CIATTI'S, INC.Subscription Agreement • March 13th, 1997 • Ciattis Inc /De/ • Retail-eating places
Date ReceivedCiattis Inc /De/ • March 13th, 1997 • Retail-eating places
This Note is unsecured in all respects. This Note is subordinated in right of payment to the prior payment in full of all Senior Indebtedness. The Company and the Noteholder by accepting this Note agrees to the subordination and authorizes the Company to give it effect. Senior Indebtedness means all Indebtedness (as defined below) of the Company except (a) indebtedness evidenced by this Note and (b) indebtedness which is expressly made equal in right of payment to this Note. "Indebtedness" of the Company on any date includes (i) all indebtedness for money borrowed by the Company, (ii) indebtedness of the Company under leases which are capitalized under generally accepted accounting principles ("GAAP") and (iii) indebtedness of the Company representing the deferred and unpaid purchase price of any property or business (excluding trade and service payables incurred in the ordinary course of business and constituting current liabilities).
