Document:

radi-ex1024_372.htm

Exhibit 10.24

 

EXECUTION COPY

 

 

 

 

DATED 16 FEBRUARY 2021

 

 

 

FIRST AMENDMENT AGREEMENT TO THE

UP TO £250,000,000 SECURED AND GUARANTEED PROMISSORY CERTIFICATES DUE 2028 

SUBSCRIPTION AGREEMENT DATED 6 NOVEMBER 2019

 

 

between

 

 

AP WIP INVESTMENTS BORROWER, LLC

as Company

 

and

 

AP WIP INVESTMENTS, LLC

as Guarantor

 

and

 

GLAS AMERICAS LLC

as Registrar

 

SEQUOIA IDF ASSET HOLDINGS SA

as Original Subscriber

 

 

 

 

 

CONTENTS

CLAUSE

	
1.
	
Definitions and interpretation
	
2

	
2.
	
Amendments to the Original Subscription Agreement
	
2

	
3.
	
Action By The Original Subscriber Hereunder
	
8

	
4.
	
Continuity
	
8

	
5.
	
Representations
	
8

	
6.
	
Miscellaneous
	
9

	
7.
	
Third party rights
	
9

	
8.
	
Governing law and jurisdiction
	
9

 

 

 

 

 

 

 

EXECUTION COPY

 

 

 

THIS FIRST AMENDMENT AGREEMENT (this “Agreement”) is dated 16 February 2021.

 

PARTIES

	
(1)
	
AP WIP INVESTMENTS BORROWER, LLC, a limited liability company formed under the laws of the State of Delaware, U.S.A., with limited liability (registered number 7626096) (the “Company”)

 

	
(2)
	
AP WIP INVESTMENTS, LLC, a limited liability company formed under the laws of the State of Delaware, U.S.A., with limited liability (registered number 5242986) (the “Guarantor”);

 

	
(3)
	
GLAS AMERICAS LLC, a limited liability company formed under the laws of the state of New York, U.S.A. (the “Registrar”);

 

	
(4)
	
SEQUOIA IDF ASSET HOLDINGS SA (the “Original Subscriber”); and

 

	
(5)
	
AP WIP Investments Holdings, LP, a limited partnership formed under the laws of the State of Delaware, U.S.A., with limited liability (registered number 6192277) (the “Pledgor”).

 

BACKGROUND

 

	
(A)
	
The Company, Guarantor, Registrar and the Original Subscriber entered into a subscription agreement dated 6 November 2019 pursuant to which the Company created and issued and the Original Subscriber subscribed for Class A Tranche 1 Promissory Certificates (the “Original Subscription Agreement”).

 

	
(B)
	
The parties have agreed, subject to the terms of this Agreement, to amend the Original Subscription Agreement as set out in this Agreement.

 

	
(C)
	
This Agreement is supplemental to the Original Subscription Agreement and will be designated as a Finance Document.

 

 

 

AGREED TERMS

 

	
1.
	
DEFINITIONS AND INTERPRETATION

 

	
1.1
	
In this Agreement:

“Effective Date” means the date on which the Original Subscriber notifies the Company that it has received all of the documents and other evidence listed in Schedule 1 (Conditions Precedent) in form and substance satisfactory to the Original Subscriber.

 

	
1.2
	
Unless otherwise provided including, without limitation in this Clause 1 or unless the context otherwise requires, terms defined in the Original Subscription Agreement shall have the same meaning when used in this Agreement.

 

	
1.3
	
The rules of interpretation of the Original Subscription Agreement shall apply to this Agreement as if set out in this Agreement, save that references in the Original Subscription Agreement to “this agreement” shall be construed as references to this Agreement.

 

	
1.4
	
Unless the context otherwise requires, references in the Original Subscription Agreement to “this agreement” shall be to the Original Subscription Agreement as amended by this Agreement.

 

	
1.5
	
In this Agreement:

 

	
 
	
(a)
	
any reference to a “Clause” is, unless the context otherwise requires, a reference to a clause of this Agreement; and

 

	
 
	
(b)
	
Clause headings are for ease of reference only.

 

	
1.6
	
This Agreement is hereby designated a Finance Document by the Borrower and the Agent.

 

	
2.
	
AMENDMENTS TO THE ORIGINAL SUBSCRIPTION AGREEMENT

 

	
2.1
	
Each of the parties to this Agreement agrees that, with effect on and from the Effective Date, the Original Subscription Agreement will be amended by this Agreement as set out in this Clause 2.

