Document:

Exhibit

Exhibit 10.6 
SERVICES AGREEMENT
This SERVICES AGREEMENT (as amended, supplemented or modified from time to time in accordance herewith, the “Agreement”) is made this 24th day of February, 2020, between Oaktree Capital Management, L.P., a Delaware limited partnership (“Service Provider”), which provides certain services from time to time, and Oaktree Capital Group, LLC, a Delaware limited liability company (“OCG”).
RECITALS
WHEREAS, OCG requires certain services to manage and operate its business (the “Business”); and
WHEREAS, the Service Provider was previously an operating subsidiary of OCG and provided such services to OCG; and
WHEREAS, OCG desires to engage the Service Provider to continue providing such services and the Service Provider is willing to undertake such engagement, subject to the terms and conditions of this Agreement.
NOW THEREFORE, in consideration of the mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
Section 1.DEFINITIONS; CONSTRUCTION. 
(a)    The following capitalized terms as used in this Agreement have the respective meanings set forth below:
“Affiliate” means, with respect to any Person, an “affiliate” as defined in Rule 405 of the regulations promulgated under the Securities Act; provided that notwithstanding the foregoing, (i) an Affiliate shall not include any “portfolio company” (as such term is customarily used among institutional investors) of any Person and (ii) the Affiliates of the Service Provider shall not include OCG and its controlled Affiliates.
“Agreement” has the meaning set forth in the preamble.
“Board” means the board of directors, or other similar governing body, of OCG.
“Covered Person” means: (a) the Service Provider, (b) any Affiliate of the Service Provider and (c) any officer, director, shareholder, partner, member, employee, trustee, executor, representative or agent of the Service Provider, or any Affiliate, officer, director, shareholder, partner, member, manager, employee, representative or agent of any of the foregoing, in each 

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case in clauses (a), (b) and (c), whether or not such Person continues to have the applicable status referred to in such clauses.
“Disabling Conduct” means, with respect to any Person, (a) a breach by such Person of its, his or her fiduciary duties to OCG or any of its subsidiaries, provided that such breach is the result of willful malfeasance, gross negligence, the commission of a felony or a material violation of applicable law (including any U.S. federal or state securities law) that, in each case has resulted in, or could reasonably be expected to result in, a material adverse effect on the business or properties of OCG or any of its subsidiaries, or (b) fraud.
“Effective Date” means October 1, 2019.
“OCG” has the meaning set forth in the preamble.
“OCG Account” has the meaning set forth in SECTION 3.
“OCG Agents and Advisors” has the meaning set forth in SECTION 3.
“Parties” means, collectively, OCG, the Service Provider and any subsidiaries of OCG that may become a Party hereto pursuant to SECTION 14.
“Person” means any individual, limited partnership, limited liability company, joint venture, corporation, trust, business trust, cooperative, association, unincorporated organization or other entity.
“Quarterly Period” means a period of three months ending on March 31, June 30, September 30 or December 31 of each year, provided that (i) the first Quarterly Period shall consist of the period from and including the Effective Date to and including December 31, 2019, and (ii) the last Quarterly Period shall consist of the period from but excluding the last day of the immediately preceding Quarterly Period to and including the date on which this Agreement is terminated in accordance with SECTION 11 hereof.
“Service Fee” has the meaning set forth in SECTION 7.
“Service Period” means the period commencing on the Effective Date and ending on the termination or expiration of this Agreement pursuant to SECTION 11.
“Service Provider” has the meaning set forth in the preamble.
“Services” has the meaning set forth in SECTION 2.
SECTION 2.    SERVICES. 
From and after the Effective Date, OCG hereby engages the Service Provider to provide services, office facilities, office equipment and personnel reasonably necessary to manage and carry out the day-to-day management and operation of the Business as may be requested by OCG and agreed to by the Service Provider (any such services as may be provided from time to 

