Common use of Concentration Limitations Clause in Contracts

Concentration Limitations. The “Concentration Limitations” shall be satisfied on any date of determination if, in the aggregate, the Portfolio Investments (other than any Ineligible Investments) owned (or in relation to a proposed purchase of a Portfolio Investment, proposed to be owned) by the Company comply with all the requirements set forth below: 1. Portfolio Investments issued by a single obligor and its affiliates may not exceed an aggregate principal balance equal to 4% of the Collateral Principal Amount; provided that Portfolio Investments which are Senior Secured Loans issued by three (3) obligors and their respective affiliates may each constitute up to an aggregate principal balance equal to 6% of the Collateral Principal Amount, so long as any Portfolio Investment (or portion thereof) that causes the aggregate principal balance of the Portfolio Investments issued by either such obligor or its Affiliates to exceed 4% of the Collateral Principal Amount is not a Recurring Revenue Loan. 2. Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are Second Lien Loans, Recurring Revenue Loans or a corporate debt security. 3. Not less than 80% of the Collateral Principal Amount may consist of Senior Secured Loans and cash and Cash Equivalents on deposit in the Principal Collection Account as Principal Proceeds. 4. Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are issued by obligors that belong to the same Xxxxx’x Industry Classification; provided that (i) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x Industry Classification (other than Industry Codes 12, 21, 22 and 30) may constitute up to 25% of the Collateral Principal Amount and (ii) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x Industry Classification (other than Industry Codes 12, 21, 22 and 30) may constitute up to 30% of the Collateral Principal Amount. As used herein, “Xxxxx’x Industry Classifications” means the industry classifications set forth in Schedule 6 hereto, as such industry classifications shall be updated at the option of the Portfolio Manager (with the consent of the Administrative Agent) if Xxxxx’x publishes revised industry classifications.

Concentration Limitations. The “"Concentration Limitations” " shall be satisfied on any date of determination if, in the aggregate, the Portfolio Investments (other than any Ineligible Investments) owned (or in relation to a proposed purchase of a Portfolio Investment, proposed to be owned) by the Company comply with all the requirements set forth belowbelow (each such limit calculated as a percentage of the Collateral Principal Amount on the applicable date of determination); provided that the requirements of clauses 5 and 8 below shall not be applicable and shall be deemed satisfied during the Ramp-Up Period: 1. The aggregate principal amount of Portfolio Investments issued by a single obligor and its affiliates may not exceed an aggregate principal balance equal to 46% of the Collateral Principal AmountAmount (or, prior to the end of the Ramp-Up Period, the greater of (i) 6% of the Collateral Principal Amount and (ii) (x) $40,000,000 in the case of all Portfolio Investments other than Jacuzzi Brands and (y) $30,000,000 in the case of Jacuzzi Brands); provided that the aggregate principal amount of Portfolio Investments which are Senior Secured Loans issued by three (3) obligors and their respective affiliates may each constitute up to an aggregate principal balance equal to 67.5% of the Collateral Principal Amount. Notwithstanding the foregoing, no obligor shall be deemed an affiliate of any person solely because they are under the control of the same private equity sponsor or similar sponsor or because such obligor is owned by a common holding company with an obligor of another obligation so long as any Portfolio Investment (or portion thereof) that causes the aggregate principal balance of the Portfolio Investments issued by either collateral securing such obligor or its Affiliates to exceed 4% of the Collateral Principal Amount loans is not a Recurring Revenue Loancommon. 2. Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are Second Lien Loans, Recurring Revenue Loans or a corporate debt security. 3. Not less than 80% of 85%of the Collateral Principal Amount may consist of Senior Secured Loans and cash and Cash Equivalents Eligible Investments on deposit in the Principal Collection Account and the Non-USD Collection Accounts as Principal Proceeds. 3. Not more than 15% of the Collateral Principal Amount may consist of Second Lien Loans and Mezzanine Obligations, collectively; 4. Not more than 10% of the Collateral Principal Amount may consist of Mezzanine Obligations; 5. Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are issued by obligors that belong to the same Xxxxx’x Mxxxx'x Industry Classification; provided that (i) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x Mxxxx'x Industry Classification (other than excluding the Mxxxx'x Industry Codes Classifications with industry codes 3, 12, 21, 22 and 30) may constitute up to 25% of or 30 or the Collateral Principal Amount and (ii) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x Industry Classification (other than Industry Codes 12, 21, 22 and 30successor classification codes thereto) may constitute up to 30% of the Collateral Principal Amount. As used herein, “Xxxxx’x "Mxxxx'x Industry Classifications” " means the industry classifications set forth in Schedule 6 hereto, as such industry classifications shall be updated at the option of the Portfolio Manager (with the consent of the Administrative Agent) if Xxxxx’x Mxxxx'x publishes revised industry classifications.

