0001788399 false No 0001788399 2023-10-04 2023-10-04 0001788399 dei:BusinessContactMember 2023-10-04 2023-10-04 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:shares
As filed with the Securities and Exchange Commission on October 4, 2023
1933 Act File No. 333-273025
1940 Act File No. 811-23476
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-2
(Check appropriate box or boxes)
[X] REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre‑Effective Amendment No.
[X] Post-Effective Amendment No. 1
and
[X] REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[X] Amendment No. 9
DOUBLELINE YIELD OPPORTUNITIES FUND
(Exact Name of Registrant as Specified in Charter)
2002 North Tampa Street, Suite 200
Tampa, FL 33602
(Address of Principal Executive Offices)
(Number, Street, City, State, Zip Code)
(213) 633‑8200
(Registrant’s Telephone Number, including Area Code)
Ronald R. Redell
President and Chief Executive Officer
c/o DoubleLine Capital LP
2002 North Tampa Street, Suite 200
Tampa, FL 33602
(Name and Address (Number, Street, City, State, Zip Code) of Agent for Service)
Copies of Communications to:
Jeremy C. Smith
Ropes & Gray LLP
1211 Sixth Avenue
New York, New York 10036
(212) 596‑9858
Approximate Date of Proposed Public Offering:
This post-effective amendment is being filed pursuant to Rule 462(d) under the Securities Act and will be effective upon filing.
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Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans. |
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Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (“Securities Act”), other than securities offered in connection with a dividend reinvestment plan. |
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Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. |
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Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. |
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Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. |
It is proposed that this filing will become effective (check appropriate box):
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when declared effective pursuant to Section 8(c), or as follows: |
If appropriate, check the following box:
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This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
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This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: |
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This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: |
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This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: 333-273025. |
Check each box that appropriately characterizes the Registrant:
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Registered Closed‑End Fund (closed‑end company that is registered under the Investment Company Act of 1940 (“Investment Company Act”)). |
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Business Development Company (closed‑end company that intends or has elected to be regulated as a business development company under the Investment Company Act). |
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Interval Fund (Registered Closed‑End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c‑3 under the Investment Company Act). |
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A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). |
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Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act). |
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Emerging Growth Company (as defined by Rule 12b‑2 under the Securities Exchange Act of 1934 (“Exchange Act”). |
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If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. |
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New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing). |
EXPLANATORY NOTE
This Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File Nos. 333-273025 and 811-23476) of DoubleLine Yield Opportunities Fund (the “Registration Statement”) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the “Securities Act”), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part C of the Registration Statement setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 1 does not modify any other part of the Registration Statement. The contents of the Registration Statement are hereby incorporated by reference.
PART C
OTHER INFORMATION
Item 25. Financial Statements and Exhibits
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(1) |
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Financial Statements |
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Included in Part A: Financial highlights for the fiscal period ended March 31, 2023; the fiscal years ended September 30, 2022 and 2021, and the period ended September 30, 2020. Incorporated into Parts A and B by reference to Registrant’s most recent semi-annual shareholder report on Form N-CSR, filed June 2, 2023 (File No. 811-23476): Schedule of Investments as of March 31, 2023; Statement of Assets and Liabilities as of March 31, 2023; Statement of Operations for the fiscal period ended March 31, 2023; Statement of Changes in Net Assets for the fiscal period ended March 31, 2023 and the fiscal year ended September 30, 2022; Statement of Cash Flows for the fiscal period ended March 31, 2023; Notes to Financial Statements. Incorporated into Parts A and B by reference to Registrant’s most recent annual shareholder report on Form N-CSR, filed December 2, 2022 (File No. 811-23476): Schedule of Investments as of September 30, 2022; Statement of Assets and Liabilities as of September 30, 2022; Statement of Operations for the fiscal year ended September 30, 2022; Statement of Changes in Net Assets for the fiscal year ended September 30, 2022 and the fiscal year ended September 30, 2021; Statement of Cash Flows for the fiscal year ended September 30, 2022; Notes to Financial Statements; Report of Independent Registered Public Accounting Firm. |
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(2) |
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Exhibits |
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(a) |
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Second Amended and Restated Agreement and Declaration of Trust dated February 20, 2020.(1) |
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(b) |
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Fourth Amended and Restated Bylaws dated May 19, 2022.(2) |
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(c) |
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Not applicable. |
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(d)(1) |
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Article III (Shares) and Article V (Shareholders’ Voting Powers and Meetings) of the Second Amended and Restated Agreement and Declaration of Trust.(1) |
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(d)(2) |
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Article 10 (Shareholders’ Voting Powers and Meetings) of the Second Amended and Restated Bylaws of Registrant.(2) |
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(d)(3) |
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Form of Certificate for Common Shares of Beneficial Interest.(3) |
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(e) |
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Form of Dividend Reinvestment Plan.(3) |
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(f) |
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Not applicable. |
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(g) |
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Investment Management Agreement.(4) |
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(h)(1) |
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Distribution Agreement between Registrant and Foreside Fund Services, LLC, filed herewith. |
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(h)(2) |
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Sub-Placement Agent Agreement between Foreside Fund Services, LLC and UBS Securities LLC, filed herewith. |
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(i) |
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Not applicable. |
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(j)(1) |
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Custody Agreement and Fee Schedule.(1) |
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(j)(2) |
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First Amendment to Custody Agreement.(4) |
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(k)(1) |
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Master Services Agreement.(1) |
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(k)(2) |
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First Amendment to the Master Services Agreement, filed herewith. |
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(k)(3) |
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Communication Administration Agreement.(1) |
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(l) |
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Opinion and Consent of Ropes & Gray LLP.(4) |
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(m) |
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Not applicable. |
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(n) |
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Consent of Registrant’s independent public accounting firm,.(5) |
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(o) |
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Not applicable. |
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(p) |
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Subscription Agreement.(1) |
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(q) |
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Not applicable. |
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(r)(1) |
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Code of Ethics of the Fund and DoubleLine Capital LP.(4) |
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(r)(2) |
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Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers.(2) |
(1) Filed as an exhibit to the Registrant’s Registration Statement on Form N-2, Registration Nos. 333-233877, 811-23476 (filed February 25, 2020).
(2) Filed as an exhibit to the Registrant’s annual shareholder report on Form N-CSR for the fiscal year ended September 30, 2022, Registration No. 811-23476 (filed December 2, 2022).
(3) Filed as an exhibit to the Registrant’s Registration Statement on Form N-2, Registration Nos. 333-233877, 811-23476 (filed December 18, 2019).
(4) Filed as an exhibit to Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-2, Registration Nos. 333-273025, 811-23476 (filed August 22, 2023).
(5) Filed as an exhibit to Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-2, Registration Nos. 333-273025, 811-23476 (filed September 26, 2023).
Item 26. Marketing Arrangements
The information contained under the section entitled “Plan of Distribution” in the Prospectus is incorporated by reference, and any information concerning any underwriters will be contained in the accompanying Prospectus Supplement, if any.
Item 27. Other Expenses of Issuance and Distribution
The approximate expenses in connection with the offering are as follows:
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Registration and Filing Fees |
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27,550 |
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Financial Industry Regulatory Authority Fees |
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38,000 |
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Printing and Engraving Expenses |
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30,000 |
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Accounting Fees and Expenses |
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15,000 |
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Legal Fees and Expenses |
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200,000 |
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Miscellaneous |
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10,000 |
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Total |
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320,550 |
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Item 28. Persons Controlled by or Under Common Control With Registrant
None.
Item 29. Number of Holders of Securities
Set forth below is the number of record holders as of August 31, 2023 of each class of securities of the Registrant:
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Title of Class |
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Number of Record Holders |
Common Shares of Beneficial Interest |
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82 |
Item 30. Indemnification
Reference is made to Article VIII, Sections 1 through 4, of the Registrant’s Second Amended and Restated Agreement and Declaration of Trust, which is incorporated by reference herein.
Reference is also made to Sections 7 and 8 of the Registrant’s Investment Management Agreement.
Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the “Securities Act”), may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Trust’s Amended and Restated Agreement and Declaration of Trust, its Amended and Restated Bylaws or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, officers or controlling persons of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustees, officers or controlling persons in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
Item 31. Business and Other Connections of Investment Manager
The Registrant’s investment adviser, DoubleLine Capital LP (the “Adviser”), is a Delaware limited partnership. The list required by this Item 31 of officers and trustees of the Adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the Adviser and such officers and trustees during the past two years, is incorporated by reference to Form ADV (SEC File No. 801-70942) filed by the Adviser pursuant to the Investment Advisers Act of 1940, as amended.
Item 32. Location of Accounts and Records
Omitted pursuant to Instruction to Item 32 of Form N-2.
Item 33. Management Services
Not applicable.
Item 34. Undertakings
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The securities being registered will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933. Accordingly, the Registrant undertakes: |
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to file, during and period in which offers or sales are being made, a post-effective amendment to this Registration Statement: |
(1) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(2) to reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement.
(3) to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.
(b) that, for the purpose of determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;
(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering; and
(d) that, for purposes of determining liability under the Securities Act to any purchaser:
(1) if the Registrant is subject to Rule 430B:
(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and
(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) under the Securities Act for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or
(2) if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:
The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:
(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;
(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;
(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and
(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser .
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The Registrant undertakes that: |
(a) for the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and
(b) for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.
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The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference into the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
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Insofar as indemnification for liabilities arising under the Securities Act may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. |
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The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information. |
NOTICE
A copy of the Second Amended and Restated Agreement and Declaration of Trust of DoubleLine Yield Opportunities Fund (the “Fund”), together with all amendments thereto, is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Fund by any officer of the Fund as an officer and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees of the Fund or shareholders of the Fund individually, but are binding only upon the assets and property of the Fund.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and/or the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Los Angeles, and the State of California on the 4th day of October, 2023.
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DOUBLELINE YIELD OPPORTUNITIES FUND |
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By: |
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/s/ Ronald R. Redell |
Name: |
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Ronald R. Redell |
Title: |
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President and Chief Executive Officer |
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated and on the 4th day of October, 2023.