2

time, the “Services”) during the Service Period, and the Service Provider hereby agrees to perform the Services during the Service Period, subject to the oversight and supervision of the Board and the terms and conditions set forth in this Agreement.  In providing the Services, the Service Provider shall (i) at all times use the same care and diligence as it uses in managing its own affairs, and (ii) comply with such instructions or guidelines as may be provided by OCG from time to time and shall not take any action inconsistent with such instructions or guidelines. “Services” shall include, but not be limited to, those services set forth in Schedule 1 attached hereto.  Nothing herein shall preclude OCG from performing on its own or through other service providers any portion of the Services to be provided by the Service Provider hereunder.
SECTION 3.    SPECIFIC AUTHORIZATIONS. 
(a)    The Service Provider may engage one or more third parties to provide services to OCG (such third parties, the “OCG Agents and Advisors”); provided that the Service Provider exercises reasonable care in engaging such Persons and monitors the performance of such services.  OCG Agents and Advisors may include accountants, legal counsel, tax advisors, valuation firms, research providers, insurers, brokers, dealers, transfer agents, registrars, financing providers, financial intermediaries and such other Persons as the Service Provider deems necessary or appropriate in connection with the conduct of the Business. The OCG Agents and Advisors shall be engaged at OCG’s expense unless otherwise agreed by the Service Provider.
(b)    The Service Provider may collect and deposit funds, securities or other negotiable instruments into, and disburse funds, securities or other negotiable instruments from, one or more bank accounts in the name of OCG or an Affiliate of OCG for the benefit of OCG (any such account, an “OCG Account”).  Upon the written request of OCG, the Service Provider shall render to OCG appropriate accountings of all collections and deposits of funds, securities or other negotiable instruments into, and distributions of funds, securities or other negotiable instruments from such OCG Account.  Upon written request of any regulatory or self-regulatory body having jurisdiction over OCG or any auditor of OCG, the Service Provider shall provide copies of such accountings to any such regulatory or self-regulatory body.
(c)    The Service Provider shall be entitled to rely in good faith on experts, professionals, other agents and advisors and OCG Agents and Advisors in performing its duties under this Agreement and shall be entitled to rely in good faith upon the direction of the secretary of OCG (or any Person serving in an equivalent capacity) to evidence any approvals or authorizations that are required by such Person under this Agreement.
SECTION 4.    AGENCY.
In performing the Services, the Service Provider shall be entitled to act as agent and attorney-in-fact of OCG and, to the extent authorized by the Board, be entitled to execute and deliver any agreements, instruments or other documents, and take such other actions, for and on behalf of OCG as are reasonably necessary or advisable in connection with the conduct of the Business or the performance of Services.  OCG shall be entitled to revoke any such designation at any time by written notice to the Service Provider.

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SECTION 5.    HOLDING OF ASSETS. 
To the extent the Service Provider shall have charge or possession over any assets of OCG in connection with the provision of the Services, the Service Provider shall (a) hold such assets in the name and for the benefit of OCG, (b) separately maintain, and not commingle, such assets with any assets of the Service Provider or any other Person and (c) release such assets to OCG within a reasonable period of time of receiving a written request from OCG.
SECTION 6.    BOOKS AND RECORDS. 
The Service Provider shall maintain appropriate books of account and records relating to Services performed under this Agreement in accordance with its customary practice, and such books of account and records shall be accessible for inspection by representatives of OCG at any time upon reasonable notice.
SECTION 7.    SERVICE FEE. 
(a)    As consideration for the Services hereunder, OCG agrees to pay to the Service Provider a fee during the Service Period (such fee, the “Service Fee”). For any Quarterly Period, the Service Fee will be equal to $187,500.
(b)    The Service Fee shall be due and payable with respect to each Quarterly Period within thirty (30) days of the delivery by the Service Provider to OCG of an invoice for such Service Fee.  The invoice for the first Quarterly Period is attached hereto as Exhibit A, and the payment of such Service Fee for the first Quarterly Period shall be made promptly after the execution of this Agreement.  All payments under this SECTION 7 to the Service Provider shall be made in immediately available funds.
(c)    The Service Provider may waive the Service Fee in whole or in part with respect to any Quarterly Period in its sole discretion.
(d)    The Service Fee and the other amounts payable by the Company under this Agreement (including any fees or expenses incurred by OCG Agents and Advisors engaged for purposes of providing the Services and any indemnification obligations of OCG hereunder) shall constitute “Group Expenses” under the Fifth Amended and Restated Operating Agreement of OCG, dated as of September 30, 2019 (as amended, supplemented or modified from time to time, the “OCG Operating Agreement”).
SECTION 8.    INFORMATION REQUIREMENTS. 
OCG may, from time to time, be required to provide certain notices, information and data to enable the Service Provider to perform Services under this Agreement.  OCG agrees to use its commercially reasonable efforts to provide such notices, information and data to the Service Provider promptly upon the written request of the Service Provider to enable the Service Provider to perform the Services contemplated hereby.
SECTION 9.    REPRESENTATIONS & WARRANTIES. 

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(a)    The Service Provider represents and warrants to OCG that (i) it has all requisite power and authority to execute, deliver and perform this Agreement and to consummate the arrangements contemplated hereby and (ii) this Agreement has been duly authorized, executed and delivered by it, constitutes its legal, valid and binding obligation and is enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.
(b)    OCG represents and warrants to the Service Provider that (i) it has all requisite power and authority to execute, deliver and perform this Agreement and to consummate the arrangements contemplated hereby and (ii) this Agreement has been duly authorized, executed and delivered by it, constitutes its legal, valid and binding obligation and is enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.
SECTION 10.    LIMITATIONS ON LIABILITY; INDEMNIFICATION. 
(a)    Notwithstanding any other provision of this Agreement, whether express or implied, to the fullest extent permitted by law, no Covered Person shall be liable to OCG for any losses, claims, demands, damages, liabilities (joint or several), expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising as a result of any act or omission (in relation to OCG, this Agreement, OCG’s business, any related document or any transaction contemplated hereby or thereby) of a Covered Person, or for any breach of contract (including breach of this Agreement) or any breach of duties (including breach of fiduciary duties) whether arising hereunder, at law, in equity or otherwise, unless, and solely to the extent that, the matter in question was a result of such Covered Person’s Disabling Conduct.  The Service Provider shall not be liable to OCG for any action taken by any OCG Agents and Advisors.
(b)    The Covered Persons shall be indemnified by OCG, to the fullest extent permitted by law, from and against all expenses and liabilities (including judgments, fines, penalties, interest, amounts paid in settlement with the approval of OCG and counsel fees and disbursements) arising from (x) the performance of any of their respective duties or obligations in connection with their respective service to OCG, to any subsidiary of OCG or pursuant to this Agreement or (y) or in connection with any investment made or held by OCG or any of its subsidiaries, including in connection with any civil, criminal, administrative, investigative or other action, suit or proceeding, whether by or in the right of OCG, to which any such Covered Person may hereafter be made party by reason of being or having been a Covered Person; provided, that a Covered Person shall not be entitled to indemnification hereunder against claims and expenses that are finally determined by a court of competent jurisdiction to have resulted from such Covered Person’s Disabling Conduct. 
(c)    To the fullest extent permitted by applicable law, OCG shall, and shall cause its controlled Affiliates to, pay the expenses (including reasonable legal fees and expenses and costs of investigation) incurred by a Covered Person in defending any claim, demand, action, suit or 

