Company: OXLCZ
Filing Date: 2025-06-27
Form Type: 40-APP
Source: 0001213900-25-058802
Chunk: 6

Company: Oxford Lane Capital Corp.
Filing Date: 2025-06-27
Form: 40-APP
Chunk 6
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 meaning of Section 2(a)(19) of the 1940 Act.

| 9 | The                                                                                                                       
 Board of each Future Regulated Fund will consist of a majority of members who are not “interested persons” of such Future 
 Regulated Fund within the meaning of Section 2(a)(19) of the Act.                                                         |

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| D. | The Existing Affiliated Funds |

The Existing Affiliated Funds
are investment funds, each of whose investment adviser is Oxford Gate Management and each of which would be an investment company but
for Section 3(c)(1) or Section 3(c)(7) of the Act. A complete list of the Existing Affiliated Funds is included on hereto.

| E. | The Existing Advisers |

Each of the Existing Advisers
are controlled by Oxford Funds, LLC (“Oxford Funds”). Oxford Funds serves as administrator to OXSQ, OXLC and
OXPK, pursuant to respective administration agreements with each. Oxford Funds does not currently offer investment advisory services to
any person and is not expected to do so in the future. Accordingly, Oxford Funds has not been included as an Applicant.

OXSQ Adviser is a Delaware
limited liability company and is registered as an investment adviser with the Commission under the Investment Advisers Act of 1940, as
amended (the “Advisers Act”). OXSQ Adviser serves as the investment adviser to OXSQ and manages its portfolio
in accordance with OXSQ’s objectives and strategies.

OXLC Adviser is a Connecticut
limited liability company and is registered as an investment adviser with the Commission under the Advisers Act. OXLC Adviser serves as
the investment adviser to OXLC and manages its portfolio in accordance with OXLC’s objectives and strategies.

OXPK Adviser is a Connecticut
limited liability company and is registered as an investment adviser with the Commission under the Advisers Act. OXPK Adviser serves as
the investment adviser to OXPK and manages its portfolio in accordance with OXPK’s objectives and strategies.

Oxford Gate Management is
a Delaware limited liability company and is an investment adviser registered with the Commission under the Advisers Act. Oxford Gate Management
serves as the investment adviser to the Existing Affiliated Funds and manages their portfolios in accordance with each Existing Affiliated
Fund’s investment objectives and strategies.

| III. | ORDER REQUESTED |

The Applicants request an Order of the Commission under Sections