<SEC-DOCUMENT>0001140361-21-001483.txt : 20210119
<SEC-HEADER>0001140361-21-001483.hdr.sgml : 20210119
<ACCEPTANCE-DATETIME>20210119172452
ACCESSION NUMBER:		0001140361-21-001483
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210119
DATE AS OF CHANGE:		20210119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Capital Group LP
		CENTRAL INDEX KEY:			0001513857
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184
		FILM NUMBER:		21536491

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5900

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CDL Unit Trust (Ireland)
		CENTRAL INDEX KEY:			0001657522
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-01
		FILM NUMBER:		21536429

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Capital BDC, Inc.
		CENTRAL INDEX KEY:			0001633336
		IRS NUMBER:				473162282
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-02
		FILM NUMBER:		21536430

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD.
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD.
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Capital High Income Fund B, L.P.
		CENTRAL INDEX KEY:			0001550727
		IRS NUMBER:				455287411
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-03
		FILM NUMBER:		21536431

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5900

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Capital High Income Fund, L.P.
		CENTRAL INDEX KEY:			0001545555
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-04
		FILM NUMBER:		21536432

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP HIGH INCOME L
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		(310) 235-5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP HIGH INCOME L
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Crescent High Income Fund, L.P.
		DATE OF NAME CHANGE:	20120323

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Credit Europe LLP
		CENTRAL INDEX KEY:			0001657459
		IRS NUMBER:				981030085
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-05
		FILM NUMBER:		21536433

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Credit Opportunities Fund (Cayman), L.P.
		CENTRAL INDEX KEY:			0001804763
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-06
		FILM NUMBER:		21536434

	BUSINESS ADDRESS:	
		STREET 1:		CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		(310) 235-5900

	MAIL ADDRESS:	
		STREET 1:		CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Credit Opportunities Fund, L.P.
		CENTRAL INDEX KEY:			0001804769
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-07
		FILM NUMBER:		21536435

	BUSINESS ADDRESS:	
		STREET 1:		CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		(310) 235-5900

	MAIL ADDRESS:	
		STREET 1:		CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Direct Lending Fund, L.P.
		CENTRAL INDEX KEY:			0001587075
		IRS NUMBER:				800906197
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-08
		FILM NUMBER:		21536436

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE, 36TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617.854.1500

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE, 36TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Direct Lending Management, LLC
		CENTRAL INDEX KEY:			0001657460
		IRS NUMBER:				383933857
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-09
		FILM NUMBER:		21536437

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Direct Lending SBIC Fund, L.P.
		CENTRAL INDEX KEY:			0001619061
		IRS NUMBER:				300773787
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-10
		FILM NUMBER:		21536438

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		36TH FL.
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-854-1500

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		36TH FL.
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Mezzanine Partners VI, L.P.
		CENTRAL INDEX KEY:			0001545556
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-11
		FILM NUMBER:		21536439

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT MEZZANINE PARTNERS VI, L.P.
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		(310) 235-5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT MEZZANINE PARTNERS VI, L.P.
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Mezzanine Partners VIB, L.P.
		CENTRAL INDEX KEY:			0001545557
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-12
		FILM NUMBER:		21536440

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT MEZZANINE PARTNERS VIB, L.P
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		(310) 235-5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT MEZZANINE PARTNERS VIB, L.P
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Mezzanine Partners VIC, L.P.
		CENTRAL INDEX KEY:			0001545558
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-13
		FILM NUMBER:		21536441

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT MEZZANINE PARTNERS VIC, L.P
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		(310) 235-5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT MEZZANINE PARTNERS VIC, L.P
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent SBIC Management, LLC
		CENTRAL INDEX KEY:			0001657464
		IRS NUMBER:				900952920
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-14
		FILM NUMBER:		21536442

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRESCENT SENIOR SECURED FLOATING RATE LOAN FUND (CAYMAN), L.P.
		CENTRAL INDEX KEY:			0001339820
		IRS NUMBER:				203417160
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-15
		FILM NUMBER:		21536443

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT SR SECURED LOAN MGMT LLC
		STREET 2:		11100 SANTA MONICA BLVD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT SR SECURED LOAN MGMT LLC
		STREET 2:		11100 SANTA MONICA BLVD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TCW SENIOR SECURED FLOATING RATE LOAN FUND CAYMAN L P
		DATE OF NAME CHANGE:	20050926

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRESCENT SENIOR SECURED FLOATING RATE LOAN FUND, LLC
		CENTRAL INDEX KEY:			0001339274
		IRS NUMBER:				202778298
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-16
		FILM NUMBER:		21536444