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proceeding contemplated in this SECTION 10 as such expenses are incurred by such Covered Person and in advance of the final disposition of such matter, provided that such Covered Person undertakes to repay such expenses if it is determined by agreement between such Covered Person and OCG or, in the absence of such an agreement, by a final judgment of a court of competent jurisdiction that such Covered Person is not entitled to be indemnified pursuant to this SECTION 10.
(d)    Notwithstanding anything in this Agreement to the contrary, OCG shall not be liable to any Covered Person, and the Service Provider and the other Indemnified Parties shall not be liable to OCG, for punitive, special, exemplary or consequential damages, including damages for loss of profits, loss of use or revenue or losses by reason of cost of capital, arising out of or relating to this Agreement or the transactions contemplated hereby, regardless of whether based on contract, tort (including negligence), strict liability, violation of any applicable deceptive trade practices act or similar law or any other legal or equitable principle, and the Service Provider and OCG hereby release each other from liability for any such damages; provided, however, that the foregoing shall not apply to any such damages that the Service Provider or any other Covered Person is required to pay to a third party and that otherwise would have been within the scope of the indemnification provided in SECTION 10(b) above.
(e)    The provisions of this SECTION 10 shall survive any termination of this Agreement.
(f)    The indemnification provisions of this SECTION 10 are in addition to, and shall not limit, the indemnification rights of any Covered Person pursuant to any other agreement, undertaking or applicable law in favor of such Covered Person, on the one hand, and OCG, the Service Provider or any of their respective Affiliates, on the other hand.
SECTION 11.    TERM AND TERMINATION; TRANSITION. 
(a)    This Agreement commenced on the date hereof and shall have an indefinite term beginning on the Effective Date unless and until terminated in accordance with this SECTION 11.
(b)    This Agreement may be terminated as follows:
(i)    by OCG upon written notice to the Service Provider if the Service Provider has breached in any material respect this Agreement and such breach, if reasonably curable, is not cured within thirty (30) days after the Service Provider’s receipt of written notice of such breach from OCG or such longer period of time (not to exceed ninety (90) days) as may reasonably be required to cure such breach (provided that the Service Provider takes reasonable actions to attempt to cure such breach as soon as reasonably practicable and proceeds with due diligence to cure such breach);
(ii)    automatically if the Service Provider makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition for bankruptcy against it, is adjudicated by a court of 

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competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver, liquidator, trustee or assignee in bankruptcy or insolvency;
(iii)    by the Service Provider upon written notice to OCG if OCG has breached in any material respect this Agreement and such breach, if reasonably curable, is not cured within thirty (30) days after OCG’s receipt of notice of such breach or such longer period of time (not to exceed ninety (90) days) as may reasonably be required to cure such breach (provided that OCG takes reasonable actions to attempt to cure such breach as soon as reasonably practicable and proceeds with due diligence to cure such breach); provided, however, that the foregoing shall not apply to the bona fide disputes concerning the amount or applicability of the Service Fee payable to the Service Provider or any claim for indemnity or advancement of expenses hereunder; or
(iv)    automatically if OCG makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition for bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver, liquidator, trustee or assignee in bankruptcy or insolvency; or    
(v)    by the Service Provider upon at least 90 days’ written notice to OCG; or
(vi)    by OCG upon at least 90 days’ written notice to the Service Provider; or
(vii)     any time by mutual written consent of OCG and the Service Provider. 
(c)    Upon any termination of this Agreement in accordance with this SECTION 11, all rights and obligations under this Agreement shall cease except for (i) rights or obligations that are expressly stated to survive a termination of this Agreement and (ii) liabilities and obligations that have accrued prior to such termination, including the obligation to pay any amounts that have become due and payable prior to, or in connection with, such termination, including the obligation to pay any portion of the Service Fee that accrued prior to such termination, regardless of whether any such portions have otherwise become payable; provided that, in the event that OCG disputes any such amount, the undisputed portion shall be paid and the Service Provider shall be promptly notified of the exceptions taken.  The Service Provider and OCG shall use their commercially reasonable efforts to resolve any payment dispute within sixty (60) days after notice of such dispute.
SECTION 12.    ASSIGNMENT; BINDING EFFECT. 
(a)    No Party to this Agreement shall have the right to assign or otherwise transfer its rights or obligations under this Agreement (by operation of law or otherwise), except with the prior written consent of the other Parties hereto, provided that (i) each Party may assign any of 

