Company: OXLCZ
Filing Date: 2025-10-14
Form Type: 40-APP/A
Source: 0001213900-25-098756
Chunk: 13

Company: Oxford Lane Capital Corp.
Filing Date: 2025-10-14
Form: 40-APP/A
Chunk 13
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 Fund’s directors will oversee the Regulated Fund’s participation in the co-investment program in the exercise 
 of their reasonable business judgment.                                                                                       |

| (b) | Prior to a Regulated Fund’s participation in Co-Investment Transactions, the Regulated Fund’s Board, including a Required              
 Majority, will: (i) review the Co-Investment Policies, to ensure that they are reasonably designed to prevent the Regulated Fund from  
 being disadvantaged by participation in the co-investment program; and (ii) approve policies and procedures of the Regulated Fund that 
 are reasonably designed to ensure compliance with the terms of the Order.                                                              |

| (c) | At least quarterly, each Regulated Fund’s Adviser and chief compliance officer (as defined in Rule 38a-1(a)(4)) will provide          
 the Regulated Fund Boards with reports or other information requested by the Board related to a Regulated Fund’s participation in     
 Co-Investment Transactions and a summary of matters, if any, deemed significant that may have arisen during the period related to the 
 implementation of the Co-Investment Policies and the Regulated Fund’s policies and procedures approved pursuant to (b) above.         |

| (d) | Every year, each Regulated Fund’s Adviser and chief compliance officer will provide the Regulated Fund’s Board with reports             
 or other information requested by the Board related to the Regulated Fund’s participation in the co-investment program and any material 
 changes in the Affiliated Entities’ participation in the co-investment program, including changes to the Affiliated Entities’           
 Co-Investment Policies.                                                                                                                 |

| (e) | The Adviser and the chief compliance officer will also notify the Regulated Fund’s Board of a compliance matter related to the  
 Regulated Fund’s participation in the co-investment program and related Co-Investment Policies or the Regulated Fund’s policies 
 and procedures approved pursuant to (b) above that a Regulated Fund’s chief compliance officer considers to be material.        |

8. .
All information presented to the Board pursuant to the order will be kept for the life of the Regulated Fund and at least two years thereafter,
and will be subject to examination by the Commission and its Staff. Each Regulated Fund will maintain the records required by Section
57(f)(3) as if it were a business development company and each of the Co-Investment Transactions were approved by the Required Majority
under Section 57(f).20

9. In
the event that the Commission adopts