Business Context and Reporting Period
This Form 8-K is a current report filed by GSC Investment Corp. (referred to in the metadata as Saratoga Investment Corp.) on March 31, 2010. The filing discloses the entry into material definitive agreements with its Administrator and Investment Adviser, GSCP (NJ), L.P.
Key Financial Metrics
The filing does not provide specific financial statements, revenue, profit, cash flow, or debt figures. The only financial metric mentioned is a threshold condition: the Administrator has waived reimbursement rights until the Company's total assets exceed $500 million.
Material Changes and Agreements
- Termination Notice Period Reduction: Effective March 22, 2010, through March 21, 2011 (the "Renewal Term"), the notice period required to terminate both the Administrator and the Investment Adviser was shortened from 60 days to 30 days.
- Waiver of Reimbursements: On March 21, 2010, the Administrator agreed to waive its right to reimbursements under the Administration Agreement. This waiver remains in effect until the earlier of the expiration of the Renewal Term or the date the Company's total assets exceed $500 million.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, management commentary on future performance, or discussion of specific risks beyond the structural changes to the advisory agreements. The primary operational change is the increased flexibility to terminate the advisory relationship on shorter notice during the specified Renewal Term.
Key Facts for Investor Verification
- Verify the Company's current total asset level to determine if the reimbursement waiver is still active or if the $500 million threshold has been breached.
- Confirm the exact expiration date of the "Renewal Term" (March 21, 2011) to understand when the 30-day termination notice period reverts to the standard 60-day period.
- Review the full text of the Second Amendment to the Administration Agreement (Exhibit 10.1) and Third Amendment to the Investment Advisory and Management Agreement (Exhibit 10.2) for any additional terms not summarized in the 8-K.