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its rights or obligations hereunder to any of its Affiliates without the other Party’s or Parties’, as applicable, consent to the extent, and only to the extent, such Affiliate succeeds by operation of law or otherwise to all or substantially all of such Party’s assets and operations and (ii) the Service Provider may pledge, hypothecate or otherwise transfer its right to any amounts that are payable to it hereunder.  Any attempted assignment or transfer of a Party’s rights or obligations under this Agreement that is not expressly permitted herein shall be voidable at the sole option of the non-assigning Party or Parties, as applicable.
(b)    Except for the Covered Persons, who are intended to be third party beneficiaries under this Agreement, nothing expressed or mentioned in this Agreement is intended or shall be construed to give any other Person other than the parties hereto and their respective permitted successors and assigns any legal or equitable right, remedy or claim under, in or in respect of, this Agreement or any provision herein contained.
(c)    The Parties represent that the persons executing this Agreement on behalf of their respective organizations have specific and express authority to execute this Agreement on behalf of their respective organizations and that the respective organizations intend to be legally bound.
SECTION 13.    INDEPENDENT CONTRACTOR; NO JOINT VENTURE. 
In providing the Services contemplated hereunder, the Service Provider is acting as and shall be considered an independent contractor.  Nothing contained in this Agreement shall be construed as creating any company, partnership or other form of joint venture or enterprise between the Service Provider and OCG or impose any liability as such on either of them.  This Agreement confers no rights upon a Party except those expressly granted in this Agreement.
SECTION 14.    ADDITIONAL OCG PARTIES. 
Subsidiaries of OCG that are not Parties to this Agreement as of the date of the initial execution and delivery of this Agreement may become additional Parties with all of the rights and obligations of OCG hereunder by executing and delivering to the Service Provider a counterpart signature page to this Agreement.
SECTION 15.    GOVERNING LAW; SEVERABILITY. 
(a)    This Agreement and the rights and obligations of the Parties under this Agreement shall be governed by, and construed and interpreted in accordance with, the law of the State of Delaware, without regard to otherwise governing principles of conflicts of law.
(b)    If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement.  Furthermore, in lieu of each such illegal, invalid or unenforceable provision, there shall be added 

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automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable.
SECTION 16.    NO WAIVER; CUMULATIVE REMEDIES. 
No failure to exercise and no delay in exercising, on the part of any Party hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privileges hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.  No waiver of any provision hereto shall be effective unless it is in writing and is signed by the Party asserted to have granted such waiver.
SECTION 17.    NOTICES. 
Any notice or other communication hereunder will, unless otherwise expressly provided, be sufficiently given if in writing and delivered (whether by registered mail, return receipt requested, or by a nationally-recognized overnight courier, or by electronic mail with a copy to follow promptly by registered mail):
(i)    In the case of a notice to the Service Provider, addressed as follows:
Oaktree Capital Management, L.P.
333 South Grand Ave., 28th Floor
Los Angeles, CA 90071
Attn: Todd Molz, General Counsel and Chief Administrative Officer
Email: tmolz@oaktreecapital.com
(ii)    In the case of a notice to OCG, addressed as follows:
Oaktree Capital Group, LLC
333 South Grand Ave., 28th Floor
Los Angeles, CA 90071
Attn: Todd Molz, General Counsel and Chief Administrative Officer
Email: tmolz@oaktreecapital.com 
SECTION 18.    ENTIRE AGREEMENT; AMENDMENTS. 
This Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof and supersedes all prior contracts or agreements with respect to such matters, whether oral or written.  No amendments, changes or modifications to this Agreement shall be valid unless they are in writing and signed by a duly authorized representative of each of the Parties.  No waiver of any right under this Agreement shall be valid unless in writing and signed by a duly authorized representative of each of the Parties waiving such right.  For the avoidance of doubt, nothing in this Agreement is intended to amend, modify or supersede any provision of the OCG Operating Agreement or to affect the rights and obligations of the members of OCG thereunder.

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SECTION 19.    COUNTERPARTS.  This Agreement may be executed in any number of counterparts (including facsimile counterparts), all of which together shall constitute a single instrument.  It shall not be necessary that any counterpart be signed by each of the Parties so long as each counterpart shall be signed by one or more of the Parties and so long as the other Parties shall sign at least one counterpart which shall be delivered to OCG.
SECTION 20.    HEADINGS.  The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed part of this Agreement.
SECTION 21.    FORCE MAJEURE.  The Service Provider shall not be responsible for any failure in performance under this Agreement to the extent such failure arises, directly or indirectly, out of causes reasonably beyond its control, including default by suppliers of goods or services essential to the performance of Services, acts of God, war, terrorism, governmental acts in sovereign capacity, labor disturbances and strikes, power failures or other outages, fire, flood or epidemic.
[Signature pages follow]

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

OAKTREE CAPITAL MANAGEMENT, L.P.
By: /s/ Todd E. Molz    
Name: Todd E. Molz
Title: General Counsel and Chief Administrative Officer

