Saleen Automotive, Inc. (fka SLNN)

[DaReal]

Per the LOI excluded imo

The Senior Notes shall be secured by all of the assets of the Company and will be senior to any other outstanding debt of the Company, including the secured notes in the outstanding principal amount of $2,501,612 held by the Existing Lenders (the “ Existing Notes ”), but excluding the secured indebtedness held by Citizens Business Bank in the principal amount of $358,704. Concurrently with execution of this Letter of Intent, the Parties shall enter or shall have entered into a Subordination Agreement (the “Subordination Agreement”) confirming SM Funding as senior secured lender and Existing Lenders as subordinated creditors. The Company at its option may repay or force conversion of the Senior Notes, if still outstanding, at any time after 180 days following the issuance date of the Senior Notes on seven days’ written notice to the holders thereof.