creditor with evidence of the foregoing reasonably satisfactory to Senior Creditor.

 

(f)
Entire Agreement. This Agreement: (i) is valid, binding and enforceable against the Subordinated Creditor, the Investors and Company
in accordance with its terms and provisions and no conditions exist as to its legal effectiveness; and (ii) constitutes the entire agreement
between the parties with respect to the subject matter hereof. No promises, either expressed or implied, exist between Senior Creditor,
the Subordinated Creditor and Company, unless contained herein. This Agreement is the result of negotiations between the Subordinated
Creditor, Company and Senior Creditor and has been reviewed (or have had the opportunity to be reviewed) by counsel to all such parties,
and is the product of all parties. Accordingly, this Agreement shall not be construed more strictly against Senior Creditor merely because
of Senior Creditor’s involvement in its preparation.

 

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(g)
Amendments; Waivers. No delay on the part of Senior Creditor in the exercise of any right, power or remedy shall operate as a
waiver thereof, nor shall any single or partial exercise by Senior Creditor of any right, power or remedy preclude other or further exercise
thereof, or the exercise of any other right, power or remedy. No amendment, modification or waiver of, or consent with respect to, any
provision of this Agreement shall in any event be effective unless the same shall be in writing and acknowledged by Senior Creditor,
and then any such amendment, modification, waiver or consent shall be effective only in the specific instance and for the specific purpose
for which given. The rights and remedies of Senior Creditor under this Agreement are cumulative and not exclusive of any rights, remedies,
powers, and privileges that may otherwise be available to Senior Creditor provided by law.

 

(h)
MANDATORY FORUM SELECTION. THE SUBORDINATED CREDITOR, ON BEHALF OF ITSELF AND THE INVESTORS, AND THE COMPANY IRREVOCABLY AGREE
THAT ANY DISPUTE ARISING UNDER, RELATING TO, OR IN CONNECTION WITH, DIRECTLY OR INDIRECTLY, THIS AGREEMENT OR RELATED TO ANY MATTER WHICH
IS THE SUBJECT OF OR INCIDENTAL TO THIS AGREEMENT, OR THE COLLATERAL (WHETHER OR NOT SUCH CLAIM IS BASED UPON BREACH OF CONTRACT OR TORT)
SHALL BE SUBJECT TO THE EXCLUSIVE JURISDICTION AND VENUE OF THE STATE AND/OR FEDERAL COURTS LOCATED IN NEW YORK CITY, NEW YORK. THIS
PROVISION IS INTENDED TO BE A “MANDATORY” FORUM SELECTION CLAUSE AND GOVERNED BY AND INTERPRETED CONSISTENT WITH NEW YORK
LAW. THE SUBORDINATED CREDITOR, ON BEHALF OF ITSELF AND THE INVESTORS, AND THE COMPANY HEREBY CONSENT TO THE EXCLUSIVE JURISDICTION AND
VENUE OF ANY STATE OR FEDERAL COURT HAVING ITS SITUS IN SAID COUNTY, AND EACH WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS.

 

(i)
Governing Law. This Agreement shall be delivered and accepted in and shall be deemed to be a contract made under and governed
by the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, without
giving effect to the choice of law provisions of such State.

 

(j)
WAIVER OF JURY TRIAL. THE SUBORDINATED CREDITOR, ON BEHALF OF ITSELF AND THE INVESTORS, THE COMPANY AND SENIOR CREDITOR, AFTER
CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES IRREVOCABLY, ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, THE COLLATERAL, OR ANY AMENDMENT,
INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM
ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, OR ANY COURSE OF CONDUCT OR COURSE OF DEALING IN WHICH SENIOR
CREDITOR, THE SUBORDINATED CREDITOR, THE INVESTORS AND THE COMPANY ARE ADVERSE PARTIES, AND EACH AGREES THAT ANY SUCH ACTION OR PROCEEDING
SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

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(k)
Notices. All notices of request, demand and other communications hereunder shall be addressed to the parties as follows:

