Second Waiver Letter to Administrative Services Agreement between WL Ross Sponsor LLC and WL Ross Holding Corp.
WL Ross Sponsor LLC and WL Ross Holding Corp. have agreed to temporarily waive the $10,000 monthly administrative fee that the Company would normally pay to WL Ross & Co. LLC. This waiver applies from January 1, 2016, to December 31, 2016. After this period, the Company must resume paying the fee as outlined in their original agreement. All other terms of the Administrative Services Agreement remain unchanged.
EXHIBIT 10.24
SECOND WAIVER LETTER TO THE ADMINISTRATIVE SERVICES AGREEMENT, DATED
JANUARY 13, 2016, BETWEEN THE COMPANY AND WL ROSS SPONSOR LLC
WL Ross Sponsor LLC
c/o WL Ross & Co. LLC
1166 Avenue of the Americas
New York, NY 10036
January 13, 2016
WL Ross Holding Corp.
c/o WL Ross & Co. LLC
1166 Avenue of the Americas
New York, NY 10036
Re: Waiver under Administrative Services Agreement
Gentlemen:
We refer to the Administrative Services Agreement by and between us and the Company dated June 5, 2014 (the “Agreement”).
We hereby irrevocably and unconditionally waive the $10,000 per month payment obligations (the “Administrative Fee”) of WL Ross Holding Corp. (the “Company”) that is payable to our affiliate, WL Ross & Co. LLC, for the period beginning on January 1, 2016 and ending on December 31, 2016 (the “Waiver Period”) under the Agreement. Following the Waiver Period, the Company shall continue to be obligated to pay the Administrative Fee under the Agreement to WL Ross & Co. LLC.
Other than the foregoing waiver expressed in this letter, the Agreement shall remain unchanged and in full force and effect.
[Signature page follows]
| Very truly yours, |
| WL ROSS SPONSOR LLC By: WL ROSS GROUP, L.P., its Managing Member By: El Vedado, LLC, its General Partner | |
| /s/ Wilbur L. Ross, Jr.
| |
| Name: Wilbur L. Ross, Jr. | |
| Title: Manager |
AGREED TO AND ACCEPTED BY:
| WL ROSS HOLDING CORP. | ||
| By: | /s/ Stephen J. Toy. | |
| Name: Stephen J. Toy | ||
| Title: President | ||
