Document:

Subordinated Promissory Note dated as of November 21, 2007

 Exhibit 10.37 
 SUBORDINATED PROMISSORY NOTE 
  

			
	 $32,500,000.00
	  	November 21, 2007

 FOR VALUE RECEIVED, FOREFRONT HOLDINGS, INC., a Florida corporation (the “Maker”), with its
principal address at 835 Bill Jones Industrial Drive, Springfield, Tennessee 37172, unconditionally promises to pay to the order of STANFORD VENTURE CAPITAL HOLDINGS, INC. (the “Payee”), having an office at 6075 Poplar Avenue,
Memphis, Tennessee 38119, the principal amount of THIRTY TWO MILLION FIVE HUNDRED THOUSAND AND 00/100 ($32,500,000.00) DOLLARS, or so much thereof as the Payee advances to the Maker through the Maturity Date (as defined below), pursuant hereto,
together with interest on the unpaid principal balance from time to time outstanding under this promissory note (this “Note”), at the rate of eight percent (8.00%) per annum, calculated on the basis of a 360-day year for the actual
number of days elapsed from the date hereof through, until and including the time of the earlier of the (i) Maturity Date; or (ii) demand made during the continuation of an Event of Default, at which time the entire unpaid principal
balance and all accrued and unpaid interest shall become due and payable. 
 The entire principal amount hereof, together with accrued and
unpaid interest thereon (including any interest accruing at the Default Rate), shall be payable on the later of: (a) the date on which all amounts due to FCC, LLC, d/b/a First Capital (“FCC”) pursuant to that certain Loan and Security
Agreement, dated as of October 15, 2004, as amended, restated or otherwise modified from time to time, by and among FCC, Forefront Group, Inc., Miller Golf Company, Forefront Burton, Inc. and Forefront Devant, Inc. are fully paid in cash and
the FCC commitment to extend credit thereunder is terminated; or (ii) 18 months from the date hereof (the “Maturity Date”). 
 This Note is being issued pursuant to and in accordance with the terms and conditions of that certain Credit Agreement, dated as of the date hereof, by and between the Maker and the Payee (the “Credit Agreement”). All capitalized
terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement. 
 All payments of
interest and of principal shall be payable in lawful money of the United States of America in immediately available funds, without setoff, counterclaim or deduction of any kind. Each payment hereunder shall first be applied to accrued and unpaid
interest and then in reduction of the outstanding principal balance, unless other costs and charges are payable pursuant to the terms of this Note, in which event, in Payee’s sole discretion, such costs and charges shall first be paid. This
Note shall be construed and enforced in accordance with Florida law (the “Applicable Law”). This Note may be prepaid in whole or in part at any time without premium or penalty. 
 Maker agrees to pay all costs and expenses incurred by Payee, including reasonable attorneys’ fees and legal costs and expenses, in the negotiation
and preparation of this Note as well as in collecting any sums due under this Note or in enforcing the terms and conditions of the Note, whether for services incurred in collection, litigation proceedings at pre-trial, trial and appellate levels,
bankruptcy proceedings or otherwise. 

