Company: OXLCZ
Filing Date: 2025-10-14
Form Type: 40-APP/A
Source: 0001213900-25-098756
Chunk: 12

Company: Oxford Lane Capital Corp.
Filing Date: 2025-10-14
Form: 40-APP/A
Chunk 12
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 to participate in Co-Investment Transactions are allocated in a manner that is fair
and equitable to every Regulated Fund; and (ii) the Adviser negotiating the Co-Investment Transaction considers the interest in the Transaction
of any participating Regulated Fund (the “Co-Investment Policies”). Each Adviser (and each Affiliated Entity
that is not advised by an Adviser) will provide its Co-Investment Policies to the Regulated Funds and will notify the Regulated Funds
of any material changes thereto.17

6. :

(a) Prior
to any Disposition18 by an Affiliated Entity of a security
acquired in a Co-Investment Transaction, the Adviser to each Regulated Fund that participated in the Co-Investment Transaction will be
notified and each such Regulated Fund given the opportunity to participate pro rata based on the proportion of its holdings relative to
the other Affiliated Entities participating in such Disposition.

(b) Prior
to any Disposition by a Regulated Fund of a security acquired in a Co-Investment Transaction, the Required Majority will take the steps
set forth in Section 57(f) of the 1940 Act, unless: (i) each Affiliated Entity holding the security participates in the Disposition in
approximate proportion to its then-current holding of the security; or (ii) the Disposition is a sale of a Tradable Security.19

| 16 | Applicants are not requesting and the Commission is not providing any relief for transaction fees received 
 in connection with any Co-Investment Transaction.                                                          |

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

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| 7. | Board Oversight |

| (a) | Each Regulated