Document:

Exhibit 1025

		

			 

		

		
			March 13, 2015
		

		
			 
		

		
			 
		

			
					
						Commonwealth Bank of Australia,  

					
						599 Lexington Avenue, 17th Floor

					
						New York, NY 10022

					
						Attn:Director, Project Finance

					
						 

				

		
			 
		

		
			Ladies and Gentlemen:
		

		
			Reference is made to that certain Credit Agreement, dated as of July 18, 2014 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), among MDW Pan LLP, as Borrower, Commonwealth Bank of Australia, as Administrative Agent, Collateral Agent, Technical Agent and Initial Lender, and the other Lenders named therein from time to time.  Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Credit Agreement.
		

			
	
			
				 1.
			

			
	
			
			Preliminary Statements

		
			WHEREAS, the Borrower is currently not in satisfaction of the Cost to Complete Test and the Time to Complete Test and, if such circumstance exists for more than thirty (30) consecutive days, the Borrower will be in default of its obligations under Section 7.01(y) of the Credit Agreement;
		

		
			WHEREAS, the Borrower has requested a temporary waiver of its obligations under Section 7.01(y) of the Credit Agreement (and certain other waivers and consents as set forth herein, including waivers under the Guaranty);
		

		
			WHEREAS, in addition to the above, the Lenders have requested additional information and further due diligence by outside consultants with respect to the Project; and
		

		
			WHEREAS, the parties hereto acknowledge that, upon receipt of the additional information and completion of the due diligence referenced above, the parties may consider negotiating an amendment to the Credit Agreement, which amendment may be substantial (it being understood that the Administrative Agent and the Lenders have not agreed to enter into any such amendment and that only a written agreement signed by the Administrative Agent and the requisite Lenders will constitute such an agreement).
		

		

		

		 

		

			                                                                                                                                                          Midway – Waiver Letter

		

 

		
		

			
	
			
				 2.
			

			
	
			
			Consents and Waivers

		
			In consideration of the foregoing and in accordance with Section 15.01 of the Credit Agreement and Section 8.12 of the Guaranty, the Borrower and the Guarantors hereby request that the Administrative Agent, the Collateral Agent and the Majority Lenders evidence their approval and consent to the following by signing the signature pages for such parties attached hereto:
		

			
	
			
				 (a)
			

			
	
			
			The covenants set forth in Section 7.01(y) of the Credit Agreement shall be waived until April 20, 2015 to the extent that the Borrower’s ability to comply with such covenants is affected by matters previously disclosed by the Borrower to the Administrative Agent in writing.  For the avoidance of doubt, (i) the foregoing waiver shall not apply with respect to matters not previously disclosed by the Borrower to the Administrative Agent in writing and (ii) any failure to satisfy the Cost to Complete Test or the Time to Complete Test following the expiration of the foregoing waiver shall continue to be subject to the thirty (30) day cure period contemplated by Section 7.01(y) of the Credit Agreement. 

			
	
			
				 (b)
			

			
	
			
			Notwithstanding Section 9.01(i)(ii) of the Credit Agreement or Section 7.01(a)(ii) of the Guaranty, the financing statements delivered by the Borrower and the Sponsor for Fiscal Year 2014 shall be permitted to include “going concern” or like qualifications or exceptions relating to the Borrower’s obligation to satisfy the Cost to Complete Test and Time to Complete Test and other matters disclosed by the Borrower to the Administrative Agent prior to the date hereof.

			
	
			
				 (c)
			

			
	
			
			Notwithstanding clause (ii)(C) of the definition of “Risk Management Program” in the Credit Agreement and Schedule III of the Credit Agreement, discretionary diesel hedging by the Borrower currently in effect may exceed 75%, but shall not exceed 90%, of projected diesel consumption in any month, with reference to the most recent approved Financial Model.

			
	
			
				 3.
			

			
	
			
			Miscellaneous

		
			This letter shall become effective as of the date first written above only upon (a) receipt by the Borrower and the Administrative Agent of counterparts of this letter executed by the Borrower, the Guarantors, the Majority Lenders, the Collateral Agent and the Administrative Agent and (b) payment of all fees and expenses due and payable by the Loan Parties pursuant to Section 15.04 of the Credit Agreement, including any fees of legal counsel for the Agents and the Lenders to the extent the Borrower has received an invoice for such fees prior to the date hereof.
		

