Company: OXLCZ
Filing Date: 2025-06-27
Form Type: 40-APP
Source: 0001213900-25-058802
Chunk: 11

Company: Oxford Lane Capital Corp.
Filing Date: 2025-06-27
Form: 40-APP
Chunk 11
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0 Act.      |

| 14 | Section 57(f) provides for the approval by a Required Majority of certain transactions on the basis that,                                     
 in relevant part: (i) the terms of the transaction, including the consideration to be paid or received, are reasonable and fair to the        
 shareholders of the BDC and do not involve overreaching of the BDC or its shareholders on the part of any person concerned; (ii) the proposed 
 transaction is consistent with the interests of the BDC’s shareholders and the BDC’s policy as recited in filings made by                     
 the BDC with the Commission and the BDC’s reports to shareholders; and (iii) the BDC’s directors record in their minutes and                  
 preserve in their records a description of the transaction, their findings, the information or materials upon which their findings were       
 based, and the basis for their findings.                                                                                                      |

| 15 | Expenses of an individual Participant that are incurred solely by the Participant due to its unique circumstances 
 (such as legal and compliance expenses) will be borne by such Participant.                                        |

| 16 | Applicants are not requesting and the Commission is not providing any relief for transaction fees received 
 in connection with any Co-Investment Transaction.                                                          |

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5. . Each Adviser (and each Affiliated Entity that is not advised by an Adviser) will adopt and implement policies and procedures
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”). Each Adviser (and each
Affiliated Entity that is not advised by an Adviser) will provide its Co-Investment Policies to the Regulated Funds and will notify the
Regulated Funds of any material changes thereto.

6. :

(a) Prior
to any Disposition by an Affiliated Entity of a security acquired in a Co-Investment Transaction, the Adviser to each Regulated
Fund that participated in the Co-Investment Transaction will be notified and each such Regulated Fund given the opportunity to participate
pro rata based on the proportion of its holdings relative to the other Affiliated Entities participating in such Disposition.

(b) Prior
to any Disposition by a Regulated Fund of a security acquired in a Co-In