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5900

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TCW SENIOR SECURED FLOATING RATE LOAN FUND LP
		DATE OF NAME CHANGE:	20050921

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent/Kamehameha Schools Partnership, LP
		CENTRAL INDEX KEY:			0001657506
		IRS NUMBER:				464668874
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-17
		FILM NUMBER:		21536445

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NPS/Crescent Strategic Partnership, LP
		CENTRAL INDEX KEY:			0001657510
		IRS NUMBER:				981120236
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-18
		FILM NUMBER:		21536446

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cliffwater Corporate Lending Fund
		CENTRAL INDEX KEY:			0001735964
		IRS NUMBER:				824960854
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-19
		FILM NUMBER:		21536447

	BUSINESS ADDRESS:	
		STREET 1:		C/O UMB FUND SERVICES, INC.
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53212
		BUSINESS PHONE:		414-299-2200

	MAIL ADDRESS:	
		STREET 1:		C/O UMB FUND SERVICES, INC.
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Cliffwater Direct Lending Fund
		DATE OF NAME CHANGE:	20180329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Lending Fund (Cayman) LP
		CENTRAL INDEX KEY:			0001609046
		IRS NUMBER:				981157767
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-20
		FILM NUMBER:		21536448

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Lending Fund (Cayman-Levered) LP
		CENTRAL INDEX KEY:			0001609045
		IRS NUMBER:				981157518
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-21
		FILM NUMBER:		21536449

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Lending Fund (Levered) LP
		CENTRAL INDEX KEY:			0001609044
		IRS NUMBER:				464917798
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-22
		FILM NUMBER:		21536450

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Lending Fund For ERISA Plans LP
		CENTRAL INDEX KEY:			0001609043
		IRS NUMBER:				981157181
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-23
		FILM NUMBER:		21536451

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Lending Fund, L.P.
		CENTRAL INDEX KEY:			0001657518
		IRS NUMBER:				464902908
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-24
		FILM NUMBER:		21536452

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Loan Fund SCS, SICAV-FIS
		CENTRAL INDEX KEY:			0001657526
		IRS NUMBER:				981192100
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-25
		FILM NUMBER:		21536453

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Mezzanine Partners VII (LTL), L.P.
		CENTRAL INDEX KEY:			0001658660
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-26
		FILM NUMBER:		21536454

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Crescent Mezzanine Partners VII (Ltl), L.P.
		DATE OF NAME CHANGE:	20151117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Mezzanine Partners VII, L.P.
		CENTRAL INDEX KEY:			0001658640
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-27
		FILM NUMBER:		21536455

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Mezzanine Partners VIIB, L.P.
		CENTRAL INDEX KEY:			0001658661
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-28
		FILM NUMBER:		21536456

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Mezzanine Partners VIIC (LTL), L.P.
		CENTRAL INDEX KEY:			0001658641
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-29
		FILM NUMBER:		21536457

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Mezzanine Partners VIIC, L.P.
		CENTRAL INDEX KEY:			0001658662
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-30
		FILM NUMBER:		21536458

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent/AEGIS Partnership, LP
		CENTRAL INDEX KEY:			0001658665
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-31
		FILM NUMBER:		21536459

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CBDC Advisors, LLC
		CENTRAL INDEX KEY:			0001640855
		IRS NUMBER:				300856933
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-32
		FILM NUMBER:		21536460

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD.
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD.
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cliffwater LLC
		CENTRAL INDEX KEY:			0001659851
		IRS NUMBER:				201246914
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-33
		FILM NUMBER:		21536461

	BUSINESS ADDRESS:	
		STREET 1:		4640 ADMIRALTY WAY
		STREET 2:		11TH FLOOR
		CITY:			MARINA DEL REY
		STATE:			CA
		ZIP:			90292
		BUSINESS PHONE:		310-448-5000

	MAIL ADDRESS:	
		STREET 1:		4640 ADMIRALTY WAY
		STREET 2:		11TH FLOOR
		CITY:			MARINA DEL REY
		STATE:			CA
		ZIP:			90292

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent (TX) Direct Lending Fund, L.P.
		CENTRAL INDEX KEY:			0001657507
		IRS NUMBER:				352471381
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-34
		FILM NUMBER:		21536462

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Lending Fund II (Cayman - Levered EUR) LP
		CENTRAL INDEX KEY:			0001756374
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-35
		FILM NUMBER:		21536463

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5900

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Lending Fund II (Cayman) LP
		CENTRAL INDEX KEY:			0001748708
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-36
		FILM NUMBER:		21536464

