Document:

Exhibit

   Exhibit 10.7

Truist Bank, as Administrative Agent and 
The Lenders Party to the Credit Agreement (as defined below)
Mail Code GA-ATL-3950
3333 Peachtree Road, NE
Atlanta, GA 30326
Attention:  Amanda Parks
Amanda.Parks@suntrust.com
Fax: (404) 926-5100

Re:    Third Extension of Limited Consent

Effective as of August 7, 2020

Ladies and Gentlemen:

Reference is hereby made to (i) that certain Credit Agreement dated as of January 28, 2019 (as the same has been and may hereafter be amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”) by and among ON DECK CAPITAL, INC., a Delaware corporation, as the Company, TRUIST BANK (as successor to SUNTRUST BANK), as administrative agent for the “Revolving Lenders” party to the Credit Agreement (in such capacity, “Administrative Agent”) and each of the Lenders from time to time party thereto, (ii) that certain Limited Consent dated as of June 23, 2020 (as the same may hereafter be amended or otherwise modified prior to the date hereof, the “June Limited Consent”) by and among the Company, the Lenders and the Administrative Agent, (iii) that certain Extension of Limited Consent effective as of July 14, 2020 (as the same may hereafter be amended or otherwise modified prior to the date hereof, the “July Limited Consent”) and (iv) that certain Second Extension of Limited Consent effective as of July 31, 2020 (as the same may hereafter be amended or otherwise modified prior to the date hereof, the “Second Limited Consent”, and together with the June Limited Consent and the July Limited Consent, the “Limited Consents”) by and among the Company, the Lenders and the Administrative Agent.  Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Limited Consents or, if not defined therein, the Credit Agreement.

Pursuant to the terms of the Limited Consents, the Administrative Agent and the Lenders consented to the Payout Period Percentage Increase not being effective until the Extended Date.  The Company requests, and the Administrative Agent and Lenders hereby consent, acknowledge and agree that, notwithstanding anything to the contrary contained in the Credit Agreement or the other Credit Documents (including the Limited Consents), (i) the Extended Date shall be extended from August 7, 2020 until August 14, 2020.  Further, notwithstanding the foregoing, unless the Extended Date is further extended in writing by the parties hereto after the date hereof or the Company, the Administrative Agent and the Lenders agree (in their respective sole discretions) to effect an amendment of the Credit Agreement on or prior to August 14, 2020, the Company shall pay to the Administrative Agent for the benefit of the Lenders on or before August 14, 2020 an amount equal to $7,875,000 (which is an amount equal to (A) the aggregate principal amount of the Revolving Loans on the Payout Period Start Date times 20% (the applicable Payout Period Percentage after 

   Exhibit 10.7

giving effect to the Payout Period Percentage Increase) minus (B) the Paydown Amount minus (C) the July Paydown Amount) (such amount, the “Percentage Increase Amount”).  The Company’s failure to pay the Percentage Increase Amount on or prior to such date shall be an immediate Event of Default under and as defined in the Credit Agreement.  
    
This Third Extension of Limited Consent is a limited consent and (i) shall only be relied upon and used for the specific purpose set forth herein, (ii) shall not constitute nor be deemed to constitute (a) a waiver of any Default or Event of Default or (b) except as expressly set forth herein, a waiver or amendment of any term or condition of the Credit Agreement and the other Credit Documents (without limitation of the forgoing, for the avoidance of doubt, this Third Extension of Limited Consent does not waive or impact the occurrence of the Payout Period Start Date (or any effect under the Credit Agreement resulting from the occurrence thereof), the continued effect of the May APPE and the June APPE (with the exception of the amount payable on July 17, 2020, as a result of an Asset Performance Payout Event (Level 2) as expressly set forth in the July Limited Consent) or the requirement under the Credit Agreement to pay the Revolving Loans in the amount required under Section 2.6 (as expressly modified by this Third Extension of Limited Consent) when due), (iii) shall not constitute nor be deemed to constitute a consent by Administrative Agent or any Lender to anything other than as expressly set forth herein, and (iv) shall not constitute a custom or course of dealing among the parties hereto.  Except as otherwise expressly provided herein, the Credit Agreement and each of the other Credit Documents shall remain in full force and effect in accordance with their respective terms.  Except as specifically set forth herein, Administrative Agent and the Lenders reserve all of their respective rights and remedies under the Credit Agreement and the Credit Documents.

In consideration of the Third Extension of Limited Consent granted hereunder (and as a condition to the effectiveness hereof), (a) Company hereby represents and warrants to Administrative Agent and the Lenders that (i) no Default or Event of Default has occurred and is continuing as of the date hereof, (ii) the representations and warranties made by the Company contained in the Credit Documents are true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of the date hereof, except to the extent such representation and warranty expressly relates to an earlier date (in which case, such representations and warranties were true and correct in all material respects as of such earlier date), (iii) the execution, delivery and performance by the Company of this letter agreement, have been duly authorized by all necessary corporate action and (iv) this letter agreement constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting, creditors’ rights generally and the effects of general principles of equity and (b) agrees to pay the Percentage Increase Amount on or before August 14, 2020, to the extent payable in accordance with the terms of this Third Extension of Limited Consent.  

