Document:

Exhibit 10.7

    

     

    

    LICENSE AGREEMENT

     

    This License Agreement (“Agreement”) is entered into effective as of                        , 2020 (“Effective Date”) between, on the one hand, BlackRock, Inc. (“Licensor”), a Delaware
      limited liability company, and, on the other, BlackRock Direct Lending Corp., a Delaware corporation (“Licensee”), as follows:

     

    RECITALS

     

    WHEREAS, Licensor is a global asset manager that has acquired through diligent effort over many years a premier reputation within the financial services and investment management community for
      excellence in the fields of investing, investment management, and the financial and operational management of companies in which Licensor has made or supervised investments;

     

    WHEREAS, Licensee acknowledges the fame and reputation of Licensor, and the goodwill associated with the trade name and service mark BlackRock which is owned
      by Licensor and used in commerce by Licensor in association with its business and with the services it provides to investors, companies, and others; and,

     

    WHEREAS, subject to the terms set forth below, Licensee wishes to receive a license, and Licensor wishes to grant Licensee a license, to use the BlackRock
      mark in association with the commercial activities of Licensee, as more fully defined below;

     

    NOW THEREFORE, in consideration of the mutual covenants and agreements set forth below, and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties agree as follow:

    

    

    	1.	
            License

          

     

    Subject to and conditioned upon Licensee’s compliance with all the terms of this Agreement, Licensor grants to Licensee a nonexclusive, personal, revocable, worldwide nontransferable license, without the right to
      delegate or sub-license, to (i) use the trade name BlackRock as a component of the trade name of Licensee in the manner depicted in Exhibit A, and (ii) to use the service mark BlackRock as a component of the permitted variations of this service mark described in Exhibit A in association with the services of Licensee.  All rights not expressly granted to Licensee are reserved to Licensor.  The trade name
      and service mark BlackRock, along with the permitted variations thereof licensed hereunder, are hereinafter referred to collectively as the “Marks” and each individually as a “Mark.”

     

    
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    	2.	
            Ownership and Use of the Marks

          

     

    2.1          Licensee stipulates and agrees that, subject only to the license granted herein, all rights, title and interests in and to the Marks is and shall be owned exclusively by Licensor.  Licensee shall not take
      any action inconsistent with Licensor’s ownership of the Marks, and covenants that it, acting alone or together with others, shall not initiate any proceeding in any forum challenging the existence, validity, or enforceability of the Marks, or any
      future variation of the Marks adopted by Licensor.  All goodwill and proprietary rights derived from the use by Licensee of the Marks shall inure to Licensor’s benefit.  At the request, and expense, of Licensor, Licensee shall provide all cooperation
      requested by Licensor in connection with any effort by Licensor to establish, perfect, or defend the Marks, or any Mark, or Licensor’s rights therein, including, without limitation, providing exemplars and samples of Licensee’s use of the Mark,
      executing commercially reasonable forms of consent, assignment or release, and providing good faith testimony by affidavit, declaration, deposition or any other means.

     

    2.2          Licensee stipulates and agree that the Marks embody and symbolize the goodwill of Licensor, and are associated with the highest quality services in the fields of investment, investment management, financial
      services, and the financing and management of operating businesses.  All activities of Licensee carried out under the Mark used as a trade name, and all products and services provided under the Marks in commerce by Licensee, shall be of a nature and
      quality consistent with the high quality and reputation of Licensor and of the Marks, as reasonably determined by Licensor.  At Licensor’s request, Licensee shall provide all samples, and permit all inspections and audits reasonably determined by
      Licensor to be necessary to assure and confirm Licensee’s compliance with this quality standard.  All uses of any Mark by Licensee shall be made consistent with such reasonable use and style guidelines as are provided by Licensor from time to time. 
      Without limitation, Licensee shall not alter, modify, or otherwise mutilate any Mark, and shall not create or develop any variation or new version of the Marks.  Except as otherwise permitted by Licensor, Licensee shall designate each service mark
      use of a Mark with the appropriate proprietary designation, such as, as appropriate to each mark, SM, or ® and shall also provide the following notice, with the prominence customarily given to such notices in the specific context of use:

     

    “BlackRock, BlackRock Direct Lending and the BlackRock Direct Lending logo mark are the
      proprietary names and marks of BlackRock, Inc., an independently operated entity, and used with permission.”