 

	
2.2
	
The Original Subscription Agreement will only be amended if the Original Subscriber has received all of the documents and other evidence listed in Schedule 1 (Conditions Precedent) in form and substance satisfactory to the Original Subscriber or receipt of such documents and evidence has been waived by all the Holders. The Original Subscriber shall notify the Company promptly after being so satisfied.

 

	
2.3
	
The following new definitions shall be in Schedule 1 paragraph 1.1 in appropriate alphabetical order as follows:

 

“EURIBOR” means:

 

	
 
	
(a)
	
the applicable Screen Rate as of the Specified Time for euro and for a period equal in length to the Interest Period of that Promissory Certificate; or

 

	
 
	
(b)
	
as otherwise determined pursuant to Clause 10A.1 (Unavailability of Screen Rate),

 

and if, in either case, that rate is less than zero, EURIBOR shall be deemed to be zero.

“Floating Certificate Holder” means in respect of a Tranche or sub-tranche of Promissory Certificates with a floating interest rate, the person in whose name such Promissory Certificate is for the time being registered in the Register.

 

“Funding Rate” means any individual rate notified by a Floating Certificate Holder to the Company pursuant to paragraph (a)(ii) of Clause 10A.4 (Cost of funds).

 

“Interpolated Screen Rate” means, in relation to any Promissory certificate, the rate which results from interpolating on a linear basis between:

 

	
 
	
(a)
	
the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Promissory Certificate; and

 

	
 
	
(b)
	
the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Promissory Certificate,

 

each as of the Specified Time.

 

“Quotation Day” means, in relation to any period for which an interest rate is to be determined two (2) TARGET Days before the first day of that period, (unless market practice differs in the Relevant Market for that currency, in which case the Quotation Day for that currency will be determined by the relevant Floating Certificate Holder in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days));

 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the relevant Floating Certificate Holder at its request by the Reference Banks:

 

	
 
	
(a)
	
(other than where paragraph (b) below applies) as the rate at which the relevant Reference Bank believes one prime bank is quoting to another prime bank for interbank term deposits in euro within the Participating Member States for the relevant period; or

 

	
 
	
(b)
	
if different, as the rate (if any and applied to the relevant Reference Bank and the relevant period) which contributors to the applicable Screen Rate are asked to submit to the relevant administrator.

 

“Reference Banks” means such banks as may be appointed from time to time by the relevant Floating Certificate Holder in consultation with the Company.

 

“Screen Rate” means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed on the BTMM EU page of the Bloomberg screen (or any replacement Bloomberg page which displays that rate). If the agreed page is replaced or service ceases to be available, the relevant Floating Certificate Holder may specify another page or service displaying the appropriate rate after consultation with the Company in respect of its Promissory Certificates in respect of which a floating interest rate applies.

 

“Specified Time” means the Quotation Day 11.00 a.m. (Brussels time).

 

“TARGET Day” means any day on which TARGET2 is open for the settlement of payments in euro.

 

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007.

 

	
2.4
	
The definition of ‘Business Day’ in Schedule 1 paragraph 1.1 shall be deleted in its entirety and replaced with the following:

 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London and New York and which is a TARGET Day.

 

	
2.5
	
Clause 3.3(f)(v) shall be amended by inserting, immediately following the words “to the relevant Subscriber” in line 3, and before the end of the parenthesis:

 

“or in respect of Part II of Schedule 1 in relation to a proposed issuance of Additional Tranches”

 

	
2.6
	
Sub-Clauses 20.17(i), (ii) and (iii) shall be deleted in their entirety and replaced with the following:

 

	
 
	
“(i)
	
at the end of the sixth anniversary of the Initial Closing Date,10:0:1

 

	
 
	
(ii)
	
at the end of the seventh anniversary of the Initial Closing Date,9:50:1;

 

	
 
	
(iii)
	
at the end of the eighth anniversary of the Initial Closing Date,9:25:1; and

 

	
 
	
(iv)
	
at the end of the ninth anniversary of the Initial Closing Date, 9:0:1.

