SEC Contract Filing

Filing Date: 2024-04-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.30
<SEQUENCE>15
<FILENAME>ea020433001ex10-30_ilearn.htm
<DESCRIPTION>FORM OF SUBORDINATION AGREEMENT
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.30</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBORDINATION
AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(iLearningEngines
Inc.)</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Subordination Agreement (this <B>&ldquo;<U>Agreement</U>&rdquo;</B>), dated as of [&#9679;], is among each of the undersigned persons
and entities (each a <B>&ldquo;<U>Junior Lender</U>&rdquo;</B> and collectively, the <B>&ldquo;<U>Junior Lenders</U>&rdquo;</B>), on
the one hand, and Venture Lending&nbsp;&amp; Leasing IX, Inc. and WTI Fund X, Inc. (individually and collectively, <B>&ldquo;<U>Senior
Lender</U>&rdquo;</B>), on the other hand. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Recitals</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Each
Junior Lender is interested in the financial success of iLearningEngines Inc., a Delaware corporation (<B>&ldquo;<U>Debtor</U>&rdquo;</B>),
and acknowledges that Senior Lender entered into certain financing arrangements with Debtor, including the Loan Agreements (as defined
below). Each Junior Lender has advanced or desires to advance certain funds to Debtor to purchase a Subordinated Note (as defined below).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Each
Junior Lender agrees that the financing arrangements between Senior Lender and Debtor are in Debtor&rsquo;s and such Junior Lender&rsquo;s
best interests, and in order to enable Debtor to issue the Subordinated Notes to the Junior Lenders in compliance with Debtor&rsquo;s
covenants to Senior Lender under the Loan Agreements, each Junior Lender agrees as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1. </B>The
term <B>&ldquo;<U>Obligations</U>&rdquo;</B> is used in this Agreement in its broadest and most comprehensive sense and shall mean all
present and future indebtedness of Debtor which may be, from time to time, incurred by Debtor, including, but not limited to, any negotiable
instruments evidencing the same, all guaranties, debts, demands, monies, indebtedness, liabilities and obligations owed or to become
owing, including interest, principal, costs, and other charges, and all claims, rights, causes of action, judgments, decrees, remedies,
or other obligations of any kind whatsoever and howsoever arising, whether voluntary, involuntary, absolute, contingent, direct, indirect,
or by operation of law.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2. </B>The
term <B>&ldquo;<U>Junior Lender Obligations</U>&rdquo;</B> shall mean all Obligations owing at any time by Debtor to the Junior
Lenders, including, without limitation, Obligations pursuant to those certain Subordinated Unsecured Convertible Promissory Notes
(as the same may be amended, restated, supplemented, extended, renewed or otherwise modified from time to time, each individually, a <B>&ldquo;<U>Subordinated
Note</U>&rdquo;</B> and collectively, the <B>&ldquo;<U>Subordinated Notes</U>&rdquo;</B>) issued from time to time pursuant to that
certain Convertible Note Purchase Agreement, dated as of March 21, 2024, among Debtor and the Junior Lenders (as the same has been
and may be amended, restated, supplemented, extended, renewed or otherwise modified from time to time, collectively, the
&ldquo;<B><U>NPA</U></B>&rdquo;), and any agreement or instrument made in connection ther