The Company further agrees that within five Business Days of receipt (or such longer period as the Administrative Agent may agree), the Company will pay to the Administrative Agent all fees and expenses of the Administrative Agent invoiced in connection herewith including legal and consulting fees and expenses so invoiced.  In addition to any rights and remedies under the Credit Documents, if such amounts are not received by the Administrative Agent on or prior to such date, this Third 

   Exhibit 10.7

Extension of Limited Consent shall terminate on such date and the Payout Period Percentage Increase shall be effective, and the Percentage Increase Amount  shall be payable, immediately. 

This letter agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which counterparts together shall constitute one and the same instrument.  Signature pages to this letter agreement may be detached from multiple separate counterparts and attached to the same document and a telecopy or pdf of any such executed signature page shall be valid as an original.  This letter agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto.

This letter agreement constitutes a Credit Document and shall be a contract made under and governed by, and shall be construed and enforced in accordance with, the laws of the state of New York.  
Each of the undersigned has caused this letter agreement to be duly executed and delivered as of the date first above written.

	
			
	 
	ON DECK CAPITAL, INC., 
as Company
 
 
By:   /s/ Kenneth A. Brause 
Name:  Kenneth A. Brause
Title:  Chief Financial Officer
	 

	 
	

TRUIST BANK, 
as Administrative Agent
 
 
By:   /s/ Amanda Parks 
Name:  Amanda Parks
Title:  Senior Vice President
	 

	 
	

TRUIST BANK, 
as a Lender 

 
By:   /s/ Amanda Parks 
Name:  Amanda Parks
Title:   Senior Vice President

   Exhibit 10.7

	
			
	 
	

SILICON VALLEY BANK, 
as a Lender 

By:   /s/ John Lapides_______________
Name:  John Lapides
Title:  Vice President

	 
	

FIFTH THIRD BANK, NATIONAL ASSOCIATION,
as a Lender 

By:   _/s/ James Beltz
Name: James Beltz
Title:  Vice President

	 
	

REGIONS BANK,
as a Lender 

By:   /s/ William Soo______________
Name:  William Soo
Title:   Director

CONGRESSIONAL BANK,
as a Lender 

By:   /s/ James H. Peterson
Name:  James H. Peterson
Title:  Executive Vice President & Chief Credit Officer

BANCALLIANCE INC., 
as a Lender 

BY: ALLIANCE PARTNERS LLC, ITS ATTORNEY-IN-FACT

By:   /s/ John Gray
Name:  John Gray
Title:   Executive Vice PresidentDocument

Exhibit 10.1

Oaktree Capital Group, LLC.
333 South Grand Avenue, 28th floor
Los Angeles, CA  90071
p +1 213 830-6300 
www.oaktreecapital.com

August 3, 2020

Oaktree Capital Group Holdings, L.P.
c/o Oaktree Capital Group Holdings GP, LLC, in its capacity as General Partner
333 South Grand Avenue, 28th floor
Los Angeles, CA 90071

Brookfield US Holdings Inc.
c/o Brookfield Asset Management, Inc.
Brookfield Place, Suite 300
181 Bay Street
Toronto, ON M5J 2T3

Re: Investment by Oaktree Capital Group, LLC 
        Reference is hereby made to that certain Fifth Amended and Restated Operating Agreement of Oaktree Capital Group, LLC (the “Company”), dated as of September 30, 2019 (as amended in accordance with its terms, the “Operating Agreement”).  Capitalized terms used herein without definition shall have the respective meanings ascribed thereto in the Operating Agreement.
        The Company, Oaktree Capital Group Holdings, L.P., a Delaware limited partnership (“OCGH”) and Brookfield US Holdings Inc., a corporation incorporated under the laws of the Province of Ontario (“BUSHI” and, together with OCGH, the “Consenting Parties”) each hereby agrees that, notwithstanding anything to the contrary in the Operating Agreement:
1.BUSHI or one of its Affiliates (the “Brookfield Investor”) shall contribute, on behalf of BUSHI, as a Capital Contribution to the Company, such amounts as are required from time to time to satisfy the Company’s obligations as a limited partner in Oaktree Opportunities Fund XI, L.P. or a parallel investment vehicle thereof or a feeder fund in respect of one of the foregoing (together, the “Fund”) in connection with the Company’s capital commitment of up to $800,000,000.00 to the Fund (such limited partner interest and commitment, the “Investment”), including, without limitation, obligations under the subscription agreement, limited partnership agreement and any other applicable fund documents and obligations to 