		
			In connection with this letter, the Borrower shall pay or cause to be paid to the Administrative Agent  a waiver fee equal to US$200,000.00 (the “Waiver Fee”).  The Waiver Fee shall be earned upon the effectiveness of this letter and shall become due and payable in full on June 30, 2015.  The Borrower agrees that, once paid, the Waiver Fee will not be refundable under any circumstances.  The Waiver Fee will be paid in immediately available funds, shall not be subject to reduction by way of set-off or counterclaim, and may be shared among the Lenders and the Agents (and their respective affiliates) as the Administrative Agent may determine in its sole discretion.    
		

		

		

		 

		

			                                                                                                                                                        Midway – Waiver Letter

		

 

		In consideration of the Administrative Agent’s and the Lenders’ willingness to enter into this letter agreement, the Borrower and each Guarantor (including in its capacity as an Equity Pledgor, as applicable) hereby release and forever discharge the Secured Parties and each of their respective affiliates, predecessors, successors and assigns, and the officers, managers, directors, employees, agents, attorneys, advisors and representatives of the foregoing (hereinafter all of the above collectively referred to as “Releasees”) from (and agrees not to sue the Releasees for) any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever (whether arising in contract, tort, in law or in equity or otherwise) that the Borrower, such Guarantor or any other Loan Party may have or claim to have against any of the Releasees arising under or in connection with the Loan Documents, any documents or instruments delivered pursuant thereto, the transactions governed thereby or the dealings among the Loan Parties and their Affiliates with the Releasees with respect thereto, or in any way based on or related to any of the foregoing, including any transactions contemplated by or funded with the proceeds of the foregoing, in each case based on facts, circumstances, acts or omissions occurring or in existence on or prior to the effective date hereof.
		

		
			Upon the effectiveness of this letter, (a) each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as in effect after giving effect to this letter and (b) each reference in the Guaranty to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Guaranty, and each reference in the other Loan Documents to “the Guaranty”, “thereunder”, “thereof” or words of like import referring to the Guaranty, shall mean and be a reference to the Guaranty, as in effect after giving effect to this letter.
		

		
			The Credit Agreement and each of the other Loan Documents are and shall continue to be in full force and effect and, except as otherwise waived in accordance with the terms hereof, are hereby in all respects ratified and confirmed.  The execution, delivery and effectiveness of this letter shall not, except as expressly provided herein, constitute a waiver of any provision of any of the Loan Documents.
		

		
			In case any provision herein or obligation hereunder shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.
		

		
			This letter may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this letter by electronic means shall be effective as delivery of a manually executed counterpart of this letter.
		

		
			This letter shall be governed by, and construed in accordance with, the law of the State of New York.  
		

		

		

		 

		

			                                                                                                                                                        Midway – Waiver Letter

		

 

		[Signature pages follow]
		

		
			 
		

		
			 
		

		

		

		 

		

			                                                                                                                                                        Midway – Waiver Letter

		

 

		

			 

		

		MDW PAN LLP, as Borrower

By: MDW Pan Holding Corp., its Managing Partner
		

		
			 
		

		
			 
		

		
			By:   _______________________________
Name: 
Title:
		

		
			GEH (U.S.) HOLDING INC.,
		

		
			

		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Treasurer
		

		
			MDW GOLD ROCK LLP,
		

		
			
By: MDW-GR Holding Corp., its Managing Partner

		

		
			 
		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Treasurer
		

		
			MDW‐GR HOLDING CORP.,
		

		
			

		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Treasurer
		

		
			MDW PAN HOLDING CORP.,
		

		
			

		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Treasurer
		

		
			 
		

		

		

		 

		

			SFDOCS01/318028                                                                                                                                                             Midway – Waiver Letter

		

 

		

			 

		

		MIDWAY GOLD CORP.,
		

		
			

