<SEC-DOCUMENT>0001213900-25-036813.txt : 20250429
<SEC-HEADER>0001213900-25-036813.hdr.sgml : 20250429
<ACCEPTANCE-DATETIME>20250429161714
ACCESSION NUMBER:		0001213900-25-036813
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250429
DATE AS OF CHANGE:		20250429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Trinity Capital Inc.
		CENTRAL INDEX KEY:			0001786108
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		
		SEC FILE NUMBER:	812-15594
		FILM NUMBER:		25887862

	BUSINESS ADDRESS:	
		STREET 1:		1 N. 1ST ST.
		STREET 2:		3RD FLOOR
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		480.374.5350

	MAIL ADDRESS:	
		STREET 1:		1 N. 1ST ST.
		STREET 2:		3RD FLOOR
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EPT SPV 16 Sub (US) LLC
		CENTRAL INDEX KEY:			0002028248
		ORGANIZATION NAME:           	
		EIN:				993491602
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		
		SEC FILE NUMBER:	812-15594-05
		FILM NUMBER:		25887863

	BUSINESS ADDRESS:	
		STREET 1:		600 STEAMBOAT ROAD, SUITE 202
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203-340-8500

	MAIL ADDRESS:	
		STREET 1:		600 STEAMBOAT ROAD, SUITE 202
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TrinCap Funding, LLC
		CENTRAL INDEX KEY:			0002027854
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		
		SEC FILE NUMBER:	812-15594-03
		FILM NUMBER:		25887865

	BUSINESS ADDRESS:	
		STREET 1:		1 N. 1ST STREET
		STREET 2:		SUITE 302
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		480-374-5350

	MAIL ADDRESS:	
		STREET 1:		1 N. 1ST STREET
		STREET 2:		SUITE 302
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EPT 16 LLC
		CENTRAL INDEX KEY:			0002027033
		ORGANIZATION NAME:           	
		EIN:				992899518
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		
		SEC FILE NUMBER:	812-15594-02
		FILM NUMBER:		25887864

	BUSINESS ADDRESS:	
		STREET 1:		600 STEAMBOAT ROAD, SUITE 202
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203-340-8500

	MAIL ADDRESS:	
		STREET 1:		600 STEAMBOAT ROAD, SUITE 202
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EPT SPV 16 LLC
		DATE OF NAME CHANGE:	20240613

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Trinity Capital Adviser LLC
		CENTRAL INDEX KEY:			0002027851
		ORGANIZATION NAME:           	
		EIN:				923085821
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		
		SEC FILE NUMBER:	812-15594-04
		FILM NUMBER:		25887866

	BUSINESS ADDRESS:	
		STREET 1:		1 N. 1ST STREET
		STREET 2:		SUITE 302
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		480-374-5350

	MAIL ADDRESS:	
		STREET 1:		1 N. 1ST STREET
		STREET 2:		SUITE 302
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP/A
<SEQUENCE>1
<FILENAME>ea0239778-01_40appa.htm
<DESCRIPTION>40-APP/A
<TEXT>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">File No. 812-15594</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">U.S. SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">In the Matter of the Application of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRINITY CAPITAL INC., TRINITY CAPITAL ADVISER
LLC, TRINCAP FUNDING, LLC, <BR>
EPT 16 LLC, EPT SPV 16 SUB (US) LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">1 N. </FONT>1st
Street, Suite 302<BR>
Phoenix, AZ 85004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDMENT NO. 1 TO THE APPLICATION FOR AN ORDER
PURSUANT TO SECTIONS&nbsp;17(d)&nbsp;AND 57(i) OF THE INVESTMENT COMPANY ACT OF 1940 AND RULE 17d-1 UNDER THE INVESTMENT COMPANY ACT OF
1940 PERMITTING CERTAIN JOINT TRANSACTIONS OTHERWISE PROHIBITED BY SECTIONS 17(d) AND 57(a)(4) OF AND RULE 17d-1 UNDER THE INVESTMENT
COMPANY ACT OF 1940</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>All Communications, Notices and Orders to:</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sarah Stanton, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trinity Capital Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1 N. 1st Street, Suite 302</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Phoenix, AZ 85004</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Copies to:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Harry S. Pangas, Esq.<BR>
Darius I. Ravangard, Esq.<BR>
Dechert LLP<BR>
1900 K Street, N.W.<BR>
Washington, D.C. 20006<BR>
(202) 261-3300<BR>
harry.pangas@dechert.com<BR>
darius.ravangard@dechert.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April 29, 2025<BR STYLE="clear: both">
</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES OF AMERICA<BR>
BEFORE THE<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-top: Black 1pt solid"><B>&nbsp;</B></TD>
  <TD STYLE="border-top: Black 1pt solid; text-align: center"><B>:</B></TD>
