Document:

Unassociated Document

    SUBORDINATION
      AND INTERCREDITOR AGREEMENT

    

    This
      Subordination and Intercreditor Agreement (“Agreement”)
      is
      made as of the 31day of January, 2008, by and between Arngrove Group
      Holdings Ltd., a company organized under the laws of England (“Arngrove”),
      and
      After All Limited, a company organized under the laws of England (“After
      All”;
      with
      Arngrove, collectively, the “Lenders”),
      on
      the one hand, and ForgeHouse, Inc., a Nevada corporation (“Publico”),
      and
      ForgeHouse LLC, a Georgia limited liability company (“ForgeHouse”;
      collectively with Publico, the “Borrowers”),
      on
      the other hand, with the record owners, and all persons or entities who acquire
      any ownership, control, voting, economic, or other rights therein (collectively,
      the “Preferred
      Stock Holders”),
      of
      the two million shares of Series A Preferred Stock (the “Preferred
      Stock”)
      of
      Publico currently issued and outstanding as specifically intended third-party
      beneficiaries of each of the terms, conditions, and obligations of the parties
      hereto.

     

    WHEREAS,
      the Lenders previously advanced certain funds to ForgeHouse and, in connection
      with a transaction that resulted in ForgeHouse becoming a wholly-owned
      subsidiary of Publico (the “Transaction”),
      consented to the amendment, restatement, and supersession in whole of the
      then-extant promissory notes of ForgeHouse in their favor and the replacement
      thereof with a series of promissory notes in their favor of even date herewith
      (individually, a “Promissory
      Note”
and,
      collectively, the “Promissory
      Notes”),
      wherein the Borrowers were the co-makers, which Promissory Notes evidenced
      the
      financial obligation of the Borrowers in favor of After All in the principal
      amount of $200,000.00 (the “After
      All Loan”)
      and in
      favor Arngrove in the principal amount of $1,200,000.00 (individually the
“Arngrove Loan”;
      collectively, with the After All Loan, the “Loans”);

     

    WHEREAS,
      in connection with the Transaction, the Preferred Stock Holders advised the
      Borrowers and the Lenders that, subject to, inter
      alia,
      the
      parties’ execution and delivery of this Agreement and their adherence to the
      terms hereof, the Preferred Stock Holders would accept Publico’s offer and
      purchase the Preferred Stock from Publico (as an indirect result of which
      purchase, the Lenders received an aggregate of US$240,000.00 from the Borrowers
      at or about concurrently with the Lenders’ execution and delivery of this
      Agreement); and

     

    WHEREAS,
      each of the Lenders desires to memorialize its or his respective agreement
      concerning its or his respective interests in the Borrowers’ financial
      obligations memorialized by the Promissory Notes, as modified by this
      Subordination And Intercreditor Agreement.

     

    NOW,
      THEREFORE, in consideration of the premises and for such other good and valuable
      consideration, the receipt and sufficiency of which is hereby acknowledged
      by
      the parties hereto, the parties hereto hereby agree as follows:

     

    1. Subordination
      Agreement.
      Each of
      the Lenders hereby acknowledges and agrees that all of its respective rights
      against the Borrowers to which such Lender may be entitled pursuant to the
      terms
      of its respective Promissory Note, the statutes and case law of any relevant
      jurisdiction, or otherwise shall be subordinate to the rights, privileges,
      and
      preferences of the Preferred Stock Holders, in their capacity as such, and
      each
      of the Borrowers hereby acknowledges such subordination by the Lenders and
      agrees not to engage in any conduct and to refrain from engaging in any conduct
      in derogation of such contractually superior rights of the Preferred Stock
      Holders. Set forth hereinbelow, by way of example and not of limitation, are
      certain of such subordination obligations of the Lenders.

     

    (a) All
      principal, interest, and other payments under the Promissory Notes to the
      Lenders may be tendered when due, so long as, at each such date of payment,
      Publico is not then in default of any of its obligations under the rights,
      privileges, and preferences of the Preferred Stock, e.g.,
      payment of accrued or declared and unpaid dividends or liquidation preference
      payments. 

