Company: OXLCZ
Filing Date: 2025-06-27
Form Type: 40-APP
Source: 0001213900-25-058802
Chunk: 7

Company: Oxford Lane Capital Corp.
Filing Date: 2025-06-27
Form: 40-APP
Chunk 7
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17(d) and 57(i) of the 1940 Act and Rule 17d-1 thereunder to permit, subject to the terms and conditions set forth below in this Application (the “ Conditions”), each Regulated Fund to be able to participate with one or more Affiliated Entities in Co-Investment Transactions otherwise prohibited by Sections 17(d) and
57(a)(4) of the 1940 Act and Rule 17d-1 thereunder.

| A. | Applicable Law |

Section 17(d), in relevant part, prohibits an
affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from effecting
any transaction in which the registered investment company is “a joint or a joint and several participant with such person”
in contravention of such rules as the SEC may prescribe “for the purpose of limiting or preventing participation by such [fund]
on a basis different from or less advantageous than that of such other participant.”

| 10 | In                                                                                                                                           
 the future, an Affiliated Fund may register as a closed-end management investment company or elect to be regulated as a business development 
 company under the 1940 Act and, if so, will be considered a Regulated Fund for purposes of this application.                                 |

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Rule 17d-1 prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from participating in, or effecting any transaction in connection with, any “joint enterprise or other joint arrangement or profit-sharing plan” 11in which the fund is a participant without first obtaining an order from the SEC.

Section 57(a)(4), in relevant part, prohibits any person related to a business development company in the manner described in Section 57(b), acting as principal, from knowingly effecting any transaction in which the business development company is a joint or a joint and several participant with such persons in contravention of such rules as the Commission may prescribe for the purpose of limiting or preventing participation by the business development company on a basis less advantageous than that of such person. Section 57(i) provides that, until the SEC prescribes rules under Section 57(a), the SEC’s rules under Section 17(d) applicable to registered closed-end investment companies will be deemed to apply to persons subject to the prohibitions of Section 57(a). Because the SEC has not adopted any rules under Section 57(a),