Two Percent/25% Guidelines

Two Percent/25% Guidelines. The requirement, as provided in Section 13 hereof, that, in any 12-month period ending on the last day of any fiscal quarter, aggregate Operating Expenses under this Agreement and the Advisory Agreement not exceed the greater of two percent of the Company's Average Invested Assets during such 12-month period or 25% of the Company's Adjusted Net Income over the same 12-month period.