Company: FCRX
Filing Date: 2025-08-19
Form Type: 40-APP
Source: 0001341004-25-000071
Chunk: 18

Company: Crescent Capital BDC, Inc.
Filing Date: 2025-08-19
Form: 40-APP
Chunk 18
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 or any similar right to participate in the governance or management of a portfolio company, the Board of each Regulated Fund that does not hold this right must be given the opportunity to veto the selection of such person. 12 2. Existing Investments in the Issuer. Prior to a Regulated Fund acquiring in a Co-Investment Transaction a security of an issuer in which an Affiliated Entity has an existing interest in such issuer, the “required majority,” as defined in Section 57(o) of the 1940 Act, 13of the Regulated Fund (“ Required Majority”) will take the steps set forth in Section 57(f) of the 1940 Act, 14unless: (i) the Regulated Fund already holds the same security as each such Affiliated Entity; and (ii) the Regulated Fund and each other Affiliated Entity holding the security is participating in the acquisition in approximate proportion to its then-current holdings. 3. Related Expenses. Any expenses associated with acquiring, holding or disposing of any securities acquired in a Co-Investment Transaction, to the extent not borne by the Adviser(s), will be shared among the Participants in proportion to the relative amounts of the securities being acquired, held or disposed of, as the case may be. 15 4. No Remuneration. Any transaction fee 16(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 _____________________________

| 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 1940 Act.                                                                                                                                                                                      |

| 14 | Section 57(f) provides for the approval by a Required Majority of certain transactions on the basis that, in relevant part: (i) the