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5900

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Lending Fund II (Cayman-Levered) LP
		CENTRAL INDEX KEY:			0001748706
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-37
		FILM NUMBER:		21536465

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5900

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Lending Fund II (Delaware) LP
		CENTRAL INDEX KEY:			0001756339
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-38
		FILM NUMBER:		21536466

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5900

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Lending Fund II (Levered) LP
		CENTRAL INDEX KEY:			0001748689
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-39
		FILM NUMBER:		21536467

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5900

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Loan Fund II (GBP) SCSp
		CENTRAL INDEX KEY:			0001748136
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-40
		FILM NUMBER:		21536468

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5900

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent European Specialty Loan Fund II SCSp
		CENTRAL INDEX KEY:			0001748141
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-41
		FILM NUMBER:		21536469

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-235-5900

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BOULEVARD
		STREET 2:		SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Special Situations Fund (Investor Group), L.P.
		CENTRAL INDEX KEY:			0001657519
		IRS NUMBER:				981205366
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-42
		FILM NUMBER:		21536470

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5971

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD., SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Credit Opportunities Fund AIF SCSp
		CENTRAL INDEX KEY:			0001804767
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-43
		FILM NUMBER:		21536471

	BUSINESS ADDRESS:	
		STREET 1:		CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		(310) 235-5900

	MAIL ADDRESS:	
		STREET 1:		CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, STE. 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Credit Europe CAA SCS
		CENTRAL INDEX KEY:			0001836133
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-44
		FILM NUMBER:		21536472

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Credit Europe MM SCS
		CENTRAL INDEX KEY:			0001836134
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-45
		FILM NUMBER:		21536473

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Credit Solutions VIII, L.P.
		CENTRAL INDEX KEY:			0001836135
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-46
		FILM NUMBER:		21536474

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Credit Solutions VIIIB, SCSp
		CENTRAL INDEX KEY:			0001836141
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-47
		FILM NUMBER:		21536475

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Credit Solutions VIIIC, (Solvency II), SCSp
		CENTRAL INDEX KEY:			0001836146
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-48
		FILM NUMBER:		21536476

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NPS/Crescent Strategic Partnership II, LP
		CENTRAL INDEX KEY:			0001836145
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-49
		FILM NUMBER:		21536477

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CDL Investment Subsidiary II, LP
		CENTRAL INDEX KEY:			0001836153
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-50
		FILM NUMBER:		21536478

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CDL Levered Fund II, LP
		CENTRAL INDEX KEY:			0001836152
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-51
		FILM NUMBER:		21536479

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CDL Levered III Investment Subsidiary LP
		CENTRAL INDEX KEY:			0001836150
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-52
		FILM NUMBER:		21536480

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CDL Unlevered III Investment Subsidiary LP
		CENTRAL INDEX KEY:			0001836151
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-53
		FILM NUMBER:		21536481

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPCP Levered Unitranche Investments LP
		CENTRAL INDEX KEY:			0001836149
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-54
		FILM NUMBER:		21536482

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPCP Unitranche Investments LP
		CENTRAL INDEX KEY:			0001836148
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-55
		FILM NUMBER:		21536483

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Direct Lending Fund III LP
		CENTRAL INDEX KEY:			0001836136
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-56
		FILM NUMBER:		21536484

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Direct Lending Levered Fund, L.P.
		CENTRAL INDEX KEY:			0001836140
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-57
		FILM NUMBER:		21536485

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Mezzanine Partners VII (Chengdong Co-Investment), L.P.
		CENTRAL INDEX KEY:			0001836142
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-58
		FILM NUMBER:		21536486

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Mezzanine Partners VII (PA Co-Investment II), L.P.
		CENTRAL INDEX KEY:			0001836138
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-59
		FILM NUMBER:		21536487

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Mezzanine Partners VII (PA Co-Investment), L.P.
		CENTRAL INDEX KEY:			0001836143
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-60
		FILM NUMBER:		21536488

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Private Credit Partners LP
		CENTRAL INDEX KEY:			0001836139
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-61
		FILM NUMBER:		21536489

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Crescent Direct Lending Fund II (Canada), LP
		CENTRAL INDEX KEY:			0001836144
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15184-62
		FILM NUMBER:		21536490

