Griffin-BenefitStreet Partners BDC Corp.'s chief compliance officer, , resigned from hisposition, effective March 23, according to a Form 8-K filed March 29.
Canning's departure was in connection with his resignationas a senior managing director at Cipperman Compliance Services LLC, the thirdparty compliance company of Griffin-Benefit Street Partners.
Griffin-Benefit Street Partners' board appointed Jay Haas asthe company's chief compliance officer. Haas has served as one of thecompliance directors at Cipperman since October 2014.
In addition, Griffin-Benefit Street Partners and ,Griffin-Benefit Street Partners' external adviser, on March 23 amended theirexpense support and conditional reimbursement agreement, which is effective forall reimbursement payments, including operating expenses, from Griffin-BenefitStreet Partners to Griffin Capital BDC Advisor made on or after Dec. 31, 2015.
The amended agreement provides that Griffin-Benefit StreetPartners will not make reimbursement payments to Griffin Capital BDC Advisorunless, at the time of the reimbursement, Griffin-Benefit Street Partners'operating expense ratio and annualized distribution rate equal or exceed theoperating expense ratio and annualized distribution rate, respectively, as ofthe date Griffin Capital BDC Advisor made the corresponding expense payment.
The amended agreement limits Griffin-Benefit Street Partners'liability for organization and/or offering expenses to the sum of all expensepayments paid by Griffin Capital BDC Advisor to Griffin-Benefit Street Partnersin cash and not previously reimbursed to Griffin Capital BDC Advisor byGriffin-Benefit Street Partners; and non-organization and offering costsincluded in the operating expenses incurred by Griffin Capital BDC Advisor andits affiliates, and accrued as an amount due to Griffin Capital BDC Advisor byGriffin-Benefit Street Partners.
Also, the amended agreement created a defined term foroperating expenses. Operating expenses is defined as including all costs andexpenses paid or incurred by Griffin-Benefit Street Partners, as determinedunder GAAP, including, without limitation, advisory fees payable underGriffin-Benefit Street Partners' advisory agreement, interest on debt for thecovered period, organizational and offering expenses, and expenses incurred inconnection with Griffin-Benefit Street Partners' ongoing of its common stock.
The amended agreement provides that Griffin-Benefit StreetPartners will repay organization and offering expenses only to the extent thatsuch expenses do not exceed 1.5% of the current amount of gross proceeds thatGriffin-Benefit Street Partners has received from its offering.