AIR Note Agreement means the Mezzanine Note Agreement, dated as of December 14, 2020, pursuant to which Aimco REIT Sub, LLC issued $534,127,075 aggregate principal amount of its 5.20% Secured Mezzanine Notes due January 31, 2024 in exchange for the equity interests in James-Oxford Limited Partnership, a Maryland limited partnership, in connection with the Spin-Off Transaction, as the same may be amended, restated, supplemented or otherwise modified from time to time.