Concentration Limitations. The “Concentration Limitations” shall be satisfied on any date of determination if, in the aggregate, the Portfolio Investments (other than any Ineligible Investments) owned (or in relation to a proposed purchase Purchase of a Portfolio Investment, proposed to be owned) by the Company comply with all the requirements set forth below: 1. Portfolio Investments issued by a single obligor and its affiliates may not exceed an aggregate principal balance equal to 4% of the Collateral Principal Amount; provided that Portfolio Investments which are Senior Secured Loans issued by three (3) obligors and their respective affiliates may each constitute up to an aggregate principal balance equal to 6% of the Collateral Principal Amount, so long as any Portfolio Investment (or portion thereof) that causes the aggregate principal balance of the Portfolio Investments issued by either such obligor or its Affiliates to exceed 4[Reserved]. 2. Not less than 55% of the Collateral Principal Amount is not a Recurring Revenue Loanmay consist of Senior Secured Loans (including first-lien unitranche assets) and cash and Cash Equivalents on deposit in the Account as Principal Proceeds. 23. Not more than 45% of the Collateral Principal Amount may consist of Second Lien Loans (including second-lien unitranche assets). 4. Not more than 10% of the Collateral Principal Amount may consist of any Portfolio Investments other than Senior Secured Loans or Second Lien Loans. 5. Not more than 10% of the Collateral Principal Amount may consist of Delayed Funding Term Loans and Revolving Loans. 6. [Reserved]. 7. Not more than an aggregate of 15% of the Collateral Principal Amount may consist of Portfolio Investments denominated in a Permitted Non-USD Currency. 8. Not more than an aggregate of 20% of the Collateral Principal Amount may consist of Portfolio Investments that whose obligors are Second Lien Loans, Recurring Revenue Loans or a corporate debt securityorganized in Eligible Jurisdictions other than the United States. 39. Not less than 80% of the Collateral Principal The Unfunded Exposure Amount may consist of Senior Secured Loans and cash and Cash Equivalents on deposit in the Principal Collection Account as Principal Proceeds. 4. Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are issued by obligors that belong to the same Xxxxx’x Industry Classification; provided that (i) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x Industry Classification (other than Industry Codes 12, 21, 22 and 30) may constitute up to 25% of the Collateral Principal Amount and (ii) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x Industry Classification (other than Industry Codes 12, 21, 22 and 30) may constitute up to 30shall not exceed 10% of the Collateral Principal Amount. As used hereinFor the purposes of clauses 1 through 9 above, “Xxxxx’x Industry Classifications” means the industry classifications set forth in Schedule 6 heretoprincipal amount of the applicable Portfolio Investment shall including the funded and unfunded balance on any Delayed Funding Term Loan or Revolving Loan, as applicable, as of such industry classifications date. Continuum Managed Services LLC 37.80 1st Lien IT Services Zep, Inc. 35.70 2nd Lien Chemicals Procare Software, LLC 35.00 2nd Lien Food Products You Fit, LLC 34.50 1st Lien Diversified Consumer Services Lithium Technologies, LLC 34.10 1st Lien Internet Software & Services Oasis Outsourcing Holdings, Inc. 33.58 2nd Lien Diversified Financial Services Market Track, LLC 32.80 2nd Lien Internet Catalog & Retail Xactly Corporation 32.40 1st Lien Internet