Document:

Exhibit

EXHIBIT 10.12

March 6, 2017

Mr. Richard Byrne President
BENEFIT STREET PARTNERS L.L.C.
9 West 57th Street, 
47th Floor 
New York, NY  10019

RE:    Griffin-Benefit Street Partners BDC Corp. (“GBS-BDC”) Wind-down Letter of Agreement

Gentlemen:

This Letter of Agreement is being entered into by Griffin Capital Company, LLC (formerly Griffin Capital Corporation) (“Griffin Capital”), Griffin Capital BDC Advisor, LLC (“GCBA”) and Benefit Street Partners L.L.C. (“Benefit Street”) to revise the economic terms of their arrangements with each other as set forth in the Summary of Terms executed by Benefit Street and Griffin Capital dated January 6, 2014 (the “Term Sheet”), the Investment Sub-Advisory Agreement by and among GBS-BDC, GCBA and Benefit Street dated January 16, 2015 (the “Sub-Advisory Agreement”), and any and all other agreements between GCBA and Benefit Street, including those entered into by any of their affiliates (all of these agreements collectively referred to herein as, the “BDC Agreements”) in connection with the potential wind down of GBS-BDC and merger of GBS-BDC with and into Griffin Institutional Access Credit Fund (“GIA Credit Fund”).

By the execution of this Letter of Agreement, each of Griffin Capital and Benefit Street hereby agrees as follows:

		
	1.
	Griffin Capital shall pay to Benefit Street an asset management fee equal to $100,000 per month, payable monthly in arrears within five (5) business days following the last business day of each month, which fee shall be prorated for the portion of March remaining after March 6, 2017 and for any partial month in which this Letter of Agreement terminates.

		
	2.
	Beginning on the date hereof, Griffin Capital and GCBA shall no longer require Benefit Street, and Benefit Street shall no longer have any obligation, to share in or otherwise bear any expense or distribution support payment obligations with respect to Benefit Street’s services pursuant to the Sub-Advisory Agreement or as otherwise contemplated under any of the BDC Agreements.

		
	3.
	Beginning on the date hereof, Benefit Street shall no longer be entitled to any fees, payments or compensation whatsoever under the BDC Agreements for its services as sub-adviser to GBS-BDC, other than pursuant to this Letter of Agreement.

		
	4.
	This Letter of Agreement shall remain in effect until the earlier of (i) July 31, 2017 or (ii) the date GBS-BDC closes on its merger with GIA Credit Fund (the “Merger Closing”) (such earlier date, the “Termination Date”).  Upon the Termination Date, (i) the Sub-Advisory Agreement and (ii) the Services Agreement by and between Benefit Street and GBS-BDC dated as of January 16, 2015 (the “Services Agreement”), shall immediately terminate and Benefit Street shall no longer have any obligation under or with respect to the Sub-Advisory Agreement, the Services Agreement or any of the other BDC Agreements.  The Trademark License Agreement (the “Trademark Agreement”), dated as of January 16, 2015, by and between BSP and GBS-BDC, shall also terminate on the Termination Date pursuant to Section 5.1 thereof, and all rights granted to GBS-BDC under the Trademark Agreement with respect to the Licensed Mark (as defined in the Trademark Agreement) shall cease, and GBS-BDC shall immediately discontinue use of the Licensed Mark.  The parties hereto agree that no separate notice 

under the Sub-Advisory Agreement or the Services Agreement shall be necessary in order for Benefit Street to terminate its services to GBS-BDC in accordance with this paragraph 4 as of the Termination Date.  Griffin Capital and GCBA represent and warrant that they have discussed the terms of this Letter of Agreement with the board of directors (the “Board”) of GBS-BDC, and that no member of the Board has expressed any objection to such terms, including, but not limited to, the waiver by the Board of any notice requirements under the Sub-Advisory Agreement, the Services Agreement or any other BDC Agreement.  Notwithstanding anything herein to the contrary, prior to the Termination Date, Griffin Capital, GCBA and Benefit Street may, but shall not be obligated to, negotiate in good faith for a further extension of this Letter of Agreement.