 

	
2.7
	
Clause 9.5 shall be amended by inserting the following, immediately following sub- clause (b) therein:

 

“(c) In respect of the any Tranche or sub tranche of Promissory Certificates which are subject to a floating interest rate, the relevant Floating Certificate Holder shall, in respect of its Promissory Certificates, send a notice to the Registrar and the Company setting out the determination of a rate of interest in respect of the Floating Certificate Holder’s Promissory Certificates which are subject to a floating interest rate (the “Applicable Interest Rate”) (such rate of interest as set forth in Schedule 1) 10 Business Days prior to the relevant Payment Date and which notice will set out (i) the Applicable Interest Rate, (ii) the Screen Rate, (iii) the interest due to be paid in respect of the Floating Certificate Holder’s Promissory Certificates which are subject to a floating interest rate, for the relevant Interest Period and (iv) the relevant Payment Date, such information to be included (as applicable) in the notice provided by the Company in accordance with Clause 9.5(a) above.”

 

	
2.8
	
The following new Clause 10A shall be inserted following Clauses 10 and before Clause 11:

 

10A CHANGES TO THE CALCULATION OF INTEREST

 

10A.1   Unavailability of Screen Rate

 

	
 
	
(a)
	
Interpolated Screen Rate: If no Screen Rate is available for EURIBOR for the Interest Period of a Promissory Certificate, the applicable EURIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of that Promissory Certificate.

 

	
 
	
(b)
	
Reference Bank Rate: If no Screen Rate is available for EURIBOR for:

 

	
 
	
(i)
	
the currency of a Promissory Certificate; or

 

	
 
	
(ii)
	
the Interest Period of a Promissory Certificate and it is not possible to calculate the Interpolated Screen Rate,

 

the applicable EURIBOR shall be the Reference Bank Rate as of the Specified Time for the currency of that Promissory Certificate and for a period equal in length to the Interest Period of that Promissory Certificate.

 

	
 
	
(c)
	
Cost of funds: If paragraph (b) above applies but no Reference Bank Rate is available for the relevant currency or Interest Period there shall be no EURIBOR for that Promissory Certificate and Clause 10A.4 (Cost of funds) shall apply to that Promissory Certificate for that Interest Period.

 

10A.2   Calculation of Reference Bank Rate

 

	
 
	
(d)
	
Subject to paragraph (b) below, if EURIBOR is to be determined on the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks.

 

	
 
	
(e)
	
If at or about noon on the Quotation Day none or only one of the Reference Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant Interest Period.

 

10A.3   Market disruption

 

If before close of business in London on the Quotation Day for the relevant Interest Period a Floating Certificate Holder notifies the Company that the cost to it of funding its participation in that Promissory Certificate would be in excess of EURIBOR then Clause 10A.4 (Cost of funds) shall apply to that Promissory Certificate for the relevant Interest Period.

 

10A.4   Cost of funds

 

	
 
	
(a)
	
If this Clause 10A.4 applies, the rate of interest on the relevant Promissory Certificate for the relevant Interest Period shall be the percentage rate per annum which is the sum of:

 

	
 
	
(i)
	
the figure expressed as a percentage in the Cash Pay Interest Rate column in Part II of Schedule I in respect of such Promissory Certificates; and

 

	
 
	
(ii)
	
the rate notified to the Company by that Floating Certificate Holder as soon as practicable and (save with respect to interest on any Unpaid Sum in which case no such advance notice shall be required) in any event on or before the date falling ten (10) Business Days before the date on which interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to the relevant Floating Certificate Holder of funding its participation in that Promissory Certificate from whatever source it may reasonably select.

 

	
 
	
(b)
	
If this Clause10A.4 applies and a Floating Certificate Holder or the Company so requires, the relevant Floating Certificate Holder and the Company shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for determining the rate of interest.

 

	
 
	
(c)
	
If this Clause 10A.4 applies pursuant to Clause 10A.3 (Market disruption) and:

 

	
 
	
(i)
	
the relevant Floating Certificate Holder’s Funding Rate is less than EURIBOR; or

 

	
 
	
(ii)
	
the relevant Floating Certificate Holder does not supply a quotation by the time specified in paragraph (a)(ii) above,

 

the cost to that Floating Certificate Holder of funding its participation in that Promissory Certificate for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be EURIBOR.

