Company: OXLCZ
Filing Date: 2025-06-27
Form Type: 40-APP
Source: 0001213900-25-058802
Chunk: 3

Company: Oxford Lane Capital Corp.
Filing Date: 2025-06-27
Form: 40-APP
Chunk 3
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 company registered                            
 under the 1940 Act, or a closed-end management investment company that has elected to be regulated as a business development company under  
 the 1940 Act, (b) whose (1) primary investment adviser or (2) sub-adviser is an Adviser (as defined below) and (c) that intends to          
 engage in Co-Investment Transactions. If an Adviser serves as sub-adviser to a Regulated Fund whose primary adviser is not also an Adviser, 
 such primary adviser shall be deemed to be an Adviser with respect to conditions 3 and 4 only.                                              |

The term Regulated
Fund also includes (a) any Wholly-Owned Investment Sub (as defined below) of a Regulated Fund, (b) any Joint Venture (as defined below)
of a Regulated Fund, and (c) any BDC Downstream Fund (as defined below) of a Regulated Fund that is a business development company. “Wholly-Owned Investment Sub” means an entity: (a) that is a “wholly-owned subsidiary” (as defined in Section 2(a)(43) of
the 1940 Act) of a Regulated Fund; (b) whose sole business purpose is to hold one or more investments and which may issue debt on behalf
or in lieu of such Regulated Fund; and (c) is not a registered investment company or a business development company. “Joint Venture” means an unconsolidated joint venture subsidiary of a Regulated Fund, in which all portfolio decisions, and generally
all other decisions in respect of such joint venture, must be approved by an investment committee consisting of representatives of the
Regulated Fund and the unaffiliated joint venture partner (with approval from a representative of each required). “BDC Downstream Fund” means an entity (a) directly or indirectly controlled by a Regulated Fund that is a business development company,
(b) that is not controlled by any person other than the Regulated Fund (except a person that indirectly controls the entity solely because
it controls the Regulated Fund), (c) that would be an investment company but for Section 3(c)(1) or 3(c)(7) of the 1940 Act, (d) whose
investment adviser is an Adviser and (e) that is not a Wholly-Owned Investment Sub.

In the case of a
Wholly-Owned Investment Sub that does not have a chief compliance officer or a Board, the chief