 

unless
the address is changed by the party by like notice given to the other parties. Notice shall be in writing and shall be deemed delivered:
(i) if mailed by certified mail, return receipt requested, postage prepaid and properly addressed to the address below, then three (3)
business days after deposit of same in a regularly maintained U.S. Mail receptacle; or (ii) if mailed by Federal Express, UPS or other
nationally recognized overnight courier service, next business morning delivery, then one (1) business day after deposit of same in a
regularly maintained receptacle of such overnight courier; or (iii) if hand delivered, then upon hand delivery thereof to the address
indicated on or prior to 5:00 p.m., EST, on a business day. Any notice hand delivered after 5:00 p.m., EST, shall be deemed delivered
on the following business day. Notwithstanding the foregoing, notice, consents, waivers or other communications referred to in this Agreement
may be sent by facsimile, e-mail, or other method of delivery, but shall be deemed to have been delivered only when the sending party
has confirmed (by reply e-mail or some other form of written confirmation from the receiving party) that the notice has been received
by the other party.

 

(l)
Binding Effect. This Agreement shall become effective upon execution by the parties hereto and shall be binding on the parties
hereto and their respective successors and assigns.

 

(m)
Enforceability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement shall be prohibited by, unenforceable or invalid under any jurisdiction,
such provision shall as to such jurisdiction, be severable and be ineffective to the extent of such prohibition or invalidity, without
invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

 

(n)
Counterparts; Electronic Signatures. This Agreement may be executed in any number of counterparts and by the different parties
hereto on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same Agreement. Receipt of an executed signature page to this Agreement by facsimile or other electronic transmission
shall constitute effective delivery thereof. Electronic records of this Agreement or any other Transaction Agreement maintained by Senior
Creditor shall be deemed to be originals thereof for all purposes.

 

(o)
Costs, Fees and Expenses. The Company shall pay or reimburse Senior Creditor for all reasonable costs, fees and expenses incurred
by Senior Creditor or for which Senior Creditor becomes obligated in connection with the enforcement of this Agreement, including costs
and expenses and attorneys’ fees, costs and time charges of counsel to Senior Creditor throughout all court levels.

 

(p)
Termination. This Agreement shall not terminate until the Senior Debt is Discharged, or until the Subordinated Debt is paid in
full in accordance with the provisions hereof.

 

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(q)
Specific Performance. Senior Creditor is hereby authorized to demand specific performance of this Agreement, whether or not the
Company shall have complied with any of the provisions hereof applicable to them, at any time
when the Subordinated Creditor or any Investor shall have failed to comply with any of the provisions of this Agreement applicable to
it. The Subordinated Creditor, on behalf of itself and the Investors, hereby irrevocably waive any defense based on the adequacy of a
remedy at law, which might be asserted as a bar to such remedy of specific performance.

 

(r)
Authority. Each party hereby represents and warrants to the others that each party has the requisite power and authority to enter
into this Agreement and otherwise to carry out its respective obligations hereunder (including, but not limited to, the Subordinated
Creditor’s rights to enter into this Agreement on behalf of itself and the Investors as Representative and bind the Investors in
accordance herewith), and that the execution, delivery and performance by each party of this Agreement have been duly authorized by all
necessary action on the part of each party, respectively and as applicable, and that the person executing this Agreement on behalf of
each party has been fully authorized to do so in accordance with applicable law and the governing documents of each party.

 

[Signatures
on the following page]

 

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IN
WITNESS WHEREOF, the undersigned have executed this Subordination Agreement as of the date first written above.

 

Subordination
Agreement – Signature PageExhibit
10.11

 

INTERCREDITOR
AND SUBORDINATION AGREEMENT

 