  <TD STYLE="border-top: Black 1pt solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 48%"><B>IN THE MATTER OF</B></TD>
  <TD STYLE="text-align: center; width: 4%"><B>:</B></TD>
  <TD STYLE="width: 48%"><B>AMENDMENT NO. 1 TO THE</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD STYLE="text-align: center"><B>:</B></TD>
  <TD><B>APPLICATION FOR AN ORDER</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>TRINITY CAPITAL INC., TRINITY</B></TD>
  <TD STYLE="text-align: center"><B>:</B></TD>
  <TD><B>PURSUANT TO SECTIONS 17(d) AND 57(i)</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>CAPITAL ADVISER LLC, TRINCAP</B></TD>
  <TD STYLE="text-align: center"><B>:</B></TD>
  <TD><B>OF THE INVESTMENT COMPANY ACT OF</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>FUNDING, LLC, EPT 16 LLC, EPT SPV 16</B></TD>
  <TD STYLE="text-align: center"><B>:</B></TD>
  <TD><B>1940 AND RULE 17d-1 UNDER THE</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>SUB (US) LLC</B></TD>
  <TD STYLE="text-align: center"><B>:</B></TD>
  <TD><B>INVESTMENT COMPANY ACT OF 1940</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD STYLE="text-align: center"><B>:</B></TD>
  <TD><B>PERMITTING CERTAIN JOINT</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>File No. 812-15594</B></TD>
  <TD STYLE="text-align: center"><B>:</B></TD>
  <TD><B>TRANSACTIONS OTHERWISE</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD STYLE="text-align: center"><B>:</B></TD>
  <TD><B>PROHIBITED BY SECTIONS 17(d) AND</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD STYLE="text-align: center"><B>:</B></TD>
  <TD><B>57(a)(4) OF AND RULE 17d-1 UNDER THE</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><B>&nbsp;</B></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>:</B></TD>
  <TD STYLE="border-bottom: Black 1pt solid"><B>INVESTMENT COMPANY ACT OF 1940</B></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Summary of application</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The following entities hereby
request an order (the &ldquo;<B><I>Order</I></B>&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;
or &ldquo;<B><I>Commission</I></B>&rdquo;) under Section 57(i) of the Investment Company Act of 1940, as amended (the &ldquo;<B><I>1940
Act</I></B>&rdquo;),<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT> and Rule 17d-1, permitting certain
joint transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1 thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Trinity Capital Inc. (&ldquo;<B><I>Trinity Capital</I></B>&rdquo;), a closed-end management investment company that has elected to be regulated as a business development company (&ldquo;<B><I>BDC</I></B>&rdquo;) under the 1940 Act;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">EPT 16 LLC (&ldquo;<B><I>EPT Fund</I></B>&rdquo;), a closed-end management investment company that, prior to relying on the relief requested herein, will convert to or reorganize with and into a Delaware statutory trust and elect to be regulated as a BDC under the 1940 Act (together with Trinity Capital, the&nbsp;<I>&ldquo;<B>Existing Regulated Funds</B>&rdquo;</I>);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Trinity Capital Adviser LLC (the &ldquo;<B><I>Existing Adviser</I></B>&rdquo;), a wholly owned subsidiary of Trinity Capital that has registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and its successors<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">TrinCap Funding, LLC (&ldquo;<B><I>TrinCap Funding</I></B>&rdquo;), a wholly-owned subsidiary and Wholly-Owned Investment Sub (as defined below) of Trinity Capital; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EPT SPV 16 Sub (US) LLC (&ldquo;<B><I>EPT SPV</I></B>&rdquo; and
together with TrinCap Funding, the &ldquo;<B><I>Existing Wholly-Owned Subsidiaries</I></B>&rdquo;), a wholly-owned subsidiary and Wholly-Owned
Investment Sub of EPT Fund (together with the Existing Regulated Funds and the Existing Adviser, the &ldquo;<B><I>Applicants</I></B>&rdquo;).<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">Unless otherwise indicated, all section and rule references herein are to the 1940 Act and rules promulgated
thereunder.</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify">The term &ldquo;<B><I>successor</I></B>&rdquo; means an entity that results from a reorganization into
another jurisdiction or change in the type of business organization.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify">All existing entities that currently intend to rely upon the requested Order have been named as Applicants.
