FIRST AMENDMENT TO CREDIT AGREEMENT
This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of
November 3, 2014 is entered into by and among OAKTREE CAPITAL MANAGEMENT, L.P.,
a Delaware limited partnership, OAKTREE CAPITAL II, L.P., a Delaware limited
partnership, OAKTREE AIF INVESTMENTS, L.P., a Delaware limited partnership,
OAKTREE CAPITAL I, L.P., a Delaware limited partnership (each a “Borrower” and
collectively, the “Borrowers”); the Required Lenders (as defined in the Credit
Agreement referred to below); and WELLS FARGO BANK, NATIONAL ASSOCIATION, as
administrative agent for the Lenders (in such capacity, the “Administrative
Agent”). Capitalized terms used and not otherwise defined in this Amendment
shall have the same meanings in this Amendment as set forth in the Credit
Agreement defined below.
WHEREAS, the above mentioned parties have previously entered into that certain
Credit Agreement, dated as of March 31, 2014 (as in effect prior to the First
Amendment Effective Date (as defined herein), the “Credit Agreement”).
WHEREAS, the Borrowers have requested certain amendments to the Credit Agreement
as set forth below, and the Administrative Agent and the Required Lenders, on
the terms and subject to the conditions set forth herein, have agreed to so
amend the Credit Agreement.
NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and
agreements set forth below and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereby agree,
except as otherwise set forth herein, as of the First Amendment Effective Date
as follows:
SECTION 1.Amendments. On the terms of this Amendment and subject to the
satisfaction of the conditions precedent set forth in Section 2 below, the
Credit Agreement is hereby amended as follows:

(a)    Restricted Payments. Clause “(b)” of Section 6.5 of the Credit Agreement
is hereby amended and restated in its entirety as follows:
“that so long as no Default or Event of Default shall have occurred and be
continuing or would result therefrom, the Borrowers or any of their respective
Subsidiaries may (i) declare and pay dividends with respect to its Capital Stock
payable solely in additional shares of its Capital Stock, (ii) declare and pay
dividends or make distributions in cash solely to holders of its Capital Stock
or (iii) make or agree to make a payment on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any shares of Capital
Stock of any Borrower,”
(b)    Transactions with Affiliates. Schedule 6.6 of the Credit Agreement is
hereby amended and replaced in its entirety by Schedule 6.6 attached to this
Amendment.

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SECTION 2.    Conditions Precedent to the Effectiveness of this Amendment. The
provisions of Section 1 above are conditioned upon, and such provisions shall
not be effective until, satisfaction of the following conditions (the first date
on which all of the following conditions have been satisfied being referred to
herein as the “First Amendment Effective Date”):
(a)    The Administrative Agent shall have received, on behalf of the Lenders,
this Amendment, duly executed and delivered by the Borrowers, the Required
Lenders and the Administrative Agent.
(b)    No Default or Event of Default shall have occurred and be continuing.
(c)    The representations and warranties set forth in this Amendment shall be
true and correct as of the First Amendment Effective Date.
(d)    The Borrowers shall have paid all fees and expenses payable to the
Administrative Agent and the Lenders to be paid on or prior to the First
Amendment Effective Date (including all fees and expenses of counsel to the
Administrative Agent).
SECTION 3.    Representations and Warranties. In order to induce the
Administrative Agent and the Required Lenders to enter into this Amendment and
to amend the Credit Agreement in the manner provided in this Amendment, the
Borrowers represent and warrant to the Administrative Agent and each Lender as
follows:
(a)    Power and Authority. Each Borrower has all requisite power and authority
to enter into this Amendment and to carry out the transactions contemplated by,
and perform its obligations under, the Credit Agreement as amended by this
Amendment (hereafter referred to as the “Amended Credit Agreement”).
(b)    Authorization of Agreements. The execution and delivery of this Amendment
by the Borrowers and the performance of the Amended Credit Agreement by the
Borrowers have been duly authorized by all necessary action, and this Amendment
has been duly executed and delivered by the Borrower.
(c)    Enforceability. Each of this Amendment and the Amended Credit Agreement
constitutes the legal, valid and binding obligation of the Borrowers,
enforceable against the Borrowers in accordance with its terms, except as
limited by bankruptcy, insolvency or other laws of general application relating
to or affecting the enforcement of creditors’ rights generally and general
principles of equity.
(d)    No Conflict. The execution and delivery by the Borrowers of this
Amendment and the performance by the Borrowers of each of this Amendment and the
Amended Credit Agreement do not and will not (i) require any consent or approval
of, registration or filing with, or any other action by, any Governmental
Authority, except such as have been obtained or made and are in full force and
effect, (ii) violate any applicable law or regulation other than violations
which, individually or in the aggregate, would not reasonably be expected to
have a

