)% [240•275] Subordinated Advisory Fee PO) bps per amen of the Fee Basis Amount Incentive Fee Hurdle 11% Equity IRR Equity [RR] [151% 5175) Incentive Advisory Fee 20% after exceeding the Incentive Fee Hurdle Illustrative Refinancing Capital Structure' (1) Preliminary and subject to material change. Actual ca

dvisory Fee may create an incentive to make more speculative investments on behalf of the Issuer than would otherwise be made in the absence of such Incentive Advisory Fee as the payment of such fee will be dependent to a large extent on the yield earned on the Collateral Obligations. Even though the Confidential 108