By: /s/ Jay S. Wintrob    
Name: Jay S. Wintrob
Title: Chief Executive Officer

OAKTREE CAPITAL GROUP, LLC
By: /s/ Todd E. Molz    
Name: Todd E. Molz
Title: General Counsel and Chief Administrative Officer

By: /s/ Jay S. Wintrob    
Name: Jay S. Wintrob
Title: Chief Executive Officer

10Exhibit

Exhibit 10.7
	
			
	 
	 
	 

	Amended & Restated 
Services Agreement
Oaktree Capital Management, L.P.
and
Oaktree Capital Management (UK) LLP

	 
	 

	February 25, 2020

	
			
	 
	1
	 

	 

THIS SERVICES AGREEMENT (this “Agreement”) is made on 25th February 2020
BETWEEN:
		
	(1)
	Oaktree Capital Management, L.P. a Delaware limited partnership of 333 South Grand Avenue, 28th Floor, Los Angeles, CA 90071 ("Oaktree US"); and

		
	(2)
	Oaktree Capital Management (UK) LLP, a limited liability partnership (registered number OC363917) registered in England and Wales of Verde, 10 Bressenden Place, London SW1E 5DH (the "LLP").

RECITALS
		
	(A)
	The LLP has been constituted for the purposes of carrying on the business of an investment manager and advisor in the United Kingdom.  The LLP is authorised and regulated by the United Kingdom’s Financial Conduct Authority (or any successor body or bodies) (the "FCA") under Part 4A of the Financial Services and Markets Act 2000 ("FSMA") (with registration number 550908).

		
	(B)
	This deed was entered into originally on 20 May 2013 by Oaktree US and the LLP and amended on a number of occasions thereafter (the “Original Agreement”).

		
	(C)
	The parties have agreed to enter into this deed to amend and restate the Original Agreement with effect from the date hereof.

THE PARTIES AGREE AS FOLLOWS:
		
	1.
	AMENDMENT AND RESTATEMENT

		
	1.1
	With effect from the date hereof, the parties hereby agree to amend and restate the Original Agreement, which is replaced and superseded in its entirety by this Agreement.

		
	2.
	APPOINTMENT AND SCOPE OF AUTHORITY

		
	2.1
	The parties hereby agree that the agreements referred to in Schedule 4 (the "Terminated Agreements") shall terminate and cease to have effect for all purposes, and shall simultaneously be replaced by this Agreement, with effect from 17 November 2011 (the "Effective Date").  For the avoidance of doubt, the appointment of the LLP to provide services to Oaktree US shall be continuous before, on and after the Effective Date, but shall have effect from and after the Effective Date solely subject to the terms and conditions of this Agreement.

		
	2.2
	Oaktree US hereby confirms the appointment of the LLP as:

		
	(a)
	sub-investment manager to the funds and separate accounts referred to in Schedule 3 (the "Discretionary Funds"); and

		
	(b)
	sub-advisor to the funds and separate accounts referred to in Schedule 2 (the "Restricted Funds", and together with the Discretionary Funds, the "Funds"),

to provide the services set out in Clauses 3 and 4, and the LLP accepts such appointments, on the terms and conditions set forth in this Agreement. 
		
	2.3
	Oaktree US furthermore hereby appoints the LLP to provide certain marketing and promotion services in relation to the Funds as set out in Clause 5, on the terms and conditions set forth in this Agreement and the LLP accepts such appointment.

		
	2.4
	The LLP acknowledges that it is a relying adviser under the U.S. Investment Advisers Act of 1940 (as amended) (the "Advisers Act") and the rules and regulations promulgated thereunder.  If and to the extent the assets of any Discretionary Fund or Restricted Fund managed by Oaktree US are treated as "plan assets" as determined pursuant to 29 C.F.R. 2501.3-101 (or any successor thereto), the LLP acknowledges that it will be a fiduciary for purposes of the U.S. Employee Retirement Income Security Act of 1974 ("ERISA") with respect to each employee benefit plan subject to section 406 of ERISA or section 4975 of the Internal Revenue Code of 1986 whose assets are deemed to 

	
			
	 
	2
	 

	 

be held by the applicable Fund to the extent required under ERISA to continue to manage or sub-advise the applicable Funds.  
		
	2.5
	The appointment of the LLP pursuant to this Agreement shall be subject always to:

		
	(a)
	the terms and conditions in the limited partnership or other governing agreements under which the Funds were established (the "Fund Agreements"), and the LLP hereby agrees to observe the terms and conditions in such Fund Agreements;

		
	(b)
	any restrictions, limitations or conditions on, or any amendments made to, the LLP's authority which may be imposed by Oaktree US as general partner and/or investment manager of the Funds from time to time; and

		
	(c)
	Oaktree US’s power and authority to act at all times in respect of any of the Funds as general partner and/or investment manager of the Funds (as applicable)

		
	2.6
	Without limiting the discretion of Oaktree US pursuant to Clause 2.5(b), Oaktree US may limit the scope of the LLP's appointment in respect of any of the Funds by means of:

		
	(a)
	limiting the appointment to sub-advisory services in respect of a section of the relevant Fund's portfolio of investments;

		
	(b)
	limiting the appointment to sub-advisory services in respect of a particular investment or investments;

		
	(c)
	limiting the LLP's responsibility in respect of the monitoring and/or realisation of an investment or investments; or

		
	(d)
	retaining discretion to decide upon the acquisition, disposal, conversion or underwriting of investments.