Software & Services SF Home Décor, LLC 31.20 1st Lien Household Products ERC Finance, LLC 29.80 2nd Lien Health Care Providers & Services National Spine and Pain Centers, LLC 28.50 2nd Lien Health Care Providers & Services Association Member Benefits Advisors, LLC 28.00 2nd Lien Insurance Xxxxxx, Inc. 26.10 2nd Lien Software Granicus, Inc. 25.50 2nd Lien Software Vantage Mobility International, LLC 25.10 2nd Lien Health Care Equipment & Supplies Clinical Supplies Management Holdings, Inc. 24.00 1st Lien Containers & Packaging Odyssey Logistics & Technology Corporation 00.00 0xx Xxxx Xxxx & Rail Worldwide Express Operations, LLC 20.00 2nd Lien Air Freight & Logistics XxXxxx Chemicals, Inc. 20.00 2nd Lien Chemicals Recipe Acquisition Corp. 20.00 2nd Lien Food Products Intelligent Document Solutions, Inc. 17.90 2nd Lien Diversified Financial Services Imperial Bag & Paper Co., LLC 16.40 1st Lien Distributors FWR Holding Corporation 15.50 1st Lien Hotels, Restuarants & Leisure Regulatory DataCorp, Inc. 15.00 2nd Lien Diversified Financial Services Xxxxx, Inc. 14.40 1st Lien Food Products Datacor Holdings, Inc. 14.00 1st Lien Chemicals Country Fresh Holdings, LLC 13.80 2nd Lien Food Products American Dental Partners, Inc. 13.60 2nd Lien Health Care Providers & Services Netvoyage Corporation 13.57 1st Lien Software PPC Industries, Inc. 13.30 2nd Lien Containers & Packaging myON, LLC 11.30 2nd Lien Internet Software & Services Institutional Shareholder Services, Inc. 7.70 2nd Lien Diversified Financial Services FWR Holding Corporation 4.40 1st Lien Hotels, Restuarants & Leisure Clinical Supplies Management Holdings, Inc. 2.00 1st Lien Containers & Packaging 1 Aerospace & Defense 2 Air Freight & Logistics 3 Airlines 4 Auto Components 5 Automobiles 6 Tobacco 7 Capital Markets 8 Building Products 9 Construction & Engineering 10 Construction Materials 11 Commercial Services & Supplies 12 Professional Services 13 Chemicals 14 Containers & Packaging 15 Textiles, Apparel & Luxury Goods 16 Industrial Conglomerates 17 Personal Products 18 Biotechnology 19 Pharmaceuticals 20 Life Sciences Tools & Services 21 Computers & Peripherals 22 Electrical Equipment 23 Electronic Equipment, Instruments & Components 24 Office Electronics 25 Commercial Banks 26 Consumer Finance 27 Diversified Consumer Services 28 Diversified Financial Services 29 Real Estate Investment Trusts (REITs) 30 Real Estate Management & Development 31 Thrifts & Mortgage Finance 32 Trading Companies & Distributors 33 Beverages 34 Food Products 35 Food & Staples Retailing 36 Paper & Forest Products 37 Health Care Equipment & Supplies 38 Health Care Providers & Services 39 Health Care Technology 40 Household Durables 41 Household Products 42 Machinery 43 Semiconductors & Semiconductor Equipment 44 Insurance 45 Leisure Equipment & Products 46 Media 47 Hotels, Restaurants & Leisure 48 Distributors 49 Internet Software & Services 50 IT Services 51 Marine 52 Software 53 Metals & Mining 54 Energy Equipment & Services 55 Independent Power Producers & Energy Traders 56 Oil, Gas & Consumable Fuels 57 Internet & Catalog Retail 58 Multiline Retail 59 Specialty Retail 00 Xxxx & Rail 61 Transportation Infrastructure 62 Communications Equipment 63 Diversified Telecommunication Services 64 Wireless Telecommunication Services 65 Electric Utilities 66 Gas Utilities 67 Multi-Utilities 68 Water Utilities COREPOWER YOGA COREPOWER YOGA 2019—FIRST LIEN TERM LOA $ 15,648,727.24 First 5.0x COREPOWER YOGA COREPOWER YOGA 2019—REVOLVER $ 1,070,393.52 First 5.0x DILIGENT CORP DILIGENT CORPORATION-TERM LOAN $ 26,906,751.96 First 7.5x DILIGENT CORP DILIGENT CORPORATION-USD