Document:

Exhibit 10.2

 

ADMINISTRATION AGREEMENT

 

This Agreement (“Agreement”)
is made as of [_____], 2015 by and between Audax Credit BDC Inc., a Delaware corporation (the “Company”),
and Audax Management Company, LLC, a Delaware limited liability company (the “Administrator”).

 

WITNESSETH:

 

WHEREAS, the Company
is a newly organized closed-end management investment fund that intends to elect to be treated as a business development company
(“BDC”) under the Investment Company Act of 1940 (the “Investment Company Act”);
and

 

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 retains 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 (the “Board”), for the period and on the terms and conditions
set forth in this Agreement. The Administrator hereby accepts such retention 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
provided for below. The Administrator and such others 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 to be agents of the Company.

 

(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, compliance, and record keeping services at such facilities and such other services
as the Administrator, subject to review by the Board, 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, conduct relations with custodians, depositories,
transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers
and dealers, corporate fiduciaries, insurers, banks, and other persons in any other capacity deemed by the Administrator to be
necessary or desirable. The Administrator shall make reports to the Board of its performance of its obligations hereunder and shall
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, however, 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 provide 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 under the Investment Company Act, shall prepare, print and disseminate
reports to stockholders, and reports and other materials filed with the Securities and Exchange Commission (the “SEC”).
In addition, the Administrator shall 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 generally overseeing the payment of the Company’s expenses
and the performance of administrative and professional services rendered to the Company by others.

 

    	 

    	 

    

  

(c)          For
the avoidance of any doubt, the parties agree that the Administrator is authorized to enter into such sub-administration agreements
as the Administrator may determine to be necessary or desirable in order to carry out the services set forth in paragraph 1(b)
of this Agreement.

 

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 shall maintain and keep such books, accounts and records in accordance with the Investment Company Act. In compliance
with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records which 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 shall 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 the terms and conditions of this Agreement and 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 (regulated pursuant to Regulation S-P), 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 legal counsel of the parties hereto, by judicial
or administrative process, or otherwise by applicable law or regulation.

 

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4.           Compensation;
Allocation of Costs and Expenses

 

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. The Company shall
bear all costs and expenses that are incurred in its operation, administration and in the execution of its transactions and are
not specifically assumed by Audax Management Company (NY), LLC (the “Adviser”) pursuant to that certain
Investment Advisory Agreement, dated as of [____], 2015(the “Investment Advisory Agreement”), by
and between the Company and the Adviser. Costs and expenses to be borne by the Company include, but are not limited to, those relating
to: the Company’s initial organization costs and operating costs incurred prior to the filing of its election to be treated
as a BDC (up to an aggregate of $[ ]); the costs associated with any offerings of the Company’s common stock and other securities;
costs incurred in calculating individual asset values and the Company’s net asset value (including the cost and expenses
of any independent valuation firms); expenses, including travel expenses, incurred by the Adviser or members of the Adviser’s
investment team, or payable to third parties, incurred in performing due diligence on prospective portfolio companies and, if necessary,
enforcing the Company’s rights; the base management fee payable under the Investment Advisory Agreement; certain costs and
expenses relating to distributions paid on the Company’s shares; administration fees payable under this Agreement and any
sub-administration agreements, including related expenses; the allocated costs incurred by the Adviser or the Administrator in
providing managerial assistance to those portfolio companies that request it; amounts payable to third parties relating to, or
associated with, making or holding investments; transfer agent and custodial fees; costs of hedging; commissions and other compensation
payable to brokers or dealers; federal and state registration fees; U.S. federal, state and local taxes; independent director
fees and expenses; costs of preparing financial statements and maintaining books and records; costs of preparing tax returns; costs
of compliance with the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”); attestation costs and
costs of filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs,
including registration and listing fees, and the compensation expenses of professionals responsible for the preparation or review
of the foregoing; the costs of any reports, proxy statements or other notices to the Company’s stockholders (including printing
and mailing costs), the costs of any stockholders’ meetings and the compensation of investor relations personnel responsible
for the preparation of the foregoing and related matters; the costs of specialty and custom software for monitoring risk, compliance
and overall investments; the Company’s fidelity bond; directors and officers/errors and omissions liability insurance, and
any other insurance premiums; indemnification payments; direct fees and expenses associated with independent audits, agency, consulting
and legal costs; and all other expenses incurred by either the Administrator or the Company in connection with administering the
Company’s business, including payments under this Agreement for administrative services that will be based upon the Company’s
allocable portion of overhead and other expenses incurred by the Administrator in performing its administrative obligations under
this Agreement, including, but not limited to rent, the fees and expenses associated with performing compliance functions, and
the Company’s allocable portion of the costs of compensation paid to, or distributions received by, its Chief Financial Officer,
Chief Compliance Officer, any of their respective staff who provide services to the Company and any internal audit staff, to the
extent internal audit performs a role in the Company’s internal control assessments.