Any other existing or future entity that subsequently relies on the Order will comply with the terms and conditions of the Application.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The relief requested in this
application for the Order (the &ldquo;<B><I>Application</I></B>&rdquo;) would allow a Regulated Fund<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT>
and one or more Affiliated Entities<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT> to engage in Co-Investment
Transactions<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT> subject to the terms and conditions described
herein. The Regulated Funds and Affiliated Entities that participate in a Co-Investment Transaction are collectively referred to herein
as &ldquo;<B><I>Participants</I></B>.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT> The Applicants
do not seek relief for transactions effected consistent with Commission staff no-action positions.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><I>Regulated Fund</I></B>&rdquo; means the Existing Regulated Funds and any Future Regulated
Funds. &ldquo;<B><I>Future Regulated Fund</I></B>&rdquo; means an entity (a) that is a closed-end management investment company registered
under the 1940 Act, or a closed-end management investment company that has elected to be regulated as a business development company under
the 1940 Act, (b)&nbsp;whose (1) primary investment adviser or (2) sub-adviser is an Adviser (as defined below) and (c) that intends to
engage in Co-Investment Transactions. If an Adviser serves as sub-adviser to a Regulated Fund whose primary adviser is not also an Adviser,
such primary adviser shall be deemed to be an Adviser with respect to conditions 3 and 4 only.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The term Regulated
Fund also includes (a) any Wholly-Owned Investment Sub (as defined below) of a Regulated Fund, (b) any Joint Venture (as defined below)
of a Regulated Fund, and (c) any BDC Downstream Fund (as defined below) of a Regulated Fund that is a business development company. &ldquo;<B><I>Wholly-Owned
Investment Sub</I></B>&rdquo; means an entity: (a) that is a &ldquo;wholly-owned subsidiary&rdquo; (as defined in Section 2(a)(43) of
the 1940 Act) of a Regulated Fund; (b) whose sole business purpose is to hold one or more investments and which may issue debt on behalf
or in lieu of such Regulated Fund; and (c) is not a registered investment company or a business development company. &ldquo;<B><I>Joint
Venture</I></B>&rdquo; means an unconsolidated joint venture subsidiary of a Regulated Fund , in which all portfolio decisions, and generally
all other decisions in respect of such joint venture, must be approved by an investment committee consisting of representatives of the
Regulated Fund and the unaffiliated joint venture partner (with approval from a representative of each required). &ldquo;<B><I>BDC Downstream
Fund</I></B>&rdquo; means an entity (a) directly or indirectly controlled by a Regulated Fund that is a business development company,
(b) that is not controlled by any person other than the Regulated Fund (except a person that indirectly controls the entity solely because
it controls the Regulated Fund), (c) that would be an investment company but for Section 3(c)(1) or 3(c)(7) of the 1940 Act, (d) whose
investment adviser is an Adviser and (e) that is not a Wholly-Owned Investment Sub.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">In the case of a
Wholly-Owned Investment Sub that does not have a chief compliance officer or a Board, the chief 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&rsquo;s or BDC Downstream Fund&rsquo;s chief compliance officer,
and the Joint Venture&rsquo;s or BDC Downstream Fund&rsquo;s investment committee will be deemed to be the Joint Venture&rsquo;s or BDC
Downstream Fund&rsquo;s Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><I>Affiliated Entity</I></B>&rdquo; 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><I>Co-Investment Transaction</I></B>&rdquo; means the acquisition or Disposition of securities
of an issuer in a transaction effected in reliance on the Order or previously granted relief.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><I>Adviser</I></B>&rdquo; means the Existing Adviser and any other investment adviser controlling,
controlled by, or under common control with the Existing Adviser. The term &ldquo;Adviser&rdquo; also includes any internally-managed
Regulated Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT></TD><TD STYLE="text-align: justify"><I>See, e.g.</I>, Massachusetts Mutual Life Insurance Co. (pub. avail. June 7, 2000), Massachusetts Mutual
Life Insurance Co. (pub. avail. July 28, 2000) and SMC Capital, Inc. (pub. avail. Sept. 5, 1995).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><B>GENERAL DESCRIPTION OF THE APPLICANTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD><U>Trinity Capital</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trinity Capital was formed on August 12, 2019
as a corporation under the laws of the State of Maryland and commenced operations on January 16, 2020. Trinity Capital is an internally-managed
closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Trinity Capital intends to qualify
annually as a regulated investment company under Sub-Chapter M of the Internal Revenue Code of 1986, as amended. Trinity Capital&rsquo;s
principal place of business is 1 N. 1st Street, Suite 302, Phoenix, Arizona 85004.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trinity Capital&rsquo;s investment objective is
to generate current income and, to a lesser extent, capital appreciation through its investments. Trinity Capital has a six-member board,
of which four members are not &ldquo;interested persons&rdquo; of Trinity Capital within the meaning of Section 2(a)(19) of the 1940 Act.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD><U>EPT Fund</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EPT Fund commenced operations on June 28, 2024
as a private investment company (i.e., a company that relied on the exception from the definition of investment company set forth in Section
3(c)(1)) and will elect to be regulated as a BDC under the 1940 Act. EPT Fund is a Delaware limited liability company and will convert
to or reorganize with and into a Delaware statutory trust in connection with its BDC election. The Existing Adviser will serve as EPT
Fund&rsquo;s investment sub-adviser and an investment adviser unaffiliated with the Existing Adviser will serve as EPT Fund&rsquo;s primary
investment adviser at the time of the filing of EPT&rsquo;s election to be regulated as a BDC under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EPT Fund&rsquo;s investment objective is to generate
current income and, to a lesser extent, capital appreciation through its investments. In connection with and following EPT Fund&rsquo;s
BDC election, (i) EPT Fund intends to raise capital from third-parties and (ii) EPT Fund intends to qualify and elect to be treated as
