Document:

exv10w2

Exhibit 10.2

ADMINISTRATION AGREEMENT

     THIS AGREEMENT (this “Agreement”) made as of July 30, 2010 by and between GSC Investment
Corp., a Maryland corporation (the “Company”), and Saratoga Investment Advisors, LLC, a Delaware
limited liability company (the “Administrator”).

     WHEREAS, the Company is a Maryland corporation that has elected to be treated as a business
development company under the Investment Company Act of 1940, as amended (the “Investment Company
Act”), and further elected to be taxable as a regulated investment company;

     WHEREAS, the Company and the Administrator are parties to an Investment Advisory and
Management Agreement dated as of the date hereof (the “Investment Advisory and Management
Agreement”);

     WHEREAS, the Company desires to retain the Administrator to provide administrative services to
the Company in the manner and on the terms hereinafter set forth; and

     WHEREAS, the Administrator is willing to provide administrative services to the Company on the
terms and conditions hereafter set forth.

     NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and
for other good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the Company and the Administrator hereby agree as follows:

     1. Duties of the Administrator.

     (a) Employment of Administrator. The Company hereby employs the Administrator to act as
administrator of the Company, and to furnish, or arrange for others to furnish, the administrative
services, personnel and facilities described below, subject to review by and the overall control of
the board of directors of the Company, for the period and on the terms and conditions set forth in
this Agreement. The Administrator hereby accepts such employment and agrees during such period to
render, or arrange for the rendering of, such services and to assume the obligations herein set
forth subject to the reimbursement of costs and expenses as provided for below. The Administrator
and any such other persons providing services arranged for by the Administrator shall for all
purposes herein be deemed to be independent contractors and shall, unless otherwise expressly
provided or authorized herein, have no authority to act for or represent the Company in any way or
otherwise be deemed agents of the Company. The Administrator agrees to notify the Company of any
admission or removal of a general partner of the Administrator within a reasonable amount of time
after such admission or removal.

     (b) Services. The Administrator shall perform (or oversee, or arrange for, the performance
of) the administrative services necessary for the operation of the Company. Without limiting the
generality of the foregoing, the Administrator shall provide the Company with office facilities,
equipment, clerical, bookkeeping and record keeping services at such office facilities and such
other services as the Administrator, subject to review by the board of directors of the Company,
shall from time to time determine to be necessary or useful to perform its obligations under this
Agreement. The Administrator shall also, on behalf of the Company, arrange for the services of,
and oversee, custodians, depositories, transfer agents, dividend disbursing agents, other
shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate
fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be
necessary or desirable. The Administrator shall make reports to the Company’s board of directors

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of its performance of obligations hereunder and furnish advice and recommendations with respect to
such other aspects of the business and affairs of the Company as it shall determine to be
desirable; provided that nothing herein shall be construed to require the Administrator to, and the
Administrator shall not, provide any advice or recommendation relating to the securities and other
assets that the Company should purchase, retain or sell or any other investment advisory services
to the Company. The Administrator shall be responsible for the financial and other records that
the Company is required to maintain and shall prepare all reports and other materials required to
be filed with the Securities and Exchange Commission (the “SEC”) or any other regulatory authority,
including reports to shareholders. The Administrator will provide on the Company’s behalf
significant managerial assistance to those portfolio companies to which the Company is required to
provide such assistance. In addition, the Administrator will assist the Company in determining and
publishing the Company’s net asset value, overseeing the preparation and filing of the Company’s
tax returns, and the printing and dissemination of reports to shareholders, and generally
overseeing the payment of the Company’s expenses and the performance of administrative and
professional services rendered to the Company by others.