This
Intercreditor and Subordination Agreement (this “Agreement”) is entered into as of December , 2021, by and among, Benuvia
Holdings, LLC, a Delaware limited liability company (“Senior Lender”), Jupiter Wellness, Inc., a Delaware corporation
(“Subordinated Lender”) and Next Frontier Holdings, Inc., a Delaware corporation (“Obligor”), Next
Frontier Pharmaceuticals, Inc., a Delaware corporation (“NFP”), Next Frontier Brands US, Inc., a Delaware corporation(“NFBUS”),
Benuvia Manufacturing Inc., a Delaware corporation (“BMI”), Benuvia Manufacturing, LLC (“BM LLC”),
Benuvia Therapeutics LLC, a Delaware limited liability company (“BT LLC”), Benuvia Therapeutics IP LLC, a Delaware
limited liability company (“BT IP LLC”), Biotanica Ltd., a company registered in England and Wales (“Biotanica”),
Fluère Drinks B.V., a company incorporated under the laws of the Netherlands (“Fluère”), Next Frontier
Brands Ltd., a company registered in England and Wales (“NFBL”), Next Frontier Beverage Ltd., a company registered
in England and Wales (“Beverage”), and Treehouse Biosciences, Inc.., a Delaware corporation (“Treehouse”)
(each of Obligor, NFP, NFBUS, BMI, BM LLC, BT LLC, BT IP LLC, Biotanica, Fluère, NFBL, Beverage, and Treehouse is also referred
to hereunder individually as “Company” and collectively, as the “Companies”).

 

BACKGROUND

 

WHEREAS,
Obligor issued a Senior Secured Note, dated as of the date hereof, to Senior Lender (“Senior Note”).

 

WHEREAS,
the Companies are party to a Pledge and Security Agreement with Senior Lender, dated as of the date hereof (the “Security Agreement”),
pursuant to which the Companies granted a first priority security interest and lien on all of the Companies assets as provided under
the Security Agreement.

 

WHEREAS,
NFP is issuing a Secured Promissory Note dated on or about the date hereof to Subordinated Lender in an aggregate principal amount of
$10,200,000 (the “Subordinated Note”).

 

WHEREAS,
(i) the Obligor, NFP, BMI, BT LLC, BM LLC and BT IP LLC are each party to certain security agreements with the Subordinated Lender, each
dated as of the date hereof, pursuant to which the Obligor, NFP, BMI, BT LLC, BM LLC and BT IP LLC granted a security interest and lien
on all of said companies’ assets as provided therein; and (ii) the Obligor, NFP, BMI and BT LLC are each a party to certain pledge
and escrow agreements with the Subordinated Lender, each dated as of the date hereof, pursuant to which the Obligor pledged its shares
in NFP to the Subordinated Lender, NFP pledged its shares and membership interests, respectfully, in BMI and BT LLC to the Subordinated
Lender, BMI pledged its membership interests in BM LLC to the Subordinated Lender, and BT LLC pledged its membership interests in BT
IP LLC to the Subordinated Lender.

 

NOW,
THEREFORE, the Senior Lender and the Subordinated Lender hereby agree as follows:

 

    	 

     

    

 

TERMS

 

1.
All Obligations (as defined in the Security Agreement) of the Companies to the Senior Lender due or to become due are referred to as
“Senior Liabilities.” All Obligations (as defined in the security agreements which have been executed in connection
with the Subordinated Note as amended, restated, or renewed) of the Obligor, NFP, BMI, BT LLC, BM LLC and BT IP LLC to Subordinated Lender
due or to become due, and all obligations of Obligor, NFP, BMI, BT LLC, BM LLC and BT IP LLC to Subordinated Lender under any other agreement,
document or instrument pursuant to which a lien or security interest is granted to Subordinated Lender securing such obligations or under
which rights or remedies with respect to such obligations are governed are referred to as the “Junior Liabilities.”
It is expressly understood and agreed that the term “Senior Liabilities”, as used in this Agreement, shall include, without
limitation, any and all interest, fees, penalties and costs and expenses of enforcement (including reasonable attorneys’ fees)
accruing on the Senior Liabilities after the commencement of any proceedings referred to in Section 4 of this Agreement, notwithstanding
any provision or rule of law which might restrict the rights of the Senior Lender, as against the Companies, or anyone else, to collect
such interest, fees, penalties, or costs as the case may be. Any certificates representing shares or other equity interests comprising
the Collateral (as defined in the Security Agreement) shall be delivered with stock or transfer powers duly endorsed in blank to, and
held by, Senior Lender.

