Document:

Form of 5.03% Senior Note

 Exhibit 4.5 
 EXHIBIT 1 
 [FORM OF NOTE] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR REGISTERED OR QUALIFIED UNDER ANY
STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF, EXCEPT FOR ANY SUCH DISPOSITION (A) TO THE COMPANY, (B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (C) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

OAKTREE CAPITAL MANAGEMENT, LLC 
 5.03% SENIOR NOTE DUE JUNE 14, 2014 
  

			
	No. [            ]	  	June 14, 2004                
		
	PPN 67390# AB 9	  	[$             ]

 FOR VALUE RECEIVED, the undersigned, Oaktree Capital Management, LLC, a California limited liability
company (the “Company”), hereby promises to pay to [            ], or registered assigns, the principal sum of
[            ] DOLLARS on [            ], with interest (computed on the basis of a three hundred sixty
(360) day year of twelve (12) thirty (30) day months) (a) on the unpaid balance thereof at the rate of 5.03% per annum from the date hereof, payable semiannually in arrears, on the 14th day of June and December in each year,
commencing with the December next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law on any overdue payment (including any overdue prepayment) of principal, any
overdue payment of interest and any overdue payment of any Make-Whole Amount (as defined in the Note Purchase Agreements referred to below), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate
per annum from time to time equal to the greater of (i) 7.03% or (ii) 2% over the rate of interest publicly announced by JPMorgan Chase Bank from time to time in New York, New York as its “base” or “prime” rate.

 Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of
the United States of America at the principal office of the Company in Los Angeles, California or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreements
referred to below. 
 This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to
separate Note Purchase Agreements, dated as of June 14, 2004 (as from time to time amended, the “Note Purchase Agreements”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each
holder of this Note will be deemed, by its 

  
 Exh. 1-1

 
acceptance hereof, (i) to have agreed to the confidentiality provisions set forth in Section XX of the Note Purchase Agreements and (ii) to have made the representation set forth in
§6.02 of the Note Purchase Agreements. 
 This Note is a registered Note and, as provided in the Note Purchase Agreements,
upon (a) surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing and
(b) delivery to the Company by the holder of this Note of the certificate in the form of Exhibit 13.02 to the Note Purchase Agreements confirming that such transfer is being made pursuant to an exemption from the registration requirements of
the Securities Act of 1933, as amended, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to any sale or other disposition of this Note, the holder of this Note is required to endorse
thereon the amount of principal paid thereon and the last date to which interest has been paid thereon. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof
for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 The Company will make required prepayments of principal on the dates and in the amounts specified in the Note Purchase Agreements. This Note is also subject to optional prepayment, in whole or from time
to time in part, at the times and on the terms specified in the Note Purchase Agreements, but not otherwise. 
 If an Event of
Default, as defined in the Note Purchase Agreements, occurs, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the
Note Purchase Agreements. 
 This Note shall be governed by and construed in accordance with the law of the State of New
York. 
  

			
	OAKTREE CAPITAL MANAGEMENT, LLC
		
	By:	 	 
		 	 Name:

Title:

		
	By:	 	 
		 	 Name:

Title:

  
 Exh. 1-2Assumption and Guaranty Agreement

 Exhibit 4.6 
 ASSUMPTION AND GUARANTY AGREEMENT 
 This ASSUMPTION AND GUARANTY AGREEMENT
(this “Assumption and Guaranty”), dated as of May 25, 2007, is made by Oaktree Capital I, L.P., a Delaware limited partnership (the “Guarantor”), and Oaktree Capital II, L.P., a Delaware limited partnership and
Oaktree Media Investments, L.P., a Delaware limited partnership, (together, the “Co-Obligors”) in favor of each of the holders of a Note (each “Note Holder”). 

RECITALS 

WHEREAS, reference is made to that certain Note Purchase Agreement, dated as of June 14, 2004 (as amended, modified,
supplemented or restated and in effect from time to time, the “Note Purchase Agreement”), between Oaktree Capital Management, L.P., a Delaware limited partnership (the “Note Issuer”) and each of the purchasers
listed on Schedule A thereto relating to the issuance and sale of the Note Issuer’s 5.03% Senior Notes due June 14, 2014 (the “Notes”); 
 WHEREAS, the Note Issuer and Holders constituting the Required Holders have, through that certain Amendment and Waiver to the Note Purchase Agreement (the “Amendment”), agreed to
amend certain provisions of, and waive certain provisions of or defaults under, the Note Purchase Agreement in order to permit and facilitate the Restructuring (as defined therein); 

WHEREAS, the Amendment provides that the Guarantor and the Co-Obligors shall execute this Assumption and Guaranty; 

WHEREAS, in connection with the Restructuring, the Guarantor and the Co-Obligors shall receive valuable consideration from the
Note Issuer, including, without limitation, in the form of the transfer to them by the Note Issuer of certain business assets and the conferral upon them by the Note Issuer of continued use of the proceeds from the initial sale and issuance of the
Notes as capital following the Restructuring; 
 NOW, THEREFORE, in consideration of the premises and the agreements
herein contained and set forth in the Amendment, the parties hereto agree as follows: 
 SECTION 1. ASSUMPTION OF OBLIGATIONS.