 Any notice, consent, approval or communication given pursuant to the provisions of this Note shall
(except where otherwise permitted by this Note) be in writing and shall be (a) delivered by hand, (b) mailed by certified mail or registered mail, return receipt requested, postage prepaid, or (c) delivered by a nationally recognized
overnight courier, U.S. Post Office Express Mail, or similar overnight courier which delivers only upon signed receipt of the addressee. The time of the giving of any notice shall be the time of receipt thereof by the addressee or any agent of the
addressee, except that in the event the addressee or such agent of the addressee shall refuse to receive any notice given as above provided or there shall be no person available at the time of delivery thereof to receive such notice, the time of the
giving of such notice shall be the time of such refusal or the time of such delivery, as the case may be. Such notices shall be given to the Maker and the Payee at the addresses provided herein. 
 Upon the occurrence of an Event of Default (as defined in the Credit Agreement), (a) the entire balance outstanding hereunder and all other
obligations of Maker to the Payee (however acquired or evidenced) shall, at the option of Payee, become immediately due and payable, and/or (b) to the extent permitted by law, the rate of interest on the unpaid principal shall be increased at
the Payee’s discretion up to the Default Rate. The provisions herein for a Default Rate and a delinquency charge shall not be deemed to extend the time for any payment hereunder or to constitute a “grace period” giving Maker a right
to cure any default. At the Payee’s option, any accrued and unpaid interest, fees or charges may, for purposes of computing and accruing interest on a daily basis after the due date of this Note or any installment thereof, be deemed to be a
part of the principal balance, and interest shall accrue on a daily compounded basis after such date at the Default Rate provided in this Note until the entire outstanding balance of principal and interest is paid in full. 
 The remedies of Payee as provided herein shall be cumulative and concurrent and may be pursued singly, successively, or together at the sole discretion
of Payee and may be exercised as often as occasion therefore shall arise. The acceptance by Payee of any payment under this Note which is less than the amount then due or the acceptance of any amount after the due date thereof, shall not be deemed a
waiver of any right or remedy available to Payee nor nullify the prior exercise of any such right or remedy by Payee. None of the terms or provisions of this Note may be waived, altered, modified or amended except by a written document executed by
Payee and the Maker, and then only to the extent specifically recited therein. No course of dealing or conduct shall be effective to waive, alter, modify or amend any of the terms or provisions hereof. The failure or delay to exercise any right or
remedy available to Payee shall not constitute a waiver of the right of the Payee to exercise the same or any other right or remedy available to Payee at that time or at any subsequent time. 
 Notwithstanding any provision of this Note, the Payee does not intend to charge and Maker shall not be required to pay any amount of interest or other
charges in excess of the maximum rate permitted by Applicable Law as amended from time to time. Should any interest payment or other payment of the loan evidenced by this Note result in the computation or earning of interest in excess of the highest
rate permissible under Applicable Law, then any and all such excess shall be and the same is hereby waived by Payee, and all such excess shall be credited by Payee against the unpaid principal balance of this Note or paid by Payee to Maker or to any
parties liable for the repayment of the loan evidenced by this Note, in the sole discretion of Payee. It is the intent of the parties hereto that neither Maker, nor any parties liable for the repayment of the loan evidenced by this Note, shall be
required to pay interest in excess of the highest rate permissible under Applicable Law as amended from time to time. 
  

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 If any provision of this Note shall be deemed invalid, illegal or unenforceable under Applicable Law,
such invalidity, illegality or unenforceability shall not affect any other provision (or remaining part of the affected provision) of this Note and this Note shall be construed as if such invalid, illegal or unenforceable provision (or part thereof)
had not been contained herein. 
 To the fullest extent permitted by law, Maker and all sureties, endorsers and guarantors of this Note, if
any, hereby: (a) waive demand, presentment for payment, notice of nonpayment, protest, notice of protest, and all other notice, filing of suit, and diligence in collecting this Note; (b) agree to the addition or release of any party or
person primarily or secondarily liable hereon; (c) waive any right to immunity from any action or proceeding brought in connection with this Note or any instrument securing it and waive any immunity or exemption of any property, wherever
located, from garnishment, levy, execution, seizure or attachment prior to or in execution of judgment, or sale under execution or other process for the collection of debts; (d) waive any right to interpose any setoff or counterclaim or to
plead any statute of limitations as a defense in any such action or proceeding, and waive all statutory provisions and requirements for the benefit of Maker, now or hereafter in force; (e) agree that Payee shall not be required first to
institute any suit or to exhaust its remedies against Maker or any other person or party liable hereunder in order to enforce payment for this Note; and (f) consent to any extension, rearrangement, renewal, or postponement of time of payment of
this Note and to any other indulgency with respect thereto without notice, consent or consideration to any of them. 
 MAKER IRREVOCABLY
AGREES THAT ANY ACTION OR PROCEEDING ARISING HEREUNDER OR RELATING HERETO THAT IS BROUGHT BY MAKER SHALL BE TRIED BY THE COURTS OF THE STATE OF FLORIDA SITTING IN MIAMI-DADE COUNTY, OR THE UNITED STATES DISTRICT COURTS SITTING THERE. MAKER
IRREVOCABLY SUBMITS, IN ANY SUCH ACTION OR PROCEEDING THAT IS BROUGHT BY PAYEE, TO THE NON-EXCLUSIVE JURISDICTION OF EACH SUCH COURT, IRREVOCABLY WAIVES THE DEFENSE OF AN INCONVENIENT FORUM WITH RESPECT TO ANY SUCH ACTION OR PROCEEDING, AND AGREES
THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE MADE UPON MAKER BY MAILING A COPY THEREOF TO MAKER AT THE ADDRESS SET FORTH HEREIN (AS WELL AS BY ANY OTHER LAWFUL METHOD). 
 PAYEE AND MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY AND TO BRING ANY ACTION IN THE NATURE OF
A PERMISSIVE COUNTERCLAIM WITH RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE ENTERING INTO THE LOAN TRANSACTION EVIDENCED BY THIS NOTE. 
  

