Document:

Exhibit 10.8

   

    

  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 $4,600,000

        	
          Dated as of [____], 2021

        

                                                                                                                                                                       
                                      

  DP Cap Acquisition Corp I, a Cayman Islands exempted company and blank check company (the “Maker”), promises to pay to the order of DP Investment Management
    Sponsor I LLC, a Cayman Islands limited liability company, or its registered assigns or successors in interest or order (the “Payee”), the principal sum of Four Million Six Hundred Thousand Dollars ($4,600,000.00) or such less 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 (unless the
    full principal is converted pursuant to Section 16 below) shall be made by check or wire transfer of immediately available funds to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this
    Note.

   

  1.            Repayment. The entire unpaid principal balance of this Note shall be payable by Maker on the earlier of (such date, the “Maturity Date”),
    (a) the date on which Maker consummates its initial business combination and (b) the date of the liquidation of Maker. The principal balance may be prepaid at any time, at the election of Maker. Under no circumstances shall any individual, including
    but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

   

  2.            Interest. This Note shall be non-interest bearing.

   

  3.            Drawdown Requests. Maker and Payee agree that Maker may request Four Million Dollars ($4,000,000.00) to fund the trust account established
    in connection with the Maker’s initial public offering (the “Trust Account”) to a value of $10.20 per public share sold in such initial public offering (the “Trust Account Funding Level”), on the date of the consummation of such offering,
    solely for deposit into the Trust Account. The remaining undrawn principal of this Note may be drawn down on the date of the consummation of the underwriter’s over-allotment option in connection with the initial public offering, solely for deposit into
    the Trust Account to ensure that the Trust Account Funding Level is maintained at $10.20 per share sold in the Maker’s initial public offering, in an amount proportionate to the exercise of such over-allotment option. Once an amount is drawn down under
    this Note, it shall not be available for future drawdown. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker under this Note.

   

  4.            Application of Payments. All payments received by Payee pursuant to this Note shall be applied first to the payment in full of any costs
    incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, and then 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 within five (5) business days of 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 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 hereunder, 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) hereof, the unpaid principal balance of this Note, and all other amounts
    payable hereunder, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

   

  7.            United States Tax Matters. The parties hereto hereby acknowledge and agree that, notwithstanding that the Note is titled as “ Promissory
    Note,” for United States federal and state income tax purposes the Note is, and at all times has been, more properly characterized as equity. Accordingly, except as otherwise required by a taxing authority following a good faith resolution of an audit,
    the parties agree to treat the Note as equity for all United States federal and state income tax purposes, and further, for the avoidance of doubt, the Maker hereby agrees that, with regard specifically to the rule set forth in Section 385 of the
    Internal Revenue Code of 1986, as amended, the Maker will treat the Note as equity as of the time of issuance. The parties shall prepare all required United States federal and applicable state tax returns and reports consistent with the treatment
    described in this Section 7.

   

  8.            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 this 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 or personal property 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.

   

  
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  9.            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.

   

  10.          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 and (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.

   

  11.          Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS
    PROVISIONS THEREOF.

   

  12.          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.

   

  13.          Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”)

    in or to any distribution of or from the trust account (the “Trust Account”) established in connection with Maker’s initial public offering, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the
    Trust Account for any reason whatsoever; provided, however, that upon the consummation of the initial business combination, Maker shall repay the principal balance of this Note out of the proceeds released to Maker from the Trust Account.

   

  14.          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.

   

  
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  15.          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; provided, however, that the foregoing shall not apply to an affiliate of Payee who agrees to be
    bound to the terms of this Note.

   

  16.          Conversion.

   

  (a)           Notwithstanding anything contained in this Note to the contrary, at Payee’s option, at any time prior to payment in full of the principal balance of this
    Note, Payee may elect to convert all or any portion of the unpaid principal balance of this Note into that number of warrants at the conversion price of $1.50 per warrant (the “Conversion Warrants”), equal to: (x) the portion of the
    principal amount of this Note being converted pursuant to this Section 16, divided by (y) $1.50, rounded up to the nearest whole number of warrants. The Conversion Warrants shall be identical to the units issued by the Maker to the Payee in a private
    placement upon consummation of the Maker’s initial public offering. The Conversion Warrants and their underlying securities, and any other equity security of Maker issued or issuable with respect to the foregoing by way of a share dividend or share
    split or in connection with a combination of shares, recapitalization, amalgamation, consolidation or reorganization, shall be entitled to the registration rights set forth in Section 17 hereof.

   

  (b)          Upon any complete or partial conversion of the principal amount of this Note, (i) such principal amount shall be so converted and such converted portion of
    this Note shall become fully paid and satisfied, (ii) Payee shall surrender and deliver this Note, duly endorsed, to Maker or such other address which Maker shall designate against delivery of the Conversion Warrants, (iii) Maker shall promptly deliver
    a new duly executed Note to Payee in the principal amount that remains outstanding, if any, after any such conversion and (iv) in exchange for all or any portion of the surrendered Note, Maker shall, at the direction of Payee, deliver to Payee (or its
    members or their respective affiliates) (Payee or such other persons, the “Holders”) the Conversion Warrants, which shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and Payee and
    applicable state and federal securities laws.