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Name |
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Capacity |
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Date |
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/s/ Ronald R. Redell |
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Trustee, President and Chief Executive Officer |
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October 4, 2023 |
Ronald R. Redell |
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/s/ Henry V. Chase |
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Treasurer and Principal Financial and Accounting Officer |
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October 4, 2023 |
Henry V. Chase |
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Joseph J. Ciprari* |
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Trustee |
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October 4, 2023 |
Joseph J. Ciprari |
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John C. Salter* |
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Trustee |
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October 4, 2023 |
John C. Salter |
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Raymond B. Woolson* |
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Trustee |
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October 4, 2023 |
Raymond B. Woolson |
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*By: |
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/s/ Cris Santa Ana |
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Cris Santa Ana Attorney-In-Fact Date: October 4, 2023 |
DoubleLine Yield Opportunities Fund
Index to Exhibits
Exhibit (h)(1)
DISTRIBUTION AGREEMENT
This
DISTRIBUTION AGREEMENT (this Agreement) made as of September 29, 2023 by and between DoubleLine Yield Opportunities Fund, a Massachusetts business trust (the Fund), and Foreside Fund Services, LLC, a
Delaware limited liability company (the Distributor).
WITNESSETH:
WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (collectively,
the Investment Company Act), as a diversified, closed-end, management investment company;
WHEREAS, the Fund has filed a registration statement on Form N-2 pursuant to the
Investment Company Act and the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the Securities Act), to register common shares of beneficial interest, $0.00001 par value per share, of the
Fund (the Common Shares), which may be issued and sold from time to time through various specified
transactions, including at-the-market (ATM) offerings pursuant to Rule 415 under the Securities Act;
WHEREAS, the Distributor is registered as a broker-dealer under the provisions of the Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder (collectively, the Exchange Act), and is a member in good standing of the Financial Industry Regulatory Authority, Inc. (FINRA); and
WHEREAS, the Fund and the Distributor wish to enter into a distribution agreement with each other with respect to ATM offerings, from time to
time, of Common Shares.
NOW THEREFORE, the parties agree as follows:
Section 1. Appointment of the Distributor; ATM Offerings.
(a) Subject to the terms and conditions of this Agreement, the Fund hereby appoints the Distributor as its principal underwriter and
placement agent for up to $250 million of Common Shares of the Fund to be offered pursuant to the Registration Statement (as defined herein) through ATM offerings from time to time (the Shares) and the Fund agrees that it
will issue such Shares as the Distributor may sell. The Distributor agrees to enter into non-exclusive sub-placement agent agreements with
selected dealers, each of whom shall be registered as a broker-dealer under the provisions of the Exchange Act and a member in good standing of FINRA who will use reasonable efforts to identify opportunities for the sale of Shares (each, a sub-placement agent), but neither the Distributor nor any sub-placement agent is obligated to sell any specific number of the
Shares (though the Distributor will only be authorized to sell on any Offering Date, subject to the terms and conditions of this Agreement, the maximum number of Shares agreed to with the Fund pursuant to Section 1(d) hereof). The Distributor
will not purchase any Shares for its own account. The Shares will only be sold on such days as shall be agreed to by the Distributor and the Fund (each, an Offering Date). The Distributor hereby accepts such appointment.
(b) The Distributor acknowledges that Shares will be offered and sold only as set forth
from time to time in the Registration Statement including, without limitation, pricing of Shares, handling of investor funds and payment of sales commissions.
(c) The Fund may suspend or terminate any ATM offering of its Shares at any time. Upon notice to the Distributor of the terms of such
suspension or termination, the Distributor shall suspend the ATM offering of Shares in accordance with such terms until the Fund notifies the Distributor that such ATM offering may be resumed; provided, however, that
such suspension or termination shall not affect or impair the parties respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.
(d) The price per Share shall be determined by the Fund together with the Distributor or any sub-placement agent by reference to trades
in the Common Shares on the primary exchange for the Common Shares. In no event shall the price per Share be less than the then current net asset value per Common Share (which net asset value shall be determined as of a time within twenty-four
(24) hours, excluding Saturdays, Sundays and holidays, next preceding the time of such determination) plus the per Share amount of the commission to be paid to the Distributor (the Minimum Price). The Fund may establish a
minimum sales price per Share on any Offering Date in excess of the Minimum Price (the Minimum Sales Price), and the Fund shall communicate such Minimum Sales Price to the Distributor. The Fund shall have sole discretion to
establish a Minimum Sales Price for any Offering Date. The Distributor agrees that it will not sell Shares if the per share price of the Shares is less than the Minimum Price or, if applicable, the Minimum Sales Price. The Fund shall determine the
maximum number of Shares to be sold through the Distributor or through such sub-placement agent for any Offering Date, and the Distributor
or such sub-placement agent shall not be authorized to sell Shares on any Offering Date in excess of such maximum.
(e) The Distributor will confirm to the Fund, following the close of trading on the Funds primary exchange on each Offering Date
for the Shares, the number of Shares sold through the Distributor and through any sub-placement agent, the time of sale, the gross sales price per Share and the compensation payable to the
Distributor and such sub-placement agent, or to which the Distributor and such sub-placement agent are entitled with respect to
such sales. The Fund reserves the right to reject any order in whole or in part.
(f) Settlement for sales of the Shares pursuant to
this Section 1 will occur on the second business day following the date on which such sales are made (each such day, a Settlement Date), unless otherwise agreed to in writing by the parties hereto. On each Settlement Date,
the Shares sold through the Distributor and through any sub-placement agent for settlement on such date shall be delivered by the Fund at the Distributors request to such sub-placement agents account at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the
parties, against payment of the gross sales proceeds for the sale of such Shares, less the sales commission to be paid to the Distributor.
(g) In selling Shares, the Distributor shall act solely as an agent of the Fund and not as principal.
2
Section 2. Representations and Warranties by the Fund. The Fund represents,
warrants to and agrees with the Distributor, as of the date hereof and as of each Offering Date and Settlement Date, that:
(a) The
Registration Statement (i) has been prepared by the Fund in conformity with the requirements of the Securities Act and the Investment Company Act in all material respects; (ii) has been filed with the U.S. Securities and Exchange
Commission (the Commission) under the Securities Act and the Investment Company Act; and (iii) heretofore became, and is, effective; the Registration Statement sets forth the terms of the offering, sale and plan of
distribution of the Shares and contains additional information concerning the Fund and its business; no stop order of the Commission preventing or suspending the use of the Basic Prospectus (as defined herein), the Prospectus Supplement (as defined
herein) or the Prospectus (as defined herein), or the effectiveness of the Registration Statement, has been issued, and no proceedings for such purpose have been instituted or, to the Funds knowledge, have been threatened by the Commission.
Except where the context otherwise requires, Registration Statement, as used herein, means, collectively, the various parts of the registration statement, as amended at the time of effectiveness for purposes of Section 11 of
the Securities Act (the Effective Time), as such section applies to the Distributor, including (1) all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, and (2) any
information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 424 under the Securities Act, to the extent such information is deemed to be part of the registration statement at the Effective Time.
Basic Prospectus, as used herein, means the final prospectus filed as part of the Registration Statement, including the related statement of additional information, together with any amendments or supplements thereto as of the
date of this Agreement. Except where the context otherwise requires, Prospectus Supplement, as used herein, means the final prospectus supplement, including the related statement of additional information, relating to the Shares,
filed by the Fund with the Commission pursuant to Rule 424 under the Securities Act, in the form furnished by the Fund to the Distributor in connection with the offering of the Shares. Except where the context otherwise requires,
Prospectus, as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement. Any reference herein to the registration statement, the Registration Statement, the
Basic Prospectus, the Prospectus Supplement or the Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein.
(b) The Fund is duly registered under the Investment Company Act as a closed-end management
investment company. A notification of registration of the Fund as an investment company under the Investment Company Act on Form N-8A (the Investment Company Act
Notification) has been prepared by the Fund in conformity with the Investment Company Act and has been filed with the Commission and, at the time of filing thereof and at the time of filing any amendment or supplement thereto, conformed in
all material respects with all applicable provisions of the Investment Company Act. The Fund has not received any notice in writing from the Commission pursuant to Section 8(e) of the Investment Company Act with respect to the Investment
Company Act Notification or the Registration Statement (or any amendment or supplement to either of them). No person is serving or acting as an officer, trustee or investment adviser of the Fund except in accordance with the provisions of the
Investment Company Act, provided that for purposes of the foregoing representation with respect to officers and trustees, the Fund shall be entitled to rely on representations from such officers and trustees.
3
(c) The Registration Statement, the Investment Company Act Notification and the Prospectus,
as from time to time amended or supplemented, each complied when it became effective or was filed (as the case may be), complies as of the date hereof and, as amended or supplemented, will comply, at each time of purchase of Shares in connection
with the ATM offerings, and at all times during which a prospectus is required by the Securities Act to be delivered in connection with any sale of Shares, in all material respects, with the requirements of the Securities Act and the Investment
Company Act; the Registration Statement did not, as of the Effective Time, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; at
no time during the period that begins on the earlier of the date of the Basic Prospectus or the date the Basic Prospectus was filed with the Commission and ends at the later of the time of purchase of Shares in connection with the ATM offerings or
the end of the period during which a prospectus is required by the Securities Act to be delivered in connection with any sale of Shares did or will the Prospectus, as from time to time amended or supplemented, include an untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Fund
does not make any representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus or the Prospectus in reliance upon and in conformity with information furnished in writing by the Distributor or any sub-placement agents, or on the Distributors or any sub-placement agents behalf, to the Fund expressly for use in the
Registration Statement or the Prospectus (the Agent Provided Information).
(d) The financial statements
incorporated by reference in the Registration Statement or the Prospectus, together with the related notes and schedules, (i) present fairly in all material respects the financial position of the Fund as of the dates indicated and the results
of operations, cash flows and changes in shareholders equity of the Fund for the periods specified and (ii) have been prepared in compliance in all material respects with the requirements of the Securities Act, the Investment Company Act
and the Exchange Act, and in conformity in all material respects with U.S. generally accepted accounting principles applied on a consistent basis during the periods involved; the other financial and statistical data contained or incorporated by
reference in the Registration Statement or the Prospectus are accurately and fairly presented, in all material respects, and prepared on a basis consistent with the financial statements and books and records of the Fund in all material respects;
there are no financial statements that are required to be included or incorporated by reference in the Registration Statement, the Basic Prospectus or the Prospectus by the Securities Act, the Investment Company Act or the Exchange Act that are not
included or incorporated by reference as required; and the Fund does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations),
not described in the Registration Statement (excluding the exhibits thereto).