		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Chief Financial Officer
		

		
			MIDWAY EXPLORATION LLC,
		

		
			
       By: Midway Gold US Inc., its Sole Manager
		

		
			 
		

		
			 
		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Senior Vice President & Treasurer
		

		
			MIDWAY GOLD REALTY LLC,
		

		
			
       By: Midway Gold US Inc., its Sole Member
		

		
			 
		

		
			 
		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Senior Vice President & Treasurer
		

		
			MIDWAY GOLD ROCK MINE CO.,
		

		
			

		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Treasurer
		

		
			MIDWAY GOLD US INC.,
		

		
			

		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Senior Vice President & Treasurer
		

		
			 
		

		

		

		 

		

			SFDOCS01/318028                                                                                                                                                             Midway – Waiver Letter

		

 

		

			 

		

		MIDWAY PAN MINE CO.,
		

		
			

		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Treasurer
		

		
			MIDWAY SERVICES COMPANY,
		

		
			

		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Treasurer
		

		
			MINE SERVICES LLC,
		

		
			
       By: Midway Gold US Inc., its Sole Member
		

		
			 
		

		
			 
		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Senior Vice President & Treasurer
		

		
			NEVADA TALON LLC,
		

		
			
By: Midway Gold US Inc., its Sole Member and Authorized Person
		

		
			 
		

		
			 
		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Senior Vice President & Treasurer
		

		
			RR EXPLORATION LLC,
		

		
			
By: Midway Gold US Inc., its Sole Member   and Authorized Person

		

		
			 
		

		
			By:   _______________________________
Name: Bradley Blacketor
Title:   Senior Vice President & Treasurer
		

		

		

		 

		

			SFDOCS01/318028                                                                                                                                                             Midway – Waiver Letter

		

 

		

			 

		

		GEH (B.C.) HOLDING INC.,

		

		
			By:   _______________________________
Name: 
Title:   
		

		
			 
		

		
			GOLDEN EAGLE HOLDING INC.,
		

		
			

		

		
			By:   _______________________________
Name: 
Title:   
		

		
			 
		

		
			MDW MINE ULC,

		

		
			By:   _______________________________
Name: 
Title:   
		

		

		

		 

		

			SFDOCS01/318028                                                                                                                                                             Midway – Waiver Letter

		

 

		

			 

		

		COMMONWEALTH BANK OF AUSTRALIA, as Administrative Agent, Collateral Agent and Lender

		

		
			By:   _______________________________
Name: 
Title:  
		

		 

		

			SFDOCS01/318028                                                                                                                                                             Midway – Waiver LetterExhibit 10.48

Exhibit 10.48

Bedminster One, Suite 11
135 U.S. Hwy. 202/206
Bedminster, NJ 07921

December 10, 2014
VantagePoint Venture Partners IV (Q), L.P.
VantagePoint Venture Partners IV, L.P.
VantagePoint Venture Partners Principals Fund, L.P.
VP New York Venture Partners, L.P.
1001 Bayhill Drive, Suite 300
San Bruno, CA 94066
Ladies and Gentlemen:
Pursuant to the Amended and Restated By-Laws (the “By-Laws”) of GAIN Capital Holdings, Inc. (the “Company”), VantagePoint Venture Partners IV (Q), L.P., VantagePoint Venture Partners IV, L.P., VantagePoint Venture Partners Principals Fund, L.P. and VP New York Venture Partners, L.P. (collectively, the “VPVP Funds”) were granted the right to designate a nominee (the “VPVP Designee”) to serve on the Company’s Board of Directors (the “Board”).  Immediately prior to the Company’s 2014 Annual Meeting of Stockholders (the “Annual Meeting”), which was held on June 25, 2014, the VPVP Funds’ right to designate a nominee to the Board expired.  Notwithstanding that expiration, the Company nominated Tom Bevilacqua, the current VPVP Designee, for re-election to the Board at the Annual Meeting, and Mr. Bevilacqua was elected to serve an additional three-year term on the Board.