 §1.1 Co-Obligors’ Assumption. 

The Co-Obligors hereby irrevocably and unconditionally assume the duty of due and punctual performance and observance of each covenant
and condition contained in the Note Purchase Agreement, the Other Agreements and the Notes and agree to become jointly and severally liable with the Note Issuer for the due and punctual performance and payment when due (whether at the stated
maturity, by required prepayment, by acceleration or otherwise) and at all times thereafter by the Note Issuer of all obligations contained in the Note Purchase Agreement, the Other Agreements and the Notes (collectively, the
“Obligations”). 

  
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 §1.2 Joint and Several Liability. 

The Co-Obligors and the Note Issuer (collectively, the “Obligors”) agree that they are jointly and severally liable to
the Note Holders for the performance and payment in full when due of all of the Obligations, and that such liability is independent of the obligations of each other Obligor. Each obligation, promise, covenant, representation and warranty in the Note
Purchase Agreement and the Notes shall be deemed to have been made by, and be binding upon, each Obligor. The Note Holders may bring an action against any Obligor without regard to whether an action is brought against any other Obligor. 

§1.3 No Discharge or Diminishment of Obligations. 

The obligations of the Co-Obligors shall not be subject to any reduction, limitation, impairment or termination for any reason (other
than the performance or payment in full of the Obligations), including any claim of waiver, release, surrender, alteration or compromise of any of the Obligations with respect to the Note Issuer, and shall not be subject to any defense or set-off,
counterclaim, or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations as against the Note Issuer or any other Co-Obligor. Without limiting the generality of the foregoing, the Obligations shall not be
discharged or impaired or otherwise affected by the failure of any Note Holder to assert any claim or demand or to enforce any remedy under the Note Purchase Agreement, the Notes, or this Assumption and Guaranty, by any waiver or modification of any
provision thereof or hereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations by the Note Issuer or any other Co-Obligor, or by any other act or omission that may or might in any manner or to any extent
vary the risk of the Co-Obligors or that would otherwise operate as a discharge of the Co-Obligors as a matter of law or equity (other than the performance and payment in full of the Obligations). 

§1.4 Defenses of Note Issuer Waived. 
 To the fullest extent permitted by applicable law, the Co-Obligors waive any defense based on or arising out of any defense of the Note Issuer or the unenforceability of the Obligations or any part
thereof as against the Note Issuer from any cause, or the cessation from any cause of the liability of the Note Issuer, other than the performance and payment in full of the Obligations. The Co-Obligors hereby acknowledge that the Note Holders may
compromise or adjust any part of the Obligations, make any other accommodation with the Note Issuer or exercise any other right or remedy available to them against the Note Issuer, without affecting or impairing in any way the liability of the
Co-Obligors hereunder except to the extent that the Obligations have been performed and paid in full. 
 §1.5
Agreement to Pay. 
 In furtherance of the foregoing and not in limitation of any other right that the Note Holders
have at law or in equity against the Co-Obligors by virtue hereof, upon the 

  
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failure of the Note Issuer to perform or pay any Obligation when and as such performance or payment shall become due, whether at maturity, by acceleration, after notice of prepayment or
otherwise, the Co-Obligors hereby promise to and will forthwith perform or pay, or cause to be performed or paid, for the benefit of the Note Holders all such unperformed or unpaid Obligations. Upon performance or payment by any Co-Obligor of any of
the Obligations as provided above, all rights of such Co-Obligor against the Note Issuer or any other Co-Obligor arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be
subordinate and junior in right of payment to the prior performance or payment in full of all of the Obligations. 
 SECTION 2. GUARANTY OF
OBLIGATIONS. 
 §2.1 Guaranty. 
 The Guarantor hereby irrevocably and unconditionally guarantees as a primary obligor and not merely as a surety, the due and punctual payment when due (whether at the stated maturity, by required
prepayment, by acceleration or otherwise and at all times thereafter) and performance by the Obligors of all obligations under the Note Purchase Agreement, the Notes, and this Assumption and Guaranty (collectively, the “Guaranteed
Obligations”). The Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon this Assumption and Guaranty
notwithstanding any extension or renewal of any Guaranteed Obligation. 
 §2.2 Guaranty of Payment.

 The Guarantor agrees that this Assumption and Guaranty constitutes a guaranty of payment and performance when due of all
Guaranteed Obligations and not of collection and, to the fullest extent permitted by applicable Law, waives any right to require that any resort be had by the holder of any Note to any remedies it may have against the Obligors. 

§2.3 No Discharge or Diminishment of Guaranty. 