     

    In all agreements, publications, and materials in which Licensee uses the Marks as a trade name or as a component of its trade name, Licensee shall expressly disclose, in writing, that Licensee is an independently operated entity, and that, in
      dealing with Licensee, third parties shall have no recourse of any kind against Licensor.

     

    2.3          Licensee acknowledges that proper use of the Marks in compliance with this Agreement is of benefit to Licensor through the increased fame and reputation that will inure to Licensor through Licensee’s
      appropriate activities.  Hence, Licensee covenants that, subject to the terms of this agreement and only for so long as this License Agreement remains in effect, it may use the Marks as a component of its trade names, and in connection with all
      services of Licensee that are of an appropriate nature and quality.

     

    2.4          Licensee represents, warrants and covenants that: (i) they have the authority to enter into this Agreement and perform all obligations under and exercise all rights in compliance with, this Agreement; (ii)
      all uses of Marks by Licensee shall be made in compliance with law and regulation, without breach of any contractual obligation or duty imposed by law (such as tort duties); and (iii) in its use of the Marks, Licensee shall not associate the Mark
      with any product, service, or activity that violates, infringes, or otherwise misappropriates any proprietary right or interest of any third party other than alleged rights in the Marks.

     

    
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    	3.	
            Term and Termination

          

     

    3.1          The term of this Agreement shall be for a period of one (1) year beginning on the Effective Date.  Unless terminated pursuant to its terms, this Agreement shall automatically renew for successive one-year
      terms.

     

    3.2          Notwithstanding the above, the license grant set forth herein to Licensee, or, at Licensor’s discretion, this entire Agreement, may be terminated by Licensor at its sole discretion for any reason or no
      reason at all, such termination to be effective sixty (60) days following the receipt of written notice thereof from Licensor by Licensee.  Only After the expiration of the first one (1) year term, Licensee may terminate this Agreement at its sole
      discretion for any reason or no reason at all, such termination to be effective sixty (60) days following the receipt of written notice thereof from Licensee by Licensor.  In addition, this Agreement may be terminated by any party upon a material
      breach by the other party upon thirty (30) days prior written notice to the other party, provided that termination may be avoided if such breach is cured to the satisfaction of the non-breaching party within the thirty (30) days.  Finally, Licensor
      may terminate this agreement upon Licensor’s determination that Licensee is not in compliance with Section 2 above, and Licensor determines, at its sole discretion, that Licensee remains non-compliant fifteen (15) days after receiving written notice
      thereof from Licensor.

     

    3.3          Licensee shall cease and desist from all use of any Mark immediately upon the termination or expiration of this Agreement for any reason.  Termination or expiration of this Agreement shall neither release
      nor discharge any party from any obligation, debt or liability which shall have previously accrued and which remains to be performed upon the date of termination nor prevent a party from pursuing any other remedies at law or in equity.

     

    	4.	
            Notices

          

     

    All notices required by this Agreement shall be deemed given when in writing and delivered personally or deposited in the United States mail, postage prepaid, return receipt requested, addressed to the other party at the
      address set forth below or on such other address     as the party may designate in writing in accordance with this Section:

     

    	
            If to Licensor

          	
            If to Licensee:

          
	 	 
	
            BlackRock, Inc.

            55 East 52nd Street

            New York, New York 10055

            Attn: General Counsel

          	
            BlackRock Direct Lending Corp.

            2951 28th Street, Suite 1000

            Santa Monica, California 90405

            Attn:  Elizabeth Greenwood, General Counsel

          

     

    

    Notices given by mail shall be deemed received two (2) business days after mailing.