 

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5.           Limitation
of Liability of the Administrator; Indemnification

 

(a)          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 its sole member, the Adviser to the extent that they are providing
services for or otherwise acting on behalf of the Administrator, Adviser or the Company) shall not be liable to the Company for
any action taken or omitted to be taken by the Administrator or such other person in connection with the performance of any of
the Administrator’s 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 its sole member or the
Adviser, each of whom shall be deemed a third party beneficiary hereof) (each, individually, an “Indemnified Party”
and collectively, the “Indemnified Parties”) and hold each of them harmless from and against all
damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement)
incurred by any of them in or by reason of any pending, threatened or 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 in good faith of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator
for the Company. The Company’s indemnification of Indemnified Parties shall, to the extent not in conflict with such insurance
policy, be secondary to any and all payment to which any Indemnified Party is entitled from any relevant insurance policy issued
to or for the benefit of the Company and its affiliates or any Indemnified Party. The Company’s indemnification of the Indemnified
Parties shall also be secondary to any payment pursuant to any other indemnification obligation of any other relevant entity or
person, including under any insurance policy issued to or for the benefit of such other entity or person, in all cases, to the
extent not in conflict with the applicable other indemnification or insurance contract. In the event of payment by the Company
under this Agreement and pursuant to its indemnification obligations, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of the Indemnified Parties, including the rights of any Indemnified Party under any insurance
policies. 

 

(b)          For
any claims indemnified by the Company under Section 5(a) above, to the fullest extent permitted by law, the Company shall promptly
pay expenses (including legal fees and expenses) incurred by any Indemnified Party in appearing at, participating in or defending
any action, suit, claim, demand or proceeding in advance of the final disposition of such action, suit, claim, demand or proceeding,
including appeals, within 30 days after receipt by the Company of a statement or statements from the Indemnified Party requesting
such advance or advances from time to time.  Each Indemnified Party hereby undertakes to repay any amounts advanced on its
behalf (without interest) to the extent that it is ultimately determined that the Indemnified Party is not entitled under this
Agreement to be indemnified by the Company.  Such undertaking shall be unsecured and accepted without reference to the financial
ability of the Indemnified Parties to make repayment and without regard to the Indemnified Parties’ ultimate entitlement
to indemnification under the other provisions of this Agreement. No other form of undertaking shall be required of the Indemnified
Parties other than the execution of this Agreement. 

 

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(c)          Notwithstanding
the above provisions of Section 5 of this Agreement, 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 security holders 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 affiliate is free to render services
to others. It is understood that directors, officers, employees and stockholders 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 stockholders or otherwise.

 

7.           Duration
and Termination of this Agreement

 

(a)          This
Agreement shall become effective as of the first date above written. The provisions of Section 5 of this Agreement shall remain
in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination
of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Administrator shall
be entitled to any amounts owed under Section 4 through the date of termination or expiration, and Section 5 shall continue in
force and effect and apply to the Administrator and its representatives as and to the extent applicable. This Agreement shall continue
in effect for two years from the date hereof, and thereafter shall continue automatically for successive annual periods, provided,
that, such continuance is specifically approved at least annually by:

 

(i)          the
vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company; and

 

(ii)         the
vote of a majority of the members of the Company’s Board who are not parties to this Agreement or “interested persons”
(as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements
of the Investment Company Act.

 

(b)          The
Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of
a majority of the outstanding voting securities of the Company, or by the vote of the Board or by the Administrator.

 

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(c)          This
Agreement may not be assigned by a party without the consent of the other party; provided, however, that the rights
and obligations of the Company under this Agreement shall not be deemed to be assigned to a newly formed entity in the event of
the merger of the Company into, or conveyance of all of the assets of the Company to, such newly formed entity; provided
further, however, that the sole purpose of that merger or conveyance is to effect a mere change in the Company’s
legal form into another limited liability entity including a corporation. The provisions of Section 5 of this Agreement shall remain
in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination
of this Agreement.

 

8.           Amendments
of this Agreement 

 

This Agreement may
be amended pursuant to a written instrument by mutual consent of the parties.

 

9.           Governing
Law

 

This Agreement shall
be construed in accordance with the laws of the State of New York and the applicable provisions of the Investment Company Act.
To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the
Investment Company Act, the latter shall control.

