Document:

EX-10.6

 Exhibit 10.6 
 Old Republic Asset Management Investment Counsel Services Agreement 

Amendment to Section 2 and Section 5 
 2. Fee: 
 Inconsideration for so serving, “The Client” will pay
“ORAM” the following annual fee in quarterly installments based upon the market value of securities and cash equivalents under supervision as shown by quarterly inventory statements, less a working capital credit, if applicable, in
accordance with the following schedule: 
  

					
	 Net Portfolio Assets
	  	Management & Accounting	  	Management Only
		  	  
	  	  

	 Minimum Fee
	  	$2,000.00	  	$2,000.00
	 Up to $100,000,000.00
	  	5 basis points	  	3 basis points
	 Next $150,000,000.00
	  	3 basis points	  	2 basis points
	 Over $250,000,000.00
	  	2 basis points	  	1 basis points

 5. The Client has instructed or agreed with ORAM as to the following:  

 

	x	Investment accounting services to be included. 

  

	x	Proxies to be voted by ORAM. 

  

	 ̈	A working capital asset credit toward the calculation of fees in the amount of
            (None)            . 

 The effective date of this Amendment is January 1, 2006, and this Amendment shall be constructed according to the law of the State of Illinois. 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed on this 17th day of January, 2006. 

Old Republic Asset Management Corporation 

			
		
	By:	 	 
	 Charles S. Boone
  

Senior Vice President / Treasurer
 Chief
Investment Officer

  
 

 
 Its: Senior Vice President/Chief Financial Officer 

 INVESTMENT COUNSEL SERVICES 
 THIS AGREEMENT, is made by and between OLD REPUBLIC ASSET MANAGEMENT CORPORATION, 307 N. Michigan Ave., Chicago, IL (herein called “ORAM”) and OLD REPUBLIC MERCANTILE INSURANCE COMPANY (herein
called “THE CLIENT”) . 
 The effective date of this Agreement is October 1, 1995. 

1. Services to be Performed:  
 As investment counsel: (a) ORAM shall advise The Client regarding the proper investment policy, will help to execute the purchase and sale of investments, and shall monitor the value of the invested
assets of The Client. Further, ORAM shall prepare instructions for the sale or purchase of any security which The Client instructs ORAM to buy or sell. ORAM, while advising The Client, shall not have authority to deliver or acquire any security
except on the prior instruction of The Client. ORAM, while it shall prepare the securities for delivery and instruct brokers on the purchase of securities, shall not receive, deliver or hold in custody any securities of The Client. ORAM shall
prepare orders for purchases and instructions for delivery which shall be carried out by The Client. If so instructed by The Client, ORAM may direct the execution of orders for the purchase and sale of securities for the account of The Client.
However, The Client shall retain the custody of, responsibility for, and the control of all investments; (b) ORAM shall provide The Client, if so instructed in Section 5, with investment accounting services and will prepare The
Client’s investment statements for insurance regulatory purposes on a quarterly basis. 
  

	2.	Fee: 

 In consideration
for so serving, The Client will pay ORAM the following annual fee in quarterly installments based on the market value of securities and cash equivalents under supervision as shown by quarterly inventory statements, less a working capital credit, if
applicable, in accordance with the following schedule: 
  

									
	 Net
 Portfolio
	  	Investment
Management &
Accounting	 	  	Investment
Management
Only	 
	 Minimum Fee
	  	 	$2,000	  	  	 	$2,000	  
	 Up to $100,000,000
	  	 	8 basis points	  	  	 	6 basis points	  
	 Next $150,000,000
	  	 	7 basis points	  	  	 	5 basis points	  
	 Over $250,000,000
	  	 	6 basis points	  	  	 	4 basis points	  

  

	3.	Duration of Agreement:  

This Agreement shall continue in force until terminated at the end of any quarterly investment period, upon 30 days’ notice by either
party. 
 This Agreement shall be subject to the re-negotiation of its provisions every three (3) years at the request of
either party. If the re-negotiation of the terms of this Agreement is not satisfactory to The Client, The Client may terminate this Agreement upon 30 day’s notice. If no request for renegotiation is made, then this Agreement will automatically
renew for another three (3) year term. 

	4.	Other Matters:  

 ORAM
agrees not to vote proxies for any security held on behalf The Client, unless so instructed in Section 5. All proxies and proxy material shall be forwarded to The Client for appropriate action by The Client. 

All information furnished by either of the parties to the other shall at all times be treated in strictest confidence. 

This contract is not assignable. It shall be binding upon any successors of ORAM or The Client. ORAM agrees to notify The Client of any
changes in its ownership or management within a reasonable time. 
  

	5.	The Client has instructed or agreed with ORAM as to the following:  

 

	 	x	Investment accounting services to be included. 

  

	 	x	Proxies to be voted by ORAM. 

  

	 	 ̈	A working capital asset credit toward the calculation of fees in the amount of o 

 

	6.	Previous Agreements and Amendments:  

 This Agreement supersedes all previous agreements, whether oral or written, between The Client and ORAM relating to the subject matter of this Agreement, and may be amended or modified only in writing
signed by both parties. 
  

	7.	Law Governing: 

 This
Agreement shall be constructed according to the law of the State of Illinois. 
 IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed on this             day of             . ,1995. 