   

  (c)           The Holders shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Warrants upon
    conversion of this Note pursuant hereto; provided, however, that the Holders shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holders in connection with any such conversion.

   

  (d)          The Conversion Warrants shall not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable provisions of
    law.

   

  17.          Registration Rights.

   

  (a)           Reference is made to that certain Registration Rights Agreement between Maker and the parties thereto, (the “Registration Rights Agreement”). All
    capitalized terms used in this Section 17 shall have the same meanings ascribed to them in the Registration Rights Agreement.

   

  
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  (b)          The Holders shall be entitled to one Demand Registration, which shall be subject to the same provisions as set forth in the Registration Rights Agreement.

   

  (c)           The Holders shall also be entitled to include the Conversion Warrants and their underlying securities in Piggyback Registrations, which shall be subject to
    the same provisions as set forth in the Registration Rights Agreement; provided, however, that in the event that an underwriter advises Maker that the Maximum Number of Securities has been exceeded with respect to a Piggyback Registration, the Holders
    shall not have any priority for inclusion in such Piggyback Registration.

   

  (d)          Except as set forth above, the Holders and Maker, as applicable, shall have all of the same rights, duties and obligations set forth in the Registration
    Rights Agreement.

   

   

  

  [Signature Page Follows]

  
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  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.

   

  
    	
             

          	
            DP CAP ACQUISITION CORP I 

          
	 	a Cayman Islands exempted company

          
	
             

          	
             

          	
             

          
	
             

          	
            By:

          	
             

          
	
             

          	
             

          	
            Name:

          
	
             

          	
             

          	
            Title:

          

     

     

    

  

  Accepted and agreed this ___ day of [ ● ], 2021

   

   

  

  	
          DP Investment Management Sponsor I LLC

        	
           

        
	
           

        	
           

        	
           

        
	
          By:

        	
           

        	
           

        
	
           

        	
          Name:

        	
           

        
	
           

        	
          Title:

        	
           

        

   

  [Signature Page to Promissory Note]ladder-2029notesxfirstsu

1 FIRST SUPPLEMENTAL INDENTURE This FIRST SUPPLEMENTAL INDENTURE, dated as of September 27, 2021 (this  “Supplemental Indenture”), by and among Ladder Capital Realty III LLC (the “Guaranteeing  Subsidiary”), the parties that are signatories hereto as Released Guarantors (collectively, the  “Released Guarantors” and each, a “Released Guarantor”) and Wilmington Trust, National  Association, as Trustee under the Indenture referred to below, and acknowledged by Ladder  Capital Finance Holdings LLLP and Ladder Capital Finance Corporation (together, the “Issuers”  and each an “Issuer”). W I T N E S S E T H: WHEREAS, each of the Issuers and the Trustee have heretofore executed and delivered  an indenture dated as of June 23, 2021 (as amended, supplemented, waived or otherwise  modified, the “Indenture”), providing for the issuance of 4.750% Senior Notes due 2029 (the  “Notes”) of the Issuers; WHEREAS, the Indenture provides that, under certain circumstances, the Guaranteeing  Subsidiary shall execute and deliver to the Trustee a supplemental indenture to which the  Guaranteeing Subsidiary shall fully, unconditionally and irrevocably guarantee, as primary  obligor and not merely as surety, jointly and severally with each other Guarantor, to each Holder  of the Notes and the Trustee the Guaranteed Obligations under the Notes and the Indenture on  the terms and conditions set forth herein and under the Indenture (the “Guarantee”);  WHEREAS, the Indenture provides that, under certain circumstances, the Guarantee of a  Guarantor will terminate, including upon a sale or other disposition (including by way of  consolidation or merger) of the Capital Stock of such Guarantor or the sale or disposition of all  or substantially all the assets of the Guarantor (other than to the Company or a Restricted  Subsidiary) otherwise permitted by the Indenture;  WHEREAS, the Guarantee of the Released Guarantors is permitted to be terminated  pursuant to the terms of the Indenture, and the Released Guarantors, the Issuers and the Trustee  seek to confirm and evidence the release, termination and discharge of the Guarantees provided  by the Released Guarantors; WHEREAS, pursuant to Section 9.1 of the Indenture, the Issuers, any Guarantor (with  respect to its Guarantee) and the Trustee are authorized to execute and deliver this Supplemental  Indenture to amend or supplement the Indenture, without the consent of any Holder; NOW, THEREFORE, in consideration of the foregoing and for other good and valuable  consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant  and agree for the equal and ratable benefit of the Holders of the Notes as follows: ARTICLE I  DEFINITIONS Section 1.1 Defined Terms. As used in this Supplemental Indenture, terms defined in  the Indenture or in the preamble or recitals hereto are used herein as therein defined. The words  

 

