AltX Credit Fund

• Repayment of all Underlying Loans must be secured by first ranking registered mortgages over Australian real estate.

• All Underlying Loans must be supported by guarantees by the directors of the Borrower (or other persons who may control the Borrower) and a charge that is registered by the lender on the PPSR over the Borrower, a related entity or both.

• Underlying Loans must be made to Australian companies and, where this is not the case, there must be evidence that the funds are used predominantly for business purposes.

• The maximum initial term for each Underlying Loan may not exceed 36 months which may be extended subject to the approval of the Manager. Any extension of the term of the Underlying Loan will also be subject to the terms of the notes in the Loan SPV.

• The maximum LVR for residential property exposure shall not exceed 75%.

• The maximum LVR for commercial and industrial property exposure shall not exceed 65%.

• The maximum LVR for vacant land exposure shall not exceed 55%.

Underlying Loans made for the purposes of funding construction will be subject to the following guidelines:

• The maximum LVR – 70% of Net Realisation Value (determined on an 'as-if-complete' basis) and

• The maximum loan term - 36 months.

• Maximum 25% allocation of Class C portfolio to construction funding.