Common use of Concentration Limitations Clause in Contracts

Concentration Limitations. The "Concentration Limitations" shall be satisfied at any time if, in the aggregate, the Portfolio Investments owned (or in relation to a proposed Origination or Purchase of a Portfolio Investment, proposed to be Originated or Purchased) by the Company are not greater than (or, in the case of Items 1 and 2 below, are not less than) the limits below (calculated as a percentage of the Collateral Principal Balance on the applicable date of determination); provided that, with respect to each Concentration Limitation set forth below related to an Eligible Currency, prior to the receipt of the applicable Account Opening Notice such Concentration Limitation shall be not more than 0.0%: 1. Maximum concentration of all Portfolio Investments which are not First Lien Loans: 5% 2. Maximum concentration of Portfolio Investments not denominated in EUR: 75% 3. Maximum concentration of Portfolio Investments of a single obligor or group of related obligors: 5% (other than up to four exceptions at (x) during the Ramp-Up Period, 10% and (y) thereafter, 8%) 4. [Reserved] 5. Maximum concentration of Portfolio Investments denominated in CHF, DKK, NOK, SEK, CAD, NZD and AUD: Each individually, 12.5% 6. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in the United States (or a State thereof), the United Kingdom and Germany: Each individually, 50% 7. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in France: 35% 8. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in Spain and Ireland: Each individually, 20% 9. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in Belgium, the Netherlands and Luxembourg: Collectively, 50% and Belgium and the Netherlands each individually, 20% 10. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in Portugal, Italy and Greece: Collectively, 15% 11. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in a member of the European Union other than Portugal, Italy, Greece, Belgium, the Netherlands, Luxembourg, Spain, Ireland, France or Germany: Collectively, 45% and each individually, 15% 12. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in Canada, Australia, New Zealand and Switzerland: Collectively, 40%, Canada and Australia individually, 20% and New Zealand and Switzerland individually, 12.5% 13. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in Israel: 15% 14. Maximum concentration of Portfolio Investments which are part of a single industry classification as set forth on Schedule 7* Following the Ramp-Up Period, 20% (other than one exception at 30% for High Tech Industries) 15. Maximum aggregate Unfunded Exposure Amount 7.5% (2.5% sublimit for Unfunded Exposure Amount relating to Revolving Loans) 16. Maximum concentration of Partial Deferrable Obligations 10% 17. Participation Interest acquired following the Effective Date 20% 18. Participation Interest acquired from BCSF I, LLC following the Effective Date 10% 19. Maximum concentration of, other than with respect to Recurring Revenue Loans approved by the Administrating Agent, Portfolio Investments issued by an obligor with a Leverage Ratio of greater than 7.0x on the applicable date of determination Collectively, 20% 20. Maximum concentration of Portfolio Investments denominated in GBP or with a primary obligor Domiciled in the United Kingdom 50% 21. Maximum concentration of Portfolio Investments consisting of Recurring Revenue Loans: 15.0% 22. Maximum concentration of Portfolio Investments consisting of Recurring Revenue Loans the obligor of which has an increase of its Debt-to-ARR Ratio greater than or equal to 1.0x since the date on which the Notice of Acquisition with respect to such Recurring Revenue Loan was approved by the Administrative Agent: 0.0% * The industry classification of each Portfolio Investment shall be determined by the Servicer and set forth in the Initial Approval Request in respect of such Portfolio Investment and approved by the Administrative Agent in its sole discretion in conjunction with its approval of such Portfolio Investment pursuant to Section 1.02(c); provided that the industry classifications of the Initial Loans are as set forth in Schedule 8 hereto) 1. Antares Capital LP 2. Apollo Global Management, LLC 3. Ares Management, L.P. 4. Varagon Capital Partners, L.P. 5. Oak Hill Advisors, L.P.

