Investors:
Investor Classification1
Concentration Limit
(per Investor)
Concentration Limit
(in aggregate)
Rated Included Investor (dependent on applicable ratings below)
AAA/Aaa
25.0%
N/A
AA+/Aa1 to AA-/Aa3
20.0%
N/A
A+/A1 to A-/A3
15.0%
N/A
BBB+/Baa1 to BBB-/Baa3
10.0%
N/A
Other Concentration Limits
Non-Rated Included Investor
10.0% - 25.0%
N/A
Corporate Designated Investor
5.0%
N/A
Foreign Sovereign Designated Investor
5.0%
20.0%
Fund-of-Funds Designated Investor
3.0%
15.0%
Institutional Designated Investors
N/A
35.0%
Special HNW Aggregation Investors
100%
N/A
Other HNW Aggregation Investors
1.0% - 10.0%
N/A
Individual HNW Investor
1.0%
N/A
1
The first Rating indicated in each case is the S&P Rating and the second Rating
indicated in each case above is the Moody's Rating. In the event that the
Ratings are not equivalent, the Applicable Requirement shall be based on the
lower of the two Ratings. In the event an Investor has only one rating, that
Rating shall apply.
8
provided, that for purposes of calculating the above Concentration Limits for
any Investor, each Investor and its investing affiliates shall be treated as a
single Investor. For purposes of this definition, (a) "Corporate Designated
Investor" means any Designated Investor that is not a Foreign Sovereign
Designated Investor, a Fund-of-Funds Designated Investor, an HNW Investor or an
HNW Aggregation Investor, (b) "Foreign Sovereign Designated Investor" means any
Designated Investor that is a foreign sovereign government or any agency,
instrumentality or political subdivision of a foreign sovereign government,
(c) "Fund-of-Funds Designated Investor" means any Designated Investor that is a
fund-of-funds, (d) "Institutional Designated Investor" means any Designated
Investor that is an Institutional Investor, (e) "Other HNW Aggregation
Investors" means any Designated Investor that is a HNW Aggregation Investor and
that is not, for avoidance of doubt, a Special HNW Aggregation Investor and (f)
"Individual HNW Designated Investor" means any Designated Investor that is a HNW
Investor that is a natural person or that is an investment vehicle or family
office where all of the beneficial owners thereof are exclusively natural
persons.
"Confidential Information" means, at any time, all data, reports,
interpretations, forecasts and records containing or otherwise reflecting
information concerning any Borrower, any Investor or any Affiliate of such
Person which is not available to the general public, together with analyses,
compilations, studies or other documents, which contain or otherwise reflect
such information made available by or on behalf of any Borrower, any Investor or
any such Affiliate pursuant to this Credit Agreement orally or in writing to any
Agent or any Lender or their respective attorneys, certified public accountants
or agents, but not any data or information that: (a) was or became generally
available to the public at or prior to such time (unless divulged by an Agent or
a Lender or such Agent's or such Lender's respective attorneys, certified public
accountants or agents); or (b) was or became available to an Agent or a Lender
or to such Agent's or Lender's respective attorneys, certified public
accountants or agents on a non-confidential basis from the Borrowers or any
Investor or any other