Subordinate Debt Terms Sample Clauses

Subordinate Debt Terms. Any Subordinate Debt (and related note) issued or made by the REIT (a) shall have a minimum remaining term of not less than the then effective Maturity Date or any earlier date approved by the Super-Required Lenders in connection with the Initial Subordinate Debt, (b) shall be Unsecured Indebtedness and not guaranteed by any other Person, (c) shall impose no financial, negative or other covenants (or other covenants, representations or defaults which have the same practical effect thereof) on the REIT, the Borrower or their respective Subsidiaries, (d) pursuant to which all claims and liabilities of the REIT with respect thereto are subordinate to the payment of the Obligations of the Borrower, the REIT and the Guarantors on terms acceptable to the Agent pursuant to a Subordination and Standstill Agreement, and (e) which is otherwise approved in writing by the Required Lenders in their sole, exclusive and unfettered discretion (provided that the Required Lenders shall not withhold their approval of any document evidencing Future Subordinate Debt in the event that it is in the form of the Convertible Promissory Note and Loan Agreement attached hereto as Exhibit K (except that the interest rate may vary and there may be other modifications that are immaterial to the Lenders (it being agreed that, for example, the addition of covenants, required payments and defaults shall be material)), provided that such document evidencing Future Subordinate Debt shall not contain any requirement to pay any interest or fees other than on the maturity date thereof which is in accordance with clause (a) of this definition above). Subordinate Lenders. Collectively, the Initial Subordinate Lender and the Future Subordinate Lenders.