make capital contributions to or return distributions received from the Fund (with respect to any cash contributed by the Brookfield Investor, the “Investment Cash”).  The Company will use the Investment Cash solely to fund the Investment and satisfy its obligations in respect of the Fund.  In addition, the Consenting Parties agree that any fees, costs, expenses, claims and liabilities arising from or related to the Investment that are obligations of the Company, its capacity as a limited partner in accordance with the applicable fund documents, shall be deemed not to be Group Expenses.  
2.The authority to make all decisions arising from or related to the Investment and (subject to compliance with paragraph 3 below) the Investment Proceeds, including all rights of the Company as a limited partner under the governing documents of the Fund, has been delegated to an officer of the Company nominated by a Brookfield Director and approved by the Board (the “Authorized Designee”) and the Consenting Parties hereby acknowledge and agree with such arrangements. For the avoidance of doubt, (a) as a result of such delegation, no other officer of the Company, nor the Oaktree Member shall have any rights or authority with respect to decision-making in respect of the Investment, including after the Initial Period, and (b) such delegation to the Authorized Designee shall not include any right or authority to (i) determine or direct the Company’s control of the Fund through the Company’s indirect ownership or control of the Fund’s general partner, (ii) make decisions in respect of such general partner’s capital commitment to the Fund or (iii) make decisions in respect of any limited partner interest in the Fund, other than the Investment, that may be held or controlled by the Company or its subsidiaries from time to time.
3.The Authorized Designee shall have the authority, at his or her sole discretion (subject to applicable law and such conditions as may be established by the Board), to direct the Company to loan to or put on deposit with any Affiliate of the Brookfield Investor (a “Disbursement”), upon terms and conditions to be agreed by the Company and such Affiliate, any amounts received by the Company in respect of (i) its limited partnership interest in the Fund or (ii) the repayment of any principal of, or any return on, any Disbursements (collectively, “Investment Proceeds”); provided that OCGH shall be deemed to have provided any consent required by the Oaktree Member pursuant to the Operating Agreement, including Section 6.23 thereof, in respect of any such Disbursement.  It is understood and agreed that, to the extent the Authorized Designee does not so elect to have the Company disburse a Disbursement (as defined below), then the Company shall cause and the Board shall take all actions necessary to permit, the distribution of all Investment Proceeds received by the Company to be distributed promptly to the Brookfield Investor, subject only to applicable law and the rights of the Preferred Units to receive distributions as and to the extent provided in the Operating Agreement, including compliance with the limitations of the Operating Agreement on distributions with respect to Junior Units.   
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4.Such Consenting Party shall take such actions as are necessary, appropriate or desirable to (1) amend that certain Exchange Agreement and any exhibits thereto to ensure that neither the Investment Cash nor the Investment Proceeds  are subject to any cash sweeps or any other claims of holders of notes issued upon an exchange and (2) clarify (including, if necessary, through an amendment) the Cash Distribution Policy to ensure that, in the event that Investment Proceeds are used by the Company to pay any Group Expense or to pay any distributions in respect of, principal on, or premiums, fees or expenses related to the repayment or repurchase of, the Preferred Units at any time (collectively, the “Reimbursable Expenses”), then any Distributable Earnings (as defined in the Cash Distribution Policy) will be calculated net of an amount equal to any Reimbursable Expenses which amount shall be included in a distribution to the Brookfield Investor, via the Company (or, at the Authorized Designee’s discretion, to the Company in order to fund a Disbursement), in order to ensure that the Brookfield Investor is made whole for such Reimbursable Expenses. 
        This letter agreement shall be binding upon and inure to the benefit of the Consenting Parties and their respective successors and assigns, and may be amended only upon written consent of each Consenting Party.
        The Consenting Parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this letter agreement. Each Consenting Party shall perform all other acts and execute and deliver all other documents as may be necessary or appropriate to carry out the purposes and intent of this letter agreement.
        This letter agreement shall be construed in accordance with and governed by the laws of the State of Delaware applicable to agreements made and to be performed entirely therein. Any and all disputes, claims or controversies between or among the Consenting Parties arising out of or relating to this letter agreement shall be submitted to final and binding arbitration pursuant to and in accordance with the terms set forth in Section 14.13 of the Operating Agreement.
        This letter agreement, together with the Operating Agreement, constitutes the entire agreement among the Consenting Parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.
        This letter agreement may be executed in counterparts, all of which together shall constitute an agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart.
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Very truly yours,
Company 
OAKTREE CAPITAL GROUP, LLC

By: /s/ Howard Marks      
Name: Howard Marks
Title: Co-Chairman
By: /s/ Bruce Karsh      
Name: Bruce Karsh
Title: Co-Chairman and Chief Investment Officer

Agreed and acknowledged by:
Oaktree Member
OAKTREE CAPITAL GROUP HOLDINGS, L.P.

By: /s/ Howard Marks   
Name: Howard Marks
Title: Co-Chairman
By: /s/ Bruce Karsh      
Name: Bruce Karsh
Title: Co-Chairman and Chief Investment Officer

Brookfield Member
BROOKFIELD US HOLDINGS INC.

By: /s/ Kathy Sarpash      
Name: Kathy Sarpash
Title: Vice President and Secretary

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