     

    
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    	5.	
            General Provisions

          

     

    This Agreement has been executed and delivered in, and shall be construed and enforced in accordance with, the laws of the State of California.  This Agreement shall be binding upon and shall inure to the benefit of
      Licensor and its successors and assigns.  Except as expressly permitted in advance in writing by Licensor, Licensee, acting alone or together with others, shall not assign or otherwise transfer any rights granted to it under this Agreement for any
      reason, nor permit any other person to enjoy such rights through sublicensing, delegation, subcontracting, agency relationship or other means.  Except as aforesaid, no provision of this Agreement is intended, nor shall any provision of this Agreement
      be deemed or interpreted, to create any benefit to or for any person not a party to this Agreement.  This Agreement may be amended only by a written instrument signed by the authorized representatives of the parties.  This Agreement represents the
      entire Agreement of the parties regarding Licensee’s right to exploit any Mark and supersedes any previous agreements between the parties relating to the same subject matter.  No waiver of any provision of this Agreement shall be effective against
      either party unless it is in writing and signed by the party granting the waiver.  The failure to exercise any right shall not operate as waiver of such right.  No delay or failure to require performance of any provision of this Agreement shall
      constitute a waiver of that provision as to that or any other instance. Licensee stipulates and agrees that any breach by either of them of any provision of Section 2, or use of the Marks outside of the scope of the grant set forth in Section 1, will
      cause Licensor irreparable harm for which monetary damages will not be an adequate remedy.  Therefore, Licensee stipulates that, in addition to all such other remedies to which Licensor may be entitled at law or in equity, Licensor shall be entitled
      to receive temporary, preliminary, and permanent injunctive relief with regard to any such breach of Sections 2 or use of the Marks outside the scope of Section 1 by Licensee.

     

    [Signature Page Follows]

     

    
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    IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the Effective Date.  By their signatures below, each of the parties represents that they have the
      authority to execute this Agreement and do hereby bind the party on whose behalf their execution is made.

     

    	
            “Licensor”

          	 	
            “Licensee”

          
	 	 	 
	
            BlackRock, Inc.

          	 	
            BlackRock Direct Lending Corp.

          
	 	 	 
	By:	 	 	By:	 	 
	 	 	 
	Print:	 	 	Print:	 	 
	 	 	 
	
            Its:

            

          	 	 	
            Its:

            

          	 	 
	 	 	 
	Date:	 	 	Date:	 	 

    

    
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    EXHIBIT A

    BlackRock Logo Use Policy

    

    

    In addition to conforming with such style and usage guidelines as are set forth in the Agreement or as Licensor may provide Licensee from time to time pursuant to section 2.2 of the Agreement, all uses of the Mark shall conform to the following:

    

    

    
      	
              I.

            	
              Trade Name Uses.

            

    

    

    

    All uses of the Marks as a component of the trade names of Licensee shall conform to the following, and no other trade name uses are permitted:

    

    

    1.          BlackRock Direct Lending Corp., where “BlackRock” is always depicted with the B and the R in capital letters, without intervening punctuation, and as part of a single continuous phrase with the words "Direct Lending," which shall
      always appear immediately following "BlackRock" in the same font size, font color, and font style with "BlackRock".

    

    

    
      	
              II.

            	
              Service Mark Uses.

            

    

    

    

    All uses of the Marks as a service mark shall conform to the following:

    

    

    1.             The permitted service marks are the word mark BlackRock Direct Lending, and the design variation of the BlackRock Direct Lending mark that will be provided by Licensor to Licensee.

    

    

    2.             In the service marks, the letters "BlackRock" shall not be used as a service mark apart from the term "Direct Lending."

    

    

    3.             Except as otherwise permitted by Licensor, the service mark shall be designated with an SM designation in all prominent uses.

    

    

    
      	
              III.

            	
              Amendment.

            

    

    

    

    This Exhibit A is in addition to, and without limitation, of Licensor's rights and privileges under the Agreement.