		
	5.
	On or before April 15, 2017, either Benefit Street or Griffin Capital, as the case may be,  shall make a true-up payment to the other party based upon the following true-up calculation:

		
	a.
	if (i) the amount of expenses owed to Benefit Street by GCBA and Griffin Capital under the BDC Agreements through February 28, 2017, plus an amount equal to the product obtained by multiplying (x) the number of shares of GBS-BDC held of record as of March 31, 2017 by Benefit Street and its affiliates (the “BSP Shares”) by (y) the net asset value per share as of February 28, 2017 of shares of GBS-BDC, exceeds (ii) the amount of expenses owed to GCBA and Griffin Capital by Benefit Street under the BDC Agreements through February 28, 2017, then (A) Griffin Capital shall pay such excess amount to Benefit Street, (B) Benefit Street shall simultaneously transfer the BSP Shares to Griffin Capital (or such affiliate designated by Griffin Capital) and (C) Benefit Street’s obligation to pay either GCBA or Griffin Capital, and GCBA and Griffin Capital’s obligation to pay Benefit Street, for any expenses owed under the BDC Agreements shall be extinguished, or

		
	b.
	if the amount in a(ii) above exceeds the amount in (a)(i) above, then (A) Benefit Street shall pay such excess amount to Griffin Capital, (B) Benefit Street shall simultaneously transfer the BSP Shares to Griffin Capital (or such affiliate designated by Griffin Capital) and (C) Benefit Street’s obligation to pay either GCBA or Griffin Capital, and GCBA and Griffin Capital’s obligation to pay Benefit Street, for any expenses owed under the BDC Agreements shall be extinguished.

		
	6.
	Except as set forth in this Letter of Agreement, each of Benefit Street and GCBA shall continue to provide services and shall continue to honor its obligations and duties under all BDC Agreements until the Termination Date.

		
	7.
	Each of Griffin Capital and Benefit Street agrees that it shall not make any disclosure of this Letter of Agreement, its contents or the transactions contemplated hereby without obtaining the approval of the other party to the contents of such disclosure, except (i) to the Board, (ii) to its counsel and other professional advisors, and (iii) to the extent that any such disclosure may be required by law or advisable in the opinion of such party’s counsel, in which case the party required to make such disclosure shall endeavor to give the other party reasonable prior notice thereof.

		
	8.
	If the Merger Closing does not occur on or before July 31, 2017, Griffin Capital and GCBA agree to (i) immediately take over any and all responsibilities related to GBS-BDC, (ii) cause the Board to waive all notice requirements of such change to allow for such change, and (iii) have ready and in place a replacement sub-adviser acceptable to the board of directors of GBS-BDC prior to July 31, 2017 so that such transfer can take place immediately.

		
	9.
	Except as set forth in this Letter of Agreement, all terms, conditions, representations, warranties, obligations and responsibilities in the BDC Agreements shall remain in full force and effect and shall not be altered by this Letter of Agreement.  To the extent of any conflict between the terms of the BDC Agreements and this Letter of Agreement, the terms of this Letter of Agreement shall control.

		
	10.
	This Letter of Agreement shall be governed by New York law. Benefit Street and Griffin Capital shall resolve any disputes between themselves through an arbitration proceeding to be agreed upon.

Sincerely,

	
	
	Griffin Capital Company, LLC

	 

	/s/ Kevin A. Shields

	Chairman and Chief Executive Officer

	
	
	Griffin Capital BDC Advisor, LLC

	 

	/s/ Kevin A. Shields

	Chief Executive Officer

AGREED AND ACCEPTED:

	
		
	Benefit Street Partners L.L.C.

	By:
	/s/ Bryan R. Martoken

	Name:
	Bryan R. Martoken

	Title:
	Chief Financial Officer

	Date:
	March 6, 2017Exhibit 10.43

 

 

 

AMENDMENT
TO SHARE PURCHASE AGREEMENT DATED APRIL 6, 2015

 

by and among

 

EACH OF THE
SELLERS NAMED ON SCHEDULE

as Sellers,

 

and

 

ID GLOBAL SOLUTIONS
CORPORATION,

as Buyer,

 

Dated as of
May 7, 2015

 

 

 

     

     

    

 

On
this day, May 7, 2015, the following amendments were made to the original SHARE PURCHASE AGREEMENT, dated April 6, 2015
(the- “Agreement”), and is made by and among each of the parties identified as a “Seller”,
hereinafter referred to individually as a “Seller” and collectively as the “Sellers”) and
ID Global Solutions Corporation, a Delaware corporation (together with one or more of its designees, “Buyer”).

