Company: FCRX
Filing Date: 2025-08-19
Form Type: 40-APP
Source: 0001341004-25-000071
Chunk: 21

Company: Crescent Capital BDC, Inc.
Filing Date: 2025-08-19
Form: 40-APP
Chunk 21
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 Policies and the Regulated Fund’s policies and procedures approved pursuant to (b) above. (d) Every year, each Regulated Fund’s Adviser and chief compliance officer will provide the Regulated Fund’s Board with reports or other information requested by the Board related to the Regulated Fund’s participation in the co-investment program and any material changes in the Affiliated Entities’ participation in the co-investment program, including changes to the Affiliated Entities’ Co-Investment Policies. (e) The Adviser and the chief compliance officer will also notify the Regulated Fund’s Board of a compliance matter related to the Regulated Fund’s participation in the co-investment program and related Co-Investment Policies or the Regulated Fund’s policies and procedures approved pursuant to (b) above that a Regulated Fund’s chief compliance officer considers to be material. _____________________________

| 17 | The Affiliated Entities may adopt shared Co-Investment Allocation Policies. |

| 18 | “Disposition” means the sale, exchange, transfer or other disposition of an interest in a security of an issuer |

| 19 | “Tradable Security” means a security which trades: (i) on a national securities exchange (or designated offshore securities market as                                                                                                          
 defined in Rule 902(b) under the Securities Act of 1933, as amended) and (ii) with sufficient volume and liquidity (findings which are to be made in good faith and documented by the Advisers to any Regulated Funds) to allow each Regulated 
 Fund to dispose of its entire remaining position within 30 days at approximately the price at which the Regulated Fund has valued the investment.                                                                                              |

12 8. Recordkeeping. All information presented to the Board pursuant to the order will be kept for the life of the Regulated Fund and at least two years thereafter, and will be subject to examination by the Commission and its Staff. Each Regulated Fund will maintain the records required by Section 57(f)(3) as if it were a BDC and each of the Co-Investment Transactions were approved by the Required Majority under Section 57(f). 20 9. In the event that the Commission adopts a rule under the 1940 Act allowing co-investments of the type described in this Application, any relief granted by the Order will expire on the effective date of that rule.

| IV. | STATEMENT IN SUPPORT OF RELIEF REQUESTED |

Applicants submit that allowing the Co-Investment Transactions described by this Application is justified on