“Industry Classification Group” means any of the industry group classification groups that are currently in effect by Moody’s or may be subsequently established by Moody’s and provided by the Borrower to the Lenders.

SCHEDULE #(c) - Industry Classification Group List

“Industry Classification Group” means # any GICS Industry Group Classification set forth in [Schedule VI] hereto, together with any such group classifications that may be subsequently established by GICS and provided by the Borrower to the Administrative Agent and # up to three (3) additional industry group classifications established by the Borrower pursuant to [Section 5.12].

For purposes of this Agreement, the Borrower shall assign each Eligible Core Portfolio Investment to an Industry Classification Group as reasonably determined by the Borrower. To the extent that the Borrower reasonably determines that any Eligible Core Portfolio Investment is not adequately correlated with the risks of other Eligible Core Portfolio Investments in an Industry Classification Group, such Eligible Core Portfolio Investment may be assigned by the Borrower to an Industry Classification Group that is more closely correlated to such Eligible Core Portfolio Investment.

if, as of such date, the Relevant Asset Coverage Ratio is # greater than or equal to 2.00:1:00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in any single Industry Classification Group that exceeds 25% of the aggregate Value of all Portfolio Investments in the Collateral Pool shall be 0%; provided that, with respect to the Portfolio Investments in a single Industry Classification Group from time to time designated by the Borrower to the Administrative Agent, such 25% figure shall be increased to 27.5% and, accordingly, only to the extent that the Value for such single Industry Classification Group exceeds 27.5% of the aggregate Value of all Portfolio Investments in the Collateral Pool shall the Advance Rate applicable to such excess Value be 0%; # less than 2.00:1:00 and greater than or equal to 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in any single Industry Classification Group that exceeds 20% of the aggregate Value of all Portfolio Investments in the Collateral Pool shall be 0%; provided that, with respect to the Portfolio Investments in a single Industry Classification Group from time to time designated by the Borrower to the Administrative Agent, such 20% figure shall be increased to 22.5% and, accordingly, only to the extent that the Value for such single Industry Classification Group exceeds 22.5% of the aggregate Value of all Portfolio Investments in the Collateral Pool shall the Advance Rate applicable to such excess Value be 0%; and # less than 1.75:1:00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in any single Industry Classification Group that exceeds 15% of the aggregate Value of all Portfolio Investments in the Collateral Pool shall be 0%; provided that, with respect to the Portfolio Investments in a single Industry Classification Group from time to time designated by the

the aggregate Adjusted Borrowing Value of all Eligible Loans to Obligors in the same Moody’s Industry Classification Group shall not exceed the greater of # the Dollar threshold specified on [Annex B] hereto for the “Moody’s Industry Classification Limit: Greater of 17.5% and …” with respect to the then-applicable Facility Amount at such time and # 17.5% of the Borrowing Base; provided that # the aggregate Adjusted Borrowing Value of all Eligible Loans to Obligors in the largest Moody’s Industry Classification Group may constitute up to the greater of # the Dollar threshold specified on [Annex B] hereto for the “Largest Moody’s Industry Classification Limit: Greater of 25.0% and …” with respect to the then-applicable Facility Amount at such time and # 25.0% of the

"Specified Industries" means # the “Oil, Gas & Consumable Fuels” Industry Classification and # the “Publishing” sub-industry of the “Media” Industry Classification.

"Industry Classification" means any of the industry categories set forth in [Schedule V] hereto, including any modifications that may be made thereto or additional categories that may be subsequently established by reference to the Global Industry Classification Standard codes; provided that the Administrative Agent and the Borrower has provided its prior written consent (which consent of the Borrower shall not be unreasonably withheld, delayed or conditioned) to any such modification or additional category.

Industry Groups Costs. Commencing on the date hereof and continuing each year thereafter, Saul Company and [[Saul Centers:Organization]] shall respectively determine the monthly costs (“Industry Employee Cost”) of each employee in the Industry Groups (individually, an “Industry Employee” and collectively, the “Industry Employees”). The Industry Employee Cost will be calculated by adding the following and dividing it by twelve (12) months:

Peer Group. Peer Group for a Performance Period means a group of not less than five (5) steel industry competitors (or such other minimum number as may be selected by the Committee) designated by the Committee not later than ninety (90) days after the beginning of the Performance Period.