 

2.
Except as expressly otherwise provided in this Agreement or as the Senior Lender may otherwise expressly consent in writing, the payment
of the Junior Liabilities shall be postponed and subordinated in right of payment and priority to the payment in full of all Senior Liabilities.
Furthermore, whether directly or indirectly, no payments or other distributions whatsoever in respect of any Junior Liabilities shall
be made (whether at stated maturity, by acceleration or otherwise), nor shall any property or assets of the Companies be applied to the
purchase or other acquisition or retirement of any Junior Liability until such time as the Senior Liabilities have been indefeasibly
paid in full. Notwithstanding the foregoing in this Section 2, the Junior Liabilities may be paid to the Subordinated Lender upon the
satisfaction in full of each of the following conditions: (a) the source of funds for repayment of the Junior Liabilities is from a third
party lender (“Third Party Lender”), (b) the funds loaned by the Third Party Lender to Obligor, NFP, BMI, BT LLC, BM LLC
and BT IP LLC does not to exceed $25,000,000 and matures no earlier than January 2, 2023 (“Third Party Financing”), (c) up
to $10,200,000 plus, ordinary interest under the Subordinated Note, which may be due and owing to the Subordinated Lender at the time
of repayment of such Third Party Financing shall be used for payment of the Junior Liabilities, and the balance of the Third Party Financing
shall be used by the Obligor for its operations in the ordinary course, and (d) the Third Party Lender must enter into an Intercreditor
and Subordination Agreement with Senior Lender satisfactory to the Senior Lender in Senior Lender’s sole and absolute discretion,
provided however, such Intercreditor and Subordination Agreement shall be on terms no less favorable to Senior Lender than the terms
of this Agreement. In addition, if Obligor, NFP, BMI, BT LLC, BM LLC and BT IP LLC are unable to obtain such Third Party Financing, then
Subordinated Lender shall have the right, upon 10 business days prior written notice to Senior Lender and NFP, to convert (the “Conversion”)
up to $10,200,000 of the Junior Liabilities plus ordinary interest into up to thirty-five (35%) percent of the fully-diluted unencumbered
common stock of NFP (the “Converted Stock”); provided, however, that the remaining common stock of NFP held by Senior Lender
shall constitute at least sixty percent (60%) of the issued and outstanding equity interests of NFP, on a fully diluted basis. Upon such
Conversion, the Company shall issue and deliver the Converted Stock subject to the limitations set forth above; provided, however, that
Senior Lender shall retain its pledge against NFP’s stock other than the Converted Stock and all other liens and security interests
in the assets, equity interests of the Companies and any other Collateral in accordance with the Security Agreement; and provided, further,
that nothing contained herein shall otherwise affect or impair any of the rights and remedies of Senior Lender under the Senior Note,
the Pledge and Security Agreement, this Agreement, or any other agreement between the Senior Lender and any of the Companies.

 

    	2

     

    

 

3.
Notwithstanding the date, manner or order of grant, attachment or perfection of any liens securing the Junior Liabilities granted on
the Collateral or of any liens securing the Senior Liabilities granted on the Collateral and notwithstanding any provision of the UCC,
or any other applicable law or the Subordinated Note or any other circumstance whatsoever, the Subordinated Lender, hereby agrees that:
(a) any lien and security interest on the Collateral securing Senior Liabilities now or hereafter held by or on behalf of the Senior
Lender or any agent or trustee therefor, regardless of how acquired, whether by judgment, grant, possession, statute, operation of law,
subrogation or otherwise, shall be senior in all respects and prior to any lien and security interest on the Collateral securing any
of the Junior Liabilities, regardless of how acquired, whether by judgment, grant, possession, statute, operation of law, subrogation
or otherwise; and (b) any lien and security interest on the Collateral now or hereafter held by or on behalf of the Subordinated Lender
or any agent or trustee therefor regardless of how acquired, whether by judgment, grant, possession, statute, operation of law, subrogation
or otherwise, shall be junior and subordinate in all respects to all liens and security interests on the Collateral securing any Senior
Liabilities. All liens and security interests on the Collateral securing any Senior Liabilities shall be and remain senior in all respects
and prior to all liens and security interests on the Collateral securing any Junior Liabilities for all purposes, whether or not such
liens and security interests securing any Senior Liabilities are subordinated to any lien securing any other obligation of the Companies
or any person or entity. The Subordinated Lender expressly agrees that any lien or security interest purported to be granted on any Collateral
as security for the Senior Liabilities shall be and remain senior in all respects and prior to all liens and security interests on the
Collateral securing any Junior Liabilities for all purposes regardless of whether the lien and security interest purported to be granted
is found to be improperly granted, improperly perfected, preferential, a fraudulent conveyance or legally or otherwise deficient in any
manner.

