GL0USI 44 Glenn Warren Section 6: Summery of Terms and Conditions Glendower Capital Secondary Opportunities Fund IV. LP the Investment Restriction Base will be invested in any single Fund Secondary or GP-led Secondary. (iii) no more than 20% of the Investment Restriction Base invested in Single Asset Deals will be made on a primary basis, (iv) no more than 12.5% of the Investment Restriction Base will be invested in any blind pool investment fund on a primary basis or where less than 50% of aggregate capital commitments of such fund have been drawn down. and (v) no more than 10% of the Investment Restriction Base will be invested in any portfolio investments with a focus on real estate investments. 'Investment Restriction Base" means (a) prior to the Final Admission Date, an amount equal to the greater of (i) US$1.75 billion and (ii) the aggregate Commitments accepted as at the date of determination and (b) following the Final Admission Date, an amount equal to the aggregate Commitments. Indebtedness Hedging General Partners Share The Fund, either directly or through intermediate holding vehicles under its control, is expected to borrow on a short-term basis in order to facilitate the closing of an investment in advance of a drawdown. The Manager generally expects such borrowings to be outstanding for less than 180 days. The Fund, either directly or through intermediate holding vehicles under its control, is also expected to borrow on a short-term basis in order to fund the payment of the Fund's expenses or the General Partner's Share in advance of a drawdown. The Manager generally expects to repay such borrowings from drawdowns or distributions from investments. The Fund, either directly or through intermediate holding vehicles under its control. may also borrow on a long-term basis to create leveraged capital structures in portfolio investments with appropriate cash flow characteristics. The Fund will not borrow for such purpose amount