  

  

  

  

  

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Exhibit 10.1
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FIRST AMENDMENT TO LEASE AGREEMENT
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THIS FIRST AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is made and entered into this 16th day of September, 2020, by and between Granite South Brunswick LLC, a Delaware limited liability company, (“Landlord”) and G III Apparel Group LTD, a Delaware corporation (“Tenant”).
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B A C K G R O U N D
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WHEREAS, Landlord and Tenant entered into that certain Lease Agreement dated December 21, 2009 (the “Lease”), pursuant to which Tenant is leasing approximately 583,376 square feet (the “Demised Premises”) located at 140—148 Docks Corner Road, Jamesburg, New (the “Building”) as more particularly described in the Lease; and
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WHEREAS, the Lease is scheduled to expire on December 31, 2020; and
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WHEREAS, Landlord and Tenant have agreed, among other things, to extend the term of the Lease and otherwise modify certain provisions of the Lease, all pursuant to the terms and conditions as hereinafter set forth.
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NOW, THEREFORE, for good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties agree as follows:
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1.Construction.  Capitalized terms used herein but not otherwise defined shall have the meaning ascribed to such terms in the Lease.
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2.Extension of Term.  The term of the Lease is hereby extended for a period commencing on January 1, 2021 (the “Extension Term Commencement Date”) and ending on December 31, 2028 (the “Extension Term”), unless sooner terminated in accordance with the terms of the Lease.  The Extension Term shall be on the same terms and conditions contained in the Lease except as expressly set forth herein.
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3.Fixed Rent.  Commencing on the Extension Term Commencement Date, Tenant shall, subject to Paragraph 4 below, pay to Landlord Fixed Rent for the Demised Premises as set forth below and as otherwise required pursuant to the terms of the Lease:
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	Period
	Annual Fixed Rent
	Monthly Fixed Rent

	1/1/21 -  12/31/21
	$4,667,007.96
	$388,917.33

	1/1/22 - 12/31/22
	$4,807,018.20
	$400,584.85

	1/1/23 - 12/31/23
	$4,951,228.80
	$412,602.40

	1/1/24 - 12/31/24
	$5,099,765.64
	$424,980.47

	1/1/25 – 12/31/25
	$5,252,758.68
	$437,729.89

	1/1/26 – 12/31/26
	$5,410,341.36
	$450,861.78

	1/1/27 – 12/31/27
	$5,572,651.68
	$464,387.64

	1/1/28 – 12/31/28
	$5,739,831.12
	$478,319.26

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4.Rent Abatement.  Notwithstanding anything to the contrary contained herein, so long as Tenant is not in Material Monetary Default (as defined below) under the Lease, Tenant shall be entitled to an abatement of 100% of Fixed Rent due during each of September and October, 2020 and to an abatement of One Hundred  Forty-Five Thousand Eight Hundred Forty Four and no/100 Dollars ($145,844.00) of Fixed Rent due during November, 2020 (the aggregate amounts abated in accordance with the provisions of this paragraph shall be referred to as the “Abated Rent”).  In the event Tenant, on or prior to December 31, 2022, commits a Material Monetary Default under the Lease after the expiration of applicable notice and cure periods, the Abated Rent shall become immediately due and payable without prejudice to any other remedies of Landlord.  As used herein a “Material Monetary Default” shall be defined as any default or defaults caused by Tenant failing to pay any amount due equal to or in excess of $50,000.00 in the aggregate.
As a result of the partial abatement of Fixed Rent for November, 2020, Tenant shall pay to Landlord on November 1, 2020, $46,183.93, representing the full Fixed Rent due for November, 2020 minus $145,844.00.   
5.AS IS.  Tenant acknowledges and agrees that the Demised Premises are in good order and satisfactory condition as of the date hereof.  No agreement of Landlord to alter, remodel, decorate, clean or improve the Demised Premises or the Building (or to provide Tenant with any credit or allowance for the same), and no representation regarding the condition of the Demised Premises or the Building, have been made by or on behalf of Landlord or relied upon by Tenant.    
6.Intentionally Omitted. 
7.Letter of Credit.  Pursuant to Section 3.4 of the Lease, Tenant has provided Landlord with a letter of credit in the amount of $331,552.00.  Concurrent with the execution and delivery of this Amendment, Tenant shall deliver to Landlord a new letter of credit in the amount of $777,834.66 (the “Replacement Letter of Credit”) and which shall replace the existing letter of credit.  The Replacement Letter of Credit shall be subject to all of the terms of the Lease. 
8.Option to Renew.Section 24.17 of the Lease is hereby deleted and no longer in force or effect.  
9.OFAC.  Tenant represents, warrants and covenants that neither Tenant nor any of its, officers, directors, or members (i) is listed on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Asset Control, Department of the Treasury 