 

4.
Subordinated Lender hereby subordinates all claims and security interests it may have against, or with respect to, any of the assets
of the Companies (the “Subordinated Lender Liens”) to the security interests granted by the Companies to the Senior
Lender in respect of the Senior Liabilities. The Senior Lender shall not owe any duty to any Subordinated Lender as a result of or in
connection with any Subordinated Lender Liens, including without limitation any marshalling of assets or protection of the rights or
interests of any Subordinated Lender. The Senior Lender shall have the exclusive right to manage, perform and enforce the underlying
terms of the Security Agreement and each other document, instrument and agreement executed from time to time in connection therewith
(collectively, the “Security Agreements”) relating to the assets of the Companies and to exercise and enforce its
rights according to its discretion. Subordinated Lender waives all rights to affect the method or challenge the appropriateness of any
action taken by the Senior Lender in connection with the Senior Lender’s enforcement of its rights under the Security Agreements.
Only the Senior Lender shall have the right to restrict, permit, approve or disapprove the sale, transfer or other disposition of the
assets of the Companies. As between the Senior Lender and Subordinated Lender, the terms of this Agreement shall govern even if all or
part of the Senior Lender’s liens are avoided, disallowed, set aside or otherwise invalidated.

 

    	3

     

    

 

5.
In the event of any dissolution, winding up, liquidation, readjustment, reorganization or other similar proceedings relating to the a
Company or to its property (whether voluntary or involuntary, partial or complete, and whether in bankruptcy, insolvency or receivership,
or upon an assignment for the benefit of creditors, or any other marshalling of the assets and liabilities of the Companies, or any sale
of all or substantially all of the assets of the Companies, or otherwise), the Senior Liabilities shall first be irrevocably paid in
full before any Subordinated Lender shall be entitled to receive and to retain any payment, distribution, other rights or benefits in
respect of any Junior Liability. In order to enable the Senior Lender to enforce its rights hereunder in any such action or proceeding,
the Senior Lender is hereby irrevocably authorized and empowered in its discretion as attorney-in-fact for Subordinated Lender to make
and present for and on behalf of Subordinated Lender such proofs of claims against the Companies as the Senior Lender may deem expedient
or proper and to vote such proofs of claims in any such proceeding and to receive and collect any and all dividends or other payments
or disbursements made thereon in whatever form the same may be paid or issued and to apply same on account of any the Senior Liabilities.
In the event, prior to indefeasible payment in full of the Senior Liabilities, any Subordinated Lender shall receive any payment in respect
of the Junior Liabilities in connection with the enforcement of such Subordinated Lender’s rights and remedies against the Companies,
then such Subordinated Lender shall forthwith deliver, or cause to be delivered, the same to the Senior Lender in precisely the form
held by such Subordinated Lender (except for any necessary endorsement) and until so delivered the same shall be held in trust by such
Subordinated Lender as the property of the Senior Lender. For the avoidance of doubt, the preceding sentence shall not apply to payments
to the Subordinated Lender permitted under Section 2 hereof.

 

6.
Subordinated Lender will mark its books and records so as to clearly indicate that its respective Junior Liabilities are subordinated
in accordance with the terms of this Agreement. Subordinated Lender will execute such further documents or instruments and take such
further action as the Senior Lender may reasonably request from time to time to carry out the intent of this Agreement.

 

7.
Subordinated Lender hereby waives all diligence in collection or protection of or realization upon the Senior Liabilities or any security
for the Senior Liabilities.