	BUSINESS ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310.235.5900

	MAIL ADDRESS:	
		STREET 1:		C/O CRESCENT CAPITAL GROUP LP
		STREET 2:		11100 SANTA MONICA BOULEVARD, SUITE 2000
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP/A
<SEQUENCE>1
<FILENAME>brhc10019063_40appa.htm
<DESCRIPTION>40-APP/A
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: SUMMIT
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0);">
  <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
  <div>
    <div style="text-align: right; font-weight: bold;">No. 812-15184</div>
    <div>
      <div>&#160;</div>
      <div style="text-align: center;">Before the</div>
      <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center;">Washington, D.C. 20549</div>
      <div>&#160;</div>
      <div style="font-weight: bold; text-indent: 36pt;">AMENDMENT NO. 1 TO APPLICATION FOR AN ORDER UNDER SECTIONS 17(d) 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 THE INVESTMENT COMPANY ACT OF 1940 AND RULE 17d-l UNDER THE INVESTMENT COMPANY ACT OF 1940</div>
      <div>&#160;</div>
      <div>
        <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 17%; color: #000000; text-align: center;"></div>
      <div> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">CRESCENT CAPITAL BDC, INC., CRESCENT CAP ADVISORS, LLC AND CRESCENT CAPITAL GROUP LP</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">CRESCENT DIRECT LENDING MANAGEMENT, LLC, CRESCENT SBIC MANAGEMENT, LLC, CRESCENT CREDIT EUROPE LLP</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">CRESCENT MEZZANINE PARTNERS VI, LP, CRESCENT MEZZANINE PARTNERS VIB, LP, CRESCENT MEZZANINE PARTNERS VIC, LP,&#160; CRESCENT CAPITAL HIGH INCOME FUND, LP, CRESCENT CAPITAL HIGH INCOME FUND B, L.P.,
        CRESCENT CREDIT EUROPE CAA SCS, CRESCENT CREDIT EUROPE MM SCS, CRESCENT CREDIT SOLUTIONS VIII, L.P.,</div>
      <div style="text-align: center; font-weight: bold;">CRESCENT CREDIT SOLUTIONS VIIIB, SCSP, CRESCENT CREDIT SOLUTIONS VIIIC, (SOLVENCY II), SCSP, CRESCENT CREDIT OPPORTUNITIES FUND, L.P., CRESCENT CREDIT OPPORTUNITIES FUND (CAYMAN), L.P., CRESCENT
        CREDIT OPPORTUNITIES FUND AIF, SCSP, CRESCENT SENIOR SECURED FLOATING RATE LOAN FUND, LLC, CRESCENT SENIOR SECURED FLOATING RATE LOAN FUND (CAYMAN), LP, CRESCENT/KAMEHAMEHA SCHOOLS PARTNERSHIP, LP, NPS/CRESCENT STRATEGIC PARTNERSHIP, LP,
        NPS/CRESCENT STRATEGIC PARTNERSHIP II, LP, CRESCENT (TX) DIRECT LENDING FUND, L.P., CRESCENT DIRECT LENDING FUND, L.P., CRESCENT DIRECT LENDING LEVERED FUND, L.P., CDL UNIT TRUST (IRELAND), CRESCENT DIRECT LENDING SBIC FUND, L.P., CRESCENT DIRECT
        LENDING FUND III LP,&#160; CRESCENT SPECIAL SITUATIONS FUND (INVESTOR GROUP), L.P., CRESCENT EUROPEAN SPECIALTY LENDING FUND, L.P., CRESCENT EUROPEAN SPECIALTY LOAN FUND SCS, SICAV-FIS, CRESCENT EUROPEAN SPECIALTY LENDING FUND (LEVERED) LP, CRESCENT
        EUROPEAN SPECIALTY LENDING FUND (CAYMAN--LEVERED) LP, CRESCENT EUROPEAN SPECIALTY LENDING FUND (CAYMAN) LP, CRESCENT EUROPEAN SPECIALTY LENDING FUND FOR ERISA PLANS LP, CRESCENT EUROPEAN SPECIALTY LENDING FUND II (DELAWARE) LP,</div>
      <div style="text-align: center; font-weight: bold;">CRESCENT EUROPEAN SPECIALTY LENDING FUND II (LEVERED) LP, CRESCENT EUROPEAN SPECIALTY LENDING FUND II (CAYMAN--LEVERED) LP, CRESCENT EUROPEAN SPECIALTY LENDING FUND II (CAYMAN--LEVERED EUR) LP,</div>
      <div style="text-align: center; font-weight: bold;">CRESCENT EUROPEAN SPECIALTY LENDING FUND II (CAYMAN) LP, CRESCENT EUROPEAN SPECIALTY LOAN FUND II SCSP, CRESCENT EUROPEAN SPECIALTY LOAN FUND II (GBP) SCSP,&#160; CRESCENT MEZZANINE PARTNERS VII (LTL),
        L.P., CRESCENT MEZZANINE PARTNERS VII, L.P., CRESCENT MEZZANINE PARTNERS VIIB, L.P., CRESCENT MEZZANINE PARTNERS VIIC (LTL), L.P., CRESCENT MEZZANINE PARTNERS VIIC, L.P., CRESCENT/AEGIS PARTNERSHIP, L.P., CRESCENT MEZZANINE PARTNERS VII (CHENGDONG
        CO-INVESTMENT), L.P., CRESCENT MEZZANINE PARTNERS VII (PA CO-INVESTMENT), LP, CRESCENT MEZZANINE PARTNERS VII (PA CO-INVESTMENT II), LP, CRESCENT PRIVATE CREDIT PARTNERS LP,&#160; CDL INVESTMENT SUBSIDIARY II, LP, CDL LEVERED FUND II, LP, CDL UNLEVERED
        III INVESTMENT SUBSIDIARY LP, CDL LEVERED III INVESTMENT SUBSIDIARY LP, CPCP LEVERED UNITRANCHE INVESTMENTS LP, CPCP UNITRANCHE INVESTMENTS LP, CRESCENT DIRECT LENDING FUND II (CANADA), LP, CLIFFWATER CORPORATE LENDING FUND AND CLIFFWATER LLC</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">11100 Santa Monica Blvd., Suite 2000</div>
      <div style="text-align: center; font-weight: bold;">Los Angeles, CA 90025</div>
      <div style="text-align: center; font-weight: bold;">Tel: (310) 235-5900</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 33%; vertical-align: top;">&#160;</td>
            <td style="width: 34%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">All Communications, Notices and Orders to:</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">George Hawley, General Counsel</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Crescent Capital Group LP</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">11100 Santa Monica Blvd., Suite 2000</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Los Angeles, CA 90025</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(310) 235-5900</div>
