Company: OXLCZ
Filing Date: 2025-10-14
Form Type: 40-APP/A
Source: 0001213900-25-098756
Chunk: 15

Company: Oxford Lane Capital Corp.
Filing Date: 2025-10-14
Form: 40-APP/A
Chunk 15
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 Condition 5, each Adviser (and each Affiliated Entity that is not advised
by an Adviser) will adopt and implement Co-Investment Policies that are reasonably designed to ensure that (i) opportunities to participate
in Co-Investment Transactions are allocated in a manner that is fair and equitable to every Regulated Fund; and (ii) the Adviser negotiating
the Co Investment Transaction considers the interest in the Transaction of any participating Regulated Fund. The Co-Investment Policies
will require an Adviser to make an independent determination of the appropriateness of a Co-Investment Transaction and the proposed allocation
size based on each Participant’s specific investment profile and other relevant characteristics.

| V. | PRECEDENTS |

The Commission has previously
issued orders permitting certain investment companies subject to regulation under the 1940 Act and their affiliated persons to be able
to participate in Co-Investment Transactions (the “Existing Orders”).21
Similar to the Existing Orders, the Conditions described herein are designed to mitigate the possibility for overreaching and to promote
fair and equitable treatment of the Regulated Funds. Accordingly, the Applicants submit that the scope of investor protections contemplated
by the Conditions are consistent with those found in the Existing Orders.

| 21 | See, e.g., Main Street Capital Corporation, et al. (File No. 812-15808), Release No. IC-35723 (August                                       
 25, 2025) (notice), Release No. IC-37555 (September 22, 2025) (order); Partners Group Private Equity (Master Fund), LLC, et al. (File       
 No. 812-15772), Release No. IC-35708 (August 7, 2025) (notice), Release No. IC-35736 (September 3, 2025) (order); Fortress Private Lending  
 Funds, et al. (File No. 812-15551) (August 1, 2025) (notice), Release No. IC-35727) (August 27, 2025) (order); Audax Credit BDC Inc.,       
 et al. (File No. 812-15605), Release No. IC-35685 (July 22, 2025) (notice), Release No. IC-35714 (August 19, 2025) (order); Ellington       
 Credit Company, et al. (File No. 812-15784), Release No. IC