4 Investment Restrictions. (a) Within the categories of Permitted Investments, the General Partner may invest the Assets as it deems advisable; provided that the General Partner shall not, except with the consent of the Advisory Committee: (I) invest more than ten percent (10%) of the Total Commitments in the securities of any one Portfolio Company or its Affiliates, as reasonably determined by ihe General Partner (who shall subsequently advise the Advisory Committee of its determination if, in the General Partner's reasonable judgment, some factors suggest that the Portfolio Company may be an Affiliate of another Portfolio Company); (II) invest in any entity after the Investment Period (other than for short term investment purposes) other than an existing Portfolio Company. (b) Specific Limits. The Partnership will not invest in any company the primary business of which is the development and/or exploitation of real estate or the exploration for oil and/or gas. Without the Advisory Committee's consent, the Partnership will not invest in other blind-pool or similar investment funds that charge a management fee. The Partnership will not invest in Marketable Securities (excluding investments in Portfolio Companies that become Marketable Securities after the Partnership acquired them). (c) No Hostile Offers. The Partnership will not make any Investment in connection with an offer that is opposed by the target company's board of directors (or analogous body). (d) Media Companies. The General Partner can require the Partners to participate in an investment in a Media Company, but only pursuant to Section 11.9. 84