a RIC under Subchapter M of the Code, and continue to qualify as a RIC in the future. EPT Fund&rsquo;s business and affairs are managed
under the direction of a six-member board, of which four members are not &ldquo;interested persons&rdquo; of EPT Fund within the meaning
of Section 2(a)(19) of the 1940 Act. EPT Fund&rsquo;s principal place of business is 600 Steamboat Road, Suite 202, Greenwich, Connecticut
06830.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD><U>The Existing Adviser</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Existing Adviser will serve
as the investment sub-adviser of EPT Fund upon EPT Fund&rsquo;s election to be regulated as a BDC under the 1940 Act and either it or
another Adviser will serve as the investment adviser (or as sub-adviser) to any Future Regulated Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT></TD><TD STYLE="text-align: justify">The Board of each Future Regulated Fund will consist of a majority of members who are not &ldquo;interested
persons&rdquo; of such Future Regulated Fund within the meaning of Section 2(a)(19) of the 1940 Act.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Existing Adviser is a Delaware
limited liability company formed in March 2023 as a wholly owned subsidiary of Trinity Capital to provide investment management and other
services to third parties, including closed-end management investment companies that are registered under the 1940 Act or have elected
to be regulated as BDCs. Trinity Capital has been granted exemptive relief from the provisions of Section 12(d)(3) of the 1940 Act by
the Commission, pursuant to an order issued by the Commission on December 13, 2022 (the &ldquo;<B><I>Adviser Exemptive Order</I></B>&rdquo;),<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT>
to allow Trinity Capital to organize, acquire, and wholly own the securities of the Existing Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Under the terms of an investment
advisory agreement with EPT Fund, the Existing Adviser will, among other things, manage the investment portfolio, direct purchases and
sales of portfolio securities and report thereon to EPT Fund&rsquo;s officers and trustees regularly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD><U>The Existing Wholly-Owned Subsidiaries</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Trinity Capital has one Wholly-Owned
Investment Sub which currently intends to rely upon the requested Order, which is TrinCap Funding. TrinCap Funding holds certain portfolio
investments that secure a revolving credit facility under which TrinCap Funding is the obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">EPT Fund owns one Wholly-Owned
Investment Sub, which is EPT SPV. EPT SPV holds certain portfolio investments that secure a revolving credit facility under which EPT
SPV is the obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B>III.</B></FONT></TD><TD STYLE="text-align: justify"><B>ORDER REQUESTED</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">The
Applicants request an Order of the Commission under Sections 17(d) and 57(i) of the 1940 Act and Rule 17d-1 thereunder to permit, subject
to the terms and conditions set forth below in this Application (the &ldquo;<B><I>Conditions</I></B>&rdquo;), each Regulated Fund to be
able to participate with one or more Affiliated Entities in Co-Investment Transactions</FONT> otherwise prohibited by Sections 17(d) and
57(a)(4) of the 1940 Act and Rule 17d-1 thereunder<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify"><U>Applicable Law</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 17(d), in relevant part, prohibits an
affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from effecting
any transaction in which the registered investment company is &ldquo;a joint or a joint and several participant with such person&rdquo;
in contravention of such rules as the SEC may prescribe &ldquo;for the purpose of limiting or preventing participation by such [fund]
on a basis different from or less advantageous than that of such other participant.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Rule
17d-1 prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as
principal, from participating in, or effecting any transaction in connection with, any &ldquo;joint enterprise or other joint arrangement
or profit-sharing plan&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></FONT> in which
the fund is a participant without first obtaining an order from the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT></TD><TD STYLE="text-align: justify">Trinity Capital Inc. (File No. 812-15251) Investment Company Act Rel. Nos. 34752 (November 15, 2022) (notice)
and 34772 (December 13, 2022) (order).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></FONT></TD><TD STYLE="text-align: justify">Rule 17d-1(c) defines a &ldquo;[j]oint enterprise or other joint arrangement or profit-sharing plan&rdquo;
to include, in relevant part, &ldquo;any written or oral plan, contract, authorization or arrangement or any practice or understanding
concerning an enterprise or undertaking whereby a registered investment company &hellip; and any affiliated person of or principal underwriter
for such registered company, or any affiliated person of such a person or principal underwriter, have a joint or a joint and several participation,
or share in the profits of such enterprise or undertaking &hellip;.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Section
57(a)(4), in relevant part, prohibits any person related to a business development company in the manner described in Section 57(b), acting
as principal, from knowingly effecting any transaction in which the business development company is a joint or a joint and several participant
with such persons in contravention of such rules as the Commission may prescribe for the purpose of limiting or preventing participation
by the business development company on a basis less advantageous than that of such person. Section 57(i) provides that, until the SEC
prescribes rules under Section 57(a), the SEC&rsquo;s rules under Section 17(d) applicable to registered closed-end investment companies
will be deemed to apply to persons subject to the prohibitions of Section 57(a). Because the SEC has not adopted any rules under Section
57(a), Rule 17d-1 applies to persons subject to the prohibitions of Section 57(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Rule
17d-1(b) provides, in relevant part, that in passing upon applications under the rule, the Commission will consider whether the participation
of a registered investment company in a joint enterprise, joint arrangement or profit-sharing plan on the basis proposed is consistent
with the provisions, policies and purposes of the 1940 Act and the extent to which such participation is on a basis different from or
