Company: OXLCZ
Filing Date: 2025-06-27
Form Type: 40-APP
Source: 0001213900-25-058802
Chunk: 10

Company: Oxford Lane Capital Corp.
Filing Date: 2025-06-27
Form: 40-APP
Chunk 10
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 relative amounts of the securities
being acquired, held or disposed of, as the case may be.

4. . Any transaction fee (including break-up, structuring, monitoring or commitment fees but excluding broker’s
fees contemplated by section 17(e) or 57(k) of the 1940 Act, as applicable), received by an Adviser and/or a Participant in connection
with a Co-Investment Transaction will be distributed to the Participants on a pro rata basis based on the amounts they invested or committed,
as the case may be, in such Co-Investment Transaction. If any transaction fee is to be held by an Adviser pending consummation of the
transaction, the fee will be deposited into an account maintained by the Adviser at a bank or banks having the qualifications prescribed
in section 26(a)(1) of the 1940 Act, and the account will earn a competitive rate of interest that will also be divided pro rata among
the Participants based on the amount they invest in such Co-Investment Transaction. No Affiliated Entity, Regulated Fund, or any of their
affiliated persons will accept any compensation, remuneration or financial benefit in connection with a Regulated Fund’s participation
in a Co-Investment Transaction, except: (i) to the extent permitted by Section 17(e) or 57(k) of the 1940 Act; (ii) as a result of either
being a Participant in the Co-Investment Transaction or holding an interest in the securities issued by one of the Participants; or (iii)
in the case of an Adviser, investment advisory compensation paid in accordance with investment advisory agreement(s) with the Regulated
Fund(s) or Affiliated Entity(ies).

| 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 194