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

Company: Oxford Lane Capital Corp.
Filing Date: 2025-10-14
Form: 40-APP/A
Chunk 10
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the right to appoint a board observer or any similar right to participate in the governance or management of a portfolio company, the
Board of each Regulated Fund that does not hold this right must be given the opportunity to veto the selection of such person.12

2. . Prior to a Regulated Fund acquiring in a Co-Investment Transaction a security of an issuer in which an
Affiliated Entity has an existing interest in such issuer, the “required majority,” as defined in Section 57(o) of the 1940
Act,13 of the Regulated Fund (“Required Majority”)
will take the steps set forth in Section 57(f) of the 1940 Act,14
unless: (i) the Regulated Fund already holds the same security as each such Affiliated Entity; and (ii) the Regulated Fund and each other
Affiliated Entity holding the security is participating in the acquisition in approximate proportion to its then-current holdings.

3. . Any expenses associated with acquiring, holding or disposing of any securities acquired in a Co-Investment Transaction,
to the extent not borne by the Adviser(s), will be shared among the Participants in proportion to the relative amounts of the securities
being acquired, held or disposed of, as the case may be.15

| 12 | Such a Board can also, consistent with applicable fund documents, facilitate this opportunity by delegating 
 the authority to veto the selection of such person to a committee of the Board.                             |

| 13 | Section 57(o) defines the term “required majority,” in relevant part, with respect to the                                                    
 approval of a proposed transaction, as both a majority of a BDC’s directors who have no financial interest in the transaction and            
 a majority of such directors who are not interested persons of the BDC. In the case of a Regulated Fund that is not a BDC, the Board members 
 that constitute the Required Majority will be determined as if such Regulated Fund were a BDC subject to Section 57(o) of the 1940 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