less advantageous than that of other participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD><U>Need for Relief</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Each
Regulated Fund may be deemed to be an affiliated person of each other Regulated Fund within the meaning of Section 2(a)(3) if it is deemed
to be under common control because an Adviser is or will be either the investment adviser or sub-adviser to each Regulated Fund, except
for Trinity Capital, which will control the Existing Adviser and any other investment adviser controlled by or under common control with
the Existing Adviser. Section 17(d) and Section 57(b) apply to any investment adviser to a closed-end fund or a business development company,
respectively, including a sub-adviser. Thus, an Adviser and any Affiliated Entities that it advises could be deemed to be persons related
to Regulated Funds in a manner described by Sections 17(d) and 57(b). With respect to any Advisers that are deemed to be affiliated persons
of each other, Affiliated Entities advised by any of them could be deemed to be persons related to Regulated Funds (or a company controlled
by a Regulated Fund) in a manner described by Sections 17(d) and 57(b). In addition, any entities or accounts controlled by or under common
control with the Advisers that are deemed to be affiliated persons of each other that may, from time to time, hold various financial assets
in a principal capacity, could be deemed to be persons related to Regulated Funds (or a company controlled by a Regulated Fund) in a manner
described by Sections 17(d) and 57(b). Trinity Capital controls or will control each other Adviser and therefore Trinity Capital (or a
Wholly-Owned Investment Subsidiary, BDC Downstream Fund or Joint Venture of Trinity Capital) could be deemed to be related to a Regulated
Fund that is a BDC and a Regulated Fund other than a BDC in the manner described by Section 57(b) and Section 17(d), respectively, and
prohibited by Section 57(a)(4), Rule 17d-1 and/or Section 17(d) from participating in Co-Investment Transactions with other Regulated
Funds in a manner described by Section 57(b). Finally, with respect to any Wholly-Owned Investment Sub, Joint Venture, or BDC Downstream
Fund of a Regulated Fund, such entity would be a company controlled by its parent Regulated Fund for purposes of Section 57(a)(4) of the
1940 Act and Rule 17d-l under the 1940 Act. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify"><U>Conditions</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Applicants agree that any Order
granting the requested relief will be subject to the following Conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Same
Terms</U>. With respect to any Co-Investment Transaction, each Regulated Fund, and Affiliated Entity participating in such transaction
will acquire, or dispose of, as the case may be, the same class of securities, at the same time, for the same price and with the same
conversion, financial reporting and registration rights, and with substantially the same other terms (provided that the settlement date
for an Affiliated Entity may occur up to ten business days after the settlement date for the Regulated Fund, and vice versa). If a Participant,
but not all of the Regulated Funds, has the right to nominate a director for election to a portfolio company&rsquo;s board of directors,
the right to appoint a board observer 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.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>12</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12</SUP></FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Existing
Investments in the Issuer</U>. 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 &ldquo;required majority,&rdquo; as defined in Section 57(o) of the 1940
Act,<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13</SUP></FONT> of the Regulated Fund (&ldquo;<B><I>Required Majority</I></B>&rdquo;)
will take the steps set forth in Section 57(f) of the 1940 Act,<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>14</SUP></FONT>
unless: (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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Related
Expenses</U>. 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.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>15</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Remuneration</U>. Any transaction fee<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>16</SUP></FONT> (including break-up,
structuring, monitoring or commitment fees but excluding broker&rsquo;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&rsquo;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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13</SUP></FONT></TD><TD STYLE="text-align: justify">Section 57(o) defines the term &ldquo;required majority,&rdquo; in relevant part, with respect to the
approval of a proposed transaction, as both a majority of a BDC&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14</SUP></FONT></TD><TD STYLE="text-align: justify">Section 57(f) provides for the approval by a Required Majority of certain transactions on the basis that,
in relevant part: (i) the terms of the transaction, including the consideration to be paid or received, are reasonable and fair to the
shareholders of the BDC and do not involve overreaching of the BDC or its shareholders on the part of any person concerned; (ii) the proposed
transaction is consistent with the interests of the BDC&rsquo;s shareholders and the BDC&rsquo;s policy as recited in filings made by
the BDC with the Commission and the BDC&rsquo;s reports to shareholders; and (iii) the BDC&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15</SUP></FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT></TD><TD STYLE="text-align: justify">Applicants are not requesting and the Commission is not providing any relief for transaction fees received
in connection with any Co-Investment Transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Co-Investment
Policies</U>. 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 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 &ldquo;<B><I>Co-Investment Policies</I></B>&rdquo;). 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.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>17</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dispositions</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to any Disposition<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>18</SUP></FONT> 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>19</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify"><U>Board Oversight</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Each Regulated Fund&rsquo;s directors will oversee the Regulated Fund&rsquo;s participation in the co-investment program in the exercise
of their reasonable business judgment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Prior to a Regulated Fund&rsquo;s participation in Co-Investment Transactions, the Regulated Fund&rsquo;s Board, including a Required