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Material Adverse Effect, (iii) violate the charter, by-laws, articles, limited
liability company agreement, limited partnership agreement or other
organizational documents of any Borrower or any Subsidiary or any order of any
Governmental Authority, (iv) violate or result in a default under any indenture,
agreement or other instrument binding upon any Borrower or any Subsidiary or the
assets of any Borrower or any Subsidiary other than violations or defaults
which, individually or in the aggregate, would not reasonably be expected to
have a Material Adverse Effect, (v) give rise to a right under any indenture,
agreement or other instrument binding upon any Borrower or any Subsidiary or
upon the assets of any Borrower or any Subsidiary to require any material
payment to be made by any Borrower or any Subsidiary, and (vi) result in the
creation or imposition of any Lien on any asset of any Borrower or any
Subsidiary.
(e)    Governmental Consents. No authorization or approval or other action by,
and no notice to or filing with, any governmental authority or regulatory body
is required for the due execution, delivery and performance by the Borrowers of
this Amendment.
(f)    Representations and Warranties in the Credit Agreement. The Borrowers
confirm that the representations and warranties contained in Article III of the
Credit Agreement are (before and after giving effect to this Amendment) true and
correct in all material respects (or if qualified by materiality or Material
Adverse Effect, in all respects) as of the First Amendment Effective Date (other
than with respect to Schedule 3.13 referenced in clause (a) of Section 3.13 of
the Credit Agreement, which is true and correct as of the Effective Date, and
except to the extent any such representation and warranty is expressly stated to
have been made as of a specific date, in which case it shall be true and correct
as of such specific date) and that no Default or Event of Default has occurred
and is continuing.
SECTION 4.    Miscellaneous.
(a)    Reference to and Effect on the Credit Agreement and the other Loan
Documents.
(i)    Except as specifically amended by this Amendment and the documents
executed and delivered in connection herewith, the Credit Agreement and the
other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.
(ii)    The execution and delivery of this Amendment and performance of the
Amended Credit Agreement shall not, except as expressly provided herein,
constitute a waiver of any provision of, or operate as a waiver of any right,
power or remedy of the Administrative Agent or the Lenders under, the Credit
Agreement or any of the other Loan Documents.
(iii)    Upon the conditions precedent set forth herein being satisfied, this
Amendment shall be construed as one with the Credit Agreement, and the Credit
Agreement shall, where the context requires, be read and construed throughout so
as to incorporate this Amendment.

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(iv)    If there is any conflict between the terms and provisions of this
Amendment and the terms and provisions of the Credit Agreement or any other Loan
Document, the terms and provisions of this Amendment shall govern.
(b)    Expenses. The Borrowers acknowledge that all reasonable costs and
expenses of the Administrative Agent incurred in connection with this Amendment
will be paid in accordance with Section 9.3 of the Credit Agreement.
(c)    Headings. Section and subsection headings in this Amendment are included
for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose or be given any substantive effect.
(d)    Counterparts. This Amendment may be executed in one or more counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument. Transmission by telecopier of an
executed counterpart of this Amendment shall be deemed to constitute due and
sufficient delivery of such counterpart.
(e)    Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York without reference to conflicts
of law rules other than Section 5-1401 of the General Obligations Law of the
State of New York.
(f)    Loan Document. This Amendment is a Loan Document as defined in the Credit
Agreement, and the provisions of the Credit Agreement generally applicable to
Loan Documents are applicable hereto and incorporated herein by this reference.

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IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of
the date first above written.
OAKTREE CAPITAL MANAGEMENT, L.P.
 
