Company: OXLCZ
Filing Date: 2025-06-27
Form Type: 40-APP
Source: 0001213900-25-058802
Chunk: 13

Company: Oxford Lane Capital Corp.
Filing Date: 2025-06-27
Form: 40-APP
Chunk 13
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 | 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).

9. In
the event that the Commission adopts a rule under the 1940 Act allowing Co-Investments of the type described in this Application, any
relief granted by the Order will expire on the effective date of that rule.

| IV. | STATEMENT IN SUPPORT OF RELIEF REQUESTED |

Applicants submit that allowing the Co-Investment
Transactions described by this Application is justified on the basis of (i) the potential benefits to the Regulated Funds and their respective
shareholders and (ii) the protections found in the terms and conditions set forth in this Application.

| A. | Potential Benefits to the Regulated Funds and their Shareholders |

Section 57(a)(4) and Rule 17d-1 (as applicable)
limit the ability of the Regulated Funds to participate in attractive co-investment opportunities under certain circumstances. If the
relief is granted, the Regulated Funds should: (i) be able to participate in a larger number and greater variety of investments, thereby
diversifying their portfolios and providing related risk-limiting benefits; (ii) be able to participate in larger financing opportunities,
including those involving issuers with better credit quality, which otherwise might not be available to investors of a Regulated Fund’s
size;