Majority, will: (i) review the Co-Investment Policies, to ensure that they are reasonably designed to prevent the Regulated Fund from
being disadvantaged by participation in the co-investment program; and (ii) approve policies and procedures of the Regulated Fund that
are reasonably designed to ensure compliance with the terms of the Order.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>At least quarterly, each Regulated Fund&rsquo;s Adviser and chief compliance officer (as defined in Rule 38a-1(a)(4)) will provide
the Regulated Fund Boards with reports or other information requested by the Board related to a Regulated Fund&rsquo;s participation in
Co-Investment Transactions and a summary of matters, if any, deemed significant that may have arisen during the period related to the
implementation of the Co-Investment Policies and the Regulated Fund&rsquo;s policies and procedures approved pursuant to (b) above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT></TD><TD STYLE="text-align: justify">The Affiliated Entities may adopt shared Co-Investment Policies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><I>Disposition</I></B>&rdquo; means the sale, exchange, transfer or other disposition of an
interest in a security of an issuer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><I>Tradable Security</I></B>&rdquo; 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 97.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 97.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Every year, each Regulated Fund&rsquo;s Adviser and chief compliance officer will provide the Regulated Fund&rsquo;s Board with reports
or other information requested by the Board related to the Regulated Fund&rsquo;s participation in the co-investment program and any material
changes in the Affiliated Entities&rsquo; participation in the co-investment program, including changes to the Affiliated Entities&rsquo;
Co-Investment Policies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 97.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>The Adviser and the chief compliance officer will also notify the Regulated Fund&rsquo;s Board of a compliance matter related to the
Regulated Fund&rsquo;s participation in the co-investment program and related Co-Investment Policies or the Regulated Fund&rsquo;s policies
and procedures approved pursuant to (b) above that a Regulated Fund&rsquo;s chief compliance officer considers to be material.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recordkeeping</U>.
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 business development company and each of the Co-Investment Transactions were approved by the Required Majority
under Section 57(f).<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>20</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B>IV.</B></FONT></TD><TD STYLE="text-align: justify"><B>STATEMENT IN SUPPORT OF RELIEF REQUESTED</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Applicants submit that allowing the Co-Investment
Transactions described by this Application is justified on the basis of (i) the potential benefits to the Regulated Funds and their respective
shareholders and (ii) the protections found in the terms and conditions set forth in this Application.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Potential Benefits to the Regulated Funds and their Shareholders</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 57(a)(4) and Rule 17d-1 (as applicable)
limit the ability of the Regulated Funds to participate in attractive co-investment opportunities under certain circumstances. If the
relief is granted, the Regulated Funds should: (i) be able to participate in a larger number and greater variety of investments, thereby
diversifying their portfolios and providing related risk-limiting benefits; (ii)&nbsp;be able to participate in larger financing opportunities,
including those involving issuers with better credit quality, which otherwise might not be available to investors of a Regulated Fund&rsquo;s
size; (iii) have greater bargaining power (notably with regard to creditor protection terms and other similar investor rights), more control
over the investment and less need to bring in other external investors or structure investments to satisfy the different needs of external
investors; (iv) benefit from economies of scale by sharing fixed expenses associated with an investment with the other Participants; and
(v)&nbsp;be able to obtain better deal flow from investment bankers and other sources of investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>20</SUP></FONT></TD><TD STYLE="text-align: justify">If a Regulated Fund enters into a transaction that would be a Co-Investment Transaction pursuant to this
Order in reliance on another exemptive order instead of this Order, the information presented to the Board and records maintained by the
Regulated Fund will expressly indicate the order relied upon by the Regulated Fund to enter into such transaction.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD><U>Shareholder Protections</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Co-Investment Transaction would be subject
to the terms and conditions of this Application. The Conditions are designed to address the concerns underlying Sections 17(d) and 57(a)(4)
and Rule 17d-l by ensuring that participation by a Regulated Fund in any Co-Investment Transaction would not be on a basis different from
or less advantageous than that of other Participants. Under Condition 5, each Adviser (and each Affiliated Entity that is not advised
by an Adviser) will adopt and implement Co-Investment Policies that are reasonably designed to ensure that (i) opportunities 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
will require an Adviser to make an independent determination of the appropriateness of a Co-Investment Transaction and the proposed allocation
size based on each Participant&rsquo;s specific investment profile and other relevant characteristics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B>V.</B></FONT></TD><TD STYLE="text-align: justify"><B>PRECEDENTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Commission has previously
issued orders permitting certain investment companies subject to regulation under the 1940 Act and their affiliated persons to be able
to participate in Co-Investment Transactions (the &ldquo;<B><I>Existing Orders</I></B>&rdquo;).<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>21</SUP></FONT>
Similar to the Existing Orders, the Conditions described herein are designed to mitigate the possibility for overreaching and to promote
fair and equitable treatment of the Regulated Funds. Accordingly, the Applicants submit that the scope of investor protections contemplated