REVOLVER (FUNDE $ 1,900,000.00 First 7.5x DILIGENT CORP DILIGENT DOLLAR T/L B-1 $ 15,362,260.76 First 7.5x EXPERITY EXPERITY INC-EXPERITY INC TERM LOAN $ 33,678,400.00 First 7.5x EXPERITY EXPERITY R/C $ 2,971,600.00 First 7.5x ICIMS ICIMS, INC 2018-09 C-TERM LOAN $ 45,157,706.00 First 2.1x 2.0x INTELLIGENT DOCUMENT SOLUTIONS DOXIM, INC. FOURTH AMENDMENT INCREMENTAL TERM LOAN $ 4,648,567.95 First 6.0x INTELLIGENT DOCUMENT SOLUTIONS BOSTON SCIENTIFI USD-TERM LOAN $ 23,680,603.42 First 6.0x INTELLIGENT DOCUMENT SOLUTIONS BOSTON SCIENTIFI USD-TL $ 30,616,955.92 First 6.0x INTELLIGENT MEDICAL OBJECTS (IMO) INTELLIGENT MEDICAL-TERM LOAN $ 30,800,000.00 Second 7.7x LITHIUM TECHNOLOGIES LITHIUM TECHNOLOGIES-REVOLVING LOAN $ 3,371,436.75 First 2.0x 2.12x LITHIUM TECHNOLOGIES LITHIUM TECHNOLOGIES-TERM LOAN $ 58,727,000.00 First 2.0x 2.12x MANAGED MARKET INSIGHT & TECH MMIT HOLDINGS LLC-MMIT HOLDINGSTERM LOAN $ 31,200,744.16 First 6.6x MANAGED MARKET INSIGHT & TECH MMIT HOLDINGS R/C (09/21) $ 2,517,916.52 First 6.6x MEDPLAST VIANT MEDICAL 2ND INCREMENTAL T/L $ 19,263,860.00 First 5.5x NATIONAL SPINE AND PAIN CENTER NATIONAL SPINE & PAI-INITIAL LOAN SECOND $ 28,500,000.00 Second 5.4x ODYSSEY LOGISTICS ODYSSEY LOGISTICS 20-INITIAL TL 2ND LIEN $ 28,152,000.00 Second 5.1x PICTURE HEAD, LLC PICTURE HEAD LLC 201-TERM LOAN $ 29,085,228.47 First 4.6x POWER STOP, LLC POWER STOP 2018-10 C-TERM LOAN $ 11,212,500.00 First 5.2x PPC INDUSTRIES PPC INDUSTRIES/SPECT-TL $ 9,975,000.00 Second 6.9x PROCARE SOFTWARE PROCARE 2018-08 CLO-DELAYED DRAW TERM L $ 2,700,000.00 Second 7.9x PROCARE SOFTWARE PROCARE 2018-08 CLO-TERM LOAN $ 10,500,000.00 Second 7.9x RECIPE ACQUISITION CORP RECIPE ACQUISITION C-TERM LOAN $ 20,000,000.00 Second 5.8x SENNECA HOLDINGS CHASE INDUSTRIES, INC. 2020 PRIORITY 2ND LIEN TERM LOAN $ 12,850,000.00 Second 6.6x SENNECA HOLDINGS SENNECA HOLDINGS, IN-TERM LOAN $ 12,850,000.00 Second 6.6x SMARSH XXXXXX, INC. 2021-31-TERM LOAN $ 55,214,257.50 Second 1.9x 1.65x SPAY (STACK SPORTS) STACK SPORTS 2018-06-DDTL $ 628,747.61 First 7.1x SPAY (STACK SPORTS) STACK SPORTS 2018-06-REVOLVER $ 1,246,919.60 First 7.1x SPAY (STACK SPORTS) STACK SPORTS 2018-06-TERM LOAN $ 17,155,698.52 First 7.1x SURE FIT HOME DCOR SF HOME DCOR, LLC 2-TERM LOAN $ 26,342,849.93 First 6.0x XXXXXXXXX.XXX XXXXXXXXX.XXX 2019-0-FIRST XXXX XX $ 33,723,750.00 First 7.0x XXXXXXXXX.XXX XXXXXXXXX.XXX 2019-0-REVOLVER $ 2,800,000.00 First 7.0x VANTAGE MOBILITY INTERNATIONAL VANTAGE MOBILITY INT-TERM LOAN $ 12,887,552.79 Second 5.4x VRC VRC COMPANIES DD T/L (6/21) $ 2,215,662.74 First 6.3x VRC VRC COMPANIES R/C (6/21) $ 443,132.55 First 6.3x VRC VRC COMPANIES T/L (6/21) $ 13,260,741.51 First 6.3x XXXX.XXX XXXX.XXX 2018-11 CLO-TERM LOAN $ 9,600,000.00 First 0.20x 0.10x XACTLY XACTLY CORPORATION 2-FIRST XXXX XX $ 2,554,285.71 First 2.5x 1.8x XACTLY XACTLY CORPORATION 2-TERM LOAN $ 40,878,679.25 First 2.5x 1.8x YOUNG INNOVATIONS YI, LLC 2024-11-07 C-INITIAL TERM LOAN S $ 22,902,865.10 Second 6.7x ZEP INC ZEP INC. 2025-11-08-INITIAL LOAN SECOND $ 35,700,000.00 Second 6.1x JPMorgan Chase Bank, National Association, as Administrative Agent c/o JPMorgan Services Inc. 000 Xxxxxxx Xxxxxxxxxx Xx., 3rd Floor Newark, Delaware 19713 Attention: Xxxxxxxx Xxxxx JPMorgan Chase Bank, National Association, as Administrative Agent 000 Xxxxxxx Xxxxxx New York, New York 10179 Attention: Xxxxx Xxxxxxxxxx Email: xxxxx.x.xxxxxxxxxx@xxxxxxxx.xxx xx_xxxxxx_xxxxxxxx@xxxxxxxx.xxx xxxxx.x.xxxxxxx@xxxxxxxx.xxx JPMorgan Chase Bank, National Association, as Lender c/o JPMorgan Services Inc. 000 Xxxxxxx Xxxxxxxxxx Xx., 3rd Floor Newark, Delaware 19713 Attention: Xxxxxxxx Xxxxx cc: State Street Bank and Trust Company, as Collateral Agent State Street Bank and Trust Company, as Collateral Administrator Ladies and Gentlemen: Reference is hereby made to the Amended and Restated Loan and Security Agreement, dated as of June 21, 2021 (as amended, the “Agreement”), among Xxxxxxx Xxxxx Private Middle Market Credit SPV LLC, as borrower (the “Company”), JPMorgan Chase Bank, National Association, as administrative agent (the “Administrative Agent”), Xxxxxxx Xxxxx Private Middle Market Credit LLC, as portfolio manager (the “Portfolio Manager”), the lenders party thereto, and the collateral agent, collateral administrator and intermediary party thereto. Capitalized terms used herein and not otherwise defined herein shall be updated at have the option respective meanings given such terms in the Agreement. Pursuant to the Agreement, you are hereby notified of the Portfolio Manager following: (with the consent 1) The Company hereby requests an Advance under Section 2.03 of the Administrative AgentAgreement to be funded on [____________]. (2) The aggregate amount of the Advance requested hereby is [U.S.$] [C$] [€] [£] [_________].34 (3) The proposed Purchases (if Xxxxx’x publishes revised industry classifications.any) relating to this request are as follows:

Concentration Limitations. The “"Concentration Limitations” " shall be satisfied on any date of determination if, in the aggregate, the Portfolio Investments (other than any Ineligible Investments) owned (or in relation to a proposed purchase of a Portfolio Investment, proposed to be owned) by the Company comply with all the requirements set forth below: 1. Portfolio Investments issued by a single obligor and its affiliates may not exceed an aggregate principal balance equal to 4% of the Collateral Principal Amount; provided that Portfolio Investments which are Senior Secured Loans issued by three (3) obligors and their respective affiliates may each constitute up to an aggregate principal balance equal to 6% of the Collateral Principal Amount., so long as any Portfolio Investment (or portion thereof) that causes the aggregate principal balance of the Portfolio Investments issued by either such obligor or its Affiliates to exceed 4% of the Collateral Principal Amount is not a Recurring Revenue Loan. 2. Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are Second Lien Loans, Recurring Revenue Loans or a corporate debt security. 3. Not less than 80% of the Collateral Principal Amount may consist of Senior Secured Loans and cash and Cash Equivalents on deposit in the Principal Collection Account as Principal Proceeds. 4. Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are issued by obligors that belong to the same Xxxxx’x Mxxxx'x Industry Classification; provided that (i) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x Mxxxx'x Industry Classification (other than Industry Codes 12, 21, 22 and 30) may constitute up to 25% of the Collateral Principal Amount and (ii) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x Industry Classification (other than Industry Codes 12, 21, 22 and 30) may constitute up to 30% of the Collateral Principal Amount. As used herein, “Xxxxx’x "Mxxxx'x Industry Classifications” " means the industry classifications set forth in Schedule 6 hereto, as such industry classifications shall be updated at the option of the Portfolio Manager (with the consent of the Administrative Agent) if Xxxxx’x Mxxxx'x publishes revised industry classifications.