 

8.
Until such time as all Senior Liabilities have been indefeasibly paid in full, each Subordinated Lender will not, without the prior written
consent of the Senior Lender: (a) commence, or join with any other creditor in commencing, any bankruptcy, reorganization or insolvency
proceedings with respect to the Companies, or (b) attempt to enforce or collect any Junior Liabilities or any rights in respect of any
Junior Liabilities (each an “Enforcement Action”) unless, in each case (i) an event of default shall have occurred and be
continuing under the Subordinated Note or the security agreements which have been executed in connection with the Subordinated Note (a
“Subordinated Lender Default”), (ii) the Subordinated Lender shall have provided the Senior Lender written notice of the
occurrence of such Subordinated Lender Default and that it intends to take an Enforcement Action (each, a “Subordinated Lender
Enforcement Action Notice”), and (iii) a period of at least ninety (90) days shall have elapsed after the receipt by the Senior
Lender of the applicable Subordinated Lender Enforcement Action Notice; provided that, notwithstanding the foregoing, (x) the Subordinated
Lender shall only be permitted to provide the Senior Lender with one Subordinated Lender Enforcement Action Notice in any three hundred
sixty five (365) day period, (y) the Subordinated Lender shall remit all proceeds that it obtains in connection with any Enforcement
Action to the Senior Lender until all Senior Liabilities have been indefeasibly paid in full.

 

    	4

     

    

 

9.
The Senior Lender may, from time to time, at its sole discretion and without notice to any Subordinated Lender, take any or all of the
following actions: (a) retain or obtain a security interest in any property to secure any of the Senior Liabilities; (b) retain or obtain
the primary or secondary obligation of any other obligor or obligors with respect to any of the Senior Liabilities; (c) extend or renew
for one or more periods (whether or not longer than the original period), alter, increase (subject to the final sentence of this Section)
or exchange any of the Senior Liabilities, or release or compromise any obligation of any nature of any obligor with respect to any of
the Senior Liabilities; and (d) release its security interest in, or surrender, release or permit any substitution or exchange for, all
or any part of any property securing any of the Senior Liabilities, or extend or renew for one or more periods (whether or not longer
than the original period) or release, compromise, alter or exchange any obligations of any nature of any obligor with respect to any
such property. Notwithstanding the foregoing, the Senior Lender shall not make any further loans, extensions of credit, or other financial
accommodations to or for the account of the Companies; provided, however, that Subordinated Lender consents and agrees that any and all
interest on the Senior Note and interest, default interest, fees, penalties and costs and expenses of enforcement (including reasonable
attorneys’ fees) accruing on the Senior Liabilities are permitted and allowed.

 

10.
The Senior Lender, to the extent provided in the Security Agreement, may, from time to time, whether before or after any discontinuance
of this Agreement, without notice to any Subordinated Lender, assign or transfer any or all of the Senior Liabilities or any interest
in the Senior Liabilities; and, notwithstanding any such assignment or transfer or any subsequent assignment or transfer of the Senior
Liabilities, such Senior Liabilities shall be and remain Senior Liabilities for the purposes of this Agreement, and every immediate and
successive assignee or transferee of any of the Senior Liabilities or of any interest in the Senior Liabilities shall, to the extent
of the interest of such assignee or transferee in the Senior Liabilities, be entitled to the benefits of this Agreement to the same extent
as if such assignee or transferee were the Senior Lender, as applicable; provided, however, that, unless the Senior Lender shall otherwise
consent in writing, the Senior Lender shall have an unimpaired right, prior and superior to that of any such assignee or transferee,
to enforce this Agreement, for the benefit of the Senior Lender, as to those of the Senior Liabilities which the Senior Lender has not
assigned or transferred.

 

    	5

     

    

 

11.
The Senior Lender shall not be prejudiced in its rights under this Agreement by any act or failure to act of any Subordinated Lender,
or any noncompliance of any Subordinated Lender with any agreement or obligation, regardless of any knowledge thereof which the Senior
Lender may have or with which the Senior Lender may be charged; and no action of the Senior Lender permitted under this Agreement shall
in any way affect or impair the obligations of any Subordinated Lender under this Agreement.