 
 
 
 
By:
 
/s/ David M. Kirchheimer
 
 
Name:
David M. Kirchheimer
 
Title:
Principal, Chief Financial and Administrative Officer
 
 
 
 
By:
 
/s/ Richard Ting
 
 
Name:
Richard Ting
 
Title:
Managing Director, Associate General Counsel & Assistant Secretary

 
 
 
 
OAKTREE CAPITAL II, L.P.
 
 
 
 
 
By:
 
/s/ David M. Kirchheimer
 
 
Name:
David M. Kirchheimer
 
Title:
Principal, Chief Financial and Administrative Officer
 
 
 
 
By:
 
/s/ Richard Ting
 
 
Name:
Richard Ting
 
Title:
Managing Director, Associate General Counsel & Assistant Secretary

 
 
 
 
OAKTREE AIF INVESTMENTS, L.P.
 
 
 
 
 
By:
 
/s/ David M. Kirchheimer
 
 
Name:
David M. Kirchheimer
 
Title:
Principal, Chief Financial and Administrative Officer
 
 
 
 
By:
 
/s/ Richard Ting
 
 
Name:
Richard Ting
 
Title:
Managing Director, Associate General Counsel & Assistant Secretary

 
 
 
 
OAKTREE CAPITAL I, L.P.
 
 
 
 
 
By:
 
/s/ David M. Kirchheimer
 
 
Name:
David M. Kirchheimer
 
Title:
Principal, Chief Financial and Administrative Officer
 
 
 
 
By:
 
/s/ Richard Ting
 
 
Name:
Richard Ting
 
Title:
Managing Director, Associate General Counsel & Assistant Secretary

 
 
 
 

Signature Page to First Amendment to Credit Agreement - Oaktree

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, L/C Issuer,
Swing Line Lender and a Lender
 
 
 
 
By:
 
/s/ Janet Yamamoto
 
 
Name:
Janet Yamamoto
 
 
Title:
Senior Vice President
 

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HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
 
 
 
 
By:
 
/s/ Stephanie W. Lee
 
 
Name:
Stephanie W. Lee
 
 
Title:
Director
 

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THE BANK OF NEW YORK MELLON, as a Lender
 
 
 
 
By:
 
/s/ Joanne Carey
 
 
Name:
Joanne Carey
 
 
Title:
Vice President
 

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BANK OF AMERICA, N.A., as a Lender
 
 
 
 
By:
 
/s/ Matthew White
 
 
Name:
Matthew White
 
 
Title:
Vice President
 

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CITIBANK, N.A., as a Lender
 
 
 
 
By:
 
/s/ Dane Graham
 
 
Name:
Dane Graham
 
 
Title:
Vice President
 

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GOLDMAN SACHS BANK USA, as a Lender
 
 
 
 
By:
 
/s/ Michelle Latzoni
 
 
Name:
Michelle Latzoni
 
 
Title:
Authorized Signatory
 

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MORGAN STANLEY BANK, N.A., as a Lender
 
 
 
 
By:
 
/s/ Harry Comninellis
 
 
Name:
Harry Comninellis
 
 
Title:
Authorized Signatory
 

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MUFG UNION BANK, N.A.
(f/k/a UNION BANK, N.A.), as a Lender
 
 
 
 
By:
 
/s/ Rafael Vistan
 
 
Name:
Rafael Vistan
 
 
Title:
Director
 

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BARCLAYS BANK PLC, as a Lender
 
 
 
 
By:
 
/s/ Alicia Borys
 
 
Name:
Alicia Borys
 
 
Title:
Vice President
 

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DEUTSCHE BANK AG NEW YORK BRANCH,
as a Lender
 
 
 
 
By:
 
/s/ Kirk L. Tashjian
 
 
Name:
Kirk L. Tashjian
 
 
Title:
Vice President
 
 
 
 
 
By:
 
/s/ Lisa Wong
 
 
Name:
Lisa Wong
 
 
Title:
Vice President
 

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U.S. BANK NATIONAL ASSOCIATION, as a Lender
 
 
 
 
By:
 
/s/ Robert C. Mayer, Jr.
 
 
Name:
Robert C. Mayer, Jr.
 
 
Title:
Vice President