Concentration Limitations. The "Concentration Limitations" shall be satisfied at any time if, in the aggregate, the Portfolio Investments owned (or in relation to a proposed Origination or Purchase of a Portfolio Investment, proposed to be Originated or Purchased) by the Company are not greater than (or, in the case of Items 1 and 2 below, are not less than) the limits below (calculated as a percentage of the Collateral Principal Balance on the applicable date of determination); provided that, with respect to each Concentration Limitation set forth below related to an Eligible Currency, prior to the receipt of the applicable Account Opening Notice such Concentration Limitation shall be not more than 0.0%:): 1. Maximum concentration of all Portfolio Investments which are not First Lien Loans: 510% 2. Maximum concentration of Portfolio Investments not denominated in EURUSD: 7530% 3. Maximum concentration of Portfolio Investments of a single obligor or group of related obligors: 5% (other than up to four exceptions at (x) during During the Ramp-Up Period, 10% U.S.$15,000,000 and (y) thereafterfollowing the Ramp-Up Period, 85%) 4. [Reserved]Maximum concentration of Portfolio Investments denominated in CAD, GBP, EUR and AUD: Each individually, 12.5% 5. Maximum concentration of Portfolio Investments denominated with a primary obligor Domiciled in CHF, DKK, NOK, SEK, CAD, NZD France and AUDGermany: Each individually, 12.5% 6. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in a member of the United States European Union (or a State thereofother than Germany and France), the United Kingdom Australia, Norway, New Zealand, Switzerland and GermanyIsrael: Each individually, 5010% 7. Maximum concentration of Portfolio Investments denominated in CHF, DDK, NOK, NZD and SEK: Each individually, 5%; provided that, with a primary obligor Domiciled respect to Portfolio Investments denominated in France: 35%CHF, DDK, NOK, NZD or SEK, prior to the receipt of the applicable Permitted Non-USD Currency Account Opening Notice, not more than 0.0% of the Collateral Principal Balance may consist of Portfolio Investments denominated in CHF, DDK, NOK, NZD or SEK, as applicable. 8. Maximum concentration of Portfolio Investments with a primary obligor not Domiciled in Spain and Irelandthe United States: Each individually, 2030% 9. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in Belgium, the Netherlands and Luxembourg: Collectively, 50% and Belgium and the Netherlands each individually, 20% 10. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in Portugal, Italy and Greece: Collectively, 15% 11. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in a member of the European Union other than Portugal, Italy, Greece, Belgium, the Netherlands, Luxembourg, Spain, Ireland, France or Germany: Collectively, 45% and each individually, 15% 12. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in Canada, Australia, New Zealand and Switzerland: Collectively, 40%, Canada and Australia individually, 20% and New Zealand and Switzerland individually, 12.5% 13. Maximum concentration of Portfolio Investments with a primary obligor Domiciled in Israel: 15% 14. Maximum concentration of Portfolio Investments which are part of a single industry classification as set forth on Schedule 7* *: Following the Ramp-Up Period, 20% (other than one exception at 30% for High Tech Industries) 1510. Maximum aggregate Unfunded Exposure Amount Amount: 7.5% (2.5% sublimit for Unfunded Exposure Amount relating to Revolving Loans) 1611. Maximum concentration of Partial Deferrable Obligations: 10% (excluding Partial Deferrable Obligations 10%that, as of any date of determination, are paying interest in cash at a rate not less than the applicable Benchmark plus 5.0% per annum) 17. Participation Interest acquired following the Effective Date 20% 18. Participation Interest acquired from BCSF I, LLC following the Effective Date 10% 1912. Maximum concentration of, other than with respect to of (i) Recurring Revenue Loans approved by the Administrating Agent, and (ii) Portfolio Investments issued by an obligor with a Leverage Ratio of greater than 7.0x on the applicable date of determination determination: Collectively, 20% 20. Maximum concentration of Portfolio Investments denominated in GBP or with a primary obligor Domiciled in the United Kingdom 50% 21. Maximum concentration of Portfolio Investments consisting of Recurring Revenue Loans: 15.0% 22. Maximum concentration of Portfolio Investments consisting of Recurring Revenue Loans the obligor of which has an increase of its Debt-to-ARR Ratio greater than or equal to 1.0x since the date on which the Notice of Acquisition with respect to such Recurring Revenue Loan was approved by the Administrative Agent: 0.0% * The industry classification of each Portfolio Investment shall be determined by the Servicer and set forth in the Initial Approval Request in respect of such Portfolio Investment and approved by the Administrative Agent in its sole discretion in conjunction with its approval of such Portfolio Investment pursuant to Section 1.02(c); provided that the industry classifications of the Initial Loans are as set forth in Schedule 8 hereto) 1. Antares Capital LP 2. Apollo Global Management, LLC 3. Ares Management, L.P. 4. Varagon Capital Partners, L.P. 5. Oak Hill Advisors, L.P.