(e) As of the date of this Agreement, the Fund has an
authorized and outstanding capitalization as set forth in the Registration Statement, the Basic Prospectus and the Prospectus and, with respect to any issuance and sale under this Agreement, the Fund shall have as of the date of the most recent
amendment or supplement to the Registration Statement or Prospectus, an
4
authorized and outstanding capitalization as set forth in the Registration Statement and the Prospectus; all of the issued and outstanding Common Shares have been duly authorized and validly
issued and are fully paid and non-assessable, have been issued in material compliance with all applicable securities laws and were not issued in violation of any preemptive right, resale
right, right of first refusal or similar right.
(f) The Fund has been duly formed, has legal existence as an unincorporated
voluntary association (commonly known as a Massachusetts business trust) and is in good standing under the laws of The Commonwealth of Massachusetts, with full power and authority to own, lease and operate and conduct its business as
described in the Registration Statement, the Basic Prospectus and the Prospectus and to issue, sell and deliver the Shares as contemplated herein. The Fund is duly qualified to do business as a foreign entity and is in good standing in each
jurisdiction where the conduct of its business requires such qualification, except where the failure to be so qualified and in good standing would not, individually or in the aggregate, have a material adverse effect on the business, properties,
financial condition or results of operations of the Fund.
(g) The Shares have been duly and validly authorized and, when issued and
delivered against payment therefor as provided herein, will be duly and validly issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, resale rights,
rights of first refusal and similar rights; the Shares, when issued and delivered against payment therefor as provided herein, will be free of any restriction upon the voting or transfer thereof pursuant to the Funds Second Amended and
Restated Agreement and Declaration of Trust, as further amended or supplemented, Fourth Amended and Restated Bylaws, as further amended or supplemented, or any agreement or other instrument to which the Fund is a party. The Common Shares, including
the Shares, conform in all material respects to the description thereof, if any, contained or incorporated by reference in the Registration Statement, the Basic Prospectus or the Prospectus; and the certificates for the Shares, if any, are in due
and proper form.
(h) The Fund is in material compliance with the rules of the New York Stock Exchange (the Stock
Exchange), including, without limitation, the requirements for continued listing of the Shares on the Stock Exchange and the Fund has not received any written notice from the Stock Exchange regarding the delisting of the Shares from the
Stock Exchange. The Shares will be duly listed, and admitted and authorized for trading, subject to official notice of issuance, on the Stock Exchange.
(i) No approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory
commission, board, body, authority or agency, or of or with any self-regulatory organization or other non-governmental regulatory authority (including, without limitation, the Stock
Exchange), or approval of the shareholders of the Fund that has not already been obtained, is required in connection with the issuance and sale of the Shares or the consummation by the Fund of the transactions contemplated hereby, other than
(i) the registration of the Shares under the Securities Act, which has been effected, (ii) the listing of the Shares with the Stock Exchange, upon official notice of issuance, (iii) any necessary qualification under the securities or
blue sky laws of the various jurisdictions in which the Shares are being offered by the Fund or (iv) any necessary qualification pursuant to the rules of FINRA.
5
Section 3. Duties of the Fund.
(a) The Fund shall take, from time to time, but subject always to any necessary approval of the Board of Trustees of the Fund (each a
Trustee, and together the Board) or of its shareholders, all necessary action to fix the number of authorized Common Shares, to the end that the Fund will have a number of authorized but unissued Common Shares
at least equal to the number of Common Shares available for sale pursuant to this Agreement.
(b) For purposes of the ATM offering
of Shares, the Fund will furnish to the Distributor and any sub-placement agents copies of its most recent amendment to its Registration Statement, its most recent Prospectus and all amendments and supplements
thereto, and other documentation the Distributor may reasonably request for use in the ATM offering of Shares, including without limitation, and to the extent applicable, a 415 No Objections Letter from FINRA. The Distributor and the sub-placement agents are authorized to furnish to prospective investors only such information concerning the Fund and the ATM offering as may be contained in the Registration Statement, the Prospectus, the
Funds publicly available formation documents, or any other documents (including sales material), that are expressly approved by the Fund for such purpose.
(c) The Fund shall furnish to the Distributor copies of all financial statements of the Fund which the Distributor may reasonably
request for use in connection with its duties hereunder, and this shall include, upon request by the Distributor, one certified copy of all financial statements prepared for the Fund by independent public accountants.
(d) The Fund shall use its best efforts to qualify and maintain, to the extent required by applicable law, the qualification of Shares
for sale under the securities laws of such jurisdictions as the Distributor and the Fund may approve, provided that the Fund shall not be required in connection therewith to qualify as a foreign corporation or dealer in securities or to file a
general consent to service of process in any jurisdiction or meet any other requirement in connection with this Section 3(d) deemed by the Fund to be unduly burdensome. Any such qualification may be withheld, terminated or withdrawn by the Fund
at any time in its discretion. The expense of qualification and maintenance of qualification shall be borne by the Fund. The Distributor shall furnish such information and other material relating to its affairs and activities as may be required by
the Fund in connection with such qualification.
(e) The Fund will furnish, in reasonable quantities upon request by the
Distributor, copies of its annual and semi-annual reports.
(f) The Fund will furnish the Distributor with such other documents as
it may reasonably require, from time to time, for the purpose of enabling it to perform its duties as contemplated by this Agreement.
Section 4. Duties of the Distributor.
(a) The Distributor shall use its reasonable best efforts to perform its duties hereunder. The services of the Distributor to the Fund
hereunder are not to be deemed exclusive and nothing herein contained shall prevent the Distributor from entering into like arrangements with other investment companies so long as the performance of its obligations with respect to the Fund hereunder
is not impaired thereby.
6
(b) In performing its duties hereunder, the Distributor shall comply in all material
respects with the requirements of all applicable laws, including securities laws relating to the ATM offerings of Shares. Neither the Distributor nor any sub-placement agent having an
agreement to offer and sell Shares pursuant to Section 5 hereof nor any other person is authorized by the Fund to give any information or to make any representations, other than those contained in its Registration Statement, Prospectus and any
sales literature specifically approved for such use by the Fund.
(c) The Distributor or
any sub-placement agent shall review and file with FINRA as applicable, all sales literature (advertisements, brochures and shareholder communications) prepared in connection with the ATM offerings
for the Fund.
(d) The Distributor agrees to supply the following additional services, together with such other services as set
forth throughout this Agreement:
|
1. |
handling inquiries from sub-placement agents regarding the
Fund; |
|
2. |
assisting in the enhancement of communications
between sub-placement agents and the Fund; |
|
3. |
communicating the Minimum Price or Minimum Sales Price to
any sub-placement agents and instructing any sub-placement agents not to sell Shares if such sales cannot be effected at or above the Minimum Price
or the Minimum Sales Price; |
|
4. |
communicating the maximum amount of Shares to be sold on any Offering Date and any other Fund instructions to any sub-placement agents; |
|
5. |
notifying any sub-placement agents of any suspension or
termination of the ATM offering of Shares, together with any corresponding resumption of the ATM offering of Shares; |
|
6. |
coordinating delivery of any Shares sold
through sub-placement agents to such sub-placement agents on the Settlement Date against payment of the gross sales proceeds for the sale of such
Shares, less any applicable sub-placement agent selling commission; |
|
7. |
delivering the Funds Prospectus to
any sub-placement agents; |
|
8. |
identifying potential sub-placement agents;
|
|
9. |
monitoring the performance of sub-placement agents;
|
7
|
10. |
providing any necessary reconciliation, accounting and recordkeeping services in respect of the ATM offerings
of Shares, including with respect to the underwriting compensation paid by the Fund to the Distributor in respect thereof; and |
|
11. |
providing such other information, assistance and services as may be reasonably requested by the Fund.
|
(e) The Distributor shall report to the Board at least quarterly, or more frequently, as requested by the Board,
regarding: (i) the nature of the services provided by the Distributor hereunder; (ii) the amount of compensation sub-placement agents, if any, are entitled to retain or be paid by
the Distributor; and (iii) the aggregate amount of underwriting compensation paid by the Fund to the Distributor in respect of the ATM offerings of Shares.
(f) The Distributor represents and warrants to the Fund that it has all necessary licenses to perform the services contemplated
hereunder and will perform such services in compliance with all applicable rules and regulations.
Section 5. Agreements with Sub-Placement Agents.
(a) The Distributor may enter into sub-placement agent agreements or selected dealer agreements, on such terms and conditions as the Distributor determines are not inconsistent with this
Agreement, with sub-placement agents to act as the Distributors agents to effect the sale of the Shares in the ATM offerings, and the Distributor will terminate one or more of its sub-placement agent agreements or selected dealer agreements, to the extent instructed by the Fund. Such sub-placement agents shall sell Shares
only at market prices subject to the Minimum Price and the Minimum Sales Price. This Agreement shall not be construed as authorizing any dealer or other person to accept orders for sale on the Funds behalf or to otherwise act as the
Funds agent for any purpose. The Distributor shall not be responsible for the acts of other dealers or agents except as and to the extent that they shall be acting for the Distributor or under the Distributors direction or authority.
(b) The Distributor shall offer and sell Shares only through such sub-placement
agents who are acting as brokers or dealers who are registered as broker-dealers under the provisions of the Exchange Act and members in good standing of FINRA and who agree to abide by the rules of FINRA.
(c) The Distributor shall obtain assurance, reasonably satisfactory to the Fund, from any
sub-placement agents which it engages of the compliance by such sub-placement agents with the terms of this Agreement, applicable federal
and state securities laws and the rules of FINRA.
Section 6. Sales Commission; Compensation.
(a) The Fund shall pay the Distributor an amount equal to 1.00% of the gross sales price per Share of the Shares sold.
(b) The Distributor shall pay
to the sub-placement agents the sub-placement agent commissions agreed to between the Distributor
and such sub-placement agents, or may authorize such sub-placement agents to
retain such sub-placement agent commissions from the gross sales
8
proceeds from the sale of such Shares, which shall be payable from the commissions payable to the Distributor under Section 6(a) hereof; provided that the Distributor will not pay to the sub-placement agents compensation in excess of the usual and customary distributors or selling agents commission in the ATM offerings of Shares.