            </td>
            <td style="width: 33%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
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            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Copies to:</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Carl A. de Brito, Esq.</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Richard Horowitz, Esq.</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Dechert LLP</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">1095 Avenue of the Americas</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">New York, NY 10036</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Tel: (212) 698-3500</div>
            </td>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Copies to:</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Joshua B. Deringer, Esq.</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Faegre Drinker Biddle &amp; Reath LLP</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">One Logan Square, Ste. 2000,</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Philadelphia, PA 19103-6996</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(215) 988-2959</div>
            </td>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Copies to:</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Terrence P. Gallagher</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Cliffwater Corporate</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Lending Fund</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">235 West Galena Street</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Milwaukee, WI 53212</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(414) 299-2270</div>
            </td>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Copies to:</div>
              <div>&#160;</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jonathan Rogal, General Counsel</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Cliffwater LLC</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">4640 Admiralty Way</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">11th Floor</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Marina del Rey,</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">CA 90292-6623</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Tel: (310) 448-5022</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">January 19, 2021</div>
      <div style="font-weight: bold;"> <br>
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                  <div style="text-align: left; font-weight: bold;">I.</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left; font-weight: bold;">SUMMARY OF APPLICATION</div>
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      <div>&#160;</div>
      <div style="text-indent: 36pt;">The following entities hereby request an order (the &#8220;<font style="font-weight: bold;">Order</font>&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">Commission</font>&#8221;) under
        Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &#8220;<font style="font-weight: bold;">1940 Act</font>&#8221;),<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> and Rule 17d-1 thereunder, permitting certain joint transactions that otherwise may be prohibited by
        Sections 17(d) and 57(a)(4) and Rule 17d-1:</div>
      <div>
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                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left;">&#8226;</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;">Crescent Capital BDC, Inc., a closed-end management investment company that has elected to be regulated as a business development company (a &#8220;<font style="font-weight: bold;">BDC</font>&#8221;) under the 1940
                      Act (&#8220;<font style="font-weight: bold;">Crescent</font>&#8221;);<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
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          </div>
        </div>
        <div>&#160;</div>
        <div>
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                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left;">&#8226;</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;">Crescent Cap Advisors, LLC, the investment adviser to Crescent (&#8220;<font style="font-weight: bold;">Crescent Cap Advisors</font>&#8221;);</div>
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          </div>
        </div>
        <div>&#160;</div>
        <div>
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                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left;">&#8226;</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;">Cliffwater Corporate Lending Fund (&#8220;<font style="font-weight: bold;">Cliffwater Fund</font>&#8221;), a closed-end management investment company for which Cliffwater LLC (&#8220;<font style="font-weight: bold;">Cliffwater</font>&#8221;)