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(“OFAC”) pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (“Order”) and all applicable provisions of Title III of the USA Patriot Act (Public Law No. 107-56 (October 26, 2001)); (ii) is listed on the Denied Persons List and Entity List maintained by the United States Department of Commerce; (iii)is listed on the List of Terrorists and List of Disbarred Parties maintained by the United States Department of State, (iv) is listed on any list or qualification of “Designated Nationals” as defined in the Cuban Assets Control Regulations 31 C.F.R. Part 515; (v) is listed on any other publicly available list of terrorists, terrorist organizations or narcotics traffickers maintained by the United States Department of State, the United States Department of Commerce or any other governmental authority or pursuant to the Order, the rules and regulations of OFAC (including without limitation the Trading with the Enemy Act, 50 U.S.C. App. 1-44; the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06; the unrepealed provision of the Iraq Sanctions Act, Publ.L. No. 101-513; the United Nations Participation Act, 22 U.S.C. § 2349 aa-9; The Cuban Democracy Act, 22 U.S.C. §§ 60-01-10; The Cuban Liberty and Democratic Solidarity Act, 18.U.S.C. §§ 2332d and 233; and The Foreign Narcotic Kingpin Designation Act, Publ. L. No. 106-120 and 107-108, all as may be amended from time to time); or any other applicable requirements contained in any enabling legislation or other Executive Orders in respect of the Order (the Order and such other rules, regulations, legislation or orders are collectively called the “Orders”); (vi) is engaged in activities prohibited in the Orders; or (vii) has been convicted, pleaded nolo contendere, indicted, arraigned or custodially detained on charges involving money laundering or predicate crimes to money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes or in connection with the Bank Secrecy Act (31 U.S.C. §§ 5311 et. seq.).
10.Non-Affiliation Representation.  Tenant represents and warrants that Tenant is not a BlackRock Entity (each as hereinafter defined) nor an Affiliate (as hereinafter defined) of a BlackRock Entity.  Tenant covenants that Tenant will not become a BlackRock Entity or an Affiliate of a BlackRock Entity.  Tenant further agrees that Tenant will not assign the Lease or sublease all or any portion of the Demised Premises to a BlackRock Entity or to an Affiliate of a BlackRock Entity without Landlord’s prior written consent, which consent may be withheld in its sole and absolute discretion.  As used herein, “BlackRock Entity” means BlackRock, Inc. and any entity controlling, controlled by or under common control with BlackRock, Inc. (and the parties agree that this definition shall include any institutional fund managed by a BlackRock Entity).  Additionally, as used in this Paragraph only, the term “Affiliate” shall mean any Person who directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with such Person and the term “Person” shall mean any individual, general partnership, limited partnership, corporation, limited liability company, limited liability partnership, joint venture, trust, business trust, cooperative or association or other comparable business entity, and the heirs, executors, administrators, legal representatives, successors and assigns of any of the foregoing where the context so permits.
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14.Notices to Landlord.  Notwithstanding anything to the contrary in the Lease all notices to Landlord shall be sent to the following parties at the following addresses only and otherwise in accordance with the terms of the Lease:
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Granite South Brunswick LLC
c/o BlackRock Realty Advisors, Inc.
40 E. 52nd Street, 18th Floor