(c) The Fund hereby represents and warrants to the Distributor that (i) the terms of this Agreement, (ii) the fees and
expenses associated with this Agreement, and (iii) any benefits accruing to the Distributor or to the Funds investment adviser or sponsor or another affiliate of the Fund in connection with this Agreement, which the Fund has agreed to
pay, including but not limited to any fee waivers, conversion cost reimbursements, up-front payments, signing payments or periodic payments relating to this Agreement have been fully
disclosed to the Board and that, if required by applicable law, the Board has approved or will approve the terms of this Agreement, any such fees and expenses, and any such benefits.
Section 7. Payment of Expenses.
(a) The Fund shall bear all of its own costs and expenses, including fees and disbursements of its counsel and auditors, in connection
with the preparation of its Prospectus, Statement of Additional Information, if any, the preparation and filing of any required registration statements under the Securities Act and/or the Investment Company Act, and all amendments and supplements
thereto, and in connection with any fees and expenses incurred with respect to any filing requirements of FINRA and preparing and mailing annual and interim reports and proxy materials to shareholders (including but not limited to the expense of
setting in type any such Registration Statement, Prospectus, interim reports or proxy materials).
(b) The Fund shall bear any cost
and expenses of qualification of the Shares for sale pursuant to this Agreement.
(c) The Distributor shall bear all expenses
incurred by it in connection with its duties and activities under this Agreement, including the compensation of sub-placement agents for sales of the Shares, provided that it shall pay such sub-placement agents only for so long as and to the extent that it receives such compensation from the Fund, and fees and expenses of Distributors counsel (except for any FINRA
filing fees or blue sky fees paid on behalf of the Fund or the Distributor by such counsel).
Section 8. Limitation of Liability; Indemnification.
(a) The Distributor shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection
with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from material breach or reckless disregard by it of its obligations and
duties under this Agreement. The Distributor shall not be liable for any damages arising out of any action or omission to act by any prior service provider of the Fund or for any failure to discover any such error or omission (provided that this
sentence shall not apply where the Distributor was the prior service provider). Notwithstanding anything in this Agreement to the contrary, the Distributor shall not be liable for damages occurring directly or indirectly by reason of circumstances
beyond its reasonable control.
9
(b) The Fund agrees that it will indemnify, defend and hold harmless the Distributor, its
several officers, and directors, and any person who controls the Distributor within the meaning of Section 15 of the Securities Act, from and against any losses, claims, damages or liabilities, joint or several, to which the Distributor, its
several officers, and directors, and any person who controls the Distributor within the meaning of Section 15 of the Securities Act, may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions or proceedings in respect thereof) (i) arise out of, or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectuses or in any application
or other document executed by or on behalf of the Fund or are based upon information furnished by or on behalf of the Fund filed in any state in order to qualify the Shares under the securities or blue sky laws thereof (Blue Sky
Application) or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; or (ii) arise out of, or are
based upon, any material breach of the representations, warranties or covenants of the Fund contained in this Agreement; provided, however, that the Fund shall not be liable in any case to the extent that such
loss, claim, damage or liability arises out of, or is based upon, any untrue statement, alleged untrue statement, or omission or alleged omission made in the Registration Statement, the Prospectus or any Blue Sky Application with respect to the Fund
in reliance upon and in conformity with any Agent Provided Information, or arising out of the failure of the Distributor or any sub-placement agent to deliver a current Prospectus.
Notwithstanding anything in this Agreement to the contrary, the Fund shall not be liable for damages occurring directly or indirectly by reason of circumstances beyond its reasonable control.
(c) The Distributor will indemnify, defend and hold harmless the Fund and its several officers and trustees, and any person who controls
the Fund within the meaning of Section 15 of the Securities Act, from and against any losses, claims, damages or liabilities, joint or several, to which any of them may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectus or any
Blue Sky Application, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, which statement or omission was
made in reliance upon and in conformity with information furnished in writing to the Fund or any of its several officers by or on behalf of the Distributor specifically for inclusion therein, and will reimburse the Fund and its several officers,
trustees and such controlling persons for any legal or other expenses reasonably incurred by any of them in investigating, defending or preparing to defend any such action, proceeding or claim.
(d) An indemnified person under this Section 8 (the Indemnified Party) shall give written notice to the other
party (the Indemnifying Party) of any loss, damage, expense, liability or claim in respect of which the Indemnifying Party has a duty to indemnify such Indemnified Party under Section 8(b) or (c) hereof (a
Claim), specifying in reasonable detail the nature of the loss, damage, expense, liability or claim for which indemnification is sought, except that any delay or failure so to notify such Indemnifying Party shall only relieve such
Indemnifying Party of its obligations hereunder to the extent, if at all, that such Indemnifying Party is actually prejudiced by reason of such delay or failure.
10
(e) If a Claim results from any action, suit or proceeding brought or asserted against an
Indemnified Party, the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses. The Indemnified Party shall have the right to
employ separate counsel in such action, suit or proceeding and participate in such defense thereof, but the fees and expenses of such separate counsel shall be at the expense of the Indemnified Party unless (i) the Indemnifying Party has agreed
in writing to pay such fees and expenses, (ii) the Indemnifying Party has failed within a reasonable time to assume the defense and employ counsel or (iii) the named parties to any such action, suit or proceeding (including any impleaded
parties) include both such Indemnified Party and Indemnifying Party and such Indemnified Party shall have been advised by its counsel that representation of such Indemnified Party and Indemnifying Party by the same counsel would be inappropriate
under applicable standards of professional conduct (whether or not such representation by the same counsel has been proposed) due to actual or potential differing interests between the Indemnifying Party and the Indemnified Party (in which case the
Indemnifying Party shall not have the right to assume the defense of such action, suit or proceeding on behalf of such Indemnified Party). It is understood, however, that the Indemnifying Party shall, in connection with any one action, suit or
proceeding or separate but substantially similar or related actions, suits or proceedings in the same jurisdiction arising out of the same general allegations or circumstances be liable for the reasonable fees and expenses of only one separate firm
of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties not having actual or potential differing interests with the Indemnifying Party or among themselves, which firm shall be designated in writing by an
authorized representative of such parties and that all such fees and expenses shall be reimbursed promptly as they are incurred. The Indemnifying Party shall not be liable for any settlement of any such action, suit or proceeding effected without
its written consent, but if settled with such written consent or if there be a final judgment for the plaintiff in any such action, suit or proceeding, the Indemnifying Party agrees to indemnify and hold harmless any Indemnified Party from and
against any loss, liability, damage or expense by reason by such settlement or judgment.
(f) With respect to any Claim not within
Section 8(e) hereof, the Indemnifying Party shall have twenty (20) days from receipt of notice from the Indemnified Party of such Claim within which to respond thereto. If the Indemnifying Party does not respond within such twenty-day period, it shall be deemed to have accepted responsibility to make payment and shall have no further right to contest the validity of such Claim. If the Indemnifying Party
notifies the Indemnified Party within such twenty-day period that it rejects such Claim in whole or in part, the Indemnified Party shall be free to pursue such remedies as may be available
to the Indemnified Party under applicable law.
(g) If the indemnification provided for in this Section 8 is unavailable to an
Indemnified Party or insufficient to hold an Indemnified Party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable Indemnifying Party shall contribute to the amount paid or payable by
such Indemnified Party as a result of such losses, damages, expenses, liabilities or claims in such proportion as is appropriate to reflect (i) the relative benefits received by the Indemnified Party, on the one hand, and the Indemnifying
Party, on the other hand, from the offering of the Shares; or (ii) if, but only if, the allocation provided for in clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect
11
not only the relative benefits referred to in clause (i) but also the relative fault of the Indemnified Party, on the one hand, and of the Indemnifying Party, on the other, in connection
with any statements or omissions or other matters which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations. The relative fault of the parties hereto shall be determined by
reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by such party, on one hand, or by the other party, on the other hand, and
the parties relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party hereto as a result of the losses, damages, expenses, liabilities and claims
referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any proceeding. The parties hereto agree that it would
not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 8(g).
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
(h) Notwithstanding any other provisions in this Section 8, no party shall be entitled to indemnification or contribution under
this Agreement against any loss, claim, liability, expense or damage arising by reason of such persons willful misfeasance, bad faith or gross negligence in the performance of its duties hereunder or by reason of such persons material
breach or reckless disregard of such persons obligations and duties thereunder.
(i) The indemnity and contribution agreements
contained in this Section 8 and the covenants, warranties and representations of the parties contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Fund, its, trustees or
officers or any person (including each officer or trustee of such person) who controls the Fund within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or by or on behalf of the Distributor, its directors
or officers or any person who controls the Distributor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the
Shares.
(j) IN NO EVENT WILL ANY PARTY TO THIS AGREEMENT BE LIABLE TO ANY OTHER PERSON OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL,
INCIDENTAL, SPECIAL OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS), EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES.
Section 9. Duration and Termination of this Agreement.
(a) This Agreement may be terminated at any time, without the payment of any penalty, by the Fund or by the Distributor, on sixty
(60) days written notice to the other party.
(b) This Agreement shall remain in full force and effect unless terminated
pursuant to Section 9(a) hereof.
12
(c) Any termination of this Agreement shall be effective on the date specified in such
notice of termination; provided that such termination shall not be effective until the close of business on the date of receipt of such notice by the other party. If such termination shall occur prior to the Settlement Date for any sale of Shares,
such Shares shall settle in accordance with the provisions of this Agreement.
Section 10. Amendments of this Agreement.
This Agreement may be amended by the parties only pursuant to a written instrument executed by the Fund and the Distributor.
Section 11. Governing Law. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out
of or in any way relating to this Agreement, directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York. To the extent that the applicable law of the State of New York, or any of the
provisions herein, conflict with the applicable provisions of the Investment Company Act, the latter shall control.
Section 12. Waiver of Jury Trial. EACH OF THE FUND (ON ITS BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF
OF ITS AFFILIATES) AND THE DISTRIBUTOR (ON ITS BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS MEMBERS AND AFFILIATES) WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT,
TORT OR OTHERWISE) IN ANY WAY ARISING OUT OF OR RELATING TO THIS AGREEMENT.
