TPG Private Equity Opportunities, L.P.

Permit, at any time, the LTV Ratio to be greater than (i) at any time the Hurdle Condition is satisfied, 30% and (ii) at all other times, 25%.

“Minimum Diversity Requirement” shall be satisfied at any time the Primary Borrowers, taken as a whole, maintain a minimum of ten (10) Eligible Investments in the aggregate, each with an Adjusted NAV of greater than $10,000,000;