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 Dated and executed this 21st day of November, 2007. 
  

			
	MAKER:
	
	FOREFRONT HOLDINGS, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 4Unsecured Promissory Note dated as of November 21, 2007

 Exhibit 10.38 
 THE INDEBTEDNESS EVIDENCED BY THIS NOTE IS SUBORDINATE IN RIGHT OF PAYMENT TO CERTAIN OTHER INDEBTEDNESS IN ACCORDANCE WITH THAT CERTAIN SUBORDINATION AGREEMENT DATED AS OF NOVEMBER 21, 2007 AMONG FOREFRONT GROUP, INC., A FLORIDA
CORPORATION, FOREFRONT DEVANT, INC., A FLORIDA CORPORATION, FOREFRONT BURTON, INC., A FLORIDA CORPORATION, MILLER GOLF COMPANY, A FLORIDA CORPORATION, FOREFRONT HOLDINGS, INC., A FLORIDA CORPORATION, AND FCC, LLC, D/B/A FIRST CAPITAL, A FLORIDA
LIMITED LIABILITY COMPANY, AS AT ANY TIME AMENDED RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED (THE “SUBORDINATION AGREEMENT”), AND SUCH SUBORDINATION AGREEMENT SHALL BE BINDING UPON ALL FUTURE HOLDERS OF THIS NOTE. 
 UNSECURED SUBORDINATED PROMISSORY NOTE 
  

			
	$32,500,000.00	  	November 21, 2007

 FOR VALUE RECEIVED, FOREFRONT GROUP, INC., a Florida corporation (the “Maker”), with its
principal address at 835 Bill Jones Industrial Drive, Springfield, Tennessee 37172, unconditionally promises to pay to the order of FOREFRONT HOLDINGS, INC., a Florida corporation (the “Payee”), having an office at 835 Bill Jones
Industrial Drive, Springfield, Tennessee 37172, the principal amount of THIRTY TWO MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($32,500,000.00), or such lesser amount as the Payee advances to the Maker through the Maturity Date (as defined
below) pursuant hereto. 
 1. PAYMENT OF PRINCIPAL. The entire principal amount hereof shall be payable in full on the date (the “Maturity
Date”) that is six (6) months following the final maturity date of the Senior Indebtedness (as such term is defined in the Subordination Agreement), as such maturity date may be extended from time to time in accordance with the terms of
the Senior Creditor Loan Agreement (as such term is defined in the Subordination Agreement). Notwithstanding the foregoing, any payments made hereunder shall be subject to satisfaction of the terms and conditions of the Subordination Agreement.