                      serves as investment adviser and Crescent Capital Group LP (&#8220;<font style="font-weight: bold;">Crescent Capital</font>&#8221;) serves as a sub-adviser; Cliffwater is not affiliated with Crescent Cap Advisors or the Existing Crescent Advisers
                      (as defined below);</div>
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          </div>
        </div>
        <div>&#160;</div>
        <div>
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                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left;">&#8226;</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;">Investment funds and other vehicles set forth on Schedule A hereto, each of which is an entity whose investment adviser is a Crescent Adviser<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> and that would be an investment company but for
                      section 3(c)(1) or 3(c)(7) of the 1940 Act (collectively, the &#8220;<font style="font-weight: bold;">Existing Affiliated Funds</font>&#8221;);</div>
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          </div>
        </div>
        <div>&#160;</div>
        <div>
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                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left;">&#8226;</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;">Crescent Capital and its investment advisory affiliates set forth on Schedule A hereto (collectively, with Crescent Capital, the &#8220;<font style="font-weight: bold;">Existing</font>&#160;<font style="font-weight: bold;">Crescent Advisers</font>&#8221;); and</div>
                  </td>
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            </table>
          </div>
        </div>
        <div>&#160;</div>
        <div>
          <div>
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                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left;">&#8226;</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;">Cliffwater (Cliffwater together with the Existing Crescent Advisers, Crescent, Crescent Cap Advisors, Cliffwater Fund and the Existing Affiliated Funds, the &#8220;<font style="font-weight: bold;">Applicants</font>&#8221;).</div>
                  </td>
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            </table>
          </div>
        </div>
      </div>
      <div> <br>
      </div>
      <div style="text-indent: 36pt;">The Order would supersede an exemptive order issued by the Commission on March 29, 2016 (the &#8220;<font style="font-weight: bold; font-style: italic;">Prior Order</font>&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup> that was granted pursuant to Sections
        17(d) and 57(i) of the 1940 Act and Rule 17d-1 promulgated under the 1940 Act, with the result that no person will continue to rely on the Prior Order if the Order is granted.</div>
      <div> <br>
      </div>
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;"></div>
      <div> <br>
      </div>
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              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div>Unless otherwise indicated, all section and rule references herein are to the 1940 Act and rules promulgated thereunder.</div>
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        <div>&#160;</div>
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              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div>Section 2(a)(48) defines a BDC to be any closed-end investment company that operates for the purpose of making investments in securities described in Section 55(a)(1) through 55(a)(3) of the 1940 Act and makes available significant
                  managerial assistance with respect to the issuers of such securities.</div>
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        <div>&#160;</div>
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              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div>&#8220;<font style="font-weight: bold;">Crescent Advisers</font>&#8221; means any Existing Crescent Adviser or any future investment adviser that controls, is controlled by, or is under common control with Crescent Capital and is registered as an
                  investment adviser under the Investment Advisers Act of 1940, as amended (the &#8220;<font style="font-weight: bold;">Advisers Act</font>&#8221;).</div>
              </td>
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        </table>
        <div>&#160;</div>
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              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 8pt;"><font style="font-size: 10pt;"><u>Crescent Capital BDC, Inc., et al.</u></font><font style="font-size: 10pt;"> (File No. 812-14454) Investment Company Act Rel. No. 32018 (March 2, 2016) (notice) and 32056 (March
                    29, 2016) (order).</font></div>
              </td>
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        <div> <br>
        </div>
      </div>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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      </div>
      <div style="text-indent: 36pt;">The relief requested in this application (the &#8220;<font style="font-weight: bold;">Application</font>&#8221;) would allow Crescent, Cliffwater Fund or any Future Regulated Entity<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup> (each, a &#8220;<font style="font-weight: bold;">Regulated Entity</font>&#8221; and collectively, the &#8220;<font style="font-weight: bold;">Regulated Entities</font>&#8221;), one or more other Regulated Entities and/or one or more Affiliated Funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup> to (A) participate in the same investment