     2. Records. The Administrator agrees to maintain and keep all books, accounts and other
records of the Company that relate to activities performed by the Administrator hereunder and, if
required by the Investment Company Act, will maintain and keep such books, accounts and records in
accordance with that act. In compliance with the requirements of Rule 31a-3 under the Investment
Company Act, the Administrator agrees that all records that it maintains for the Company shall at
all times remain the property of the Company, shall be readily accessible during normal business
hours, and shall be promptly surrendered upon the termination of this Agreement or otherwise on
written request. The Administrator further agrees that all records which it maintains for the
Company pursuant to Rule 31a-1 under the Investment Company Act will be preserved for the periods
prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier
surrendered as provided above. Records shall be surrendered in usable machine-readable form. The
Administrator shall have the right to retain copies of such records subject to observance of its
confidentiality obligations under this Agreement.

     3. Confidentiality. The parties hereto agree that each shall treat confidentially all
information provided by each party to the other regarding its business and operations. All
confidential information provided by a party hereto, including nonpublic personal information
pursuant to Regulation S-P of the SEC, shall be used by any other party hereto solely for the
purpose of rendering services pursuant to this Agreement and, except as may be required in
carrying out this Agreement, shall not be disclosed to any third party, without the prior consent
of such providing party. The foregoing shall not be applicable to any information that is publicly
available when provided or thereafter becomes publicly available other than through a breach of
this Agreement, or that is required to be disclosed by any regulatory authority, any authority or

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legal counsel of the parties hereto, by judicial or administrative process or otherwise by
applicable law or regulation.

     4. Compensation; Allocation of Costs and Expenses. (a) In full consideration of the
provision of the services of the Administrator, the Company shall reimburse the Administrator for
the costs and expenses incurred by the Administrator in performing its obligations and providing
personnel and facilities hereunder based upon the Company’s allocable portion of the
Administrator’s overhead in performing its obligations under this Agreement, including rent and the
allocable portion of the cost of the Company’s officers and their respective staffs (including
travel expenses). The Company’s allocable portion of such costs and expenses may be determined
based on the proportion of the Company’s total assets to the aggregate total assets administered by
the Administrator or sub-division thereof; provided that the Administrator may determine
that certain services shall be allocated on the basis of the time allocated by certain personnel of
the Administrator in providing such services to the Company, and provided further
that any costs and expenses allocable to the Company shall not be materially different from
those listed on Schedule A. Specifically, the compensation of employees of the Administrator,
including, among other things, salaries and any appropriate bonus, who dedicate their time
exclusively to the provision of services to the Company shall be considered a cost and expense
allocable to the Company.

     (b) The Company will bear all costs and expenses that are incurred in its operation and
transactions and not specifically assumed by (i) the Company’s investment adviser, pursuant to the
Investment Advisory and Management Agreement or (ii) the Administrator hereunder, including
payments under this Agreement.

     (c) For the one-year period ending on the anniversary of the effective date of this Agreement
(the “Anniversary”), the reimbursements required to be made to the Administrator by the Company as
set forth above shall be capped such that the amounts payable to the Administrator by the Company
under this Agreement will not exceed an amount of $1,000,000 per year. From and after the
Anniversary, the determination of whether the reimbursements required to be made to the
Administrator by the Company as set forth above shall be capped (including the determination of the
appropriate amount at which to cap such reimbursements) shall be made in the sole discretion of the
independent directors of the Company’s board of directors.

     5. Limitation of Liability of the Administrator; Indemnification. The Administrator, its
members and their respective officers, managers, partners, agents, employees, controlling persons,
members, and any other person or entity affiliated with any of them (collectively, the “Indemnified
Parties”), shall not be liable to the Company for any action taken or omitted to be taken by the
Administrator in connection with the performance of any of its duties or obligations under this
Agreement or otherwise as administrator for the Company, and the Company shall indemnify, defend
and protect the Administrator (and its officers, managers, partners, agents, employees, controlling
persons, members, and any other person or entity affiliated with the
Administrator, including without limitation the Indemnified Parties (each of whom shall be deemed a
third party beneficiary hereof) and hold them harmless from and against all damages, liabilities,
costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement)
incurred by the Indemnified Parties in or by reason of any pending, threatened or