 

	
2.9
	
10A.5 Replacement of Screen Rate

 

If a Screen Rate Replacement Event has occurred any amendment or waiver which relates to:

 

(a)providing for the use of a Replacement Benchmark; and

 

(b)

 

	
 
	
(i)
	
aligning any provision of any Finance Document to the use of that Replacement Benchmark;

 

	
 
	
(ii)
	
enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement);

 

	
 
	
(iii)
	
implementing market conventions applicable to that Replacement Benchmark;

 

	
 
	
(iv)
	
providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

 

	
 
	
(v)
	
adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, 

	
 
		
nomination or recommendation), may be made with the consent of the relevant Floating Certificate Holder and the Company.

 

“Relevant Nominating Body” means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

 

“Replacement Benchmark” means a benchmark rate which is:

 

	
 
	
(c)
	
formally designated, nominated or recommended as the replacement for a Screen Rate by:

 

	
 
	
(i)
	
the administrator of that Screen Rate; or

 

	
 
	
(ii)
	
any Relevant Nominating Body,

 

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the “Replacement Benchmark” will be the replacement under paragraph (ii) above;

 

	
 
	
(d)
	
in the opinion of the relevant Floating Certificate Holder and the Company, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor to a Screen Rate; or

 

	
 
	
(e)
	
in the opinion of the relevant Floating Certificate Holder and the Company, an appropriate successor to a Screen Rate.

 

“Screen Rate Replacement Event” means, in relation to a Screen Rate:

 

	
 
	
(f)
	
the methodology, formula or other means of determining that Screen Rate has , in the opinion of the relevant Floating Certificate Holder and the Company, materially changed;

 

	
 
	
(g)
	

 

(i)

 

	
 
	
(A)
	
the administrator of that Screen Rate or its supervisor publicly announces that such administrator is insolvent;

 

	
 
	
(B)
	
information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Screen Rate is insolvent, provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate;

 

	
 
	
(ii)
	
the administrator of that Screen Rate publicly announces that it has ceased or will cease to provide that Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Screen Rate;

 

	
 
	
(iii)
	
the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or will be permanently or indefinitely discontinued; or

	
 
		

 

	
 
	
(iv)
	
the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used; or

 

	
 
	
(h)
	
the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either:

 

	
 
	
(i)
	
the circumstance(s) or event(s) leading to such determination are not (in the opinion of the relevant Floating Certificate Holder and the Company temporary; or

 

	
 
	
(ii)
	
that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than three months; or

 

	
 
	
(i)
	
in the opinion of the relevant Floating Certificate Holder and the Company, that Screen Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement.

 

	
3.
	
ACTION BY THE ORIGINAL SUBSCRIBER HEREUNDER

 

The Original Subscriber confirms and represents that it has received the required Holder consents (being all Holder consent as required under Clause 32.1 (Required Consents) of the Original Subscription Agreement).

 

	
4.
	
CONTINUITY

 

	
4.1
	
Each of the Finance Documents (including, without limitation, the guarantee and indemnity of each Obligor) shall, save as amended in this Agreement, continue in full force and effect, and the Original Subscription Agreement shall (from the Effective Date) be read and construed as one document with this Agreement.

 

	
4.2
	
The rights and obligations of each of the Parties to the Original Subscription Agreement and under each of the Finance Documents shall not be discharged, impaired or otherwise affected by this Agreement other than as provided for in this Agreement. Nothing in this Agreement (without prejudice to the terms of the Finance Documents) shall constitute a waiver or release of any right or remedy of the Holders or the Share Pledge Agent.

 

	
5.
	
SECURITY AND GUARANTEES

 

	
5.1
	
On the date of this Agreement and on the Effective Date, the Guarantor acknowledges and agrees that the guarantees of the Company as set forth in Clause 16 (Guarantee and Indemnity) of the Subscription Agreement will continue to be guarantees of the total balance of sums payable by the Company under the Finance Documents (including this Agreement and the Original Subscription Agreement as amended by this Agreement) in respect of the full amount of the Promissory Certificates issued by the Issuer.

 

	
5.2
	
On the date of this Agreement and on the Effective Date the Pledgor acknowledges and agrees that the Transaction Security Documents will continue to secure the total balance of sums payable by the Company under the Finance Documents (including this Agreement and the Original Subscription Agreement as amended by this Agreement) in respect of the full amount of the Promissory Certificates issued by the Issuer.

 

	
5.3
	
Each Obligor acknowledges and agrees with effect from the Effective Date that each Obligor’s liabilities and obligations arising under the Original Subscription Agreement as amended by this Agreement form part of the Secured Obligations (as defined in the Transaction Security Documents).

 

	
6.
	