		
	2.7
	Without limiting the discretion of Oaktree US pursuant to Clause 2.5(b), Oaktree US reserves the right as general partner and/or investment manager, in the interests of the Funds, to undertake the management of the Funds' investments and assets to the exclusion of the LLP during any period in which the LLP is unable to perform its duties under this Agreement due to the permanent or temporary absence of the investment professional(s) employed for the time being by the LLP (whether due to holiday, sickness or otherwise).

		
	2.8
	The provisions in Clauses 2.5 to 2.7 shall have overriding effect against all other provisions of this Agreement.

		
	3.
	SERVICES - DISCRETIONARY FUNDS

		
	3.1
	Without limiting the discretion of Oaktree US pursuant to Clause 2.5(b), and without prejudice to Clauses 2.6 and 2.7, the LLP shall be appointed to assist Oaktree US with the management of the investments and assets of the Discretionary Funds.

		
	3.2
	In connection with the  appointment pursuant to Clause 3.1 but subject at all times to Clause 2: 

		
	(a)
	Oaktree US hereby delegates to the LLP all such powers, authorities and discretions (including the discretionary power to buy, sell, convert, underwrite or otherwise deal in investments on behalf of the Discretionary Funds) as shall be necessary to enable the LLP to perform its duties as sub-manager under this Agreement; and

		
	(b)
	the LLP shall have full power and authority hereunder to decide whether the Discretionary Funds should acquire or dispose of an investment and Oaktree US grants the LLP discretion, without consultation to Oaktree US, to:

		
	(i)
	make investment decisions with respect to invested assets of the Discretionary Funds; and

		
	(ii)
	enter into such investment documents and effect such transactions (including, if applicable, instructing the Custodian (as defined in Clause 8.1 below) of the Discretionary Funds in respect 

	
			
	 
	3
	 

	 

of transfers, withdrawals or receipts of money) as may be necessary or proper in connection with the performance by the LLP of its duties hereunder.
		
	4.
	SERVICES - RESTRICTED FUNDS

		
	4.1
	Without limiting the discretion of Oaktree US pursuant to Clause 2.5(b), and without prejudice to Clauses 2.6 and 2.7, the sub-advisory services to be provided by the LLP in respect of the Restricted Funds will be limited to:

		
	(a)
	researching and identifying potential investment opportunities;

		
	(b)
	evaluating potential investment opportunities, including, but not limited to, the performance of due diligence services, verification of claims by potential counterparties, inspection of properties, preparation of financial projections and the like;

		
	(c)
	evaluating whether any investment held by the Restricted Funds should be sold or otherwise disposed;

		
	(d)
	taking all such actions and executing and delivering any and all orders, agreements, confirmations, transfers, notes, certificates, instruments or documents that may be required, or otherwise necessary or desirable, in connection with or relating to the acquisition or disposition of investments of the Restricted Funds in which the LLP is acting as sub-adviser ("Investment Documents"); PROVIDED HOWEVER, that the LLP may execute and deliver such Investment Documents as sub-adviser to the Restricted Funds only after the decision to acquire or dispose of such investment has been made by representatives of Oaktree US in the United States;

		
	(e)
	signing or executing (for itself and/or on behalf of such Restricted Fund) a confidentiality agreement in respect of existing investments or potential investment opportunities or any other matters within the scope of the LLP's responsibilities and powers as a sub-adviser to such Restricted Fund; 

		
	(f)
	at the request of Oaktree US, providing and making available representatives of the LLP to serve as a member of the board of directors (or other equivalent bodies) of certain non-U.S. portfolio companies (or other equivalent bodies) in which the Restricted Funds invest; and

		
	(g)
	such other services as may from time to time be reasonably requested by Oaktree US.

		
	4.2
	For the avoidance of doubt, the LLP shall not have any authority hereunder to decide whether the Restricted Funds should acquire or dispose of an investment; such decisions to be reserved only for representatives of Oaktree US in the United States.  

		
	5.
	SERVICES - MARKETING

		
	5.1
	Without limiting the discretion of Oaktree US pursuant to Clause 2.5(b), and without prejudice to Clauses 2.6 and 2.7, the marketing and promotion services to be provided by the LLP in respect of the Funds will be:

		
	(a)
	assisting Oaktree US to promote any Fund to potential investors in Europe and the Middle East to facilitate subscriptions from such investors;

		
	(b)
	advising Oaktree US concerning all actions which it appears to the LLP that Oaktree US should consider taking to achieve effective promotion of investor interest in such Funds; 

		
	(c)
	attending, if so requested by Oaktree US, meetings held with such investors;

		
	(d)
	if required by Oaktree US, arranging the administration of and receiving and collating application forms from such investors and passing the completed applications to Oaktree US for processing; and 

		
	(e)
	the provision of any other marketing service as Oaktree US may require from time to time in Europe and the Middle East.

