Common use of Incentive Fee Clause in Contracts

Incentive Fee. The Incentive Fee will be calculated and payable quarterly in arrears based upon the Company's "pre-incentive fee net investment income" for the immediately preceding quarter. The Incentive Fee will be subject to a Preferred Return (as defined below), measured quarterly and expressed as a rate of return on Adjusted Capital (as defined below) at the beginning of the most recently completed calendar quarter, of 1.50% (6.0% annualized), subject to a "catch up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the base management fee, expenses reimbursed to the Advisor under this Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Organization and Offering Expenses and the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Incentive Fee. The Incentive Fee Fee, will be calculated and payable quarterly in arrears based upon the Company's "’s “pre-incentive fee net investment income" ” for the immediately preceding quarter. The Incentive Fee will be subject to a Preferred Return (as defined below), measured quarterly and expressed as a rate of return on Adjusted Capital (as defined below) at the beginning of the most recently completed calendar quarter, of 1.501.75% (6.07.0% annualized), subject to a "“catch up" ” feature. For this purpose, "“pre-incentive fee net investment income" ” means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's ’s operating expenses for the quarter (including the base management fee, expenses reimbursed to the Advisor Adviser under this Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Organization and Offering Expenses and the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Incentive Fee. The Incentive Fee will be calculated and payable quarterly in arrears based upon the Company's "pre-incentive fee net investment income" for the immediately preceding quarter. The Incentive Fee will be subject to a Preferred Return (as defined below), measured quarterly and expressed as a rate of return on Adjusted Capital (as defined below) at the beginning of the most recently completed calendar quarter, of 1.501.75% (6.07.0% annualized), subject to a "catch up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the base management fee, expenses reimbursed to the Advisor under this Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Organization and Offering Expenses and the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Incentive Fee. The Incentive Fee Fee, will be calculated and payable quarterly in arrears based upon the Company's "’s “pre-incentive fee net investment income" ” for the immediately preceding quarter. The Incentive Fee will be subject to a Preferred Return (as defined below), measured quarterly and expressed as a rate of return on Adjusted Capital (as defined below) at the beginning of the most recently completed calendar quarter, of 1.501.75% (6.07.0% annualized), subject to a "“catch up" ” feature. For this purpose, "“pre-incentive fee net investment income" ” means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's ’s operating expenses for the quarter (including the base management fee, expenses reimbursed to the Advisor Adviser under this Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Organization offering and Offering Expenses organization expenses and the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Incentive Fee. The Incentive Fee Fee, will be calculated and payable quarterly in arrears based upon the Company's "’s “pre-incentive fee net investment income" ” for the immediately preceding quarter. The Incentive Fee will be subject to a Preferred Return (as defined below), measured quarterly and expressed as a rate of return on Adjusted Capital (as defined below) at the beginning of the most recently completed calendar quarter, of 1.501.75% (6.07.0% annualized), subject to a "“catch up" ” feature. For this purpose, "“pre-incentive fee net investment income" ” means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's ’s operating expenses for the quarter (including the base management fee, expenses reimbursed to the Advisor under this Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Organization and Offering Expenses and the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Incentive Fee. The Incentive Fee Fee, will be calculated and payable quarterly in arrears based upon the Company's "’s “pre-incentive fee net investment income" ” for the immediately preceding quarter. The Incentive Fee will be subject to a Preferred Return (as defined below), measured quarterly and expressed as a rate of return on Adjusted Capital (as defined below) at the beginning of the most recently completed calendar quarter, of 1.501.75% (6.07.0% annualized), subject to a "“catch up" ” feature. For this purpose, "“pre-incentive fee net investment income" ” means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's ’s operating expenses for the quarter (including the base management fee, expenses reimbursed to the Advisor under this Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Organization and Offering Expenses and the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Incentive Fee. The Incentive Fee Fee, will be calculated and payable quarterly in arrears based upon the Company's "Fund’s “pre-incentive fee net investment income" ” for the immediately preceding quarter. The Incentive Fee will be subject to a Preferred Return (as defined below)hurdle rate, measured quarterly and expressed as a rate of return on Adjusted Capital (as defined below) at the beginning of the most recently completed calendar quarter, of 1.50% (6.0% annualized), subject equal to a "catch up" feature1.75% per quarter (or an annualized hurdle rate of 7.00%). For this purpose, "“pre-incentive fee net investment income" ” means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company Fund receives from portfolio companies) accrued during the calendar quarter, minus the Company's Fund’s operating expenses for the quarter (including the base management feeBase Management Fee, expenses reimbursed to the Advisor Adviser under this Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Organization and Offering Expenses and the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company Fund has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.