Company: OXLCZ
Filing Date: 2025-06-27
Form Type: 40-APP
Source: 0001213900-25-058802
Chunk: 4

Company: Oxford Lane Capital Corp.
Filing Date: 2025-06-27
Form: 40-APP
Chunk 4
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 compliance officer and Board of the Regulated
Fund that controls the Wholly-Owned Investment Sub will be deemed to serve those roles for the Wholly-Owned Investment Sub. In the case
of a Joint Venture or a BDC Downstream Fund (as applicable) that does not have a chief compliance officer or a Board, the chief compliance
officer of the Regulated Fund will be deemed to be the Joint Venture’s or BDC Downstream Fund’s chief compliance officer,
and the Joint Venture’s or BDC Downstream Fund’s investment committee will be deemed to be the Joint Venture’s or BDC
Downstream Fund’s Board.

| 5 | “Affiliated Entity” means an entity not controlled by a Regulated Fund that                                                                        
 intends to engage in Co-Investment Transactions and that is (a) with respect to a Regulated Fund, another Regulated Fund; (b) an Adviser           
 or its affiliates (other than an open-end investment company registered under the 1940 Act), and any direct or indirect, wholly- or majority-owned 
 subsidiary of an Adviser or its affiliates (other than of an open-end investment company registered under the 1940 Act), that is participating     
 in a Co-Investment Transaction in a principal capacity; or (c) any entity that would be an investment company but for Section 3(c) of              
 the 1940 Act or Rule 3a-7 thereunder and whose investment adviser is an Adviser.                                                                   |

To the extent that
an entity described in clause (b) is not advised by an Adviser, such entity shall be deemed to be an Adviser for purposes of the conditions.

| 6 | “Co-Investment Transaction” means the acquisition or Disposition of securities                
 of an issuer in a transaction effected in reliance on the Order or previously granted relief. |

| 7 | “Adviser” means OXSQ Adviser, OXLC Adviser, OXPK Adviser, Oxford Gate Management,                                                       
 and any other investment adviser controlling, controlled by, or under common control with OXSQ Adviser, OXLC Adviser, OXPK Adviser, and 
 Oxford Gate Management. The term “Adviser” also includes any internally-managed Regulated Fund.                                         |

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| II. | GENERAL DESCRIPTION OF THE APPLICANTS |

| A. | OXSQ |

OXSQ is a Maryland corporation
structured as an externally managed closed-end management