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completed action,
suit, investigation or other proceeding (including an action or suit by or in the right of the
Company or its security holders) arising out of or otherwise based upon the performance of any of
the Administrator’s duties or obligations under this Agreement or otherwise as administrator for
the Company. Notwithstanding the preceding sentence of this Paragraph 5 to the contrary, nothing
contained herein shall protect or be deemed to protect the Indemnified Parties against, or entitle
or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to
the Company or its shareholders to which the Indemnified Parties would otherwise be subject by
reason of willful misfeasance, bad faith or gross negligence in the performance of the
Administrator’s duties or by reason of the reckless disregard of the Administrator’s duties and
obligations under this Agreement (to the extent applicable, as the same shall be determined in
accordance with the Investment Company Act and any interpretations or guidance by the SEC or its
staff thereunder).

     6. Activities of the Administrator. The services of the Administrator to the Company are not
to be deemed to be exclusive, and the Administrator and each other person providing services as
arranged by the Administrator is free to render services to others. It is understood that
directors, officers, members, managers, employees and shareholders of the Company are or may become
interested in the Administrator and its affiliates, as directors, officers, members, managers,
employees, partners, stockholders or otherwise, and that the Administrator and directors, officers,
members, managers, employees, partners and stockholders of the Administrator and its affiliates are
or may become similarly interested in the Company as shareholders.

     7. Duration and Termination of this Agreement.

     (a) This Agreement shall become effective as of the date hereof, and shall remain in force
with respect to the Company for two years thereafter, and thereafter continue from year to year,
but only so long as such continuance is specifically approved at least annually by (i) the board of
directors of the Company or by the vote of shareholders holding a majority of outstanding voting
securities of the Company and (ii) a majority of those members of the Company’s board of directors
who are not parties to this Agreement or “interested persons” (as defined in the Investment Company
Act) of any such party.

     (b) This Agreement may be terminated at any time, without the payment of any penalty, by vote
of the Company’s board of directors, or by the Administrator, upon 60 days’ written notice to the
other party.

     8. Amendments of this Agreement. This Agreement may not be amended or modified except by an
instrument in writing signed by all parties hereto.

     9. Assignment. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns. Neither party may assign, delegate
or otherwise transfer this Agreement or any of its rights or obligations hereunder
without the prior written consent of the other party; provided, however, that the
Administrator may assign its obligations under this Agreement to an affiliate of the Administrator
without obtaining consent. No assignment by either party permitted hereunder shall relieve the
applicable party of its obligations under this Agreement. Any assignment by either party in

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accordance with the terms of this Agreement shall be pursuant to a written assignment agreement in
which the assignee expressly assumes the assigning party’s rights and obligations hereunder.

     10. Governing Law. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York, including without limitation Sections 5-1401 and 5-1402 of the
New York General Obligations Law and New York Civil Practice Laws and Rules 327(b), and the
applicable provisions of the Investment Company Act, if any. To the extent that the applicable
laws of the State of New York, or any of the provisions herein, conflict with the applicable
provisions of the Investment Company Act, if any, the latter shall control. The parties
unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the
State of New York and waive any objection with respect thereto, for the purpose of any action, suit
or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

     11. No Waiver. The failure of either party to enforce at any time for any period the
provisions of or any rights deriving from this Agreement shall not be construed to be a waiver of
such provisions or rights or the right of such party thereafter to enforce such provisions, and no
waiver shall be binding unless executed in writing by all parties hereto.

     12. Severability. If any term or other provision of this Agreement is invalid, illegal or
incapable of being enforced by any law or public policy, all other terms and provisions of this
Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any party. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in an
acceptable manner in order that the transactions contemplated hereby are consummated as originally
contemplated to the greatest extent possible.

     13. Headings. The descriptive headings contained in this Agreement are for convenience of
reference only and shall not affect in any way the meaning or interpretation of this Agreement.

     14. Counterparts. This Agreement may be executed in one or more counterparts, each of which
when executed shall be deemed to be an original instrument and all of which taken together shall
constitute one and the same agreement.