REPRESENTATIONS

 

On the date of this Agreement and on the Effective Date, each Obligor confirms that each of the Repeating Representations is true (on the basis that references to the Original Subscription Agreement in each case are construed as references to the Original Subscription Agreement as amended by this Agreement).

 

	
7.
	
MISCELLANEOUS

 

This Agreement may be executed in any number of counterparts, each of which when executed shall constitute a duplicate original, but all the counterparts together shall constitute one Agreement.

 

	
8.
	
THIRD PARTY RIGHTS

 

	
8.1
	
Unless expressly provided to the contrary in a Finance Document a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or enjoy the benefit of any term of this Agreement. The Share Pledge Agent shall have the right to enforce or enjoy the benefit of any term of this Agreement expressed to benefit the Share Pledge Agent.

 

	
8.2
	
Subject to Clause 32.3 (Other Exceptions) in the Original Subscription Agreement but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.

 

	
9.
	
GOVERNING LAW AND JURISDICTION

 

	
9.1
	
Governing Law

 

This Agreement and all non-contractual obligations arising out of or in connection with it shall be governed by English law.

 

	
9.2
	
Jurisdiction of English courts

 

	
 
	
(a)
	
The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to its existence, validity or termination and any non-contractual obligation arising out of or in connection with it) (a “Dispute”).

 

	
 
	
(b)
	
The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

 

	
 
	
(c)
	
Notwithstanding paragraph (a) above, no Holder shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Holders may take concurrent proceedings in any number of jurisdictions.

 

This Agreement has been entered into on the date stated at the beginning of it.

 

 

 

Schedule 1 

Conditions Precedent

	
1.1
	
Obligors

 

	
(a)
	
A copy of the Constitutional Documents and the certificate of incorporation and by-laws (or similar constitutional documents) of each Obligor.

	
(b)
	
A copy of a resolution or similar authorising document of the governing body and members of each Obligor:

	
 
	
(i)
	
approving the terms of, and the transactions contemplated by, this Agreement and resolving that it execute, deliver and perform the obligations in this Agreement;

	
 
	
(ii)
	
authorising a specified person or persons, on its behalf, to execute this Agreement; and

	
 
	
(iii)
	
authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with this Agreement.

	
(c)
	
A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above in relation to this Agreement and any related documents.

	
(d)
	
A certificate of an authorised signatory of each Obligor certifying that each copy document relating to it specified in this Schedule 1 is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement.

	
(e)
	
A good standing certificate or similar certificate for each Obligor from the Office of the Secretary of State of the State of Delaware dated a date reasonably close to the Effective Date.

	
1.2
	
Finance Documents

	
(a)
	
This Agreement executed by each Obligor.

 

 

 

 

SIGNATURES

The Company

 

AP WIP INVESTMENTS BORROWER, LLC

 

	
By:
	
 
	
/s/Scott G. Bruce

	
Name:
	
 
	
Scott G. Bruce

	
Title:
	
 
	
President

 

Address: 3 Bala Plaza East, Suite 502 

Bala Cynwyd, PA 19004

 

Fax:+1 (610) 660-4920

Email: sbruce@radiusglobal.com 

Attn: Scott G. Bruce

 

 

 

 

 

 

The Guarantor 

AP WIP INVESTMENTS, LLC

 

	
By:
	
 
	
/s/Scott G. Bruce

	
Name:
	
 
	
Scott G. Bruce

	
Title:
	
 
	
President

 

Address: 3 Bala Plaza East, Suite 502

  Bala Cynwyd, PA 19004

 

Fax:+1 (610) 660-4920

Email: sbruce@radiusglobal.com 

Attn: Scott G. Bruce

 

 

 

 

 

The Pledgor (in respect of clause 5.2 only)

 

AP WIP INVESTMENTS HOLDINGS, LP,

 

	
By:
	
 
	
/s/Scott G. Bruce

	
Name:
	
 
	
Scott G. Bruce

	
Title:
	
 
	
President

 

By AP GP Holdings, LLC General Partner on

behalf of AP WIP Investments Holdings, LP

 

Address: 3 Bala Plaza East, Suite 502 

Bala Cynwyd, PA 19004

 

Fax:+l (610) 660-4920

Email: sbruce@radiusglobal.com 

Attn: Scott G. Bruce

 

 

 

 

The Original Subscriber

 

SEQUOIA IDFASSET HOLDINGS SA

 

