Subordination Letter Agreement between Noble Roman’s, Inc., Paul Mobley, and Super G Funding, LLC (June 8, 2016)

Contract Categories: Business Finance › Subordination Agreement
Summary

This agreement is between Paul Mobley, Noble Roman’s, Inc., and Super G Funding, LLC. Paul Mobley agrees that his loans to Noble Roman’s, Inc. are subordinate to a new loan from Super G Funding, meaning Super G’s loan takes priority for repayment. Mobley can receive interest payments only if Noble Roman’s is not in default with Super G, and cannot demand repayment or take collection action while Super G’s loan is outstanding. The maturity date of Mobley’s loans is extended to June 10, 2018. The agreement is binding and enforceable, including in bankruptcy.

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EX-10.15 4 nrom_ex1015.htm SUBORDINATION LETTER Blueprint
 
EXHIBIT 10.15
 
June 8, 2016
 
Paul Mobley
 
Re:           NOBLE ROMAN’S, INC., an Indiana corporation
Dear Paul:
You have made one or more loans (the “Loans”) to the foregoing entity and/or its affiliates (the “Borrower”).
Super G Funding, LLC (“Super G”) plans to lend funds (the “Super G Financing”) to the Borrower and requires your consent on this letter below.
By your signature below, you agree:
(1)           that the Loans are subordinated to the Super G Financing. So long as the Borrower is not in default under the Super G Financing, the Borrower may make periodic interest payments (but no payments of principal) to you on the Loans. If the Borrower is in default under the Super G Financing, the Borrower may not make any payment to you on the Loans, and you cannot take any action to collect the Loans. If you do receive payments in violation of this Section (1), you must forward them to Super G.
(2)           that the Loans are not secured by any security interest in property of the Borrower. If the Loans become secured, that security interest is subordinate to the security interest the Borrower has given to Super G.
(3)           that, so long as the Super G Financing is outstanding, you will not make demand for payment on the Loans.
(4)           to extend the maturity date of the Loans to June 10, 2018.
(5)           that this letter binds you and your assigns and successors and is enforceable in a bankruptcy proceeding involving Borrower.
Please sign a copy of this letter below and return it to me. Thank you.
NOBLE ROMAN’S, INC.
 
By:_______________________
Name: Paul Mobley
Title: Executive Chairman & CFO
 
CONSENTED AND AGREED TO BY LENDER:
 
__________________________
Name: Paul Mobley
Address: Indianapolis, Indiana