2 “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental  Indenture refer to this Supplemental Indenture as a whole and not to any particular section  hereof. ARTICLE II  AGREEMENT TO BE BOUND; GUARANTEE Section 2.1 Agreement to be Bound. The Guaranteeing Subsidiary hereby becomes a  party to the Indenture as a Guarantor and as such will have all of the rights and be subject to all  of the obligations and agreements of a Guarantor under the Indenture. Section 2.2 Guarantee. The Guaranteeing Subsidiary agrees, on a joint and several  basis with all the existing Guarantors, to fully, unconditionally and irrevocably Guarantee to  each Holder of the Notes and the Trustee the Guaranteed Obligations pursuant to Article X of the  Indenture on a senior basis. ARTICLE III  RELEASE OF GUARANTEE Section 3.1 Release. The Guarantee of each of the Released Guarantors is hereby  terminated as of the date hereof and shall be of no further force or effect, and each of the  Released Guarantors has been released from all obligations and for all purposes under the  Indenture and such Guarantee. From and after the date hereof, the Released Guarantors shall not  be subject to any covenants or other obligations under the Indenture and shall not be deemed to  be a party to the Indenture. ARTICLE IV  MISCELLANEOUS Section 4.1 Notices. All notices and other communications to the Guaranteeing  Subsidiary shall be given as provided in the Indenture to the Guaranteeing Subsidiary at its  address set forth below, with a copy to the Issuers as provided in the Indenture for notices to the  Issuers. Section 4.2 Merger and Consolidation. The Guaranteeing Subsidiary shall not sell or  otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or  into another Person (other than the Issuers or any Restricted Subsidiary that is a Guarantor or  becomes a Guarantor concurrently with the transaction) except in accordance with Section 4.1(d)  of the Indenture. Section 4.3 Release of Guarantee. The Guarantee of the Guaranteeing Subsidiary  shall be released in accordance with Section 10.2 of the Indenture. Section 4.4 Parties. Nothing expressed or mentioned herein is intended or shall be  construed to give any Person, firm or corporation, other than the Holders and the Trustee, any  legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or  the Indenture or any provision herein or therein contained. 

 

3 Section 4.5 Governing Law. This Supplemental Indenture shall be governed by, and  construed in accordance with, the laws of the State of New York. Section 4.6 Severability. In case any provision in this Supplemental Indenture shall  be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining  provisions shall not in any way be affected or impaired thereby and such provision shall be  ineffective only to the extent of such invalidity, illegality or unenforceability. Section 4.7 Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is  subject to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary  acknowledges that it will receive direct and indirect benefits from the financing arrangements  contemplated by the Indenture and this Supplemental Indenture and that the guarantee and  waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such  benefits. Section 4.8 Ratification of Indenture; Supplemental Indentures Part of  Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and  confirmed and all the terms, conditions and provisions thereof shall remain in full force and  effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every  Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. Section 4.9 The Trustee. The Trustee makes no representation or warranty as to the  validity or sufficiency of this Supplemental Indenture or with respect to the recitals contained  herein, all of which recitals are made solely by the other parties hereto. Section 4.10 Counterparts. The parties hereto may sign any number of copies of this  Supplemental Indenture. Each signed copy shall be an original, but all of them together represent  the same agreement. The exchange of copies of this Supplemental Indenture and of signature  pages by electronic, facsimile or PDF transmission shall constitute effective execution and  delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the  original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted  electronically or by facsimile or PDF shall be deemed to be their original signatures for all  purposes. Section 4.11 Execution and Delivery. The Guaranteeing Subsidiary agrees that its  Guarantee shall remain in full force and effect notwithstanding any failure to endorse on each  Note a notation of any such Guarantee. Section 4.12 Headings. The headings of the Articles and the Sections in this  Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or  affect the meaning or interpretation of any provisions hereof. 

 

  [Signature Page to Supplemental Indenture (2029 Notes)]  IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to  be duly executed as of the date first above written.  LADDER CAPITAL REALTY III LLC,  as Guaranteeing Subsidiary  By:          Name: Kelly Porcella  Title:   Chief Administrative Officer, General Counsel and              Secretary  Address for Notices:  345 Park Avenue, 8th Floor  New York, New York 10154  Attention: Paul J. Miceli and Kelly Porcella       LVT JV MEMBER LLC  LC TRS III LLC  GRAND RAPIDS JV MEMBER LLC  LITHIA SPRINGS JV MEMBER LLC  LA CIENEGA JV MEMBER LLC  IOP JV MEMBER LLC,  each as a Released Guarantor  By:          Name: Kelly Porcella  Title:   Chief Administrative Officer, General Counsel                and/or Authorized Person       

 

  [Signature Page to Supplemental Indenture (2029 Notes)]  Acknowledged by:  LADDER CAPITAL FINANCE HOLDINGS LLLP  By:    Name: Paul J. Miceli  Title:   Authorized Officer   LADDER CAPITAL FINANCE CORPORATION  By:    Name: Paul J. Miceli  Title:   Chief Financial Officer      

 

[Signature Page to Supplemental Indenture (2029 Notes)] WILMINGTON TRUST, NATIONAL  ASSOCIATION, as Trustee By: Name: Barry D. Somrock Title: Vice President

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