	
By:
	
 
	
/s/Dolf Kohnhorst

	
Name:
	
 
	
Dolf Kohnhorst

	
Title:
	
 
	
Director

 

Address: 46A, avenue J.F. Kennedy, L-1855 Luxembourg 

Tel No: +44 207 079 0488, +44 207 079 0492

Email: Sequoia lDF@bnymnotices.com, d.fussell@secimco.co m, c.michotte@seqimco 

Attn: David Fussell, Christophe Michotte

 

 

 

 

The Registrar

 

GLAS AMERICAS LLC

 

	
By:
	
 
	
/s/Yana Kislenko

	
Name:
	
 
	
Yana Kislenko

	
Title:
	
 
	
Vice President

 

Address: 3 Second Street, Suite 206, Jersey City, NJ 07311 

Fax:+1 (212) 202-6246

Email: clientservices.americas@glas.agency 

Attn: Client Services AmericasEX-4.1

 Exhibit 4.1 

WARRANT ASSUMPTION AGREEMENT 

This Warrant Assumption Agreement (this “Warrant Assumption Agreement”) is entered into as of March 30, 2021, by and
among Foley Trasimene Acquisition Corp. II, a Delaware corporation (“FTAC”), Paysafe Limited, an exempted limited company incorporated under the laws of Bermuda (the “Company”), and Continental Stock
Transfer & Trust Company, a New York corporation (the “Warrant Agent”). 
 WHEREAS, FTAC and the Warrant Agent are
parties to that certain Warrant Agreement dated as of August 21, 2020 (the “Warrant Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Merger Agreement (as
defined below)); 
 WHEREAS, FTAC, the Company, Paysafe Merger Sub Inc., a Delaware corporation and direct, wholly owned subsidiary of the
Company (“Merger Sub”), Paysafe Bermuda Holding LLC, a Bermuda exempted limited liability company and subsidiary of the Company (the “LLC”) and certain other parties named therein are parties to that certain
Agreement and Plan of Merger dated as of December 7, 2020 (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), pursuant to which, subject to the terms and conditions set forth
therein, Merger Sub will merge with and into FTAC, with FTAC being the surviving corporation in the merger and an indirect subsidiary of the Company (the “Merger”); 

WHEREAS, pursuant to the terms and conditions of each of the Warrant Agreement and the Merger Agreement, at the effective time of the Merger
(the “Effective Time”), by virtue of the Merger and without any action on the part of any holder of Non-Founder FTAC Warrants, each Non-Founder FTAC
Warrant that is outstanding immediately prior to the Effective Time shall be assumed by the Company and will automatically and irrevocably be modified to provide that such Non-Founder FTAC Warrant shall no
longer entitle the holder thereof to purchase the amount of share(s) of FTAC Common Stock set forth therein and in substitution thereof such Non-Founder FTAC Warrant shall entitle the holder thereof to acquire
such number of Company Common Shares per Non-Founder FTAC Warrant, subject to adjustments as provided in the Warrant Agreement, that such holder would have received pursuant to the terms and conditions of the
Warrant Agreement if such holder had exercised his, her or its Non-Founder FTAC Warrants immediately prior to the Transactions; and 

WHEREAS, as a result of this Warrant Assumption Agreement, each Non-Founder FTAC Warrant will be
exchanged for a warrant to purchase Company Common Shares pursuant to the terms and conditions of the Warrant Agreement. 
 NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, FTAC, the Company and the Warrant Agent hereby agree as follows: 

1.    Assignment and Assumption. 

(a)    Upon and subject to the occurrence of the Effective Time, FTAC hereby assigns, and the Company hereby assumes, the
rights and obligations of FTAC under the Warrant Agreement and the Non-Founder FTAC Warrants, including the obligation to issue Company Common Shares upon the exercise of the
Non-Founder FTAC Warrants, and the Company hereby agrees to faithfully perform, satisfy and discharge when due, the liabilities and obligations of FTAC under the Warrant Agreement and the Non-Founder FTAC Warrants. As a result of the preceding sentence, upon and subject to the occurrence of the Effective Time, each Non-Founder FTAC Warrant will be exchanged for
a warrant to purchase Company Common Shares pursuant to the terms and conditions of the Warrant Agreement. 

