; and (III) the probability of successful operations of the applicant, including adequate profitability and financial soundness; (iii) shall not take into consideration any projected shortage or unavailability of leverage; and (iv) shall give first priority to an applicant that is located in an underlicensed State with below median financing, as determined by the Administrator. (B) Additional matters considered for employee equity investment companies (i) Investment track record Except as provided in clause (ii), an applicant for a license to operate as an employee equity investment company shall submit to the Administrator proof that the managers of the applicant have a track record of managing investments, including structured investments, realized or unrealized, in an employee stock ownership plan or eligible worker-owned cooperative. (ii) Advisory requirement An applicant that does not have an investment track record described in clause (i) or that is a Protege EEIC shall submit to the Administrator evidence that the applicant has retained or will retain a legal, accounting, or financial advisory firm with at least 5 years of experience in structuring employee stock ownership plans or eligible worker-owned cooperatives. (iii) Limitation The Administrator may not reject an applicant for a license to operate as an employee equity investment company solely because the applicant lacks a sufficient track record in realized investments if the applicant demonstrates an otherwise successful investment track record that includes unrealized covered investments. ; and (2) in section 303(b)(2) ( 15 U.S.C. 683(b)(2) )— (A) in subparagraph (A), in the matter preceding clause (i), by striking The maximum and inserting Except as provided otherwise in this paragraph, the maximum