Section 13. Miscellaneous.
(a) The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions
hereof or otherwise affect their construction or effect.
(b) This Agreement constitutes the entire agreement and supersedes all
other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. If any provision of this Agreement shall be held or made invalid by a court decision, statute,
rule or otherwise, the remainder of this Agreement shall not be affected thereby.
(c) This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors and permitted assigns and the officers, and directors, trustees, and controlling persons referred to in Section 8 hereof. Neither party may assign its rights or
obligations under this Agreement without the prior written consent of the other party.
(d) The parties acknowledge and agree that
all share-related numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Shares.
(e) The terms affiliated person and interested person, when used in this Agreement, shall have the respective
meanings specified in the Investment Company Act.
13
Section 14. Proprietary and Confidential Information. The Distributor agrees on
behalf of itself and its employees to treat confidentially and as proprietary information of the Fund all records and other information relative to the Fund and prior, present or potential shareholders, and not to use such records and information
for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by the Fund, which approval shall not be required where the Distributor may be exposed to civil or
criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities, or when so requested by the Fund. The provisions of this Section 14 shall survive termination of this Agreement.
Notwithstanding anything in this Agreement to the contrary, each party hereto agrees that: (i) any Nonpublic Personal Information,
as defined under Section 248.3(t) of Regulation S-P (Regulation S-P), promulgated under the Gramm-Leach-Bliley
Act (the Act), disclosed by a party hereunder is for the specific purpose of permitting the other party to perform the services set forth in this Agreement, and (ii) with respect to such information, each party will comply with Regulation S-P and the Act and will not disclose any Nonpublic Personal Information received in connection with this Agreement to any other party, except to the extent as necessary to carry
out the services set forth in this Agreement or as otherwise permitted by Regulation S-P or the Act.
Section 15. Notices. All communications hereunder will be in writing and effective only on receipt, and will be mailed,
delivered or emailed and confirmed to:
If to the Distributor:
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
Attention:
Legal Department
Email: legal@foreside.com
For all operational notices or communications: etp-services@foreside.com
If to the Fund:
DoubleLine
Yield Opportunities Fund
c/o DoubleLine Capital LP
2002 North Tampa Street, Suite 200
Tampa, Florida 33602
Attention:
General Counsel
Email: legal@doubleline.com
[The remainder of this page is intentionally left blank]
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
above written. This Agreement may be executed by the parties hereto in any number of counterparts, all of which shall constitute one and the same instrument.
|
DOUBLELINE YIELD
OPPORTUNITIES FUND |
|
By: /s/ Ronald R. Redell |
Name: Ronald R. Redell |
Title: President and Chief Executive Officer |
|
FORESIDE FUND SERVICES, LLC |
|
By: /s/ Teresa Cowan |
Name: Teresa Cowan |
Title: President |
Exhibit (h)(2)
SUB-PLACEMENT AGENT AGREEMENT
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
September 29,
2023
UBS Securities LLC
1285 Avenue of the Americas
New York, New York 10019
RE: At-the-Market Offerings by DoubleLine Yield Opportunities Fund
Ladies and Gentlemen:
From time to time Foreside Fund Services, LLC (the Distributor, we or us) will act as
manager of registered at-the-market offerings by DoubleLine Yield Opportunities Fund, a Massachusetts business trust (the Fund),
of up to $250 million of shares (the Shares) of beneficial interest, $0.00001 par value per share, of the Fund (the Common Shares). In the case of such offerings, the Fund has agreed with the Distributor to
issue and sell through the Distributor, as sales agent, the Shares (the Distribution Agreement).
We hereby agree to
retain UBS Securities LLC (the Agent or you) as a sub-placement agent with respect to the offerings of the Shares to be issued and sold by the Fund
(the Offerings) as the Fund and the Distributor may indicate from time to time, and you agree to act in such capacity, all upon, and subject to, the terms and conditions set forth below:
SECTION 1. Description of Offerings.
(a) The Shares are to be sold on a daily basis or otherwise as shall be determined by the Fund together with the Distributor on any day
(each, an Offering Date) that is a trading day for the exchange on which the Shares are listed and primarily trade (the Stock Exchange) (other than a day on which the Stock Exchange is scheduled to close prior
to its regular weekday closing time). Promptly after the Fund has determined the maximum amount of the Shares to be distributed by the Distributor for any Offering Date, which shall not in any event exceed the amount available for issuance under the
currently effective Registration Statement (as defined herein) (the Maximum Daily Amount), and the Minimum Daily Price (as defined herein), the Distributor shall advise the Agent of the Maximum Daily Amount and the Minimum Daily
Price. Subject to the terms and conditions herein, the Agent shall use its reasonable best efforts to sell all of the Shares designated in accordance with the plan of distribution set forth in the Prospectus Supplement (as defined herein); provided,
however, that in no event shall the Agent sell Shares in excess of the Maximum Daily Amount or for a price per Share below the Minimum Daily Price. The gross sales price of the Shares sold under this Section 1(a) shall be the market price at
which the Agent sells such Shares. The Minimum Daily Price means the minimum price per Share below which the Shares may not be sold by the Agent on any Offering Date, which shall not in any event be less than the current net asset
value of such Shares (which net asset value shall be determined as of a time within twenty-four (24) hours, excluding Saturdays, Sundays and holidays, next preceding the time of such determination), plus the per Share amount of the commission
to be paid to the Distributor.
(b) Notwithstanding the foregoing, the Distributor or the Fund may instruct the Agent by
telephone (confirmed promptly by e-mail or other electronic means) of a revised Minimum Daily Price and/or a revised Maximum Daily Amount and the Agent shall not sell Shares for a price per
Share below such revised Minimum Daily Price, or in a quantity in excess of such revised Maximum Daily Amount, after the giving of such notice. In addition, the Fund, or the Distributor in consultation with the Fund, may, upon notice to the Agent by
telephone (confirmed promptly e-mail or other electronic means), suspend the offering of the Shares at any time; provided, however, that such suspension or termination shall not affect or impair the
parties respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.
(c) The Agent
agrees not to make any sales of the Shares pursuant to this Section 1, other than through transactions for which compliance with Rule 153 under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the
Securities Act), will satisfy the prospectus delivery requirements of Section 5(b)(2) of the Securities Act.
(d) The compensation to the Agent, as a sub-placement agent for each sale of
the Shares pursuant to this Section 1, shall be the Applicable Selling Agent Commission (as set forth on the Addendum hereto) with respect to the Shares sold, multiplied by the Gross Sales Proceeds (the Agent Compensation),
as further described in the Addendum to this Sub-Placement Agent Agreement (the Agreement). The Agent shall not be responsible for any fees imposed by any governmental or
self-regulatory organization on the Fund or the Distributor in respect of such sales. The Distributor may pay the Agent Compensation to the Agent, or may authorize the Agent to retain the Agent Compensation from the Gross Sales Proceeds. The Agent
Compensation shall be payable solely out of the compensation the Distributor receives from the Fund pursuant to the Distribution Agreement (the Related Compensation). Notwithstanding anything to the contrary in any other provision
of this Agreement (or, for the avoidance of doubt, in the Addendum hereto), the Distributor shall have no obligation to pay any portion of the Agent Compensation to the Agent, or authorize the retention by the Agent of any portion of the Agent
Compensation from the Gross Sales Proceeds, until the Distributor receives at least an equivalent amount of Related Compensation, and the Distributors obligation to the Agent for the Agent Compensation is limited solely to amounts payable out
of the Related Compensation.
(e) The Agent shall provide written confirmation to the Distributor following the close of trading on
the Stock Exchange on each Offering Date setting forth for each sale the number of Shares sold, the time of sale, the Gross Sales Price per Share, and the compensation that the Agent is owed with respect to such sales.
(f) Settlement for sales of the Shares pursuant to this Section 1 will occur on the second business day following the date on which
such sales are made (each such day, a Settlement Date), unless otherwise agreed in accordance with the Distribution Agreement. On each Settlement Date, the Shares sold through the Agent for settlement on such date shall be
delivered by the Fund at the request of the Distributor to the Agent against payment of (i) the Gross Sales Proceeds for the sale of such Shares or (ii) to the extent authorized by the Distributor, the Gross Sales Proceeds, less the
Related Compensation. If the Agent is authorized by the Distributor to
2
retain the Agent Compensation from the Gross Sales Proceeds for the sale of the Shares, then the Agent shall (i) pay to the Distributor an amount equal to the Related Compensation minus the
Agent Compensation in same day funds delivered to the account(s) designated by the Distributor and (ii) remit to the Fund the Gross Sales Proceeds, less the Related Compensation. If the Distributor shall default on its obligation to deliver the
Shares on any Settlement Date, subject to the terms of Section 5 herein, the Distributor shall (A) hold the Agent harmless against any reasonable loss, claim or damage arising from or as a result of such default by the Distributor and
(B) pay the Agent any commission to which it would otherwise be entitled absent such default. If the Agent breaches this Agreement by failing to deliver proceeds on any Settlement Date for the Shares delivered by the Distributor, subject to the
terms of Section 5 herein, the Agent shall (A) hold the Distributor harmless against any reasonable loss, claim or damage arising from or as a result of such default by the Agent, (B) deliver such proceeds to the Distributor as soon
as practicable and (C) pay the Distributor interest based on the effective overnight Federal Funds rate.
(g) In connection
with this Agreement and the Offerings, the Distributor shall, no more than once per calendar quarter in which the Fund and the Distributor have requested, or anticipate requesting, that the Agent sell Shares pursuant to an Offering, provide to the
Agent such certificates and other documents, in any case, as the Agent may reasonably request upon reasonable notice (but in no event upon notice of less than five business days) relating to authorization, capacity, enforceability and compliance
matters. Any such certifications shall be made as of the end of the calendar quarter immediately preceding the calendar quarter in which such request by the Agent is made.
(h) In connection with this Agreement and the Offerings, the Agent will promptly notify the Fund and the Distributor of any material non-confidential claim or complaint, any material enforcement action or other material proceeding by a regulatory authority with respect to the Fund, the Shares or the Offerings
against or directed at or to the Agent or its principals, affiliates, officers, directors, employees or agents, or any person who controls the Agent, within the meaning of Section 15 of the Securities Act.
