Document:

wmih-ex1023_232.htm

 

Exhibit 10.23

 

FIRST AMENDMENT TO ESCROW AGREEMENT

 

This FIRST AMENDMENT ("First Amendment") is entered into as of November 12, 2015 (the "Effective Date") between WMIH Corp. (formerly known as WMI Holdings Corp. and referred to herein as the "Company"), and Citibank, N.A., as escrow agent (the "Escrow Agent").

 

The Company and other entities are parties to a Purchase Agreement dated as of December 19, 2014 (the "Purchase Agreement"), and pursuant to the Purchase Agreement, the Company and the Escrow Agent entered into an Escrow Agreement, dated as of January 5, 2015 (the "Escrow Agreement"). Capitalized terms used but not defined herein shall have the meanings given to such terms in the Escrow Agreement.

 

Pursuant to the Escrow Agreement, the Company deposited $598,500,000 with the Escrow Agent (the "Escrow Deposit", together with any investment income or proceeds from the investment thereof, collectively, the "Escrow Property"), and the Escrow Agent holds the Escrow Property in a non-interest-bearing account (the "Escrow Account").

 

The Company wishes for the Escrow Agent to make certain payments from the Escrow Property in foreign currency.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.A new Section 2(g) is added to the Escrow Agreement as set forth below:

 

"(g) Foreign Exchange. In connection with any distributions of Escrow Property pursuant to this Section 2, the Company may instruct the Escrow Agent in writing to convert funds from U.S. currency to foreign currency and make payments from the Escrow Property in foreign currency, subject to the ability of the Escrow Agent to make payment in such currency. Any such instructions shall be accompanied by a payment schedule, in a form satisfactory to the Escrow Agent, specifying the amount of such payments, the currencies in which such payments are to be made, and payment instructions for each payee. The Company agrees to provide the Escrow Agent any additional information requested by the Escrow Agent in order to make such payments. Any costs and expenses incurred by the Escrow Agent in connection with any foreign exchange undertaken by the Escrow Agent at the instruction of the Company shall be borne by the Company. The Escrow Agent shall convert any such amounts at the spot rate given to the Escrow Agent by its associated treasury department at the time of the disbursement activity. The Escrow Agent may rely conclusively on the determination of the spot rate provided to it and shall not be liable for any losses associated with the determination of such rate."

 

 

 

2.Pursuant to Sections 2(b) and 2(g) of the Escrow Agreement, the Company hereby instructs the Escrow Agent to distribute the Escrow Property in in accordance with Schedule A attached hereto, and covenants that such payments are authorized and permitted by the terms of the Escrow Agreement.

 

3.Except as expressly amended and modified by this First Amendment, the terms, covenants and conditions of the Escrow Agreement shall remain in full force and effect.

 

4.This First Amendment shall be binding on the parties hereto and their respective successors and assigns.

 

5.This First Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 

6.This First Amendment may be executed in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. Facsimile signatures on counterparts of this First Amendment shall be deemed original signatures with all rights accruing thereto.

 

 

Remainder of Page Left Intentionally Blank

 

 

 

IN WITNESS WHEREOF, the parties have executed this FIRST AMENDMENT as of the date written above.

 

	
 
	
WMIH CORP.

	
 
	
 
	
 

	
 
	
BY:
	
/s/ Charles Edward Smith

	
 
	
Its:
	
Executive Vice President

	
 
	
 
	
 

	
 
	
CITIBANK, N.A., as Escrow Agent

	
 
	
 
	
 

	
 
	
BY:
	
/s/ N H

	
 
	
Its:
	
Vice Presidentwmih-ex1025_684.htm

Exhibit 10.25

AMENDMENT NO. 3 TO ESCROW AGREEMENT

This Amendment No. 3 (this “Amendment”) to the Original Escrow Agreement (as defined below) is entered into as of January 30, 2018, between WMIH Corp., a Delaware corporation as successor to WMI Holdings Corp., a Washington corporation (the “Company”), and Citibank, N.A., a national banking association organized and existing under the laws of the United States of America (“Citibank”) and acting through its Agency and Trust Division and solely in its capacity as escrow agent under this Amendment, and any successors appointed pursuant to the terms of the Escrow Agreement (as defined below) (Citibank, in such capacity, the “Escrow Agent”), to amend the Original Escrow Agreement, dated as of January 5, 2015, as amended by the First Amendment to Escrow Agreement, dated November 12, 2015, as further amended by the Amendment No. 2 to Escrow Agreement, dated December 8, 2017 (the “Original Escrow Agreement” and as amended by this Amendment, the “Escrow Agreement”), by and between the Company and the Escrow Agent.  All capitalized terms used in this Amendment will have the meanings set forth in the Escrow Agreement, unless otherwise indicated.