 (b)    The Company acknowledges and agrees that, subject to the terms of
the Warrant Agreement, the Non-Founder FTAC Warrants and this Warrant Assumption Agreement, the Warrant Agreement and the Non-Founder FTAC Warrants shall continue in
full force and effect and that all of FTAC’s obligations thereunder shall be valid and enforceable as against the Company upon consummation of the Merger and shall not be impaired or limited by the execution or effectiveness of this Warrant
Assumption Agreement. 
 (c)    Notwithstanding anything to the contrary herein or in the Warrant Agreement, if any
Warrant shall remain unexercised immediately before the conclusion of the Exercise Period specified in the Warrant Agreement (including any extension of such Exercise Period), such Warrant shall, automatically and without the necessity of any action
on the part of any person, be transferred to the LLC and thereupon exercised by the LLC on a “cashless basis” by exchanging such Warrant for common shares of the Company in accordance with Sections 7.4 and 3.1 of the Warrant Agreement.

 (d)    This Warrant Assumption Agreement is being executed and delivered pursuant and subject to the Warrant
Agreement. Nothing in this Warrant Assumption Agreement shall, or shall be deemed to, defeat, limit, alter, impair, enhance or enlarge any right, obligation, claim or remedy created by the Warrant Agreement or any other document or instrument
delivered pursuant to or in connection with it. 
 (e)    The choice of law and jurisdiction provisions set forth in the
Warrant Agreement and this Warrant Assumption Agreement shall continue to govern the rights and obligations of the Parties to the Warrant Agreement and this Warrant Assumption Agreement in all respects. The Company hereby waives any objection to the
jurisdiction provision governing the terms of the Warrant Agreement and this Warrant Assumption Agreement. 

2.    Miscellaneous. 

(a)    Governing Law and Jurisdiction. The validity, interpretation, and performance of this Warrant Assumption
Agreement shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees
that any action, proceeding or claim against it arising out of or relating in any way to this Warrant Assumption Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and irrevocably submits to such jurisdiction. The Company hereby waives any objection to such jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be
served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to Cogency Global Inc. at the address set forth below: 

Cogency Global Inc. 
 122 E
42nd Street, 18th Floor 
 New York, NY 10168 

with a copy to: 
 c/o Paysafe
Group Holdings Limited 
 Floor 27, 25 Canada Square 

London, England, E14 5LQ 
 Attn:
Elliott Wiseman 
 Group General Counsel & Chief Compliance Officer 

E-mail: [email address] 

  
 2 

 with a copy to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017 
 Attn: Elizabeth Cooper 

Katherine Krause 
 E-mail: [email addresses] 
 or to such other address or addresses as the parties may from time to time designate in
writing. The Company herewith irrevocably appoints Cogency Global Inc. as its agent for service of process in relation to this Warrant Assumption Agreement or the Warrant Agreement. 

(b)    Binding Effect. This Warrant Assumption Agreement shall be binding upon and inure to the benefit of the
parties hereto and to their respective successors and assigns. 
 (c)    Entire Agreement. This Warrant
Assumption Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them. Except as
expressly set forth in this Warrant Assumption Agreement, provisions of the Warrant Agreement which are not inconsistent with this Warrant Assumption Agreement shall remain in full force and effect. This Warrant Assumption Agreement may be executed
in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

(d)    Severability. This Warrant Assumption Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Warrant Assumption Agreement 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 Warrant Assumption Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

(e)    Amendment. This Warrant Assumption Agreement may not be amended, except by an instrument in writing signed
by each party hereto. 
 (f)    Termination. If the Merger Agreement is terminated in accordance with its terms
before the Effective Time, this Warrant Assumption Agreement shall immediately terminate and cease to have any force or effect, without any liability on the part of any party hereto, as if this Warrant Assumption Agreement had not been executed and
delivered. 
 [SIGNATURE PAGES FOLLOW] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have executed this Warrant Assumption
Agreement as of the date first written above. 
  

			
	PAYSAFE LIMITED
		
	By:	 	 /s/ Eli Nagler

	Name:	 	Eli Nagler
	Title:	 	Director
	
	FOLEY TRASIMENE ACQUISITION CORP. II
		
	By:	 	 /s/ Michael L. Gravelle

	Name:	 	 Michael L. Gravelle

	Title:	 	General Counsel & Corporate Secretary
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	 /s/ Isaac Kagan

	Name:	 	Isaac Kagan
	Title:	 	Vice President

  
 [Signature Page to
Warrant Assumption Agreement]

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