Document:

trilinc-ex102_8.htm

Exhibit 10.2

AMENDED AND RESTATED OPERATING EXPENSE RESPONSIBILITY AGREEMENT

This Amended and Restated Operating Expense Responsibility Agreement, entered into on the date set forth below, is by and among TriLinc Global, LLC, a Delaware limited liability company (“Sponsor”), TriLinc Advisors, LLC, a Delaware limited liability company (“Advisor”), and TriLinc Global Impact Fund, LLC, a Delaware limited liability company (“Fund” and together with the Sponsor and the Advisor, the “Parties”). 

WHEREAS, the Sponsor has agreed to be responsible for the payment of the Fund’s cumulative operating costs paid through and including June 30, 2017, including all management fees due to the Advisor that have not been paid by the Fund (collectively as set forth in Exhibit A hereto and referred to as “Fund Expenses”).

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

	
1.
	
Expense Responsibility for Fund Expenses. The Sponsor shall pay the Fund Expenses and will only be entitled to reimbursement of the Fund Expenses for any particular quarter to the extent the Fund’s investment income as reflected on the statement of operations exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Fund’s expenses as reflected on the statement of operations (the “Reimbursement Hurdle”). To the extent the Fund is not successful in satisfying the Reimbursement Hurdle, no amount will be payable by the Fund for reimbursement to the Sponsor of the Fund Expenses.  

 

	
2.
	
Entire Agreement.  This Agreement sets forth the entire agreement of the Parties with respect to the matters contained herein and no prior or contemporaneous agreement or understanding pertaining to any such matter shall be effective for any purpose.

 

	
3.
	
Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to its principles of conflicts of laws.

 

[Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Agreement on August 10, 2017

 

	
TRILINC GLOBAL, LLC

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title:
	
 
	
 

	
 

	
TRILINC ADVISORS, LLC

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title:
	
 
	
 

	
 

	
TRILINC GLOBAL IMPACT FUND, LLC

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title:
	
 
	
 

Exhibit A

Schedule of Services Incurred by TriLinc Global Impact Fund, LLC through June 30, 2017

 

 

	
Vendor
	
Description of Services
	
Amount
	
 

	
ANDE
	
2013-2014 Membership
	
$
	
5,000
	
 

	
ASTA
	
Document Translation
	
 
	
3,186
	
 

	
Apex Fund Services
	
Fund Administration
	
 
	
293,490
	
 

	
Bank of NY Mellon
	
Fund Administration
	
 
	
90,000
	
 

	
Bank of NY Mellon
	
Bank fees
	
 
	
17,277
	
 

	
Board of Managers
	
Board Wages
	
 
	
715,364
	
 

	
Board of Managers
	
Board Meeting expenses
	
 
	
128,939
	
 

	
Credit Cards
	
Travel - Dead deal costs
	
 
	
62,987
	
 

	
Deloitte & Touche
	
Audit
	
 
	
401,400
	
 

	
Deloitte & Touche
	
Tax services
	
 
	
483,132
	
 

	
Delphos International
	
Consulting
	
 
	
10,000
	
 

	
DST Systems, Inc.
	
Transfer Agent
	
 
	
1,127,551
	
 

	
Duff & Phelps
	
Valuation services
	
 
	
65,831
	
 

	
Emtek Solutions, LLC
	
PAES/TAS
	
 
	
7,875
	
 

	
Federal Agent
	
PAES/TAS
	
 
	
12,750
	
 

	
Greenberg Traurig
	
Legal Services
	
 
	
809,329
	
 

	
IDB Bank
	
Due Diligence
	
 
	
50,000
	
 

	
iUVO Talent
	
PAES/TAS
	
 
	
12,318
	
 

	
Josh Zuckerwise
	
Travel expenses
	
 
	
4,023
	
 

	
Legatum Global Development Limited
	
PAES/TAS
	
 
	
292,500
	
 

	
Leverages Notes
	
Interest
	
 
	
47,573
	
 

	
Lewis Kopp
	
Expense reimbursement
	
 
	
14,348
	
 

	
Lincoln National Insurance
	
Keyman insurance
	
 
	
8,558
	
 

	
Maples and Calder
	
Legal Services
	
 
	
118,288
	
 

	
Moss Adams
	
Audit and 10-Q review
	
 
	
439,538
	
 

	
MF Analytics
	
PAES/TAS
	
 
	
65,159
	
 

	
O'Connor Davies
	
SOX Compliance
	
 
	
80,659
	
 

	
PathNorth
	
2013 Core Membership
	
 
	
4,167
	
 

	
Paul Sanford
	
Travel expenses
	
 
	
5,212
	
 

	
Payroll
	
PAES/TAS
	
 
	
150,091
	
 

	
Pickwick Capital Partners
	
Leverage
	
 
	
4,270
	
 

	
Robert Mora
	
PAES/TAS
	
 
	
97,791
	
 

	
Rothstein Kass
	
SOX Implementation/Compliance
	
 
	
41,027
	
 

	
RR Donnelley
	
10-K, 10-Q & 8-K Processing
	
 
	
252,190
	
 

	
Spolin Cohen
	
Legal Services
	
 
	
83,699
	
 

	
State of California & Delaware
	
Franchise fees
	
 
	
2,350
	
 

	
Steve Napleton
	
Travel expenses
	
 
	
8,979
	
 

	
Tanir Helayel
	
PAES/TAS
	
 
	