        opportunities through a proposed co-investment program where such participation would otherwise be prohibited under Sections 17 and 57 of the 1940 Act, and (B) make additional investments in securities of such issuers (&#8220;<font style="font-weight: bold;">Follow-On Investments</font>&#8221;), including through the exercise of warrants, conversion privileges, and other rights to purchase securities of the issuers.&#160; <font style="color: rgb(0, 0, 0);">With respect to the Cliffwater Fund, as well as
          certain Future Regulated Entities, two or more sub-advisers will be each responsible for only a &#8220;sleeve&#8221; or portion of the entity&#8217;s assets (each a &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Multi-Manager Fund</font><font style="color: rgb(0, 0, 0);">&#8221;). Each Multi-Manager Fund will be sub-advised by (i) a Crescent Adviser, and (ii) one or more investment advisers that is each registered under the Advisers Act that is not an affiliated person of any Crescent
          Adviser. To the extent that any sub-adviser to a Multi-Manager Fund intends to engage in co-investment transactions, each such sub-adviser will treat its &#8220;sleeve&#8221; as if it were a standalone Regulated Entity for the purposes of the representations
          and conditions of such sub-adviser&#8217;s co-investment order (each, a &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Co-Investment Order</font><font style="color: rgb(0, 0, 0);">&#8221;). In addition, each sub-adviser to a Multi-Manager Fund
          (and any affiliate of such sub-adviser) will not communicate with any other sub-adviser to the Multi-Manager Fund (or any affiliate of such other sub-adviser) concerning transactions for the Multi-Manager Fund in securities or other assets. For
          the avoidance of doubt, each sub-adviser to a Multi-Manager Fund will have obtained its own Co-Investment Order permitting it to act as sub-adviser to Regulated Entities that participate in co-investment transactions that are sourced by such
          sub-adviser</font>.&#160; For purposes of this Application, a &#8220;<font style="font-weight: bold;">Co-Investment Transaction</font>&#8221; shall mean any transaction in which any of the Regulated Entities (or their Wholly-Owned Investment Subsidiaries, as
        defined below) participate together with one or more other Regulated Entities and/or Affiliated Funds in reliance on the Order, and a &#8220;<font style="font-weight: bold;">Potential Co-Investment Transaction</font>&#8221; shall mean any investment
        opportunity in which any of the Regulated Entities (or their Wholly-Owned Investment Subsidiaries) seeks to participate together with one or more other Regulated Entities and/or Affiliated Funds in reliance on the Order.&#160; The term &#8220;<font style="font-weight: bold;">Adviser</font>&#8221; means any Crescent Adviser or any Regulated Entity Adviser.&#160; The term &#8220;Adviser&#8221; does not include Cliffwater Advisers, except that each Cliffwater Adviser is deemed to be an Adviser for purposes of
        Conditions 2(c)(iv), 12 and 13 only.&#160; No Cliffwater Adviser will source any Potential Co-Investment Transactions under the requested Order. Potential Co-Investment Transactions will not be shared outside of the co-investment program.&#160; The
        co-investment program will be controlled by Crescent Advisers because the Crescent Adviser to any Regulated Entity will be responsible for monitoring and complying with the conditions of the Order, subject to the oversight of the applicable Board.&#160;
        As a result, these relationships might cause a Regulated Entity and one or more other Regulated Entities and/or one or more Affiliated Funds participating in Co-Investment Transactions to be subject to Section 17(d) of the 1940 Act, and thus
        subject to the provisions of Rule 17d-1 under the 1940 Act.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Any of the Regulated Entities may, from time to time, form one or more Wholly-Owned Investment Subsidiaries<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>.&#160; Such a subsidiary would be prohibited from investing in a Co-Investment Transaction with any
        Affiliated Fund or another Regulated Entity because it would be a company controlled by the Regulated Entity for purposes of Section 57(a)(4) and Rule 17d-1 of the 1940 Act.&#160; Applicants request that each Wholly-Owned Investment Subsidiary be
        permitted to participate in Co-Investment Transactions in lieu of its parent Regulated Entity and that the Wholly-Owned Investment Subsidiary&#8217;s participation in any such transaction be treated, for purposes of the Order, as though the parent
        Regulated Entity were participating directly.&#160; Applicants represent that this treatment is justified because a Wholly-Owned Investment Subsidiary would have no purpose other than serving as a holding vehicle for the Regulated Entity&#8217;s investments
        and, therefore, no conflicts of interest could arise between the Regulated Entity and the Wholly-Owned Investment Subsidiary.&#160; The board of directors (the &#8220;<font style="font-weight: bold;">Board</font>&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8</sup> of such Regulated Entity would
        make all relevant determinations under the Conditions (defined below) with regard to a Wholly-Owned Investment Subsidiary&#8217;s participation in a Co-Investment Transaction, and the Regulated Entity&#8217;s Board would be informed of, and take into
        consideration, any proposed use of a Wholly-Owned Investment Subsidiary in the Regulated Entity&#8217;s place. If the Regulated Entity proposes to participate in the same Co-Investment Transaction with any of its Wholly-Owned Investment Subsidiaries, the
        Board of the Regulated Entity will also be informed of, and take into consideration, the relative participation of the Regulated Entity and the Wholly-Owned Investment Subsidiary.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div>
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                <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup></td>