Concentration Limitations. The “Concentration Limitations” shall be satisfied on any date of determination if, in the aggregate, the Portfolio Investments (other than any Ineligible Investments) owned (or in relation to a proposed purchase Purchase of a Portfolio Investment, proposed to be owned) by the Company comply with all the requirements set forth below: 1. Portfolio Investments issued by a single obligor and its affiliates may not exceed an aggregate principal balance equal to 44.0% of the Collateral Principal Amount (or, prior to the end of the Ramp-Up PeriodFirst Amendment Effective Date, 5.0% of the Collateral Principal Amount); provided that Portfolio Investments which are Senior Secured Loans issued by three (3) obligors and their respective affiliates may each constitute up to an aggregate principal balance equal to 66.5% of the Collateral Principal Amount (or, prior to the end of the Ramp-Up PeriodFirst Amendment Effective Date, 6.0% of the Collateral Principal Amount); provided further that, so long as any Portfolio Investment (or portion thereof) that causes prior to the aggregate principal balance end of the Ramp-Up Period, Portfolio Investments issued by either such one (1) obligor or its Affiliates to exceed 4may constitute 8% of the Collateral Principal Amount Amount. Notwithstanding the foregoing, no obligor shall deemed an affiliate of any person solely because they are under the control of the same private equity sponsor or similar sponsor or because such obligor is owned by a common holding company with an obligor of another obligation so long as the collateral securing such loans is not a Recurring Revenue Loancommon. 2. Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are Second Lien Loans, Recurring Revenue Loans or a corporate debt security. 3. Not less than 8040% of the Collateral Principal Amount may consist of Senior Secured Loans (including first-lien unitranche assets) and cash and Cash Equivalents on deposit in the Principal Collection Account as Principal Proceeds. 3. Not more than 60% of the Collateral Principal Amount may consist of Second Lien Loans (including second-lien unitranche assets). 4. Not more than 2010% of the Collateral Principal Amount may consist of any Portfolio Investments other than Senior Secured Loans or Second Lien Loans. 5. Not more than 10% of the Collateral Principal Amount may consist of Delayed Funding Term Loans and Revolving Loans. 6. On or after the first Business Day following the end of the Ramp-Up PeriodFirst Amendment Effective Date, not more than 12.5% of the Collateral Principal Amount may consist of Portfolio Investments that are issued by obligors that belong to the same Xxxxx’x Industry Classification; GICS Xxxxx 0 Xxxxxxxx Xxxxxxxxxxxxxx, as determined by the Portfolio Manager in its commercially reasonable discretion, provided that (i) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x the GICS Level 3 Industry Classification (other than Industry Codes 12Classifications listed in each the “Broad Category” in the GICS Table set forth below, 21in the aggregate, 22 and 30) may constitute up to 25% shall be further limited by the “Limit” of the Collateral Principal Amount and (ii) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x Industry Classification (other than Industry Codes 12, 21, 22 and 30) may constitute up to 30% of set forth in the Collateral Principal Amounttable forth below. As used herein, “Xxxxx’x Industry GICS Level 3Industry Classifications” means the industry classifications set forth in Schedule 6 hereto, as such industry classifications shall be updated at the option of the Portfolio Manager (with the consent of the Administrative Agent) if Xxxxx’x GICS publishes revised industry classifications.