 

10.          Entire
Agreement

 

This Agreement contains
the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject
matter hereof.

 

11.          Notices

 

Any notice under this
Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

 

[Remainder
of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties hereto have
executed and delivered this Agreement as of the date first above written.

 

	
         

        
	AUDAX CREDIT BDC INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	AUDAX MANAGEMENT COMPANY, LLC
	 	 
	 	By:	101 Huntington Holdings, LLC, as the

Managing Member thereof
	 	 	 
	 	By:	 
	 	 	Name: Geoffrey S. Rehnert
	 	 	Title: Authorized Member
	 	 	 
	 	By:	 
	 	 	Name: Marc B. Wolpow
	 	 	Title: Authorized MemberExhibit 10.3

 

License Agreement

 

between

 

101 HUNTINGTON HOLDINGS, LLC

 

a Delaware limited liability company

 

as “Licensor”

 

And

 

AUDAX CREDIT BDC INC.

 

a Delaware corporation

 

as “Licensee”

 

dated [_____], 2015

 

    	 

    	 

    

 

PREAMBLE

 

WHEREAS,
Licensor owns the rights in and to the business designation “Audax”;

 

WHEREAS, Licensee desires to use
the business designation “Audax” under license from Licensor as company name and Licensor is willing to grant such
license upon the terms and conditions set forth in this Agreement.

 

NOW , THEREFORE, the Parties agree as
follows:

 

		1.	Definitions

 

		1.1	"Name" shall mean the business designation “Audax”.

 

		1.2.	"Business Operations" shall mean the all business activities of Licensee that
fall in the scope of the purpose of the Licensee as defined in its Certificate of Formation and/or Articles of Incorporation, as
amended from time to time, including but not limited to its investing activities in connection with its operation as a business
development company under the 1940 Act.

 

		1.3	"Territory" shall mean the world.

 

		1.4	"1940 Act" shall mean the Investment Company Act of 1940, as amended.

 

		1.5	"Advisory Agreement" shall mean the Investment Advisory Agreement, dated as of
[_____], 2015, by and between the Licensee and the Adviser, as it may be amended from time to time.

 

		1.6	"Adviser" shall mean Audax Management Company (NY), LLC, a Delaware limited liability
company, that serves as investment adviser to the Licensee pursuant to the Advisory Agreement.

 

		2.	License Grant

 

		2.1	Licensor hereby grants to Licensee, under the terms and conditions of this Agreement, a non-exclusive,
royalty-free, revocable and non-transferable license to use the Name as part of the company name "Audax Credit BDC Inc.”

 

    	 

    	 

    

		2.2	Licensee shall not be entitled to grant any sublicenses without the prior written consent of Licensor.

 

		2.3	Licensee shall not be entitled to use the Name as a trademark or to file any trademark application
for the Name or any similar name. Notwithstanding, Licensee shall transfer and assign to Licensor any trademark which Licensee
acquires in breach of this obligation. Upon Licensor’s request, Licensee shall execute and deliver to Licensor any instruments
to accomplish or confirm the foregoing.

 

		3.	Quality Standards

 

		3.1	Licensee shall meet Licensor’s standards of quality in the performance of Business Operations
under the Name so as to enhance the value and goodwill of the Name, and Licensee shall comply in all respects with all applicable
standards required by any and all local laws or other regulations in the Territory.

 

		3.2	Licensor has the right to formulate and enforce reasonable standards of quality of performance
to be observed by Licensee in rendering Business Operations under the Name.

 

		3.3	Licensee shall, upon request of Licensor, submit to Licensor prior to the printing and/or dissemination
all brochures, advertisements and the like using the Name to allow Licensor to review the manner in which the Name is used by Licensee.

 

		3.4	Licensee shall stop immediately any use of the Name which, in the sole discretion of Licensor,
endangers the reputation of the Name. Upon request of Licensor, Licensee shall remedy such danger in the manner requested by Licensor.
Any refusal by Licensee to do so shall entitle Licensor to terminate this Agreement with immediate effect.

 

		4.	Ownership

 

		4.1	Licensee hereby agrees that, as between Licensee and Licensor, Licensor is the sole owner of the
Name and all goodwill relating thereto, and that the same, at all times, shall be and remain the sole and exclusive property of
Licensor and that Licensee, by reason of this Agreement, has not acquired any right, title, interest or claim of ownership in such
Name in the Territory and elsewhere except for the license granted herein. The use by Licensee of the Name in the Territory and
any and all goodwill arising from such use shall inure solely to the benefit of Licensor and shall be deemed to be solely the property
of Licensor in the event that this Agreement shall be terminated. Upon any termination of this Agreement, any and all rights in
and to the Name granted to Licensee shall automatically terminate.