     

    (b) In
      the
      event that any proceedings under the Bankruptcy Code are instituted by or
      against either of the Borrowers, or in the event of any assignment by either
      of
      them for the benefit of their respective creditors, Lenders shall assign to
      the
      Preferred Stock Holders any and all of their rights in, under, and related
      to
      the Promissory Notes. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) Each
      of
      the Lenders agrees not to sue upon, or to collect, or to receive payment of
      the
      principal or interest or other amount under its respective Promissory Note,
      and
      not to sell, assign, transfer, pledge, hypothecate, or encumber any such claim
      or claims except subject expressly to this Agreement, and not to enforce or
      apply any security now or hereafter existing therefor, nor to take any lien
      or
      security on any of Borrowers’ respective property, real or personal, so long as
      the rights, privileges and preferences of the Preferred Stock Holders remain
      extant. 

     

    (d) In
      the
      event of the appointment of any receiver for either Borrower’s respective
      business or assets, or any dissolution or winding up of the affairs of either
      Borrower: (a) said Borrower and any assignee, receiver or other person or
      persons in charge is hereby directed to pay to the Preferred Stock Holders
      the
      full amount of the Preferred Stock Holders’ liquidation preference and any
      accrued and unpaid dividends thereon, before making any payment of principal
      or
      interest to Lenders, and insofar as may be necessary for that purpose, each
      of
      the Lenders hereby assigns and transfers to the Preferred Stock Holders all
      security or the proceeds thereof, and all rights to any payments, dividends
      or
      other distributions, and (b) each of the Lenders hereby irrevocably constitutes
      and appoints the Preferred Stock Holders as the true and lawful attorney to
      act
      in its name and stead: (i) to file the appropriate subordinated claim or claims
      on behalf of each of the Lenders, if such Lenders do not do so prior to 30
      days
      before the expiration of the time to file claims in such proceeding and if
      the
      Preferred Stock Holders elect at their sole discretion to file such subordinated
      claim or claims and (ii) to accept or reject any plan of reorganization or
      arrangement on behalf of such Lenders, and to otherwise vote such Lender’s
      subordinated claim in respect of any indebtedness now or hereafter owing from
      Borrowers to the Lenders in any manner the Preferred Stock Holders deem
      appropriate for their own benefit and protection. 

     

    (e) On
      request of the holders of more than 50% of the then-outstanding Preferred Stock,
      each Lender shall deliver to the then-designated representative of the Preferred
      Stock Holders the original of any promissory note or other evidence of any
      existing or future indebtedness of Borrowers to any of the Lenders, and mark
      same with a conspicuous legend that reads substantially as follows:

     

    “THIS
      PROMISSORY NOTE IS SUBORDINATED TO THE RIGHTS, PRIVILEGES, AND PREFERENCES
      OF
      THE HOLDERS OF THE MAKERS’ SERIES A PREFERRED STOCK AND MAY BE ENFORCED ONLY IN
      ACCORDANCE WITH THAT CERTAIN SUBORDINATION AND INTERCREDITOR
      AGREEMENT
      DATED JANUARY 31, 2008 AMONG THE HOLDER OF THIS PROMISSORY NOTE, AND OTHER
      SIMILARLY SITUATED PERSONS OR ENTITIES AND THE MAKERS HEREOF.”

     

    (f) In
      the
      event that any payment or any cash or noncash distribution is made to any of
      the
      Lenders in violation of the terms of this Agreement, such Lender shall receive
      same in trust for the benefit of the Preferred Stock Holders, and shall
      forthwith remit it to the Preferred Stock Holders in the form in which it was
      received, together with such endorsements or documents as may be necessary
      to
      effectively negotiate or transfer same to the Preferred Stock
      Holders.

     

    2. Intercreditor
      Agreement.

     

    (a) Any
      and
      all interest and principal payments shall be paid by Borrower to After All
      in
      connection with the After All Loan and to Arngrove in connection with the
      Arngrove Loan. 

     

    (b) Pursuant
      to the terms of the Promissory Notes, After
      All
      shall have
      the
      right to collect any and all items (including, but not limited to, interest)
      due
      or collectible in connection with the After
      All
      Loan and Arngrove shall have the right to collect any and all items (including,
      but not limited to, interest) due or collectible in connection with the Arngrove
      Note.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) If
      either
      of the Lenders acquires any knowledge of any event of default under either
      of
      the Loans, then the party having such knowledge shall with reasonable promptness
      notify the other parties in writing and, thereafter, shall advise as to its
      proposed action, if any, to be taken in connection therewith.

     

    (d) Any
      person, firm, or corporation (other than Borrowers or any other person obligated
      under the Loans) shall deal with After All as the sole owner of the After All
      Loan and shall deal with Arngrove as the sole owner of the Arngrove Loan.

     

    (e)Lenders
      shall not, without the prior written consent of the Borrower, modify the
      interest rate under the Promissory Notes, or change any material terms thereof.
      