Concentration Limitations. The “"Concentration Limitations” " shall be satisfied on any date of determination if, in the aggregate, the Portfolio Investments (other than any Ineligible Investments) owned (or in relation to a proposed purchase Purchase of a Portfolio Investment, proposed to be owned) by the Company comply with all the requirements set forth below: 1. Portfolio Investments issued by a single obligor and its affiliates may not exceed an aggregate principal balance equal to 44.0% of the Collateral Principal Amount; provided that (i) Portfolio Investments which are Senior Secured Loans issued by five (5) obligors and their respective affiliates may each constitute up to an aggregate principal balance equal to 5.0% of the Collateral Principal Amount and (ii) in addition to clause (i) above, Portfolio Investments other than Specified Investments issued by three (3) obligors and their respective affiliates may each constitute up to an aggregate principal balance equal to 66.5% of the Collateral Principal Amount. Notwithstanding the foregoing, no obligor shall deemed an affiliate of any person solely because they are under the control of the same private equity sponsor or similar sponsor or because such obligor is owned by a common holding company with an obligor of another obligation so long as any Portfolio Investment (or portion thereof) that causes the aggregate principal balance of the Portfolio Investments issued by either collateral securing such obligor or its Affiliates to exceed 4% of the Collateral Principal Amount loans is not a Recurring Revenue Loancommon. 2. Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are Second Lien Loans, Recurring Revenue Loans or a corporate debt security. 3. Not less than 8055% of the Collateral Principal Amount may consist of Senior Secured Loans (including first-lien unitranche assets) and cash and Cash Equivalents on deposit in the Principal Collection Account as Principal Proceeds. 3. Not more than 45% of the Collateral Principal Amount may consist of Second Lien Loans (including second-lien unitranche assets). 4. Not more than 2010% of the Collateral Principal Amount may consist of any Portfolio Investments other than Senior Secured Loans or Second Lien Loans. 5. Not more than 10% of the Collateral Principal Amount may consist of Delayed Funding Term Loans and Revolving Loans. 6. On or after the First Amendment Effective Date, not more than 12.5% of the Collateral Principal Amount may consist of Portfolio Investments that are issued by obligors that belong to the same Xxxxx’x Industry Classification; GICS Lxxxx 0 Xxxxxxxx Xxxxxxxxxxxxxx, as determined by the Portfolio Manager in its commercially reasonable discretion, provided that (i) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x the GICS Level 3 Industry Classification (other than Industry Codes 12Classifications listed in each the "Broad Category" in the GICS Table set forth below, 21in the aggregate, 22 and 30) may constitute up to 25% shall be further limited by the "Limit" of the Collateral Principal Amount and (ii) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x Industry Classification (other than Industry Codes 12, 21, 22 and 30) may constitute up to 30% of set forth in the Collateral Principal Amounttable forth below. As used herein, “Xxxxx’x "GICS Level 3 Industry Classifications” " means the industry classifications set forth in Schedule 6 hereto, as such industry classifications shall be updated at the option of the Portfolio Manager (with the consent of the Administrative Agent) if Xxxxx’x GICS publishes revised industry classifications.

