Company: OXLCZ
Filing Date: 2025-10-14
Form Type: 40-APP/A
Source: 0001213900-25-098756
Chunk: 11

Company: Oxford Lane Capital Corp.
Filing Date: 2025-10-14
Form: 40-APP/A
Chunk 11
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 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.                                        |

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4. . Any transaction fee16 (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).

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