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New York, New York 10022
Attention: US Core Fund – Asset Manager
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With a copy to:
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Nixon Peabody LLP
70 West Madison Street
Suite 3500
Chicago, Illinois 60602
Attention:  David B. Allswang, Esq.
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15.Warranty.  Tenant warrants that it currently has no claims against Landlord and that Tenant has had no dealings with any broker except Team Resources, Inc. (“Tenant’s Broker”), representing Tenant, and Cushman & Wakefield of New Jersey, Inc. (“Landlord’s Broker”), representing Landlord, in connection with this Amendment and agrees to defend, with counsel approved by Landlord, indemnify and save Landlord harmless from and against any and all costs, expense or liability for any compensation, commission or charges (including, without limitation, reasonable attorney’s fees) claimed by any broker or agent who claims to have represented Tenant with respect to this Amendment. Landlord agrees to pay any leasing commission due Landlord’s Broker, and Landlord’s Broker shall pay any leasing commission due Tenant’s Broker or alternatively Landlord will pay Tenant’s Broker directly.
16.Exculpation.  All personal liability of Landlord or any trustee, director, officer, partner, employee or principal (disclosed or undisclosed) thereof of every kind or nature, if any, is waived by Tenant, and by every person now or hereafter claiming by, through or under Tenant; and Tenant shall look solely to Landlord’s estate in the Building for the payment of any claim against Landlord arising from a default by Landlord under the Lease.
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17.Full Force and Effect.  Except as specifically modified herein, all other terms and conditions of the Lease shall remain in full force and effect and are hereby ratified, and confirmed.
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18.Inconsistencies.  In the event of inconsistencies between the Lease and this Amendment, this Amendment will take precedence.
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19.Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective representatives, transferees, successors and assigns.  
20.Authority.  The person executing and delivering this Amendment on behalf of each party represents and warrants that he has full power, authority and right to do so on behalf of such party. 
21.Construction.  This Amendment shall be governed by and construed in accordance with the laws of the State of New Jersey. 

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22.Headings.  Section headings contained herein are for convenience or reference only and shall not govern the interpretation of any of the provisions contained herein. 
23.Counterparts and PDF Signature.  This Amendment may be executed by each of the parties hereto in separate counterparts and have the same force and effect as if all of the parties had executed it as a single document.  Execution and delivery of this Amendment by portable document format (“PDF”) copy bearing the PDF signature of any party hereto shall constitute a valid and binding execution and delivery of this Amendment by such party.  Such PDF copies shall constitute enforceable original documents.
24.Digital Images.  The parties agree to accept a digital image of this Amendment and all future amendments to the Lease, as executed, as true and correct originals and admissible as best evidence for the purposes of State law, Federal Rule of Evidence 1002, and like statutes and regulations. 
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[SIGNATURES APPEAR ON FOLLOWING PAGE]
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IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of the date set forth above.
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​
LANDLORD:
​
Granite South Brunswick LLC, 
a Delaware limited liability company 
​
By:BlackRock Property Fund Operating Partnership, L.P., 
a Delaware limited partnership, its sole member
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By:BlackRock US Core Property Fund, LLC, 
a Delaware limited liability company, 
its general partner
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By:BlackRock US Core Property Fund, Inc., 
a Maryland corporation, its sole member
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By:BlackRock Realty Advisors, Inc.,
a Delaware corporation, 
its investment manager
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By: /s/ John Kent Jr.                ​ ​
Name:​ ​John Kent Jr.​ ​​ ​​ ​
Title: Director​ ​​ ​​ ​​ ​
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TENANT:
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G III Apparel Group LTD, a Delaware corporation
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By: /s/ Wayne Miller​ ​​ ​​ ​​ ​​ ​
Name:​ ​Wayne Miller​ ​​ ​​ ​​ ​​ ​
Title: Chief Operating Officer​ ​​ ​​ ​

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