     15. Notices. All notices, requests, claims, demands and other communications hereunder shall
be in writing and shall be given or made (and shall be deemed to have been duly given or made upon
receipt) by delivery in person, by overnight courier service (with signature required), by
facsimile, or by registered or certified mail (postage prepaid, return receipt requested) to the
respective parties at their respective principal executive office addresses.

     16. Entire Agreement. This Agreement constitutes the entire agreement of the parties with
respect to the subject matter hereof and supersedes all prior agreements and undertakings, both
written and oral, between the parties with respect to such subject matter.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date hereof.

	 	 	 	 	 
	 	GSC INVESTMENT CORP.

 	 
	 	By:  	/s/ Seth M. Katzenstein
 	 
	 	 	Name:  	Seth M. Katzenstein 	 
	 	 	Title:  	President & CEO 	 
	 

	 	 	 	 	 
	 	SARATOGA INVESTMENT ADVISORS, LLC

 	 
	 	By:  	/s/ Richard A. Petrocelli
 	 
	 	 	Name:  	Richard A. Petrocelli 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature page to Administration Agreement]exv10w3

Exhibit 10.3

TRADEMARK LICENSE AGREEMENT

dated as of July 30, 2010

by and between

Saratoga Investment Advisors, LLC

and

GSC Investment Corp.

 

 

TABLE OF CONTENTS

	 	 	 	 	 

	Article 1 DEFINITIONS
	 	 	1	 
	Section 1.01 Definitions
	 	 	1	 
	Section 1.02 Other Definitional and Interpretative Provisions
	 	 	2	 
	Article 2 GRANT OF LICENSE
	 	 	2	 
	Section 2.01 Grant of License
	 	 	2	 
	Article 3 OWNERSHIP OF PROPRIETARY RIGHTS
	 	 	3	 
	Section 3.01 Ownership of Proprietary Rights
	 	 	3	 
	Article 4 USE OF LICENSED MARKS BY LICENSEE
	 	 	3	 
	Section 4.01 Form of Use
	 	 	3	 
	Section 4.02 Quality Supervision
	 	 	3	 
	Article 5 INFRINGEMENT OF PROPRIETARY RIGHTS
	 	 	3	 
	Section 5.01 Infringement of Proprietary Rights
	 	 	3	 
	Section 5.02 Third-Party Actions
	 	 	3	 
	Section 5.03 Action by Licensor
	 	 	4	 
	Article 6 INDEMNITY, LIMITATION OF LIABILITY
	 	 	4	 
	Section 6.01 Licensee’s Indemnity
	 	 	4	 
	Section 6.02 Licensor’s Indemnity
	 	 	4	 
	Section 6.03 Disclaimer
	 	 	4	 
	Section 6.04 Limitation of Liability
	 	 	4	 
	Article 7 TERMINATION
	 	 	4	 
	Section 7.01 Termination by Licensor
	 	 	4	 
	Section 7.02 Effect of Termination; Survival.
	 	 	5	 
	Section 7.03 Preservation of Remedies
	 	 	5	 
	Article 8 GENERAL
	 	 	5	 
	Section 8.01 Cooperation
	 	 	5	 
	Section 8.02 Binding Effect; Benefit
	 	 	5	 
	Section 8.03 Assignment
	 	 	5	 
	Section 8.04 Severability
	 	 	6	 
	Section 8.05 Amendments; Waivers.
	 	 	6	 
	Section 8.06 Expenses
	 	 	6	 
	Section 8.07 Notices
	 	 	6	 

 

 

	 	 	 	 	 

	Section 8.08 Governing Law
	 	 	7	 
	Section 8.09 Jurisdiction
	 	 	7	 
	Section 8.10 Waiver of Jury Trial
	 	 	7	 
	Section 8.11 Counterparts; Third Party Beneficiaries
	 	 	7	 
	Section 8.12 Entire Agreement
	 	 	7	 

 

 

TRADEMARK LICENSE AGREEMENT

     AGREEMENT dated July 30, 2010 between Saratoga Investment Advisors, LLC, a Delaware limited
liability company, having its principal office at 535 Madison Ave., Fourth Floor, New York, NY
10022 (“Licensor”), and GSC Investment Corp., a Maryland corporation, having its principal office
at 500 Campus Drive, Suite 220, Florham Park, NJ 07932 (“Licensee”).

