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

Company: Oxford Lane Capital Corp.
Filing Date: 2025-10-14
Form: 40-APP/A
Chunk 14
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 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.

| 20 | If a Regulated Fund enters into a transaction that would be a Co-Investment Transaction pursuant to this                                 
 Order in reliance on another exemptive order instead of this Order, the information presented to the Board and records maintained by the 
 Regulated Fund will expressly indicate the order relied upon by the Regulated Fund to enter into such transaction.                       |

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| 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; (iii) have greater bargaining power (notably with regard to creditor protection terms and other similar investor rights), more control
over the investment and less need to bring in other external investors or structure investments to satisfy the different needs of external
investors; (iv) benefit from economies of scale by sharing fixed expenses associated with an investment with the other Participants; and
(v) be able to obtain better deal flow from investment bankers and other sources of investments.

| B. | Shareholder Protections |

Each Co-Investment Transaction would be subject
to the terms and conditions of this Application. The Conditions are designed to address the concerns underlying Sections 17(d) and 57(a)(4)
and Rule 17d-l by ensuring that participation by a Regulated Fund in any Co-Investment Transaction would not be on a basis different from
or less advantageous than that of other Participants. Under