		
	6.
	FEES

	
			
	 
	4
	 

	 

		
	6.1
	In consideration of the provision of services under this Agreement, Oaktree US will pay the LLP a fee, the amount of which is to be determined between the parties from time to time (the "Service Fee"). 

		
	7.
	ADMINISTRATIVE FUNCTIONS

Oaktree US and its affiliates will provide all fund and investor accounting, fund investor reporting, custodial services and similar administrative functions required in respect of the Funds.  Oaktree US will provide such services in a manner and quality consistent with past practices in connection with the management of the Funds.  
		
	8.
	CUSTODY

		
	8.1
	All documents of or evidencing title to the Funds' investments shall be held in safe custody facilities by a custodian to be selected by Oaktree US (the “Custodian”) subject to the terms of a custody agreement made between Oaktree US and the Custodian and subject to such other arrangements and procedures as may be agreed between Oaktree US and the Custodian from time to time.  The LLP shall at no time have custody or physical control of the invested assets of the Funds nor shall it be liable for any act or omission of the Custodian. 

		
	8.2
	Oaktree US shall take such additional steps (in addition to the authorities and powers hereby conferred) as are necessary to procure that the LLP is able, on behalf of Oaktree US, to operate the bank accounts of the Discretionary Funds so far as necessary for the LLP to exercise all of its powers and discretions and perform all of its duties under this Agreement.

		
	9.
	RECORDS AND REPORTS

		
	9.1
	The LLP shall maintain proper and complete records relating to the services to be provided under this Agreement for such period of time as may be required under applicable law, including (as applicable, in respect of the relevant Discretionary Funds) records with respect to the acquisition, holding and disposal of securities on behalf of the Funds, details of all brokers used and the aggregate dollar amount of brokerage commission paid in that regard to each broker.  

		
	9.2
	Except as expressly authorised in this Agreement or as required by applicable law, regulation or court order, or as directed by Oaktree US in writing, the LLP shall keep confidential the records and other information pertaining to Oaktree US and the Funds or the investment assets the subject of this Agreement (save for any records or information pertaining to the LLP’s own employees and affiliates, which shall be excluded from the obligations contained in this clause).  Upon termination of this Agreement, the LLP shall promptly, upon demand, return to Oaktree US all such records, except that the LLP may retain copies for its records as may be required by applicable law, regulation or court order, and provided that the LLP’s confidentiality obligations shall continue in full force and effect with respect to such retained records not within the public domain. 

		
	9.3
	The LLP shall provide to Oaktree US promptly upon request any information available in the records maintained by the LLP relating to the Funds in such form as Oaktree US shall request. 

		
	10.
	LIABILITY AND INDEMNIFICATION

		
	10.1
	In providing its services under this Agreement, the LLP will discharge its duties in accordance with the same standard of care established for Oaktree US in the relevant Fund Agreements, and will be indemnified by each of the Funds as an agent of Oaktree US in accordance with such Fund Agreements. To the extent Oaktree US and its affiliates, directors, officers, employees, shareholders, assigns, representatives or agents (apart from the LLP) (collectively, "Oaktree US Indemnities") suffer any liability, loss (including amounts paid in settlement), damages or expenses (including reasonable attorneys' fees) (collectively "Losses") in connection with the Funds, and:-

		
	(a)
	Oaktree US Indemnities are not indemnified by the Funds for such Losses under the indemnification provisions of the applicable Fund Agreements;

		
	(b)
	such Losses were suffered by virtue of the LLP's or its employees' acts or omissions, or alleged acts or omissions under this Agreement; and

		
	(c)
	the LLP (including its employees) is guilty of negligence or wilful misconduct,

	
			
	 
	5
	 

	 

then the LLP will hold Oaktree US Indemnities harmless and indemnify it for such Losses; provided that the LLP shall not be liable for actions or omissions to act ordered by Oaktree US to which the LLP objected in writing at the time of such order. 
		
	10.2
	The provisions of this Clause 10 shall survive the termination of this Agreement.

		
	11.
	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

		
	11.1
	Each of Oaktree US and the LLP represents and warrants to each other that it is duly organised, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly authorised by all necessary corporate action to enter into this Agreement and perform its duties as described in this Agreement.

		
	11.2
	The LLP hereby undertakes to Oaktree US that it will take all reasonable steps within its power to remain an authorised person for the purposes of FSMA in respect of the services to be provided by it hereunder, with a scope of permission which will permit it to carry out its obligations and exercise its powers under this Agreement, and that it will comply with those FCA Rules which apply to the services to be provided hereunder.

		
	12.
	COMPLIANCE WITH FCA RULES

		
	12.1
	Oaktree US will be the LLP's client for the purposes of the FCA Rules.  Accordingly, in conformity with the FCA Rules, a number of additional statements and provisions are required to be included in this Agreement. Such additional statements and provisions are set out in Schedule 1 hereof ("Additional FCA Provisions"), which is hereby incorporated into and will form part of this Agreement and will apply to the services to be provided pursuant to this Agreement.