by the Conditions are consistent with those found in the Existing Orders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="text-transform: uppercase"><B>VI.</B></FONT></TD><TD STYLE="text-align: justify"><B>PROCEDURAL MATTERS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD><U>Communications</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Please address all communications
concerning this Application, the Notice and the Order to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Sarah Stanton, Esq.<BR>
Trinity Capital Inc.<BR>
1 N. 1st Street, Suite 302<BR>
Phoenix, AZ 85004</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B></B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>21</SUP></FONT></TD><TD STYLE="text-align: justify"><I>See, e.g</I>., Polen Credit Opportunities Fund, <I>et al</I>. (File No. 812-15457) Release No. IC-35183
(May 2, 2024) (notice), Release No. IC-35206 (May 28, 2024) (Order); Sound Point Meridian Capital, Inc., <I>et al</I>. (File No. 812-15476-01)
Release No. IC-35173 (April 19, 2024) (notice), Release No. IC-35192 (May 15, 2024) (order); Brookfield Infrastructure Income Fund Inc.,
<I>et al</I>. (File No. 812-15415), Release No. IC-35001 (September 20, 2022) (notice), Release No. IC-35032 (October 17, 2023) (order);
T. Rowe Price OHA Select Private Credit Fund, <I>et al.</I> (File No. 812-15461), Release No. IC-34963 (July 24, 2023) (notice), Release
No. IC-34987 (August 21, 2023) (order); KKR Real Estate Select Trust Inc., <I>et al.</I> (File No. 812-15181), Release No. IC-34962 (July
18, 2023) (notice), Release No. IC-34985 (August 15, 2023) (order); MBC Total Private Markets Access Fund, <I>et al.</I> (File No. 812-15422),
Release No. IC-34953 (June 28, 2023) (notice), Release No. IC-34965 (July 25, 2023) (order); Vista Credit Strategic Lending Corp. <I>et
al.</I> (File No. 812-15323), Release No. IC-34946 (June 20, 2023) (notice), Release No. IC-34961 (July 18, 2023) (order).</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Please address
any questions, and a copy of any communications, concerning this Application, the Notice, and the Order to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Harry S. Pangas, Esq.<BR>
Darius I. Ravangard, Esq.<BR>
Dechert LLP<BR>
1900 K Street, N.W.<BR>
Washington, D.C. 20006</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(202) 261-3300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>harry.pangas@dechert.com</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>darius.ravangard@dechert.com</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD><U>Authorizations</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The filing of this Application
for the Order sought hereby and the taking of all acts reasonably necessary to obtain the relief requested herein was authorized by the
Board of each Existing Regulated Fund pursuant to resolutions duly adopted by the Board. Copies of the resolutions are provided below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Pursuant to Rule 0-2(c), Applicants
hereby state that each Existing Regulated Fund and Existing Affiliated Fund have authorized to cause to be prepared and to execute and
file with the Commission this Application and any amendment thereto for an order pursuant to Sections 17(d) and 57(i) and Rule 17d-1 permitting
certain joint transactions otherwise prohibited by Sections 17(d) and 57(a)(4) and Rule 17d-1. The person executing the Application on
behalf of the Applicants being duly sworn deposes and says that he has duly executed the Application for and on behalf of the applicable
entity listed; that he is authorized to execute the Application pursuant to the terms of an operating agreement, management agreement
or otherwise; and that all actions by members, directors or other bodies necessary to authorize each such deponent to execute and file
the Application have been taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Applicants have caused this
Application to be duly signed on their behalf on the 29th day of April, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>TRINITY CAPITAL INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt">/s/ Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Name:</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Title:&#8239;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>EPT 16 LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt">/s/ Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Name:</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Title:</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>TRINITY CAPITAL ADVISER LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Trinity Capital Inc., its sole member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt">/s/ Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Name:&#8239;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Title:</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>EPT SPV 16 SUB (US) LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">EPT 16 LLC, its sole member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt">/s/ Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Name:</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Title:</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>TRINCAP FUNDING, LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Trinity Capital Inc., its sole member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt">/s/ Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Name:</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom; width: 5%">Title:</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom; width: 31%">Chief Executive Officer</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>VERIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned states that he or she has duly
executed the attached application dated as of April 29, 2025 for and on behalf of each entity listed below; that he or she holds office
with such entity as indicated below; and that all action by directors, officers, stockholders, trustees or members of each entity and
any other body necessary to authorize the undersigned to execute and file such instrument has been taken. Each of the undersigned further
states that he or she is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the
best of his or her knowledge, information and belief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>TRINITY CAPITAL INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 31%">Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>EPT 16 LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>TRINITY CAPITAL ADVISER LLC</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2">Trinity Capital Inc., its sole member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>EPT SPV 16 SUB (US) LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2">EPT 16 LLC, its sole member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>TRINCAP FUNDING, LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2">Trinity Capital Inc., its sole member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Kyle Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRINITY CAPITAL BOARD RESOLUTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, BE IT RESOLVED,