     

    (f) Pursuant
      to the terms of the Promissory Notes, as limited by the terms hereof, Lenders
      may take such action upon any default under the Loans as Lenders deem necessary
      or advisable, including but not limited to, the selection of attorneys to be
      used in connection with any required action to protect their respective
      interests.

     

    (g)Lenders
      may perform any duties hereunder by or through their respective agents,
      employees, or attorneys. Lenders shall have no duties or responsibilities except
      those expressly set forth in this Agreement. Neither Arngrove nor After All
      shall have a fiduciary relationship in respect of each other.

     

    (h) Lenders
      shall not transfer or assign this Agreement or any rights hereunder, or any
      of
      the Promissory Notes, without: (1) the prior written consent of each of the
      others, and (2) the transferee or assignee becoming a party to this Agreement,
      thereby subordinating any and all interest in the applicable Promissory Note(s)
      to the rights, privileges, and preferences of the Preferred Stock
      Holders.

     

    3. Term.
      This
      Agreement shall automatically terminate upon the earlier of the conversion
      of
      all of the Preferred Stock into shares of Borrowers’ common stock or the payment
      in full of both of the Promissory Notes. 

     

    4. Governing
      Law and Jurisdiction.
      This
      Agreement is intended to be performed in, shall be construed and interpreted
      in
      accordance with, and be governed by the internal laws of, the State of New
      York,
      without regard to principles of conflict of laws. Any judicial proceeding
      brought by or against any party to this Agreement with respect to this Agreement
      shall be brought in any state court of New York or any federal court sitting
      in
      the State of New York, in either case sitting in the Borough of Manhattan,
      and,
      by execution and delivery of this Agreement, and by acceptance hereof, each
      of
      the parties hereto accept for themselves and in connection with its properties,
      generally and unconditionally, the exclusive jurisdiction of the aforesaid
      courts, and irrevocably agrees to be bound by any final judgment rendered
      thereby in connection with this Agreement. Each of the parties hereto hereby
      waive any claim or defense that any such forum is not convenient or proper.
      

     

    5. Action
      by Written Consent.
      Any
      permitted or required action of the Preferred Stock Holders under this Agreement
      requires the written consent of the holders of more than fifty percent (50%)
      of
      the then-outstanding Preferred Stock.

     

    6. Transfer.
      Neither
      this Agreement nor any of the Promissory Notes shall be transferred or assigned
      by any Borrower or Lender without: (1) the express written consent of the
      Preferred Stock Holders, and (2) the transferee or assignee of said Borrower
      or
      Lender becoming a party to this Agreement, thereby subordinating any and all
      interest in the respective Promissory Note(s) to the rights, privileges, and
      preferences of the Preferred Stock Holders. If the Preferred Stock Holders
      consent to any such transfer or, if notwithstanding the foregoing, such a
      transfer occurs, then the provisions of this Agreement shall be binding upon
      any
      and shall inure to the benefit of and be extended to any holder hereof. Except
      as expressly set forth herein, this Agreement shall be binding upon the heirs,
      successors, and assigns of the parties hereto.

     

    [Signatures
      continued on following page.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Dated:
      January 31, 2008

    

    

    LENDERS:

    

    ARNGROVE
      GROUP HOLDINGS LTD., 

    a
      company
      organized under the laws of England

    

    By: 
      /s/ BG Mileson
      
        

      

    

    BG
      Mileson, its Director

    AFTER
      ALL
      LIMITED, a company organized under the laws of England

    

    By: 
      /s/ Bryan Irving

    
      
Bryan
      Irving, its  Director

    

    BORROWERS:

    

    FORGEHOUSE
      LLC, a Georgia limited liability company

     

      	By:	ForgeHouse,
              Inc.,
              a Nevada corporation, 
              its
                manager

            	 	 	 
	 	 	 	 	 
	
            	 	 	 	 
	By:	/s/ Alexander Man-Kit Ngan	 	 	
            
	 	
              

              Alexander
                Man-Kit Ngan, 

              its
                Assistant Secretary

            	 	 	
            

    

    
       

      ForgeHouse,
        Inc., a Nevada corporation 

        	
              	 	 	 	 
	By:	/s/ Alexander Man-Kit Ngan	 	 	
              
	 	
                

                Alexander
                  Man-Kit Ngan, 

                its
                  Assistant SecretaryUnassociated Document

     

    
      	
              NUMBER

            	 	
              UNITS

            
	 	 	 
	
              U-__________

            	 	 
	 	 	 
	
              SEE
                REVERSE FOR
CERTAIN DEFINITIONS

            	
              GLOBAL
                ALTERNATIVE ASSET MANAGEMENT, INC.

