SUBORDINATED TERM NOTE (EARN-BACK OBLIGATIONS) THIS SUBORDINATED TERM NOTE (EARN-BACK OBLIGATIONS) AND INDEBTEDNESS EVIDENCED HEREBY ARE AND SHALL AT ALL TIMES BE AND REMAIN SUBORDINATED IN RIGHT OF PAYMENT TO THE EXTENT AND IN THE MANNER SET FORTH IN...Subordinated Term Note • December 14th, 2005 • Argan Inc • Medicinal chemicals & botanical products • Connecticut
THIS SUBORDINATED TERM NOTE (EARN-BACK OBLIGATIONS) AND INDEBTEDNESS EVIDENCED HEREBY ARE AND SHALL AT ALL TIMES BE AND REMAIN SUBORDINATED IN RIGHT OF PAYMENT TO THE EXTENT AND IN THE MANNER SET FORTH IN THAT CERTAIN AMENDED AND RESTATED DEBT SUBORDINATION AGREEMENT, DATED AS OF JUNE 30, 2005, BY AND AMONG BANK OF AMERICA, N.A., ARGAN, INC., A DELAWARE CORPORATION AND KEVIN J. THOMAS, AN INDIVIDUAL, TO THE PRIOR PAYMENT IN FULL OF ALL SUPERIOR DEBT (AS DEFINED THEREIN).