that the officers (the &ldquo;<U>Officers</U>&rdquo;) of the Company be, and they hereby are, authorized, empowered and directed, in the
name and on behalf of the Company, to cause to be prepared, executed, delivered and filed with the Commission an Application and to do
such other acts or things and execute such other documents, including, but not limited to, amendments to the Application and requests
for no-action relief or interpretive positions under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended,
the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), or any other applicable federal or state securities law,
as they deem necessary or desirable to cause the Application to conform to comments received from the Staff of the Commission and otherwise
to comply with the 1940 Act and the rules and regulations promulgated thereunder, in such form and accompanied by such exhibits and other
documents as the Officer or Officers preparing the same shall approve, such approval to be conclusively evidenced by the execution or
filing of such documents, including, but not limited to, the filing of the Application, any amendments thereto or any requests for no-action
relief or interpretive positions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">RESOLVED FURTHER, that the
Officers be, and each of them acting alone hereby is, authorized and directed to file such additional Applications, any amendments thereto
or any additional requests for no-action relief or interpretive positions, as such officers shall deem necessary or desirable in order
for the Company to accomplish its investment objective, in such form and accompanied by such exhibits and other documents as the Officer
or Officers preparing the same shall approve, such approval to be conclusively evidenced by the execution or filing of such documents,
including, but not limited to, the filing of such additional Applications, any amendments thereto or any additional requests for no-action
relief or interpretive positions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">RESOLVED FURTHER, that the
Officers be, and each of them hereby is, authorized, empowered and directed, in the name and on behalf of the Company, to perform all
of the agreements and obligations of the Company in connection with the foregoing resolutions, to take or cause to be taken any and all
further actions, to execute and deliver, or cause to be executed and delivered, all other documents, instruments, agreements, undertakings,
and certificates of any kind and nature whatsoever, to incur and pay all fees and expenses and to engage such persons as the Officer or
Officers may determine to be necessary, advisable or appropriate to effectuate or carry out the purposes and intent of the foregoing resolutions,
and the execution by the Officer or Officers of any such documents, instruments, agreements, undertakings and certificates, the payment
of any fees and expenses or the engagement of such persons or the taking by them of any action in connection with the foregoing matters
shall conclusively establish the Officer&rsquo;s or Officers&rsquo; authority therefor and the authorization, acceptance, adoption, ratification,
approval and confirmation by the Company thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Adopted on June 24, 2024)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EPT FUND BOARD RESOLUTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, BE IT RESOLVED,
that the officers (the &ldquo;<U>Officers</U>&rdquo;) of the Company be, and they hereby are, authorized, empowered and directed, in the
name and on behalf of the Company, to cause to be prepared, executed, delivered and filed with the Commission an Application and to do
such other acts or things and execute such other documents, including, but not limited to, amendments to the Application and requests
for no-action relief or interpretive positions under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended,
the Investment Company Act of 1940, as amended (the &ldquo;<U>1940 Act</U>&rdquo;), or any other applicable federal or state securities
law, as they deem necessary or desirable to cause the Application to conform to comments received from the Staff of the Commission and
otherwise to comply with the 1940 Act and the rules and regulations promulgated thereunder, in such form and accompanied by such exhibits
and other documents as the Officer or Officers preparing the same shall approve, such approval to be conclusively evidenced by the execution
or filing of such documents, including, but not limited to, the filing of the Application, any amendments thereto or any requests for
no-action relief or interpretive positions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">RESOLVED FURTHER, that the
Officers be, and each of them acting alone hereby is, authorized and directed to file such additional Applications, any amendments thereto
or any additional requests for no-action relief or interpretive positions, as such officers shall deem necessary or desirable in order
for the Company to accomplish its investment objective, in such form and accompanied by such exhibits and other documents as the Officer
or Officers preparing the same shall approve, such approval to be conclusively evidenced by the execution or filing of such documents,
including, but not limited to, the filing of such additional Applications, any amendments thereto or any additional requests for no-action
relief or interpretive positions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">RESOLVED FURTHER, that the
Officers be, and each of them hereby is, authorized, empowered and directed, in the name and on behalf of the Company, to perform all
of the agreements and obligations of the Company in connection with the foregoing resolutions, to take or cause to be taken any and all
further actions, to execute and deliver, or cause to be executed and delivered, all other documents, instruments, agreements, undertakings,
and certificates of any kind and nature whatsoever, to incur and pay all fees and expenses and to engage such persons as the Officer or
Officers may determine to be necessary, advisable or appropriate to effectuate or carry out the purposes and intent of the foregoing resolutions,
and the execution by the Officer or Officers of any such documents, instruments, agreements, undertakings and certificates, the payment
of any fees and expenses or the engagement of such persons or the taking by them of any action in connection with the foregoing matters
shall conclusively establish the Officer&rsquo;s or Officers&rsquo; authority therefor and the authorization, acceptance, adoption, ratification,
approval and confirmation by the Company thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Adopted on June 25, 2024)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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