W I T N E S S E T H :

     WHEREAS, the Licensee is a Maryland corporation that has filed an election to be treated as a
business development company under the Investment Company Act of 1940, as amended (the “Investment
Company Act”);

     WHEREAS, Licensor and Licensee are party to an investment advisory and management agreement
dated as of the date hereof (the “Investment Management Agreement”) pursuant to which Licensor will
provide investment advisory services to Licensee; and

     WHEREAS, Licensee desires to obtain, and Licensor is willing to grant, certain rights to
enable Licensee to use certain of Licensor’s marks for such time as Licensor or any of its
Affiliates shall act as investment advisor of Licensee’s assets (“Manager”) pursuant to the
Investment Management Agreement.

     NOW, THEREFORE, in consideration of the mutual undertakings in this Agreement, the parties
agree as follows:

ARTICLE 1

DEFINITIONS

     Section 1.01 Definitions. The following terms, as used herein, have the following meanings:

     “Affiliate” means a person that directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with, the person specified.

     “Business” means the business of Licensee and its Subsidiaries as conducted at any time.

     “Licensed Marks” means the Proprietary Marks and the Proprietary Logos and such other marks of
Licensor that Licensor shall have specifically authorized Licensee in writing to use pursuant to a
written notice acknowledged by Licensee in the form of Exhibit A hereto.

     “Promotional Material” means all material used in the promotion of, or otherwise in connection
with, the Business (whether written or recorded in any other medium) and includes artwork,
advertising materials (irrespective of the medium in which they are recorded), display materials,
packaging materials, brochures, posters and internal and external signage.

     “Proprietary Logos” means the Proprietary Marks, consisting of designs and logos, of Licensor
set forth in Schedule A hereto.

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     “Proprietary Marks” means the proprietary marks of Licensor, consisting of the names
“Saratoga” or “Saratoga Partners.”

     “Subsidiary” means any entity of which securities or other ownership interests having ordinary
voting power to elect a majority of the board of directors or other persons performing similar
functions are at any time directly or indirectly owned by Licensee.

     “Term” means the period commencing on the date of this Agreement and ending on the date of
termination in accordance with Article 7 of this Agreement or the date of termination or expiration
of the Investment Management Agreement (whichever occurs first).

     Section 1.02 Other Definitional and Interpretative Provisions. Unless specified otherwise, in
this Agreement the obligations of any party consisting of more than one person are joint and
several. The words “hereof,” “herein” and “hereunder” and words of like import used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement. The captions herein are included for convenience of reference only and shall be ignored
in the construction or interpretation hereof. References to Articles, Sections, Exhibits and
Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise
specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated
in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in
any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in
this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any
plural term the singular. Whenever the words “include,” “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not
they are in fact followed by those words or words of like import. “Writing,” “written” and
comparable terms refer to printing, typing and other means of reproducing words (including
electronic media) in a visible form. References to any agreement or contract are to that agreement
or contract as amended, modified or supplemented from time to time in accordance with the terms
hereof and thereof. References to any Person include the successors and permitted assigns of that
Person. References from or through any date mean, unless otherwise specified, from and including
or through and including, respectively.

ARTICLE 2

GRANT OF LICENSE

     Section 2.01 Grant of License. Subject to the terms and conditions of this Agreement,
Licensor hereby grants to Licensee (i) a non-exclusive, non-transferable, royalty free right to use
the “Saratoga” and “Saratoga Partners” trade names as part of its company name and (ii) a
non-exclusive, non-transferable, royalty free right to use the Licensed Marks for the duration of
the Term on a worldwide basis in connection with the conduct of the Business. Such right shall
include the right of Licensee to grant sublicenses to its Subsidiaries for so long as they remain
Subsidiaries.

