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 ▇▇▇▇▇’▇ Industry Classification; provided that (i) Portfolio Investments that are issued by obligors that belong to one ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ Industry Classification (other than Industry Codes 12, 21, 22 and 30) may constitute up to 30% of the Collateral Principal Amount. As used herein, “▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ 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 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 M▇▇▇▇▇’'▇ Industry Classification; provided that (i) Portfolio Investments that are issued by obligors that belong to one M▇▇▇▇▇’'▇ 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 ▇▇▇▇▇’▇ Industry Classification (other than Industry Codes 12, 21, 22 and 30) may constitute up to 30% of the Collateral Principal Amount. As used herein, “"M▇▇▇▇▇’'▇ 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 M▇▇▇▇▇’'▇ publishes revised industry classifications.