SUBORDINATION AGREEMENT
(to secured creditor)

FOR VALUE RECEIVED the undersigned, having or acquiring a security interest in the following collateral:

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of the following debtor:

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hereby agrees that the said security interest shall be subordinated to the security interest of:

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dated the______day of_______________________, 200(X), in respect of the following secured collateral:

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IN WITNESS WHEREOF the said company has hereto affixed its company seal, attested by the hands of its duly authorized officers, on the day and year first above written.

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COMPANY NAME

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ACKNOWLEDGED BY DEBTOR:

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