The obligations of the Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason
(other than the performance and payment in full of the Guaranteed Obligations), including any claim of waiver, release, surrender, alteration or compromise of any of the Guaranteed Obligations, and shall not be subject to any defense or set-off,
counterclaim, or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the Guaranteed Obligations shall not be discharged or
impaired or otherwise affected by the failure of any Note Holder to assert any claim or demand or to enforce any remedy under the Note Purchase Agreement, the Notes, this Assumption and Guaranty or any other agreement, by any waiver or modification
of any provision of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations, or by any other act or 

  
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omission that may or might in any manner or to any extent vary the risk of the Guarantor or that would otherwise operate as a discharge of the Guarantor as a matter of law or equity (other than
the performance and payment in full of the Guaranteed Obligations). 
 §2.4 Defenses of Obligors Waived.

 To the fullest extent permitted by applicable Law, the Guarantor waives any defense based on or arising out of any
defense of the Obligors or the unenforceability of the Guaranteed Obligations or any part thereof as against the Obligors from any cause, or the cessation from any cause of the liability of the Obligors, other than the performance and payment in
full of the Guaranteed Obligations. The Guarantor hereby acknowledges that the Note Holders may compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with the Obligors or exercise any other right or remedy
available to them against the Obligors, without affecting or impairing in any way the liability of the Guarantor hereunder except to the extent that the Guaranteed Obligations have been performed or paid in full. 

§2.5 Agreement to Pay. 
 In furtherance of the foregoing and not in limitation of any other right that the Note Holders have at law or in equity against the Guarantor by virtue hereof, upon the failure of the Obligors to perform
or pay any Guaranteed Obligation when and as such performance or payment shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Guarantor hereby promises to and will forthwith perform or pay, or cause to
be performed or paid, for the benefit of the Note Holders all such unpaid Guaranteed Obligations. Upon performance or payment by the Guarantor of any of the Guaranteed Obligations as provided above, all rights of the Guarantor against the Obligors
arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior performance or payment in full of all Guaranteed
Obligations. 
 SECTION 3. OTHER PROVISIONS. 
 §3.1 Effectiveness. 
 This Assumption and Guaranty shall become
effective upon the transfer of assets by OCM as part of the Restructuring and is expressly conditioned upon the effectiveness thereof. 
 §3.2 Termination. 
 This Assumption and Guaranty (a) shall
terminate when (i) the Note Purchase Agreements, the Other Agreements and the Notes have been terminated or (ii) all of the Obligations and Guaranteed Obligations have been performed and paid in full or otherwise satisfied, and
(b) shall continue to be effective or be reinstated, as the case may be, if at any time performance or payment, or any part thereof, of any Obligation or Guaranteed Obligation is rescinded or must otherwise be restored by the Note Issuer, the

  
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Co-Obligors, or the Guarantor upon the bankruptcy or reorganization of any of them or otherwise. 
 §3.3 Successors and Assigns. 
 All covenants and other
agreements made by the Co-Obligors and the Guarantor for the benefit of the Note Holders in this Assumption and Guaranty shall bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent
holder of a Note permitted under the Note Purchase Agreement) whether so expressed or not. 
 §3.4 Waivers;
Amendment. 
 This Assumption and Guaranty may be amended, and the observance of any term hereof may be waived (either
retroactively or prospectively), with (and only with) the written consent of the Guarantor, the Co-Obligors and the Required Holders. 
 §3.5 Severability. 
 Any provision of this Assumption and
Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 
 §3.6 Counterparts. 
 This Assumption and Guaranty may be
executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. 
 §3.7 Governing Law. 
 This Assumption and Guaranty shall be
construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York, excluding choice-of-law principles of the law of such State that would require the application of the laws of another
jurisdiction. 
 [The remainder of this page is left intentionally blank] 

  
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 IN WITNESS WHEREOF, the Co-Obligors and the Guarantor have duly executed and delivered this
Assumption and Guarantee Agreement as of the date first set forth above. 
 OAKTREE CAPITAL I, L.P. 

By: OCM Holdings I, LLC, its General Partner 

By: Oaktree Holdings, LLC, its Managing Member 

By: Oaktree Capital Group, LLC, its Managing Member 

			
	
		
	By:	 	/S/ TODD
MOLZ            
		 	 Name: Todd Molz
 Title:
  Senior Vice President and Secretary

		
	By:	 	/S/ LISA
ARAKAKI            
		 	 Name: Lisa Arakaki

Title:   Vice President and Assistant Secretary

 OAKTREE CAPITAL II, L.P. 
 By: Oaktree Holdings, Inc., its General Partner 

			
	
		
	By:	 	/S/ TODD
MOLZ            
		 	 Name: Todd Molz
 Title:
  Vice President and Secretary

		
	By:	 	/S/ LISA
ARAKAKI            
		 	 Name: Lisa Arakaki

Title:   Vice President and Assistant Secretary

 OAKTREE MEDIA INVESTMENTS, L.P. 
 By: Oaktree Media Holdings, Inc., its General Partner 

			
	
		
	By:	 	/S/ TODD
MOLZ            
		 	 Name: Todd Molz
 Title:
  Vice President and Secretary

		
	By:	 	/S/ LISA
ARAKAKI            
		 	 Name: Lisa Arakaki

Title:   Vice President and Assistant Secretary

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