WHEREAS, the Company and the Escrow Agent desire to enter into this Amendment to amend the Form of Acquisition and/or Acquisition Expenses Certificate attached as Annex B to the Original Escrow Agreement in order to clarify the acquisition and/or acquisition related fees and expenses to which Escrow Property released from the Escrow Account shall be applied.

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows: 

In accordance with Section 13 of the Original Escrow Agreement, the parties to the Original Escrow Agreement have agreed to amend the Original Escrow Agreement as follows subject to the terms and conditions set forth in this Amendment: 

	
1.
	
As of the date hereof, Annex B of the Original Escrow Agreement shall be replaced and amended and restated in the form attached hereto as Annex B. 

	
2.
	
Except as the Original Escrow Agreement has been expressly amended by this Amendment, the Original Escrow Agreement shall continue in full force and effect in accordance with its provisions.  This Amendment shall be governed by and construed in accordance with Section 13 of the Original Escrow Agreement.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original, but such counterparts together constitute one and the same Amendment.

[Signature pages follow]

 

IN WITNESS WHEREOF, each of the parties has caused this Amendment to be executed by a duly authorized representative as of the day and year first written above. 

 

WMIH CORP.

By:  /s/ Charles Edward Smith     

Name:  Charles Edward Smith

	
 
	
Title:
	
Executive Vice President

 

 

Notice to:

 

WMIH Corp.

800 Fifth Avenue, Suite 4100

Seattle, Washington 98104

Attn.: Charles Edward Smith, Chief Legal Officer

Phone: (206) 922-2963

Facsimile: (206) 922-2996

E-mail: chad.smith@wamuinc.net

 

[Signature Page to Amendment No. 3 to Escrow Agreement] 

 

CITIBANK, N.A.,

as Escrow Agent

By:  /s/ Miriam Molina

Name:  Miriam Molina

                                  Title:Senior Trust Officer

 

 

[Signature Page to Amendment No. 3 to Escrow Agreement] 

 

 

ANNEX B
FORM OF ACQUISITION AND/OR ACQUISITION EXPENSES CERTIFICATE

____________, 201_

Citibank, N.A., as Escrow Agent

Agency & Trust

388 Greenwich Street

New York, NY 10013

Attn:  Miriam Molina

Email:  miriam.molina@citi.com / cts.spag@citi.com

 

 

This certificate is being delivered by WMIH Corp., a corporation organized under the laws of the State of Delaware (the “Company”), pursuant to Section 2(b) of the Escrow Agreement, dated as of January 5, 2015, as amended by the First Amendment to Escrow Agreement, dated November 12, 2015, as further amended by Amendment No. 2 to Escrow Agreement, dated December 8, 2017, as further amended by Amendment No. 3 to Escrow Agreement, dated January 30, 2018 (the “Escrow Agreement”), by and among the Company and Citibank, N.A., a national banking association organized and existing under the laws of the United States of America (“Citibank”) and acting through its Agency and Trust Division and solely in its capacity as escrow agent thereunder, and any successors appointed pursuant to the terms hereof (Citibank in such capacity, the “Escrow Agent”). Unless otherwise indicated, capitalized terms used but not defined herein shall have the respective meanings specified in the Escrow Agreement.

The Company certifies to the Escrow Agent that the Escrow Property released pursuant to this certificate will be applied to finance the Company’s efforts to explore and/or to fund, in whole or in part, an Acquisition (as defined in Article VI of the Amended and Restated Certificate of Incorporation of the Company, as amended by that certain amendment dated as of December 8, 2017 (the “Charter”)) whether completed or not, including without limitation reasonable attorney fees and expenses, accounting expenses, due diligence costs, financial advisor fees and expenses, consultant fees and expenses, debt commitment fees, escrow deposits and payments that are contractually required in any definitive acquisition documents, such as reverse termination fees or expense reimbursements.

 

The Escrow Agent is hereby instructed to release $[•] of the Escrow Property on ____________, 201_, which shall be the Escrow Release Date for purposes of this certificate, as follows:

Bank:  

ABA#:  

Account Name:  

A/C#:  

Ref:  

 

[To be inserted if a Qualified Acquisition (as defined in the Charter) occurs prior to the Mandatory Redemption Date (as defined in the Charter)] [The Company certifies to the Escrow 

 

 

Agent that the Acquisition (as defined in Article VI of the Charter) referred to in this Acquisition Certificate is a Qualified Acquisition (as defined in Article VI of the Charter) that has occurred prior to the Mandatory Redemption Date (as defined in Article VI of the Charter).]

 

 

WMIH CORP.

 

 

 

By:  _______________________

Name:

Title:

Test Word:

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