(i) In connection with this Agreement and the Offerings, the Agent will promptly notify the Fund and the Distributor of any examination
by any regulatory agency or self-regulatory organization that has resulted in a material compliance deficiency in connection with the Offerings.
(j) The Agent shall timely file with the Financial Industry Regulatory Authority, Inc. (FINRA) all sales literature
and other filings that may be required in connection with the Offerings.
SECTION 2. Representations and Warranties by the
Distributor. The Distributor represents, warrants to and agrees with the Agent, as of the date hereof and as of each Offering Date and Settlement Date, that:
(a) Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, a registration statement on Form N-2 (File No. 333-273025 and 811-23476) (the Registration Statement) (i)
has been prepared by the Fund in conformity with the
3
requirements of the Securities Act and the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (collectively, the 1940 Act) in all material
respects; (ii) has been filed with the U.S. Securities and Exchange Commission (the Commission) under the Securities Act and the 1940 Act; and (iii) heretofore became, and is, effective; the Registration Statement sets
forth the terms of the offering, sale and plan of distribution of the Shares and contains additional information concerning the Fund and its business; no stop order of the Commission preventing or suspending the use of the Basic Prospectus (as
defined herein), the Prospectus Supplement (as defined herein) or the Prospectus (as defined herein), or the effectiveness of the Registration Statement, has been issued, and no proceedings for such purpose have been instituted or, to the
Funds knowledge, have been threatened by the Commission. Except where the context otherwise requires, Registration Statement, as used herein, means, collectively, the various parts of the registration statement, as amended
at the time of effectiveness for purposes of Section 11 of the Securities Act (the Effective Time), as such section applies to the Distributor, including (1) all documents filed as a part thereof or incorporated or
deemed to be incorporated by reference therein, and (2) any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 424 under the Securities Act, to the extent such information is deemed to
be part of the registration statement at the Effective Time. Basic Prospectus, as used herein, means the final prospectus filed as part of the Registration Statement, including the related statement of additional information,
together with any amendments or supplements thereto as of the date of the Agreement. Except where the context otherwise requires, Prospectus Supplement, as used herein, means the final prospectus supplement, including the related
statement of additional information, relating to the Shares, filed by the Fund with the Commission pursuant to Rule 424 under the Securities Act, in the form furnished by the Fund to the Distributor in connection with the offering of the Shares.
Except where the context otherwise requires, Prospectus, as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement. Any reference herein to the
Registration Statement, the Basic Prospectus, the Prospectus Supplement or the Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein.
(b) Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, (i) the Fund is duly
registered under the 1940 Act as a closed-end management investment company; (ii) a notification of registration of the Fund as an investment company under the 1940 Act on Form N-8A (the 1940 Act Notification) has been prepared by the Fund in conformity with the 1940 Act and has been filed with the Commission and, at the time of filing thereof
and at the time of filing any amendment or supplement thereto, conformed in all material respects with all applicable provisions of the 1940 Act; (iii) the Fund has not received any notice in writing from the Commission pursuant to
Section 8(e) of the 1940 Act with respect to the 1940 Act Notification or the Registration Statement (or any amendment or supplement to either of them); and (iv) no person is serving or acting as an officer, trustee or investment adviser
of the Fund except in accordance with the provisions of the 1940 Act, provided that for purposes of the foregoing representation with respect to officers and trustees of the Fund, the Fund shall be entitled to rely on representations from such
officers and trustees.
(c) Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, the
Registration Statement, the 1940 Act Notification and the
4
Prospectus, as from time to time amended or supplemented, each complied when it became effective or was filed (as the case may be), complies as of the date hereof and, as amended or supplemented,
will comply, at each time of purchase of Shares in connection with each Offering, and at all times during which a prospectus is required by the Securities Act to be delivered in connection with any sale of Shares, in all material respects, with the
requirements of the Securities Act and the 1940 Act; the Registration Statement did not, as of the Effective Time, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; at no time during the period that begins on the earlier of the date of the Basic Prospectus or the date the Basic Prospectus was filed with the Commission and ends at the later of each time of purchase of Shares in
connection with each Offering or the end of the period during which a prospectus is required by the Securities Act to be delivered in connection with any sale of Shares, did or will the Prospectus, as from time to time amended or supplemented,
include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Distributor
does not make any representation or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus or the Prospectus in reliance upon and in conformity with information furnished in writing by the Agent or on
the Agents behalf to the Distributor or the Fund expressly for use in the Registration Statement or the Prospectus (the Agent Provided Information). The Agent confirms that (i) the Agents name on the front cover
and under the headings Prospectus Supplement Summary The Offering and Plan of Distribution in the Prospectus Supplement and (ii) the ninth paragraph and the second sentence in the tenth paragraph under the heading
Plan of Distribution in the Prospectus Supplement was the only information furnished in writing to the Distributor or the Fund by or on behalf of the Agent expressly for use in the Registration Statement or Prospectus.
(d) Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, the financial statements
incorporated by reference in the Registration Statement or the Prospectus, together with the related notes and schedules, (i) present fairly in all materials respects the financial position of the Fund as of the dates indicated and the results
of operations, cash flows and changes in shareholders equity of the Fund for the periods specified and (ii) have been prepared in compliance in all material respects with the requirements of the Securities Act, the 1940 Act and the
Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the Exchange Act), and in conformity in all material respects with U.S. generally accepted accounting principles applied on a
consistent basis during the periods involved; the other financial and statistical data contained or incorporated by reference in the Registration Statement or the Prospectus are accurately and fairly presented, in all material respects, and prepared
on a basis consistent with the financial statements and books and records of the Fund in all material respects; there are no financial statements that are required to be included or incorporated by reference in the Registration Statement, the Basic
Prospectus or the Prospectus by the Securities Act, the 1940 Act or the Exchange Act that are not included or incorporated by reference as required; and the Fund does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not described in the Registration Statement (excluding the exhibits thereto).
(e) Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, as of the date of this Agreement,
the Fund has an authorized and outstanding capitalization as set forth in the Registration Statement, the Basic Prospectus and the
5
Prospectus and, with respect to any issuance and sale under this Agreement, the Fund shall have as of the date of the most recent amendment or supplement to the Registration Statement or
Prospectus, an authorized and outstanding capitalization as set forth in the Registration Statement and the Prospectus; all of the issued and outstanding shares of beneficial interest of the Fund have been duly authorized and validly issued and are
fully paid and non-assessable, have been issued in material compliance with all applicable securities laws and were not issued in violation of any preemptive right, resale right, right of
first refusal or similar right.
(f) Based upon the representations made by the Fund to the Distributor in the Distribution
Agreement, (i) the Fund has been duly formed, has legal existence as an unincorporated voluntary association (commonly known as a Massachusetts business trust) and is in good standing under the laws of The Commonwealth of
Massachusetts, with full power and authority to own, lease and operate and conduct its business as described in the Registration Statement, the Basic Prospectus and the Prospectus and to issue, sell and deliver the Shares as contemplated herein; and
(ii) the Fund is duly qualified to do business as a foreign entity and is in good standing in each jurisdiction where the conduct of its business requires such qualification, except where the failure to be so qualified and in good standing
would not, individually or in the aggregate, have a material adverse effect on the business, properties, financial condition or results of operations of the Fund.
(g) Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, (i) the Shares have been duly
and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued, fully paid and non-assessable and free of statutory and
contractual preemptive rights, resale rights, rights of first refusal and similar rights; (ii) the Shares, when issued and delivered against payment therefor as provided herein, will be free of any restriction upon the voting or transfer
thereof pursuant to the Funds Second Amended and Restated Agreement and Declaration of Trust, as further amended or supplemented, Fourth Amended and Restated Bylaws, as further amended or supplemented, or any agreement or other instrument to
which the Fund is a party; (iii) the Common Shares, including the Shares, conform in all material respects to the description thereof, if any, contained or incorporated by reference in the Registration Statement, the Basic Prospectus or the
Prospectus; (iv) the certificates for the Shares, if any, are in due and proper form; (v) the Fund is in material compliance with the rules of the Stock Exchange, including, without limitation, the requirements for continued listing of the
Common Shares on the Stock Exchange and the Fund has not received any written notice from the Stock Exchange regarding the delisting of the Common Shares from the Stock Exchange; and (vi) the Shares will be duly listed, and admitted and
authorized for trading, subject to official notice of issuance, on the Stock Exchange.
(h) The Distributor has full corporate power
and authority to enter into this Agreement and the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Distributor. Assuming due authorization, execution and delivery of this Agreement by the
Agent, this Agreement constitutes a valid and binding agreement of the Distributor and is enforceable against the Distributor in accordance with its terms, except as the enforceability hereof and thereof may be limited by applicable bankruptcy,
insolvency, reorganization and similar laws affecting creditors rights generally and moratorium laws in effect from time to time and by equitable principles restricting the availability of equitable remedies.
6
(i) Based upon the representations made by the Fund to the Distributor in the Distribution
Agreement, no approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or of or with any self-regulatory organization or other non-governmental regulatory authority (including, without limitation, the Stock Exchange), or approval of the shareholders of the Fund that has not already been obtained, is required in
connection with the issuance and sale of the Shares or the consummation by the Fund of the transactions contemplated hereby, other than (i) the registration of the Shares under the Securities Act, which has been effected, (ii) the listing
of the Shares with the Stock Exchange, upon official notice of issuance, (iii) any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered through the Agent or
(iv) any necessary qualification pursuant to the rules of FINRA.
SECTION 3. Representations and Warranties by the Agent.
The Agent represents, warrants to and agrees with the Distributor, as of the date hereof and as of each Offering Date and Settlement Date, that:
(a) The Agent has full corporate power and authority to enter into this Agreement and the transactions contemplated hereby. This
Agreement has been duly authorized, executed and delivered by the Agent. Assuming due authorization, execution and delivery by the Distributor, this Agreement constitutes a valid and binding agreement of the Agent and is enforceable against the
Agent in accordance with its terms, except as the enforceability hereof and thereof may be limited by applicable bankruptcy, insolvency, reorganization and similar laws affecting creditors rights generally and moratorium laws in effect from
time to time and by equitable principles restricting the availability of equitable remedies.
(b) The Agent Provided Information is
or will be complete and accurate in all material respects and does not or will not, as from time to time amended or supplemented, include an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
(c) The Agent has adopted and implemented written policies and procedures reasonably designed to prevent violation of federal and state
securities laws, including policies and procedures that provide oversight of compliance by each registered representative of the Agent.