Concentration Limitations. The “Concentration Limitations” shall be satisfied on any date of determination if, in the aggregate, the Portfolio Investments (other than any Ineligible Investments) owned (or in relation to a proposed purchase Purchase of a Portfolio Investment, proposed to be owned) by the Company comply with all the requirements set forth below: 1. Portfolio Investments issued by a single obligor and its affiliates may not exceed an aggregate principal balance equal to 44.0% of the Collateral Principal Amount (or, prior to the end of the Ramp-Up Period, 5.0% of the Collateral Principal Amount); provided that Portfolio Investments which are Senior Secured Loans issued by three (3) obligors and their respective affiliates may each constitute up to an aggregate principal balance equal to 66.5% of the Collateral Principal Amount (or, prior to the end of the Ramp-Up Period, 6.0% of the Collateral Principal Amount); provided further that, so long as any Portfolio Investment (or portion thereof) that causes prior to the aggregate principal balance end of the Ramp-Up Period, Portfolio Investments issued by either such one (1) obligor or its Affiliates to exceed 4may constitute 8% of the Collateral Principal Amount Amount. Notwithstanding the foregoing, no obligor shall deemed an affiliate of any person solely because they are under the control of the same private equity sponsor or similar sponsor or because such obligor is owned by a common holding company with an obligor of another obligation so long as the collateral securing such loans is not a Recurring Revenue Loancommon. 2. Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are Second Lien Loans, Recurring Revenue Loans or a corporate debt security. 3. Not less than 8040% of the Collateral Principal Amount may consist of Senior Secured Loans (including first-lien unitranche assets) and cash and Cash Equivalents on deposit in the Principal Collection Account as Principal Proceeds. 3. Not more than 60% of the Collateral Principal Amount may consist of Second Lien Loans (including second-lien unitranche assets). 4. Not more than 2010% of the Collateral Principal Amount may consist of any Portfolio Investments other than Senior Secured Loans or Second Lien Loans. 5. Not more than 10% of the Collateral Principal Amount may consist of Delayed Funding Term Loans and Revolving Loans. 6. On or after the first Business Day following the end of the Ramp-Up Period, not more than 12.5% of the Collateral Principal Amount may consist of Portfolio Investments that are issued by obligors that belong to the same Xxxxx’x Industry Classification; GICS Xxxxx 0 Xxxxxxxx Xxxxxxxxxxxxxx, as determined by the Portfolio Manager in its commercially reasonable discretion, provided that (i) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x the GICS Level 3 Industry Classification (other than Industry Codes 12Classifications listed in each the “Broad Category” in the GICS Table set forth below, 21in the aggregate, 22 and 30) may constitute up to 25% shall be further limited by the “Limit” of the Collateral Principal Amount and (ii) Portfolio Investments that are issued by obligors that belong to one Xxxxx’x Industry Classification (other than Industry Codes 12, 21, 22 and 30) may constitute up to 30% of set forth in the Collateral Principal Amounttable forth below. As used herein, “Xxxxx’x Industry GICS Level 3Industry Classifications” means the industry classifications set forth in Schedule 6 hereto, as such industry classifications shall be updated at the option of the Portfolio Manager (with the consent of the Administrative Agent) if Xxxxx’x GICS publishes revised industry classifications.