 

WITNESSETH:

 

WHEREAS,
Article I, Section 1.1 Paragraph “Retained Amount” reads as follows:

 

“Retained
Amount” shall mean the total amount of ONE THOUSAND EIGHTEEN MILLION ONE HUNDRED AND SIXTY THOUSAND THREE HUNDRED AND
THIRTY FOUR PESOS (COP$1.018.160.334) represented in Retained IDGSC Shares,

 

is
hereby amended to:

 

“Retained
Amount” shall mean the total amount of EIGHT HUNDRED AND TWENTY SIX MILLION ONE HUNDRED SIXTY TWO THOUSAND NINE HUNDRED
AND FIFTY NINE PESOS (COP$827.162.959) represented in Retained IDGSC Shares. The rate of exchange used in the US$ to COP PESO
conversion is US$1=COP2400.

 

WHEREAS,
Article I, Section 1.1 Paragraph “Retained IDGSC Shares” reads as follows:

 

“Retained
IDGSC Shares” means the number of IDGSC Shares that Buyer shall retain until the Sellers pay the Claw-back Liabilities,
for a total amount of SIX HUNDRED THOUSAND (600.000)

 

is
hereby amended to:

 

“Retained
IDGSC Shares” means the number of IDGSC Shares that Buyer shall retain until the Sellers pay the Claw-back Liabilities,
for a total amount of ONE MILLION FOUR HUNDRED NINETY EIGHT THOUSAND FOUR HUNDRED EIGHTY THREE (1.498.483).

 

(SIGNATURE
PAGES TO FOLLOW)

 

     

     

    

 

IN WITNESS WHEREOF, the parties have caused this Amended Agreement to be executed by their respective officers thereunto duly authorized, as of the date first written above.

 

	 	SELLER:
	 	 
	 	A2S S.A.S.
	 	 
	 	By:	/s/ Luis Álvaro Cuestas Rincón
	 	Name: Luis Álvaro Cuestas Rincón 
	 	Title: Legal Representative

 

IN
WITNESS WHEREOF, the parties have caused this Amended Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first written above.

 

	 	SELLER:
	 	 
	 	By:
    	/s/ Luis Álvaro Cuestas Rincón
	 	Name:
    Luis Álvaro Cuestas Rincón

 

IN
WITNESS WHEREOF, the parties have caused this Amended Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first written above.

 

	 	SELLER:
	 	 
	 	By:	Álvaro Mauricio
    Cuestas Rojas
	 	Name: Álvaro Mauricio
    Cuestas Rojas

 

IN
WITNESS WHEREOF, the parties have caused this Amended Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first written above.

 

	 	SELLER:
	 	 
	 	By:	/s/ Sofia Cristina Cuestas Rojas
	 	Name:
    Sofia Cristina Cuestas Rojas

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Amended Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first written above.

 

	 	SELLER:
	 	 
	 	By:	/s/ Luis Álvaro Cuestas
    Rincón
	 	Name: Luis Álvaro Cuestas
    Rincón on behalf of Sofia Cristina Rojas de Cuestas

 

IN
WITNESS WHEREOF, the parties have caused this Amended Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first written above.

 

	 	BUYER:
	 	 
	 	ID GLOBAL SOLUTIONS
    CORPORATION
	 	 
	 	By:	/s/ Douglas Wayne
    Solomon
	 	Name: Douglas Wayne
    Solomon
	 	Title: Chairman
    and Chief Operating Officer

 

     

     

    

 

	Amended
    MultiPay Shareholders Schedule	7-May-15

 

	 	 	 	 	No. of IDGS
  Shares per	 	 	Initial Issue of 

IDGS Shares	 	 	Balance of 
 IDGS Shares to 
 be Issued on 
 Settlement of	 	 	 	 
	Shareholder	 	Shareholder ID	 	Agreement	 	 	on Closing	 	 	Debt	 	 	(%)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A2S S.A.S	 	NIT 900.517.811-1	 	 	6,102,374	 	 	 	4,899,176	 	 	 	1,203,198	 	 	 	80.29	%
	Luis Alvaro Cuestas Rincon	 	CC 17.032.686	 	 	952,630	 	 	 	764,801	 	 	 	187,829	 	 	 	12.53	%
	Sofia Cristina Cuestas Rojas	 	CC 52.647.156	 	 	97,198	 	 	 	78,034	 	 	 	19,164	 	 	 	1.28	%
	Alvaro Mauricio Cuestas Rojas	 	CC 79.940.519	 	 	441,058	 	 	 	354,095	 	 	 	86,963	 	 	 	5.80	%
	 Sofia Cristina Rojas de Cuestas	 	CC 20.606.089	 	 	6,740	 	 	 	5,411	 	 	 	1,329	 	 	 	0.09	%
	 	 	 	 	 	7,600,000	 	 	 	6,101,517	 	 	 	1,498,483	 	 	 	100.00	%

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