SECTION 4. Additional Covenants.
(a) The Agent hereby confirms that it is actually engaged in the investment banking and securities business and is a member in good
standing with FINRA and hereby agrees that it will undertake to comply with all applicable FINRA rules (as amended from time to time, including without limitation, any successor provision) in connection with
acting as sub-placement agent for the sale of the Shares. The Agent further agrees that in acting as sub-placement agent for the sale of
the Shares, it will comply with all applicable laws, rules and regulations, including the
7
applicable provisions of the Securities Act, the Exchange Act, and the 1940 Act, and the applicable rules and regulations of the Commission thereunder, and the applicable rules and regulations of
any state or any securities exchange or self-regulatory organization having jurisdiction over the relevant Offering.
(b) The Agent
hereby agrees that in acting as sub-placement agent for the sale of the Shares, it will not use, authorize use of, refer to, or participate in the planning for use of any written
communication (as defined in Rule 405 under the Securities Act) concerning any Offering, other than the Prospectus. The Agent further agrees that in acting as sub-placement agent for the sale of
the Shares, it is not authorized by the Distributor or the Fund or any other seller of the Shares offered pursuant to the Prospectus to give any information or to make any representation not contained in the Prospectus in connection with the sale of
such Shares.
(c) The Distributor shall not be under any obligation to the Agent except for obligations assumed hereunder or in
writing by the Distributor in connection with any Offering. Nothing contained herein or in any communication in writing from us shall constitute the Distributor and the Agent an association or partners with one another. If such parties should be
deemed to constitute a partnership for Federal income tax purposes, then the Agent elects to be excluded from the application of Subchapter K, Chapter 1, Subtitle A of the Internal Revenue Code of 1986 and agrees not to take any position
inconsistent with that election. The Agent authorizes the Distributor, in its discretion, to execute and file on its behalf such evidence of that election as may be required by the Internal Revenue Service. In connection with any Offering, each
party shall be liable for its proportionate amount of any tax, claim, demand or liability that may be asserted against it alone, based upon the claim that either of them constitutes an association, an unincorporated business or other entity,
including, in each case, its proportionate amount of any expense incurred in defending against any such tax, claim, demand or liability.
(d) The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account
any stock split effected with respect to the Shares.
(e) The Agent shall at all times comply with the offering requirements as set
forth herein and under the heading Plan of Distribution in the Prospectus.
(f) The Agent will limit its interest in any
Offering solely to the Applicable Selling Agent Commission, which shall not exceed the usual and customary distributors or selling agents commission in the Offerings.
(g) The Agent has not and will not, acting alone or in concert with others, initiate or direct the formation of an underwriting
syndicate in any Offering.
SECTION 5. Indemnification and Contribution.
(a) The Distributor agrees to indemnify, defend and hold harmless the Agent, its partners, directors and officers, and any person who
controls the Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any reasonable loss, damage, expense, liability
or claim (including the reasonable cost of investigation) which the Agent or any such
8
person may incur under the Securities Act, the 1940 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim (or any actions or proceedings in
respect thereof) arises out of or is based upon (i) any material breach of any representation, warranty, covenant or agreement of the Distributor contained in this Agreement, (ii) any material violation by the Distributor of any law, rule
or regulation (including any rule of any self-regulatory organization) applicable to the Offerings, or (iii) any untrue statement or alleged untrue statement of a material fact appearing in the Registration Statement or Prospectus or omission
or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading, except to the extent such statements were included in
the Registration Statement or Prospectus in reliance upon and in conformity with the Agent Provided Information.
(b) The Agent
agrees to indemnify, defend and hold harmless the Distributor, the Fund, their partners, trustees, directors and officers, and any person who controls the Distributor or the Fund within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Distributor, the Fund or
any such other person may incur under the Securities Act, the 1940 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim (or any actions or proceedings in respect thereof) arises out of or is
based upon (i) any material breach of any representation, warranty, covenant or agreement of the Agent contained in this Agreement or (ii) any material violation by the Agent of any law, rule or regulation (including any rule of any
self-regulatory organization), or (iii) any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement or the Prospectus in reliance upon and in conformity with the Agent Provided
Information.
(c) An indemnified person under Section 5 of this Agreement (the Indemnified Party) shall give
written notice to the other party (the Indemnifying Party) of any loss, damage, expense, liability or claim in respect of which the Indemnifying Party has a duty to indemnify such Indemnified Party under Section 5(a) or
(b) of this Agreement (a Claim), specifying in reasonable detail the nature of the loss, damage, expense, liability or claim for which indemnification is sought, except that any delay or failure so to notify such Indemnifying
Party shall only relieve such Indemnifying Party of its obligations hereunder to the extent, if at all, that such Indemnifying Party is actually prejudiced by reason of such delay or failure.
(d) If a Claim results from any action, suit or proceeding brought or asserted against an Indemnified Party, the Indemnifying Party
shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses. The Indemnified Party shall have the right to employ separate counsel in such action,
suit or proceeding and participate in such defense thereof, but the fees and expenses of such separate counsel shall be at the expense of the Indemnified Party unless (i) the Indemnifying Party has agreed in writing to pay such fees and
expenses, (ii) the Indemnifying Party has failed within a reasonable time to assume the defense and employ counsel or (iii) the named parties to any such action, suit or proceeding (including any impleaded parties) include both such
Indemnified Party and Indemnifying Party and such Indemnified Party shall have been advised by its counsel that representation of such Indemnified Party and Indemnifying Party by the same counsel would be inappropriate under applicable standards of
professional conduct
9
(whether or not such representation by the same counsel has been proposed) due to actual or potential differing interests between the Indemnifying Party and the Indemnified Party (in which case
the Indemnifying Party shall not have the right to assume the defense of such action, suit or proceeding on behalf of such Indemnified Party). It is understood, however, that the Indemnifying Party shall, in connection with any one action, suit or
proceeding or separate but substantially similar or related actions, suits or proceedings in the same jurisdiction arising out of the same general allegations or circumstances be liable for the reasonable fees and expenses of only one separate firm
of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties not having actual or potential differing interests with the Indemnifying Party or among themselves, which firm shall be designated in writing by an
authorized representative of such parties and that all such fees and expenses shall be reimbursed promptly as they are incurred. The Indemnifying Party shall not be liable for any settlement of any such action, suit or proceeding effected without
its written consent, but if settled with such written consent or if there be a final judgment for the plaintiff in any such action, suit or proceeding, the Indemnifying Party agrees to indemnify and hold harmless any Indemnified Party from and
against any loss, liability, damage or expense by reason by such settlement or judgment.
(e) With respect to any Claim not within
Paragraph (d) of Section 5 hereof, the Indemnifying Party shall have 20 days from receipt of notice from the Indemnified Party of such Claim within which to respond thereto. If the Indemnifying Party does not respond within such twenty-day period, it shall be deemed to have accepted responsibility to make payment and shall have no further right to contest the validity of such Claim. If the Indemnifying Party
notifies the Indemnified Party within such twenty-day period that it rejects such Claim in whole or in part, the Indemnified Party shall be free to pursue such remedies as may be available
to the Indemnified Party under applicable law.
(f) If the indemnification provided for in this Section 5 is unavailable to an
Indemnified Party or insufficient to hold an Indemnified Party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable Indemnifying Party shall contribute to the amount paid or payable by
such Indemnified Party as a result of such losses, damages, expenses, liabilities or claims in such proportion as is appropriate to reflect (i) the relative benefits received by the Indemnified Party, on the one hand, and the Indemnifying
Party, on the other hand, from the offering of the Shares; or (ii) if, but only if, the allocation provided for in clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) but also the relative fault of the Indemnified Party, on the one hand, and of the Indemnifying Party, on the other, in connection with any statements or omissions or other matters which resulted in such
losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations. The relative benefits received by the Distributor, on the one hand, and the Agent, on the other, shall be deemed to be in the same respective
proportions as the total compensation received by the Distributor from sales of the Shares bears to the total compensation received by the Agent from sales of the Shares. The relative fault of the parties hereto shall be determined by reference to,
among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by such party, on one hand, or by the other party, on the other hand, and the
parties relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party hereto as a result of the losses, damages, expenses, liabilities and claims
referred to in this
10
subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any proceeding. The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in this subsection (f). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. Notwithstanding the foregoing provisions of this subsection (f), the Agent shall not be required to contribute any amount in excess of the commissions received by it under this Agreement.
(g) The indemnity and contribution agreements contained in this Section 5 and the covenants, warranties and representations of the
parties contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Agent, its partners, directors or officers or any person (including each partner, officer or director of such
person) who controls the Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or by or on behalf of the Distributor, its directors or officers or any person who controls the Distributor within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.
(h) IN NO EVENT WILL ANY PARTY TO THIS AGREEMENT BE LIABLE TO ANY OTHER PERSON OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL, INCIDENTAL,
SPECIAL OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS), EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES.
SECTION 6. Termination.
(a) This Agreement shall continue in full force and effect until terminated by either party, including by written instruction by the
Fund to the Distributor, by five (5) days written notice to the other party; provided that if this Agreement has become effective with respect to any Offering pursuant to this Agreement, this Agreement may not be terminated by either
party with respect to such Offering; provided further that this Agreement shall terminate automatically upon termination of the Distribution Agreement.
(b) This Agreement shall remain in full force and effect unless terminated pursuant to Section 6(a) hereof or otherwise by mutual
agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide that Section 5 shall remain in full force and effect.
(c) Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided that in any event
such termination shall not be effective until any earlier than the close of business on the fifth day after receipt of such notice by the Distributor or the Agent, as the case may be. If such termination shall occur prior to the Settlement Date for
any sale of the Shares, such sale shall settle in accordance with the provisions of Section 1 of this Agreement.
11
SECTION 7. Notices. Except as otherwise herein provided, all statements, requests,
notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or email and shall be sufficient in all respects if delivered or sent to:
If to the Distributor:
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
Attn:
Legal Department
Email: legal@foreside.com
For all operational notices or communications: etp-services@foreside.com
If to the Agent:
UBS
Securities LLC
1285 Avenue of the Americas
New York, New York 10019
Attn:
Saawan Pathange
Email: saawan.pathange@ubs.com
Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.