		
	12.2
	Nothing in this Agreement shall require or entitle the LLP to act as the alternative investment fund manager (as defined in the FCA Rules with effect from 22 July 2013) of any Fund or any other funds or separate accounts in connection with which Oaktree US may appoint the LLP as a sub-advisor or sub-manager (such other funds or separate accounts, together, the "New Funds") which is an alternative investment fund.  The alternative investment fund manager of each Fund and New Fund which is an alternative investment fund shall be Oaktree US or Oaktree Capital Management (Lux.) S.à r.l., as the case may be, unless otherwise agreed.

		
	13.
	TERM

		
	13.1
	Basic Term

In relation to each Fund, this Agreement shall terminate on the earlier of (a) the completion of the winding up and termination of such Fund or (b) the date, if any, on which Oaktree US (or any affiliate it has substituted in its stead in accordance with such Fund's Fund Agreement) is removed as general partner of such Fund or, in the case of a Fund that is a separate account, as investment manager or similar or (c) the LLP ceasing to be authorised and regulated by the FCA.
		
	13.2
	Early Termination

This Agreement may be terminated, either in respect of a Fund or in its entirety, by either Oaktree US or the LLP for any reason upon 30 days' written notice to the other.
		
	14.
	TERMINATION CONSEQUENCES

		
	14.1
	Upon the termination of this Agreement, the LLP shall co-operate with Oaktree US and take all reasonable steps requested by Oaktree US in making an orderly transition to allow for continuity of management and to ensure that such termination shall not prejudice the completion of transactions already initiated.

		
	14.2
	The LLP shall forthwith upon termination deliver to Oaktree US a full account including a statement of all investments then under management, the income derived therefrom since the last report to Oaktree US, and the value at which they were acquired.  The LLP shall also ensure that any documents relating to Oaktree US assets over which it has control are released as soon as practicable to Oaktree US or (if so instructed by Oaktree US) to any subsequent general partner.

	
			
	 
	6
	 

	 

		
	14.3
	Notwithstanding the termination of this Agreement, Oaktree US shall complete, or shall procure that any successor or general partner of the Funds shall complete, all investment transactions entered into by Oaktree US hereunder prior to the termination date.

		
	15.
	MISCELLANEOUS

		
	15.1
	Governing Law

This Agreement is governed by the laws of England and Wales. 
		
	15.2
	Notices

Any notices provided for in this Agreement shall be sent to the following addresses or such other address as a party may designate in writing:
	
		
	To Oaktree US:
	Oaktree Capital Management, LP
333 Grand Avenue
28th Floor
Los Angeles
California 90071

Attention: Todd Molz, General Counsel
Email: tmolz@oaktreecapital.com 

	To the LLP:
	Oaktree Capital Management (UK) LLP
Verde
10 Bressenden Place
London SW1E 5DH
United Kingdom

Attention:  Dominic Keenan, Head of Legal, EMEA & APAC
Email: dkeenan@oaktreecapital.com

All notices delivered by email, facsimile or hand shall be deemed given on the day received. All notices mailed shall be deemed to have been given two business days after they have been deposited as certified mail, return receipt requested, postage paid and properly addressed.
		
	15.3
	Assignment

The LLP may not assign (within the meaning of the Advisers Act) its rights and obligations under this Agreement without the prior written consent of Oaktree US.
		
	15.4
	Entire Agreement

		
	(a)
	This Agreement contains the entire agreement between Oaktree US and the LLP relating to the subject matter hereof and supersedes in its entirety all other prior agreements and all amendments thereto between Oaktree US and the LLP relating to the subject matter hereof, including those agreements referred to in Clause 15.4(b).

		
	(b)
	For the avoidance of doubt, it is agreed and acknowledged that the Terminated Agreements are terminated with effect from the Effective Date and all of the parties’ obligations and liabilities will cease with effect from the Effective Date.

		
	15.5
	Counterparts

This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

	
			
	 
	7
	 

	 

IN WITNESS whereof the parties have executed and delivered this Agreement as a deed as of the date appearing on the first page.
	
				
	Executed as a deed by Oaktree Capital Management, L.P.
	 
	)
)
)
)
	 

	 
	 
	 
	 

	Authorised Signatory
	 
	/s/ Todd E. Molz .........................................................................
Todd E. Molz

	Authorised Signatory
	 
	/s/ Richard Ting ............................................................................
Richard Ting

	
					
	Executed as a deed by
Oaktree European Holdings LLC, in its capacity as a member of Oaktree Capital Management (UK) LLP:
	 
	)
)
)
)
	 

	Signature

Name of Authorised signatory

Signature of witness

Name of witness

Address of witness

Signature

Name of Authorised signatory

Signature of witness

Name of witness

Address of witness
	 
	/s/ Todd E. Molz ............................................................................
Todd E. Molz ............................................................................

/s/ Rebecca Kessel
............................................................................
Rebecca Kessel
............................................................................
333 S. Grand Avenue, 28th Floor
Los Angeles, CA 90071
............................................................................

/s/ Richard Ting
............................................................................
Richard Ting ...........................................................................

/s/ Rebecca Kessel
............................................................................
Rebecca Kessel
............................................................................
333 S. Grand Avenue, 28th Floor
Los Angeles, CA 90071
...........................................................................
	 

	
			
	 
	8

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