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ARTICLE 3

OWNERSHIP OF PROPRIETARY RIGHTS

     Section 3.01 Ownership of Proprietary Rights. Neither this Agreement nor its performance
confer on Licensee any right with respect to the Licensed Marks other than those rights granted
pursuant to this Agreement with respect to the Licensed Marks. Licensor is entitled to grant such
other rights in and licenses of the Licensed Marks as it sees fit and nothing in this Agreement
restricts in any way Licensor’s right to use the Licensed Marks. Any use of Licensed Marks by
Licensee inures to the benefit of Licensor. Licensee shall not, and shall cause its Subsidiaries
not to, (a) challenge the validity or ownership of the Licensed Marks or any other marks of
Licensor or claim adversely or assist in any claim adversely to Licensor concerning any right,
title or interest in the Licensed Marks or any other marks of Licensor or (b) do or permit any act
which may directly or indirectly impair or prejudice Licensor’s title to the Licensed Marks or its
other marks, or detrimental to the reputation and goodwill of Licensor, including any act which
might assist or give rise to any application to remove or de-register any of the Licensed Marks or
other marks of Licensor, and in the case of clauses (a) and (b), Licensee shall not, and shall
cause its Subsidiaries not to, aid or abet any person in doing so.

ARTICLE 4

USE OF LICENSED MARKS BY LICENSEE

     Section 4.01 Form of Use. Licensee shall conform to and observe, and shall procure that its
Subsidiaries conform to and observe, such standards in relation to the Licensed Marks as Licensor
from time to time prescribes, including standards relative to the quality, design, identity, size,
position, appearance, marking, color of the Licensed Marks, and the manner, disposition and use of
the Licensed Marks and accompanying designations, on any document or other media including, without
limitation, any Promotional Material.

     Section 4.02 Quality Supervision. All services performed under the Licensed Marks and all
goods to which the Licensed Marks are applied shall at all times be in compliance with applicable
laws, and such services performed or goods supplied shall in each case be effected in a manner so
as not to bring discredit upon the Licensed Marks.

ARTICLE 5

INFRINGEMENT OF PROPRIETARY RIGHTS

     Section 5.01 Infringement of Proprietary Rights. Licensee shall immediately notify Licensor
of any unauthorized or improper use by any person of any Licensed Marks and all particulars
relating to such infringement, upon Licensee having knowledge of same.

     Section 5.02 Third-Party Actions. Licensee shall immediately notify Licensor of any
allegations, claims or demands (actual or threatened) against Licensee or Subsidiaries for
infringement of any intellectual property rights of third parties by reason of the use of the
Licensed Marks and provide all particulars requested by Licensor. At Licensor’s request, Licensee
shall defend (at Licensor’s cost) such action in accordance with Licensor’s directions. Licensor
may at its option assist Licensee in its defense to such action to the extent reasonable to do so
(in Licensor’s judgment).

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     Section 5.03 Action by Licensor. Licensor may in its sole discretion take any action, legal
or otherwise, to halt or otherwise in connection with any infringement of Licensor’s rights to the
Licensed Marks. Licensor may require Licensee to lend its name to such proceedings and provide
reasonable assistance. Licensee may with the prior written consent of Licensor initiate
proceedings or otherwise take action with respect to any unauthorized use of the Licensed Marks (at
Licensor’s cost); provided that Licensee keeps Licensor fully and promptly informed of the conduct
and progress of such action or proceedings; and provided, further, that Licensee shall not conduct
any settlement negotiations or take any step to terminate such proceedings without Licensor’s prior
written consent.

ARTICLE 6

INDEMNITY, LIMITATION OF LIABILITY

     Section 6.01 Licensee’s Indemnity. Licensee shall pay and indemnify Licensor and each of
Licensor’s affiliates from and against all losses, claims, damages, liabilities, demands,
proceedings and costs (including legal costs) (“Damages”) related to or arising out of the use of
the Licensed Marks by Licensee or its Subsidiaries and the exercise of Licensee’s rights and
obligations under this Agreement.