 2. INTEREST. The unpaid principal of this Note shall not bear interest. 
 3. PAYMENT DATES; MANNER OF PAYMENT; APPLICATION OF PAYMENTS. Should the principal of this Note become due and payable on any day other than a business day, then the maturity thereof shall be extended to the
next succeeding business day. All payments of principal of this Note shall be made by Maker to Payee at its address stated above in good, immediately available funds. 

 4. DEFAULT. 
 4.1 Events of Default. The occurrence of any one or more of the following events with respect to the Maker shall constitute an event of default hereunder (“Event of Default”): 
 (a) If the Maker shall fail to pay when due any payment of principal on this Note and such failure continues for five (5) days after the Payee
notifies the Maker thereof in writing. 
 (b) Dissolution, liquidation or permanent cessation of the business of the Maker. 
 (c) If, pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of
debtors (a “Bankruptcy Law”), the Maker shall (i) commence a voluntary case or proceeding, (ii) consent to the entry of an order for relief against it in an involuntary case; (iii) consent to the appointment of a trustee,
receiver, assignee, liquidator or similar official; (iv) make an assignment for the benefit of its creditors; or (v) admit in writing its inability to pay its debts as they become due. 
 (d) If a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Maker in an
involuntary case; (ii) appoints a trustee, receiver, assignee, liquidator or similar official for the Maker or substantially all the Maker’s properties; or (iii) orders the liquidation of the Maker, and in each such case, the Maker
fails to actively oppose such order or decree or such order or decree is not dismissed within 60 days from the entry of such order or decree. 
 (e) Any sale or similar disposition of all or substantially all of the ownership interests in, or assets of, the Maker. 
 4.2
Remedies. Subject to the terms and conditions of the Subordination Agreement, upon the occurrence of an Event of Default hereunder (unless all Events of Default have been cured or waived by the Payee), the Payee may, at its option,
(i) by written notice to the Maker, declare the entire unpaid balance of this Note immediately due and payable regardless of any prior forbearance and (ii) exercise any and all rights and remedies available to it under applicable law,
including, without limitation, the right to collect from the Maker all sums due under this Note. The Maker shall pay all reasonable costs and expenses incurred by or on behalf of the Payee in connection with the Payee’s exercise of any or all
of its rights and remedies under this Note, including, without limitation, reasonable attorneys’ fees. 
 5. WAIVERS. Maker waives presentment,
demand, protest, notice of protest and non-payment, or other notice of default, notice of acceleration and intention to accelerate, and agree that its liability under this Note shall not be affected by any renewal or extension in the time of payment
hereof, or in any indulgences, and hereby consents to any and all renewals, extensions, indulgences, releases, or changes, regardless of the number of such renewals, extensions, indulgences, releases, or changes. 
 6. NO WAIVER. No waiver by Payee of any of its rights or remedies hereunder or under any other document evidencing this Note or otherwise shall be considered a
waiver of any other subsequent right or remedy of Payee; no delay or omission in the exercise or 

  

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enforcement by Payee of any rights or remedies shall ever be construed as a waiver of any right or remedy of Payee; and no exercise or enforcement of any
such rights or remedies shall ever be held to exhaust any right or remedy of Payee. 
 7. GOVERNING LAW. EXCEPT TO THE EXTENT THAT THE LAWS OF THE
UNITED STATES MAY APPLY TO THE TERMS HEREOF, THE SUBSTANTIVE LAWS OF THE STATE OF FLORIDA SHALL GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT, AND INTERPRETATION OF THIS NOTE. 
 8. WAIVER OF JURY TRIAL. MAKER AND PAYEE HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF,
UNDER OR IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR MAKER ENTERING INTO THE TRANSACTIONS CONTEMPLATED BY
THIS AGREEMENT. 
 Executed as of the day and year first above written. 
  

			
	MAKER:
	
	FOREFRONT GROUP, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

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