 

12.
No delay on the part of the Senior Lender in the exercise of any right or remedy shall operate as a waiver of such right or remedy, and
no single or partial exercise by the Senior Lender of any right or remedy shall preclude other or further exercise of such right or remedy
or the exercise of any other right or remedy; nor shall any modification or waiver of any of the provisions of this Agreement be binding
upon the Senior Lender except as expressly set forth in a writing duly signed and delivered by the Senior Lender. For the purposes of
this Agreement, Senior Liabilities shall have the meaning set forth in Section 1 above, notwithstanding any right or power of
any Subordinated Lender or anyone else to assert any claim or defense as to the invalidity or unenforceability of any such obligation,
and no such claim or defense shall affect or impair the agreements and obligations of any Subordinated Lender under this Agreement.

 

13.
This Agreement shall continue in full force and effect after the filing of any petition (“Petition”) by or against
the Companies under the United States Bankruptcy Code or similar statute, rule or regulation of a domestic or foreign governmental authority
(the “Code”) and all converted or succeeding cases in respect thereof. All references herein to a Company shall be deemed
to apply to the Company as debtor-in-possession and to a trustee for the Company. If a Company shall become subject to a proceeding under
the Code, and if the Senior Lender shall desire to permit the use of cash collateral or to permit or provide post-Petition financing
from the Senior Lender (or an affiliate or a third party satisfactory to the Senior Lender) to the Company under the Code, the Subordinated
Lender agrees as follows: (1) adequate notice to such Subordinated Lender shall be deemed to have been provided for such consent or post-Petition
financing if the Subordinated Lender receives notice thereof three (3) business days (or such shorter notice as is given to the Senior
Lender) prior to the earlier of (a) any hearing on a request to approve such post-petition financing or (b) the date of entry of an order
approving same and (2) no objection will be raised by such Subordinated Lender to any such use of cash collateral or such post-Petition
financing from the Senior Lender (or an affiliate or a third party satisfactory to the Senior Lender).

 

14.
At such time as the Senior Liabilities have been indefeasibly paid in full and satisfied, upon the written request of the Subordinated
Lender, the Senior Lender will promptly take such actions and deliver such documents to the Subordinated Lender as the Subordinated Lender
may reasonably request and at the Subordinated Lender’s expense in order to perfect its security interest in the property of the
Obligor, NFP, BMI or BT LLC serving as collateral for the Junior Liabilities, including, but not limited to, the delivery to the Subordinated
Lender of any share certificates which may be in the Senior Lender’s possession or control.

 

15.
This Agreement shall be binding upon the Subordinated Lender and upon the heirs, legal representatives, successors and assigns of the
Subordinated Lender and the successors and assigns of Subordinated Lender. This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original and all of which together shall be deemed to constitute one agreement. It is understood and
agreed that if pdf or facsimile copies of this Agreement bearing pdf or facsimile signatures are exchanged between the parties hereto,
such copies shall in all respects have the same weight, force and legal effect and shall be fully as valid, binding, and enforceable
as if such signed pdf or facsimile copies were original documents bearing original signature.

 

    	6

     

    

 

16.
The Subordinated Lender, hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the payment
in full and discharge of Senior Liabilities has occurred.

 

17.
The Senior Lender may demand specific performance of this Agreement. The Subordinated Lender, hereby irrevocably waives any defense based
on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action
which may be brought by Senior Lender.

 

18.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED, INTERPRETED AND ENFORCED ACCORDING TO, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICT OF LAWS PROVISIONS THEREOF AND SHALL BE BINDING UPON THE PARTIES HERETO AND THEIR RESPECTIVE SUCCESSORS
AND ASSIGNS. ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT SHALL BE BROUGHT ONLY IN THE STATE OR FEDERAL
COURTS LOCATED IN NEW YORK COUNTY, NEW YORK. The parties hereto hereby agree to submit to the jurisdiction of such courts and waive trial
by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorneys’ fees and costs. Wherever
possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

 

19.
By its signature, each party executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto
that it is duly authorized to execute this Agreement.

 

[Signature
page follows]

 

    	7

     

    

 

IN
WITNESS WHEREOF, this Subordination Agreement has been made and delivered as of the date first written above.

 

    	8

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