 

    	 

    	 

    

 

		4.2	Upon termination or expiration of this Agreement, (a) Licensee shall cease all use of, and shall
immediately cause its agents, contractors, consultants, and partners to discontinue the use of the Name or any similar names, and
Licensee shall be deemed to have assigned, transferred and conveyed to Licensor any and all goodwill, title, or other rights in
and to the Name which may have been obtained by Licensee or which may have been vested in it by reason of Licensee’s activities,
(b) Licensee shall change the Licensee’s name such that the Name is deleted and Licensee shall promptly take all actions
to effectuate such name change. Upon Licensor’s request, Licensee shall execute and deliver to Licensor any documents and/or
instruments to effectuate the provisions of this Section 4.2 and/or confirm that Licensee has taken all actions to satisfy its
obligations under this Section 4.2.

 

		5.	Warranty

 

Licensor does not warrant the legal validity
of the Name and does not accept any liability that the Name may be used without infringing any third parties’ rights.

 

		6.	Penalty

 

Aside from the obligation to
cover Licensor’s actual damages and in addition to any damages to be paid by Licensee, Licensee shall pay to Licensor for
any breach of this Agreement or any use of the Name contrary to the terms of this Agreement liquidated damages in the amount of
$1,000. If such breach is not cured after a written notice of Licensor, Licensee shall pay for each month during which the breach
occurs a further liquidated damages of $1,000. Prerequisite for payment of the liquidated damanges is a prior written notice provided
by Licensor to Licensee. The termination rights of Licensor remain unaffected.

 

		7.	Infringement of Name

 

Licensee shall promptly notify Licensor
in writing of any infringement or challenge of the rights in and to the Name. Licensor shall have the exclusive right, but not
the obligation, to commence actions or proceedings against infringers. Licensee shall take no action against infringers unless
requested to do so by Licensor.

    	 

    	 

    

 

		8.	Term

 

		8.1	This Agreement shall become effective as of the date first set forth above and shall continue for
so long as the Adviser and/or its affiliate is the investment adviser to the Licensee or until expiration or termination of the
Advisory Agreement between the Licensee and the Adviser; provided, that, a termination resulting from an assignment
of the Advisory Agreement shall not trigger expiration of this Agreement if, after such assignment, either the Adviser or an affiliate
thereof continues to serve as investment adviser to the Licensee.

 

		8.2	Upon termination of this Agreement, the rights and obligations of the Parties, especially the right
of Licensee to use the Name, shall cease with exception of the obligations of Licensee set forth in Articles 4 and 6, which shall
survive any termination.

 

		9.	Assignment

 

Licensee shall not be authorized
to assign or transfer any of its rights and/or obligations under this Agreement without prior written consent of Licensor.

 

		10.	No Agency

 

Nothing in this Agreement shall be construed
to constitute either Party the agent of the other.

 

		11.	Miscellaneous

 

		11.1	This Agreement comprises the entire agreement between the Parties concerning the subject matter
hereof and supersedes and replaces all oral and written declarations of intention made by the Parties in connection with the contractual
negotiations. Changes or amendments to this Agreement must be made in writing by the Parties.

 

		11.2	This Agreement shall be governed by, and be construed in accordance with, the laws of the State
of Delaware.

 

		11.3	Place of venue for all disputes arising in connection with this Agreement or its validity shall
be in the State of Delaware, to the extent legally permissible.

 

    	 

    	 

    

 

		11.4	In the event that one or more provisions of this Agreement shall, or shall be deemed to, be invalid
or unenforceable, the validity and enforceability of the other provisions of this Agreement shall not be affected thereby. In such
case, the Parties hereto agree to recognize and give effect to such valid and enforceable provision or provisions which correspond
as closely as possible with the commercial intent of the Parties. The same shall apply in the event that this Agreement contains
any gap.

 

		11.5	This Agreement may be executed in any number of counterparts
and each of such counterparts shall together constitute one and the same instrument.

 

[Signature Page Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Parties hereto
have caused this License Agreement to be executed as of the date first written above.

 

	
         
	101 Huntington holdings, llc
	 	 	 
	 	By:	 
	 	 	Name: Geoffrey S. Rehnert
	 	 	Title: Authorized Member
	 	 	 
	 	By:	 
	 	 	Name: Marc B. Wolpow
	 	 	Title: Authorized Member
	 	 	 
	 	AUDAX CREDIT BDC INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to License Agreement]

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