     Section 6.02 Licensor’s Indemnity. Licensor shall pay and indemnify Licensee and each
Subsidiary from and against all Damages which are solely attributable to use of the Licensed Marks
by Licensor and licensees other than Licensee.

     Section 6.03 Disclaimer. EXCEPT AS SPECIFICALLY PROVIDED IN THIS AGREEMENT, THE LICENSE
GRANTED HEREIN IS MADE ON AN “AS IS” BASIS, AND LICENSOR HEREBY DISCLAIMS ANY EXPRESS OR IMPLIED
REPRESENTATIONS, WARRANTIES OR INDEMNITIES OF ANY KIND, INCLUDING WITHOUT LIMITATION, THOSE
REGARDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR OF NON-INFRINGEMENT.

     Section 6.04 Limitation of Liability. TO THE EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT
SHALL LICENSOR BE LIABLE UNDER ANY LEGAL OR EQUITABLE THEORY FOR ANY REMOTE, PUNITIVE, EXEMPLARY,
INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES OR LOSS OF PROFIT OF ANY KIND EVEN IF SUCH
PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. LICENSOR SHALL NOT BE RESPONSIBLE FOR
ANY COMPROMISE OR SETTLEMENT, NOR FOR ANY COSTS OR EXPENSES INCURRED IN COMPROMISING, SETTLING OR
DEFENDING ANY CLAIM AGAINST LICENSEE OR ANY OF ITS SUBSIDIARIES FOR INFRINGEMENT OR OTHERWISE, MADE
OR INCURRED.

ARTICLE 7

TERMINATION

     Section 7.01 Termination by Licensor. Licensor may terminate this Agreement forthwith by
written notice to Licensee if, at any time, Licensor, including Licensor’s Affiliates, shall cease
to act as Manager pursuant to the Investment Management Agreement or if, at any

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time, Licensor determines that the use of the Licensed Marks infringes or is confusingly
similar to the intellectual property rights of a third party.

     Section 7.02 Effect of Termination; Survival.

     (a) Upon termination of this Agreement and 60 days notice thereof from Licensor, Licensee
shall and shall cause each of its Subsidiaries to cease using the Licensed Marks or any derivation
thereof in any form. Licensee shall and shall cause each of its Subsidiaries to take such actions
as are necessary and appropriate to (i) change its name to a name that does not include such words
which Licensor has so specified, (ii) amend its operating agreement, bylaws or charter, as
applicable, accordingly and (iii) have, or cause to have, such name change and such amended
operating agreement, bylaws or charter, as applicable, approved by all necessary government,
regulatory, securities exchange and other officials. From the date of the such notice of such
request, Licensee shall and shall ensure that each of its Subsidiaries does not use the Licensed
Marks or any combination or any derivation thereof or any translation of any of such words into any
other language. Any costs associated with the change of name and logo of Licensee and its
Subsidiaries shall be for the account of Licensee.

     (b) Notwithstanding the other provisions of this Article 7, the provisions of Sections Section
6.01 7.03 and 8.05 and this Section 7.02 shall survive any termination of this Agreement.

     Section 7.03 Preservation of Remedies. Termination of this Agreement is without prejudice to
the rights of either party with regard to a breach by the other party of this Agreement, or any
obligation surviving termination or expiration of this Agreement. Full legal remedies remain
available for any such breach or continuing obligation, including the right to recover damages or
to secure other appropriate relief.

ARTICLE 8

GENERAL

     Section 8.01 Cooperation. The parties agree to use their best efforts to take, or cause to be
taken, all actions and to do, or cause to be done, all things necessary or desirable under
applicable laws and regulations to consummate or implement expeditiously the transactions
contemplated by this Agreement, including filings with appropriate governmental authorities and the
receipt of any necessary governmental approvals in respect of the transactions contemplated hereby.

     Section 8.02 Binding Effect; Benefit. This Agreement shall inure to the benefit of the
parties hereto, their successors, legal representations or permitted assigns. Nothing in this
Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto,
and their successors, legal representatives and permitted assigns, any rights, remedies,
obligations or liabilities under or by reason of this Agreement.