SECTION 8. Parties in Interest. The Agreement herein set forth has been and is made solely for the benefit of the
Distributor, the Fund and the Agent and, to the extent provided in Section 5 of this Agreement, the partners, trustees, directors, officers and controlling persons (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) referred to in such section, and their respective successors and assigns. No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Distributor) shall acquire or have any right
under or by virtue of this Agreement.
SECTION 9. No Fiduciary Relationship. The Distributor hereby acknowledges that the
Agent is acting solely as sub-placement agent in connection with the sale of the Shares and that the Agent is acting pursuant to a contractual relationship created solely by this Agreement
entered into on an arms length basis, and in no event do the parties intend that the Agent act or be responsible as a fiduciary to the Distributor or the Fund, their respective management, shareholders or creditors, or any other person in
connection with any activity that the Agent may undertake or have undertaken in furtherance of the sale of the Shares, either before or after the date hereof.
SECTION 10. Entire Agreement. This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous
agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.
SECTION
11. Counterparts; Heading. This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties. The Section headings in this Agreement have been inserted as
a matter of convenience of reference and are not a part of this Agreement.
12
SECTION 12. Law; Construction. This Agreement and any claim, counterclaim or dispute
of any kind or nature whatsoever arising out of or in any way relating to this Agreement (Dispute), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.
SECTION 13. Submission to Jurisdiction. Except as set forth below, no Dispute may be commenced, prosecuted or continued in any
court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters,
and each party hereto consents to the jurisdiction of such courts and personal service with respect thereto. Each party hereto hereby consents to personal jurisdiction, service and venue in any court in which any Dispute arising out of or in any way
relating to this Agreement is brought by any third party against any Indemnified Party. Each party hereto (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury
in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement. Each party hereto agrees that a final judgment in any such action, proceeding or counterclaim brought
in any such court shall be conclusive and binding upon such party and may be enforced in any other courts of the jurisdiction of which such party is or may be subject, by suit upon such judgment.
SECTION 14. Successors and Assigns. This Agreement shall be binding upon the Distributor and the Agent and their successors and
permitted assigns and any successor or permitted assign of any substantial portion of the Distributors or the Agents respective businesses and/or assets.
This Agreement may not be transferred or assigned without the consent of the non-transferring or non-assigning party; provided, however, that no such consent shall be required to transfer or assign this Agreement to an entity controlling, controlled by or under common control with, the transferring or assigning
party.
SECTION 15. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as
to be effective and valid under applicable law. If, however, any provision of this Agreement is held, under applicable law, to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective only to the extent of such
invalidity, and the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected or impaired in any way and shall be interpreted to give effect to the intent of the parties manifested thereby.
SECTION 16. Investigations and Proceedings. The parties to this Agreement agree to cooperate fully in any securities regulatory
investigation or proceeding or any judicial proceeding with respect to each partys activities under this Agreement and promptly to notify the other party of any such investigation or proceeding.
SECTION 17. Modification, Waiver and Amendment. No modification, alteration or amendment of this Agreement will be valid or
binding unless in writing and signed by all parties.
13
No waiver of any term or condition of this Agreement will be construed as a waiver of any other term or condition; nor will any waiver of any default or breach under this Agreement be construed
as a waiver of any other default or breach. No waiver will be binding unless in writing and signed by the party waiving the term, condition, default or breach. Any failure or delay by any party to enforce any of its rights under this Agreement will
not be deemed a continuing waiver or modification hereof and such party, within the time provided by law, may commence appropriate legal proceedings to enforce any or all of such right.
[The remainder of this page is intentionally left blank]
14
If the foregoing correctly sets forth the understanding between the Distributor and the Agent,
please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement between the Distributor and the Agent. Alternatively, the execution of this Agreement by the
Distributor and the acceptance by or on behalf of the Agent may be evidenced by an exchange of telegraphic or other written communications.
|
|
|
Very truly yours, |
|
FORESIDE FUND SERVICES, LLC |
|
|
By: |
|
/s/ Teresa Cowan |
Name: |
|
Teresa Cowan |
Title: |
|
President |
|
ACCEPTED as of the date first above
written |
|
UBS SECURITIES LLC (as sub-placement agent) |
|
|
|
By: |
|
/s/ Saawan Pathange |
Name: |
|
Saawan Pathange |
Title: |
|
Managing Director |
|
|
|
By: |
|
/s/ Zachary D. Redlitz |
Name: |
|
Zachary D. Redlitz |
Title: |
|
Associate Director |
[Signature Page for
Sub-Placement Agent Agreement for DoubleLine Yield Opportunities Fund]
ADDENDUM
TO
SUB-PLACEMENT AGENT AGREEMENT
BETWEEN
FORESIDE FUND SERVICES, LLC
AND
UBS SECURITIES LLC
Compensation payable to the Agent for acting
as a sub-placement agent with respect to a specified sale of Shares pursuant to this Agreement shall be determined by multiplying the Gross Sales Proceeds by the Applicable Selling Agent
Commission as set forth below:
|
|
|
|
|
|
|
Applicable
Selling Agent
Commission |
|
|
|
|
0.80% |
|
|
Where:
Gross Sales Proceeds with respect to each sale of Shares shall be the Gross Sales Price multiplied by the number of Shares sold;
Gross Sales Price with respect to each sale of Shares sold pursuant to this Agreement shall be the gross sales price per
share of such Shares.
Exhibit (k)(2)
FIRST AMENDMENT TO THE
MASTER SERVICES AGREEMENT
DOUBLELINE YIELD OPPORTUNITIES FUND
This FIRST AMENDMENT, dated as of the last date on the signature page hereto, to the Master Services Agreement Agreement dated
January 20, 2020 (the Agreement), is entered into by and between DOUBLELINE YIELD OPPORTUNITIES FUND, a Massachusetts trust (the Fund) and U.S. BANCORP FUND SERVICES, LLC, d.b.a. U.S. Bank Global Fund
Services, a Wisconsin limited liability company (USBFS).
WHEREAS, the parties have entered into the
Agreement;
WHEREAS, the Fund and USBFS desire to amend the fee schedule of the Agreement; and
WHEREAS, Section 9 of the Agreement allows for its amendment by a written instrument executed by both parties.
NOW, THEREFORE, the parties agree as follows:
Exhibit D of the Agreement is hereby superseded and replaced in its entirety with Amended Exhibit D attached hereto.
Except to the extent amended hereby, the Agreement shall remain in full force and effect.
Signatures on the following page
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to
be executed by a duly authorized officer on one or more counterparts as of the last date written below.
DOUBLELINE YIELD OPPORTUNITIES FUND
By: /s/ Ronald R. Redell
Name: Ronald R. Redell
Title: President
Date: 1/25/2021
U.S. BANCORP FUND SERVICES, LLC
By: /s/ Anita
Zagrodnik
Name: Anita Zagrodnik
Title: Senior Vice
President
Date: 1/25/2021
Exhibit D Master Services Agreement
|
DOUBLELINE YIELD OPPORTUNITIES FUND
ANNUAL FEE SCHEDULE at February 28, 2021 |
Annual Fee Based Upon Average Total Managed Assets*
2 basis points on average total managed assets* (based on the comprehensive services provided to the Fund by USBFS and U.S. Bank as Custodian (the full
custody fee schedule is referenced in the custody agreement, as amended from time to time)).
All schedules subject to change depending upon the use
of unique security types requiring special pricing or accounting arrangements.
Data Services
Pricing Services
◾ |
$0.07 Domestic Equities, Options, Foreign Equities, Futures, Forwards, Currency Rates, ADRs, Total Return Swaps
|
◾ |
$0.45 Domestic Corporates, Domestic Governments and Agency, Mortgage Backed, Domestic Convertibles, Municipal
Bonds |
◾ |
$0.70 CMOs, Money Market Instruments, Asset Backed, High Yield Bonds, Foreign Corporates, Foreign Governments,
Foreign Agencies, Foreign Convertibles |
◾ |
$0.90 Interest Rate Swaps, Foreign Currency Swaps |
◾ |
$1.50 Intraday money market funds pricing, up to 3 times per day |
◾ |
$2.25 Credit Default Swaps |
◾ |
$125 per Month Manual Security Pricing (>10per day) |
◾ |
No Charge Corporate Action Services |
Third Party Administrative Data Charges (descriptive data for each security)
◾ |
$1 per security per month for fund administrative data (based upon U.S. Bancorp standard data services and are subject to
change) |
Note: Prices above are based on using U.S. Bank primary pricing service which may vary by security type and are subject
to change. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security type, such as CLOs and
CDOs, which may result in additional fees.
Electronic Board Book Portal - Waived
Miscellaneous Expenses
All
other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Fair Value Services, SWIFT processing, customized reporting, third-party data provider costs,(including Bloomberg, S&P,
Moodys, Morningstar, GICS, MSCI, Lipper, etc.), disaster recovery charges, ACH fees, Fed wire charges, omnibus account transactions, cost basis reporting, postage, stationery, programming, special reports, proxies, insurance, EDGAR/XBRL
filing, tax e-filing, PFIC monitoring, wash sale reporting (Gainskeeper), retention of records, federal and state regulatory filing fees, expenses from Board of directors meetings, third party auditing and
legal expenses, and conversion expenses (if necessary).
Additional Services
Additional services not included above shall be mutually agreed upon at the time of the service being added for other services and unique fund structures
such as Master/ Feeder funds. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g.,
compliance with new liquidity risk management and reporting requirements).
Fees are billed monthly
*total managed assets means the total assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar roll
transactions, or similar transactions, borrowings, and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities in respect of reverse repurchase agreements, dollar roll transactions, or similar transactions, and
borrowings). For purposes of calculating total managed assets, the liquidation preference of any preferred shares outstanding shall not be considered a liability. For clarity, with respect to any reverse repurchase agreement, dollar roll
or similar transaction, total managed assets includes any proceeds from the sale of an asset of the Fund to a counterparty in such a transaction, in addition to the value of the asset so sold as of the relevant measuring date. The
average daily total managed assets of the Fund for any month shall be determined by taking an average of all of the determinations of total managed assets during such month at the close of business on each business day during such month while this
Agreement is in effect.
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