In recognition of the valuable role the VPVP Funds play as significant, long-term stockholders in the Company, the Board has determined to extend the Director designation rights granted to the VPVP Funds.  Accordingly, the Company and the VPVP Funds hereby agree as follows:

1.VPVP Designee.  Notwithstanding any provision of the Certificate of Incorporation or the By-Laws, in the event that Tom Bevilacqua shall cease to serve as a Director for any reason, the vacancy resulting thereby shall be filled promptly by appointment to the Board of a VPVP Designee designated by the VPVP Funds (it being agreed that if the VPVP Designee resigns due to his failure to receive sufficient votes to be elected, the Board shall fill the vacancy with a different individual designated by the VPVP Funds, and that if the VPVP Designee is not elected following an election contest, the Board will expand the size of the Board and appoint a different individual designated 

    

by the VPVP Funds to fill the newly created vacancy).  The individual designated as the VPVP Designee shall meet applicable director independence requirements applicable to all directors of the primary exchange on which the Common Stock is listed for trading, currently the NYSE, as well as the criteria for director nominees generally as adopted by the Company’s Nominating and Corporate Governance Committee from time to time.
2.Termination.  The obligations of the Company under this agreement shall terminate on the earliest to occur of (i) such time when the VPVP Funds are the beneficial owners, in the aggregate, of less than five percent (5%) of the outstanding capital stock of the Company, (ii) immediately after the 2017 annual meeting of stockholders of the Company and (iii) such time as the VPVP Funds notify the Company that they no longer require a VPVP Designee to serve on the Board.  For purposes of this agreement, the “beneficial owner” of shares shall be determined pursuant to Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended. 
3.Governing Law.  This agreement shall be governed by and construed under the laws of the State of Delaware, without regard to the conflicts of laws rules of such state.
4.Jurisdiction.  The parties hereby agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this agreement or the transactions contemplated hereby shall be brought in the United States District Court for the District of Delaware or any Delaware State court, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this agreement shall be deemed to have arisen from a transaction of business in the State of Delaware, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.  
5.WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
6.Successors and Assigns.  The provisions hereof shall inure to the benefit of, and be binding upon, the successors and permitted assigns, heirs, executors, and administrators of the parties hereto.  The rights hereunder shall not be assignable to any party without the prior written consent of the Company.
7.Severability.  In case any provision of this agreement 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.

2
    

8.Amendment and Waiver.  This agreement may be amended or modified and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with, in the case of an amendment, the written consent of each of the parties hereto and, in the case of a waiver, the written consent of the party against whom the waiver is to be effective.
9.Counterparts.  This agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 
[Signature pages follow]
Please confirm your agreement with the foregoing by signing below. 

Very truly yours,

	
		
	GAIN CAPITAL HOLDINGS, INC.

	By:
	/s/ Diego Rotsztain

	 
	Name: Diego Rotsztain

	 
	Title: Executive Vice President and General Counsel

	 
	 

Acknowledged and Agreed:

	
		
	VANTAGEPOINT VENTURES PARTNERS IV (Q), L.P
By:  VantagePoint Venture Associates IV,  L.L.C.,
its General Partner

	By:
	/s/ Alan E. Salzman

	 
	Name: Alan E. Salzman

	 
	Title:   Managing Member

	 
	 

	
		
	VANTAGEPOINT VENTURE PARTNERS IV, L.P.
By:  VantagePoint Venture Associates IV,  L.L.C.,
its General Partner

	By:
	/s/ Alan E. Salzman

	 
	Name: Alan E. Salzman

	 
	Title:   Managing Member

	 
	 

	
		
	VANTAGEPOINT VENTURE PARTNERS IV PRINCIPALS FUND, L.P.
By:  VantagePoint Venture Associates IV,  L.L.C.,
its General Partner

	By:
	/s/ Alan E. Salzman

	 
	Name: Alan E. Salzman

	 
	Title: Managing Member

	 
	 

	
		
	VP NEW YORK VENTURE PARTNERS, L.P.
By:  VantagePoint Venture Associates IV,  L.L.C.,
its General Partner

	By:
	/s/ Alan E. Salzman

	 
	Name: Alan E. Salzman

	 
	Title: Managing Member

	 
	 

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