            	 

    

     

    CUSIP
      37949C 208

    

    UNITS
      CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT EACH TO PURCHASE ONE
      SHARE OF COMMON STOCK

    

    THIS
      CERTIFIES THAT
      ______________________________________________________________________________________________

    

    is
      the
      owner of
      _______________________________________________________________________________________________________
      Units.

    

    Each
      Unit
      (“Unit”) consists of one (1) share of common stock, par value $.0001 per share
      (“Common Stock”), of Global Alternative Asset Management, Inc., a Delaware
      corporation (the “Company”), and one warrant (the “Warrant(s)”). Each full
      Warrant entitles the holder to purchase one (1) share of Common Stock for $6.50
      per share (subject to adjustment). Each Warrant will become exercisable on
      the
      later of (i) six months after the Company’s completion of a merger, capital
      stock exchange, asset acquisition or other similar business combination and
      (ii)
      ___________, 2008, and will expire unless exercised before 5:00 p.m., New York
      City Time, on ____________, 2012, or earlier upon redemption (the “Expiration
      Date”). The Common Stock and Warrants comprising the Units represented by this
      certificate are not transferable separately prior to __________, 2007, subject
      to earlier separation in the discretion of EarlyBirdCapital, Inc. The terms
      of
      the Warrants are governed by a Warrant Agreement, dated as of _______, 2007,
      between the Company and Continental Stock Transfer & Trust Company, as
      Warrant Agent, and are subject to the terms and provisions contained therein,
      all of which terms and provisions the holder of this certificate consents to
      by
      acceptance hereof. Copies of the Warrant Agreement are on file at the office
      of
      the Warrant Agent at 17 Battery Place, New York, New York 10004, and are
      available to any Warrant holder on written request and without cost.

    This
      certificate is not valid unless countersigned by the Transfer Agent and
      Registrar of the Company.

    Witness
      the facsimile seal of the Company and the facsimile signatures of its duly
      authorized officers.

    

     

    
      	 	 	 	 	 
	By	 	
               

            	 	 
	 	
              
Chairman
              of the Board	 	 	
              
Secretary

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Global
      Alternative Asset Management, Inc. 

     

    The
      Company will furnish without charge to each stockholder who so requests, a
      statement of the powers, designations, preferences and relative, participating,
      optional or other special rights of each class of stock or series thereof of
      the
      Company and the qualifications, limitations, or restrictions of such preferences
      and/or rights. 

     

    The
      following abbreviations, when used in the inscription on the face of this
      certificate, shall be construed as though they were written out in full
      according to applicable laws or regulations:

     

    
      	TEN COM -	 	as tenants in common	 	UNIF GIFT MIN ACT -	 	_____ Custodian _____
	TEN ENT -	 	as tenants by the entireties	 	 	 	(Cust)      (Minor)
	JT TEN -	 	as joint tenants with right of survivorship
              and not as tenants in common	 	 	 	under Uniform Gifts
              to Minors
              Act ____ 
	 	 	 	 	 	 	                    (State)

    

    

    Additional
      Abbreviations may also be used though not in the above list.

     

    For
      value received, ___________________________ hereby sell, assign and transfer
      unto

     

    
      	
              PLEASE
                INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING
                NUMBER OF ASSIGNEE

            
	    
	    
	     

    

     

     

      
        

      

    

    (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
      ASSIGNEE)

     

    
      

    

    
       

      
        

      

       

      
        

      

    

    
      Unitsrepresented
        by the within Certificate, and do hereby irrevocably constitute and
        appoint

    

    
       

      
        

      

    

    Attorney
      to
      transfer the said Units on the books of the within named Company will full
      power
      of substitution in the premises.

    

    Dated
      __________    

     

     

    
      	       
	
              Notice:  The
                signature to this assignment must correspond with the name as written
                upon
                the face of the certificate in every particular, without alteration
                or
                enlargement or any change
                whatever.

            

    

    
 

    
      	Signature(s) Guaranteed:
	 
	       
	THE SIGNATURE(S) SHOULD BE GUARANTEED
              BY AN
              ELIGIBLE GUARANTOR INSTITUTION (BANKS,
              STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
              MEMBERSHIP
              IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT
              TO S.E.C. RULE 17Ad-15).

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