6,779
	
 

	
Trilinc Advisors, LLC
	
Copies, postage and miscellaneous
	
 
	
93,246
	
 

	
Trilinc Advisors, LLC
	
eFront
	
 
	
349,656
	
 

	
Trilinc Advisors, LLC
	
Management fees
	
 
	
1,717,750
	
 

	
Trilinc Advisors, LLC
	
Incentive fees
	
 
	
6,959,644
	
 

	
Trilinc Advisors, LLC
	
Due Diligence
	
 
	
131,628
	
 

	
Trilinc Advisors, LLC
	
Travel expenses
	
 
	
97,660
	
 

	
Trilinc Advisors, LLC
	
Legal expenses
	
 
	
219,418
	
 

	
Troy Wiseman
	
Expense reimbursement
	
 
	
9,701
	
 

	
Trustees of Tufts College
	
PAES/TAS
	
 
	
18,150
	
 

	
Various
	
PAES/TAS
	
 
	
14,601
	
 

	
Willis
	
Fund Insurance
	
 
	
153,695
	
 

	
 
	
 
	
$
	
15,788,781trilinc-ex103_157.htm

 

Exhibit 10.3

 

$5,000,000.00 Manhattan Beach, California

August 7, 2017

 

SERIES 1 SENIOR SECURED PROMISSORY NOTE 

TriLinc Global Impact Fund Cayman, Ltd., an exempted company incorporated with limited liability under laws of the Cayman Islands (the “Company”), for value received, hereby promises to pay to State Street Australia Ltd ACF Christian Super (“Holder”), the principal amount of five million dollars and no cents ($5,000,000.00), together with interest on the unpaid amount thereof in accordance with the terms hereof, from the date hereof until paid in accordance with the terms hereof.

 

1.Series 1 Senior Secured Promissory Note.

1.1Interest Rate.  Simple interest shall accrue on the principal amount hereunder at the rate of interest equal to 4% per annum plus the one year London Interbank Offered Rate (the “Interest Rate”).  Interest shall be computed on the basis of a 365-day year for the actual number of days elapsed.  Notwithstanding anything to the contrary contained in this Series 1 Senior Secured Promissory Note, the interest paid or agreed to be paid hereunder shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”).  If Holder receives interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal amount of this Series 1 Senior Secured Promissory Note or, if it exceeds such unpaid principal, refunded to the Company.

1.2Payments.  

(a)Interest on the principal amount hereunder shall be payable quarterly in arrears within 15 days after the end of each calendar quarter (or partial calendar quarter) during which any such principal amount remains outstanding.

(b)The principal amount hereunder plus all accrued but unpaid interest thereon shall become due and payable on August 7, 2021.

2.Security.

2.1The Company has, pursuant to the terms of an Equitable Mortgage Over Shares dated August 7, 2017, executed by way of deed poll in favor of the Holder, as more fully described in the Equitable Mortgage Over Shares (the form of which is appended to the Private Placement Memorandum of the Company dated April 7, 2017), granted a security interest to Holder as security for (among other things) the payment and discharge of its obligations under this Note.

 

3.Miscellaneous.

3.1Binding Agreement; Assignments.  This Series 1 Senior Secured Promissory Note, and the terms, covenants and conditions hereof, shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  Holder may assign its rights and obligations under this Series 1 Senior Secured Promissory Note only with the prior written consent of the Company, which consent shall not unreasonably be withheld.  The Company shall not assign this Series 1 Senior Secured Promissory Note and any unconsented assignment shall be void ab initio.

3.2Prepayment.  The Company shall have the right at any time to prepay all of the principal amount, together with any accrued and unpaid interest thereon, due under this Series 1 Senior Secured Promissory Note, without premium or penalty.

3.3Severability.  In case any one or more of the provisions contained in this Series 1 Senior Secured Promissory Note should be invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable and the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired.

3.4Counterparts.  This Series 1 Senior Secured Promissory Note may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

3.5Entire Agreement.  This Series 1 Senior Secured Promissory Note supersedes all prior discussions and agreements between the parties with respect to the subject matter hereof and contain the sole and entire agreement between the parties hereto with respect thereto.

3.6Attorneys’ Fees.  If any action at law or in equity is necessary to enforce or interpret the terms of this Series 1 Senior Secured Promissory Note, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and disbursements in addition to any other relief to which such party may be entitled.

3.7Amendments and Waivers.  Provisions of this Series 1 Senior Secured Promissory Note may only be amended or waived with the written consent of Holder and the Company.  Any amendment or waiver effected in accordance with this Section 3.7 shall be binding upon Holder and each future holder of this Series 1 Senior Secured Promissory Note, even if the future holder has not executed such amendment or waiver.

3.8Governing Law.  This Series 1 Senior Secured Promissory Note shall be governed by and construed under the laws of the State of California as applied to agreements among California residents entered into and to be performed entirely within California.

3.9Headings.  The headings used in this Series 1 Senior Secured Promissory Note have been inserted for convenience of reference only and do not define or limit the provisions hereof.

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[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Company has caused this Series 1 Senior Secured Promissory Note to be executed as of the date first set forth above.

	

	
 

	

	
TRILINC GLOBAL IMPACT FUND CAYMAN, LTD.

 

 

 

	
 
	

	
By:

 

	
 
	

	
Name:

 

	
 
	

	
Title:

	
 
	

	
 

 

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