Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 TO INVESTMENT MANAGEMENT TRUST AGREEMENT 

February 17, 2021 
 THIS
AMENDMENT NO. 1 TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT (this “Amendment”) is made as of February 17, 2021, by and between Crescent Acquisition Corp, a Delaware corporation (the “Company”), and Continental Stock
Transfer & Trust Company, a New York limited purpose trust company (the “Trustee”). Capitalized terms contained in this Amendment, but not specifically defined in this Amendment, shall have the meanings ascribed to such terms in
that certain Investment Management Trust Agreement, dated March 7, 2019, by and between the parties hereto (the “Trust Agreement”). 

WHEREAS, on March 7, 2019, an aggregate of $250,000,000 was placed in the Trust Account from the Offering and sale of Private Placement
Warrants; 
 WHEREAS, Section 1(i) of the Trust Agreement provides that the Trustee is to liquidate the Trust Account and distribute
the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution
expenses) to the Public Stockholders of record upon the date which is 24 months after the closing of the Offering; 
 WHEREAS,
Section 6(c) of the Trust Agreement provides that Section 1(i) of the Trust Agreement may only be modified, amended or deleted with the affirmative vote of at least sixty five percent (65%) of the then outstanding shares of Common Stock
and Class F common stock, par value $0.0001 per share, of the Company voting together as a single class and by a writing signed by each of the parties hereto; 

WHEREAS, pursuant to a special meeting of the Public Stockholders of the Company, at least sixty five percent (65%) of the then outstanding
shares of Common Stock and Class F common stock, par value $0.0001 per share, of the Company voting together as a single class voted affirmatively to approve this Amendment; and 

WHEREAS, each of the Company and Trustee desire to amend the Trust Agreement as provided herein. 

NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: 
 1.
Amendment to Trust Agreement. Section 1(i) of the Trust Agreement is hereby amended and restated in its entirety as follows: 

“(i) Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance
with, the terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B signed on behalf of the Company by its Executive Chairman, Chief Executive
Officer, President, Chief Financial Officer, Secretary or Chairman (or, if 

 
applicable, any Co-Chairman) of the board of directors (the “Board”) or other authorized officer of the Company, and complete the liquidation of
the Trust Account and distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to
the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) June 30, 2021, if a Termination Letter has not been received by the Trustee prior to such date, in
which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account and
not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), shall be distributed to the Public Stockholders of record as of such date; provided, however,
that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because it has received no such Termination Letter by June 30, 2021, the Trustee
shall keep the Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders;”. 

2. Miscellaneous Provisions. 

2.1 Successors. All the covenants and provisions of this Amendment by or for the benefit of the Company or the Trustee shall bind
and inure to the benefit of their permitted respective successors and assigns. 
 2.2 Severability. This Amendment shall be
deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or
unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

2.3 Applicable Law. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of
New York. 
 2.4 Counterparts. This Amendment may be executed in several original or facsimile counterparts, each of which
shall constitute an original, and together shall constitute but one instrument. 
 2.5 Effect of Headings. The section headings
herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof. 
 2.6 Entire
Agreement. The Trust Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral,
express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated. 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first
above written. 
  

					
	Continental Stock Transfer & Trust Company, as Trustee
		
	By:	 	 /s/ Francis Wolf

		 	Name:	 	Francis Wolf
		 	Title:	 	Vice President
	
	Crescent Acquisition Corp
		
	By:	 	 /s/ George Hawley

		 	Name:	 	George Hawley
		 	Title:	 	General Counsel and Secretary

 [Signature Page to Amendment to Investment Management Trust Agreement]Exhibit 10.1

 

THIS PROMISSORY NOTE (THIS “NOTE”) HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE
SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: Up to U.S.$300,000	 	Dated as of January 21, 2021

 

FOR VALUE RECEIVED and subject to the terms
and conditions set forth herein, Aspirational Consumer Lifestyle Corp. II, a Cayman Islands exempted company (“Maker”),
promises to pay to ASP Sponsor II LLC, a Cayman Islands limited liability company (“Payee”), or order, the
principal sum of Three Hundred Thousand U.S. Dollars (U.S.$300,000) or such lesser amount as shall have been advanced by Payee
to Maker and shall remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States
of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of
immediately available funds or as otherwise determined by Maker to such account as Payee may from time to time designate by written
notice in accordance with the provisions of this Note.

 

1.           
Principal. The entire unpaid principal balance of this Note shall be due and payable in full on the earlier of: (i) December
31, 2021, and (ii) the date on which Maker consummates an initial public offering of its securities (such earlier date of
(i) and (ii), the “Maturity Date”), unless accelerated upon the occurrence of an Event of Default (as defined
below). The principal balance may be prepaid at any time by Maker, at its election and without penalty. Under no circumstances
shall any individual, including but not limited to any officer, director, employee or shareholder of Maker, be obligated personally
for any obligations or liabilities of Maker hereunder.

 

2.           
Drawdown Requests. Maker and Payee agree that Maker may request, from time to time, up to Three Hundred Thousand U.S.
Dollars (U.S.$300,000) in draw downs under this Note to be used for costs and expenses related to Maker’s proposed initial
public offering of its securities (the “IPO”), including its formation. The principal of this Note may be drawn
down from time to time prior to the Maturity Date upon request from Maker to Payee (each, a “Drawdown Request”).
Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand U.S. Dollars (U.S.$10,000)
unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than three (3) business days after receipt
of a Drawdown Request; provided, however, that the maximum amount of drawdowns outstanding under this Note at any
time may not exceed Three Hundred Thousand U.S. Dollars (U.S.$300,000). No fees, payments or other amounts shall be due to Payee
in connection with, or as a result of, any Drawdown Request by Maker.

 

3.           
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

4.           
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of
any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

     

     

    

 

5.           
 Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)               
Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note on the
Maturity Date.

 

(b)               
Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its
property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts
as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)               
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises
in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect
for a period of sixty (60) consecutive days.

 

6.           
Remedies.

 

(a)               
Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of
which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)               
Upon the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note,
and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases
without any action on the part of Payee.

 

7.           
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.           
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance,
default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the
liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications
that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers,
endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

    2

     

    

 

9.           
 Notices. All notices, statements or other documents which are required or contemplated by this Note shall be: (i)
in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile
or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to
such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail,
to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated
in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery,
if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.         
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK.

 

11.         
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

12.         
Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives, upon and following the consummation
of the IPO, any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of
or from the trust account to be established in which proceeds of the IPO (including the deferred underwriting discounts and commissions)
and proceeds of the sale of the warrants issued in a private placement to occur in connection with the IPO are to be deposited,
as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission
in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the trust account for any reason whatsoever.

 

13.         
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written
consent of Maker and Payee.

 

14.         
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party
hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment
without the required consent shall be void.

 

[Signature Page Follows]

 

    3

     

    

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	Aspirational Consumer Lifestyle Corp. II
	 	 
	 	By:	/s/ Ravi
                                         Thakran

		Name:	Ravi Thakran
		Title:	Chief Executive Officer

 

Agreed and acknowledged:

 

	ASP
    Sponsor II LLC	 
	 	 	 
	By:	/s/
    Ravi Thakran	 
	 	Name:	Ravi Thakran	 
	 	Title:	Chief Executive Officer	 

 

[Signature Page
to Promissory Note]

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