Initial Subordinate Debt Clause Samples

Initial Subordinate Debt. The unsecured debt provided by the Initial Subordinate Lender to the REIT pursuant to (a) that certain Convertible Promissory Note and Loan Agreement dated November 18, 2020 by the REIT to SREP III Flight – Investco 2, L.P. as an Initial Subordinate Lender in the principal amount of $7,220,443.00 and (b) that certain Convertible Promissory Note and Loan Agreement dated November 18, 2020 by the REIT to Efanur S.A. as an Initial Subordinate Lender in the principal amount of $2,779,557.00 (as the same may be increased by capitalized interest), which documentation shall be in accordance with the Subordinate Debt Terms. Initial Subordination and Standstill Agreement. Those certain Subordination and Standstill Agreements dated as of the date of the Ninth Amendment to Credit Agreement by and among REIT, the Agent and each Initial Subordinate Lender evidencing the subordination of amounts payable by the REIT to such Initial Subordinate Lender with respect to the Initial Subordinate Debt to the Obligations, the agreement of such Initial Subordinate Lender to standstill in the taking of actions or exercising remedies and evidencing other agreements and protections in favor of the Agent and the Lenders, as the same may be amended, restated, supplemented or otherwise modified in accordance with the terms hereof and thereof.