     Section 8.03 Assignment. This Agreement may be assigned by Licensor but shall not be
assignable or otherwise transferable by Licensee without the prior written consent of Licensor.

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     Section 8.04 Severability. If any provision in any Article of this Agreement is found by
competent authority to be invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of such other Article in every other respect and the
remainder of this Agreement shall continue in effect so long as the Agreement still expresses the
intent of the parties. However, if the intent of the parties cannot be preserved, this Agreement
shall be either renegotiated or terminated.

     Section 8.05 Amendments; Waivers.

     (a) Any provision of this Agreement may be amended or waived if, but only if, such amendment
or waiver is in writing and is signed, in the case of an amendment, by each party to this
Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective.

     (b) No failure or delay by any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The
rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

     Section 8.06 Expenses. Except as otherwise provided herein, all costs and expenses incurred
in connection with this Agreement shall be paid by the party incurring such cost or expense.

     Section 8.07 Notices. All notices, requests and other communications to any party hereunder
shall be in writing (including facsimile transmission) and shall be given,

     if to Licensor, to:

Saratoga Investment Advisors, LLC

535 Madison Ave., Fourth Floor

New York, NY 10022

Attention: Richard A. Petrocelli, Managing Director

Facsimile No.: (212) 750-3343

E-mail: rich@saratogapartners.com

     if to Licensee, to:

GSC Investment Corp.

500 Campus Drive, Suite 220

Florham Park, NJ 07932

Attention: Seth M. Katzenstein., President & CEO

Facsimile No.: (973) 437-1037

E-mail: skatzenstein@gsc.com

     All such notices, requests and other communications shall be deemed received on the date of
receipt by the recipient thereof if received prior to 5 p.m. in the place of receipt and such day
is a business day in the place of receipt. Otherwise, any such notice, request or

6

 

communication shall be deemed not to have been received until the next succeeding business day
in the place of receipt.

     Section 8.08 Governing Law. This Agreement shall be governed by, and construed in all
respects in accordance with, the laws of the State of New York, without regard to conflict of laws
principles thereof.

     Section 8.09 Jurisdiction. Except as otherwise expressly provided in this Agreement, the
parties hereto 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 Southern District
of New York or any New York State court sitting in New York City, 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 New York, 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 which is 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.
Without limiting the foregoing, each party agrees that service of process on such party as provided
in Section 8.07 shall be deemed effective service of process on such party.

     Section 8.10 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.

     Section 8.11 Counterparts; Third Party Beneficiaries. This Agreement may be signed in any
number of counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. This Agreement shall become effective
when each party hereto shall have received a counterpart hereof signed by the other party hereto.
Until and unless each party has received a counterpart hereof signed by the other party hereto,
this Agreement shall have no effect and no party shall have any right or obligation hereunder
(whether by virtue of any other oral or written agreement or other communication). No provision of
this Agreement is intended to confer upon any person other than the parties hereto any rights or
remedies hereunder.

     Section 8.12 Entire Agreement. This Agreement constitutes the entire agreement between the
parties with respect to the subject matter of this Agreement and supersedes all prior agreements
and understandings, both oral and written, between the parties with respect to the subject matter
of this Agreement.

[Remainder of page intentionally left blank]

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     IN WITNESS WHEREOF, the duly authorized representatives of the parties have executed this
Agreement as of the date first hereof.

	 	 	 	 	 
	 	SARATOGA INVESTMENT ADVISORS, LLC

 	 
	 	     /s/ Richard A. Petrocelli
 	 
	 	Name:  	Richard A. Petrocelli 	 
	 	Title:  	Managing Director 	 
	 
	 	GSC INVESTMENT CORP.

 	 
	 	     /s/ Seth M. Katzenstein
 	 
	 	Name:  	Seth M. Katzenstein 	 
	 	Title:  	President & Chief Executive Officer 	 
	 

[Signature page to Trademark License Agreement]

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