 

			
	OLD REPUBLIC ASSET MANAGEMENT CORPORATION
		
	By:	 	 
		 	         Charles S. Boone
         Vice President-Investment

  

			
	OLD REPUBLIC MERCANTILE INSURANCE COMPANY
		
	By:	 	 
		 	        Senior Vice PresidentEX-10.7

 Exhibit 10.7 
 Old Republic Asset Management Investment Counsel Services Agreement 
 Agreement made as of
this 7th day of July 2006 between Republic Mortgage Insurance Company of Florida (hereinafter referred to as “The Client”) and Old Republic Asset Management Corporation (hereinafter referred to as “Manager”),
an Illinois internal investment corporation, located at 307 North Michigan Avenue, Chicago, Illinois 60601. 
 WHEREAS, the Client is
owner of certain assets (such assets, together with the income there from, and the proceeds, investment and reinvestment thereof, are hereinafter referred to as the “Accounts”) which are held in custody under separate agreement by The
Northern Trust Company, Chicago Illinois (hereinafter referred to as the “Custodian”); and 
 WHEREAS, the Client desires to
have the Manager perform certain investment management and accounting services related to their respective Accounts and will direct the Custodian to respond to the investment instructions of the Manager with respect to assets now or hereafter held
in the Accounts. 
 NOW, THEREFORE, the Client and the Manager do hereby declare each with the other as follows: 

 

	1.	Authority of the Client. Client’s authority to enter into this asset management agreement is in accordance with approvals granted specifically for these
purposes by their respective Boards of Directors 

  

	2.	Authority of Manager. Manager shall have full discretionary authority to manage, purchase or sell any or all securities provided that all assets and transactions
comply with: a) Old Republic International Corporation (the Clients’ ultimate shareholder and hereinafter referred to as “ORI”) Investment Policy, as amended and approved from time to time by the ORI Board of Directors and by the
Clients’ Boards of Directors, and; b) Laws and regulations established by the State of Florida or the Florida Department of Insurance or any other regulatory authority having jurisdiction over the Clients. The Manager will not have
authority to manage any assets outside the Accounts. 

  

	3.	Accounting and reporting. The Manager shall keep accurate and detailed records of all investments, receipts, disbursements, and other transactions hereunder, and
all books and records relating thereto shall be open to inspection at all reasonable times by the Clients or by persons designated by the Clients, including but not limited to an audit and review of the Manager’s books and records, as they
pertain to this agreement, by the Florida Commissioner of Insurance or other such regulatory authority. The Manager shall submit to the Clients monthly reports of all assets in the accounts, including market valuations for such assets, and all
investment transactions related thereto no later than fifteen (15) days following the close of the period covered by such report. 

  

	4.	Procedure. All transactions authorized by this Agreement shall be carried out through the Custodian of the Accounts. The Manager shall, from time to time,
certify to the Clients and to the Custodian the name of the person or persons of the Manager authorized to act on behalf of the Accounts. The Manager shall have full and complete discretion to establish accounts with one or more securities brokers
as the Manager may select. The Manager shall not be responsible for any acts or omissions by any such broker or brokers, or third parties. However, the Manager shall vigorously pursue any such acts or omissions. The Manager is hereby authorized to
combine orders on behalf of the Accounts with orders on behalf of other clients of the Manager. The Manager will use its best efforts to obtain best execution on securities traded for the account. 

 

	5.	Liability. The Clients understand and acknowledge that the Manager cannot give any assurances that the investment objectives as set forth by ORI will be met, and
that the Manager shall be subject to liability only for its own willful misconduct, lack of good faith, negligence, or reckless disregard of its duties hereunder. Nothing herein shall be construed to waive any liability that the Manager has under
any applicable Federal or State securities laws. 

  

	6.	Proxies. The Manager shall vote securities held in the Account in response to proxies solicited by the issuers of such securities, unless instructed to the
contrary by the Client. 

	7.	Effective Period; Termination. This agreement shall be effective as of July 7, 2006 and shall remain in effect thereafter provided, however, that it shall
be terminated upon thirty (30) days’ prior written notice by certified mail given by either party to the other. This agreement is not assignable without the written consent of each party hereto. 

 

	8.	Compensation to the Manager. The Manager shall be entitled to receive as full compensation for the services rendered a fee determined as follows:

  

					
	 Net Account Assets
	  	Annual Fee	 
	 Minimum fee
	  	 	$2,000	  
	 Up to $100 million in market value
	  	 	5 basis points	  
	 Next $150 million in market value
	  	 	3 basis points	  
	 Over $250 million in market value
	  	 	2 basis points	  

 Net Account Assets shall be defined as the market value of all securities under the Manager’s
supervision in the accounts as reported on the quarterly investment statements, less a working capital credit of $1,000,000.00 (one million) and, credit for 100% of the cost of investments in mortgage guaranty tax and loss bonds. The annual fee will
be calculated and paid in quarterly installments. 
 Fees are subject to review and re-negotiation on an annual basis.

  

	9.	Previous Agreements, Amendments, and Regulatory Approvals. This agreement supersedes all previous agreements, whether written or oral, between Clients and
Manager. This Agreement is not assignable and shall not be amended without the written approval of both parties or without prior approval from the Illinois and Florida Insurance Departments. The agreement and any related amendments will also be
subject to the review and approval of regulatory authorities having appropriate jurisdiction over the Clients or Manager. The Illinois and Florida Insurance Departments shall have the right from time to time to request information, or to inspect and
audit all books and records in connection with this Agreement. 

  

	10.	Construction of Agreement. This agreement shall be construed and the rights and obligations of the parties hereunder enforced in accordance with the laws of the
States of Florida and Illinois. 

 IN WITNESS WHEREOF, the parties have caused this agreement to be executed as of the day
and year first above mentioned. 
  

			
	On behalf of the Clients:
	
	Republic Mortgage Insurance Company
	
	 
	 D. Chris Cash, Controller & Treasurer

	
	 On behalf of the Manager:

	
	 Old Republic Asset Management Corporation

	
	 
	 Charles S. Boone Senior Vice President, Treasurer, and Chief Investment Officer

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