EXHIBIT 10.3
BlackRock TCP Capital Corp.
Exhibit 10.3
EXECUTION VERSION
INVESTMENT MANAGEMENT AGREEMENT
dated as of May 27, 2026
by and between
BLACKROCK DLF 2026-C CLO, LLC, as Issuer
and
TENNENBAUM CAPITAL PARTNERS, LLC, as Investment Manager
| SECTION 1. | DEFINITIONS; RULES OF CONSTRUCTION | 1 |
| SECTION 2. | APPOINTMENT; GENERAL DUTIES AND AUTHORITY OF THE INVESTMENT MANAGER | 5 |
| SECTION 3. | PURCHASE AND SALE TRANSACTIONS | 13 |
| SECTION 4. | SERVICES TO OTHERS; CERTAIN AFFILIATED ACTIVITIES | 15 |
| SECTION 5. | CONFLICTS OF INTEREST | 21 |
| SECTION 6. | RECORDS; CONFIDENTIALITY | 23 |
| SECTION 7. | ACTIONS OF THE INVESTMENT MANAGER | 25 |
| SECTION 8. | COMPENSATION AND EXPENSES | 25 |
| SECTION 9. | STANDARD OF CARE; BENEFIT OF THE AGREEMENT | 28 |
| SECTION 10. | LIMITS OF INVESTMENT MANAGER RESPONSIBILITY | 28 |
| SECTION 11. | NO JOINT VENTURE | 31 |
| SECTION 12. | TERM; REPLACEMENT OF THE INVESTMENT MANAGER | 31 |
| SECTION 13. | REMOVAL FOR CAUSE | 33 |
| SECTION 14. | OBLIGATIONS OF RESIGNING OR REMOVED INVESTMENT MANAGER | 35 |
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