                <td style="width: auto; vertical-align: top;">
                  <div>&#8220;<font style="font-weight: bold;">Future Regulated Entity</font>&#8221; means any BDC or any closed-end management investment company formed in the future that is (i) advised by a Regulated Entity Adviser or (ii) advised by a Cliffwater
                    Adviser and sub-advised by a Regulated Entity Adviser.&#160; The term &#8220;<font style="font-weight: bold;">Regulated Entity Adviser</font>&#8221; means (a) Crescent Cap Advisors, (b) Crescent Capital and (c) any future investment adviser that
                    controls, is controlled by, or is under common control with Crescent Capital and is registered as an investment adviser under the Advisers Act.&#160; The term &#8220;<font style="font-weight: bold;">Cliffwater Adviser</font>&#8221; means Cliffwater or
                    any future investment adviser that controls, is controlled by, or is under common control with Cliffwater and is registered as an investment adviser under the Advisers Act.</div>
                </td>
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          </table>
          <div>&#160;</div>
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                <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup></td>
                <td style="width: auto; vertical-align: top;">
                  <div>&#8220;<font style="font-weight: bold;">Affiliated Fund</font>&#8221; means any Existing Affiliated Fund or any Future Affiliated Fund.&#160; &#8220;<font style="font-weight: bold;">Future Affiliated Fund</font>&#8221; means any investment fund that would be an
                    &#8220;investment company&#8221; but for section 3(c)(1) or 3(c)(7) of the 1940 Act, is formed in the future, and is advised by a Crescent Adviser.&#160; No Affiliated Fund is or will be a subsidiary of a Regulated Entity.</div>
                </td>
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          </table>
          <div><br>
          </div>
        </div>
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                <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup></td>
                <td style="width: auto; vertical-align: top;">
                  <div>&#8220;<font style="font-weight: bold;">Wholly-Owned Investment Subsidiary</font>&#8221; means any entity: (i) that is wholly-owned by a Regulated Entity (with such Regulated Entity at all times holding, beneficially and of record, 100% of the
                    voting and economic interests); (ii) whose sole business purpose is to hold one or more investments on behalf of such Regulated Entity (and, in the case of an entity that is licensed by the Small Business Administration to operate under
                    the Small Business Investment Act of 1958, as amended (the &#8220;<font style="font-weight: bold;">SBA Act</font>&#8221;), as a small business investment company (an &#8220;<font style="font-weight: bold;">SBIC</font>&#8221;), to maintain a license under the
                    SBA Act and issue debentures guaranteed by the Small Business Administration); (iii) with respect to which the board of directors of such Regulated Entity has the sole authority to make all determinations with respect to the entity&#8217;s
                    participation under the conditions of this Application; and (iv) that would be an investment company but for section 3(c)(1) or 3(c)(7) of the 1940 Act.&#160; All subsidiaries participating in Co-Investment Transactions will be Wholly-Owned
                    Investment Subsidiaries and will have Objectives and Strategies (as defined below) that are either the same as, or a subset of, their parent Regulated Entity&#8217;s Objectives and Strategies.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">8</sup></td>
                <td style="width: auto; vertical-align: top;">
                  <div>The term &#8220;<font style="font-weight: bold;">Board</font>&#8221; refers to the board of directors or trustees of any Regulated Entity.</div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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      </div>
      <div style="text-indent: 36pt;">Applicants do not seek relief for transactions that would be permitted under other regulatory or interpretive guidance, including, for example, transactions effected consistent with Commission staff no-action
        positions.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">All existing entities that currently intend to rely on the Order have been named as Applicants and any entities that may rely on the Order in the future will comply with its terms and conditions.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;"><font style="font-weight: bold;">II.</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold;">GENERAL DESCRIPTION OF APPLICANTS</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 36pt;">&#160;</td>
                <td style="vertical-align: top; width: 36pt;">
                  <div style="text-align: left;"><font style="font-weight: bold; font-style: italic;">A.</font></div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left;"><font style="font-weight: bold; font-style: italic;">Crescent</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Crescent was organized under the General Corporation Law of the State of Delaware on February 5, 2015 for the purpose of operating as a BDC.&#160; In addition, Crescent has elected to be treated for tax purposes as a
        regulated investment company (&#8220;<font style="font-weight: bold;">RIC</font>&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;<font style="font-weight: bold;">Code</font>&#8221;), and operates in a manner so as to qualify for the tax treatment
        applicable to RICs. Crescent&#8217;s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation.&#160; Crescent&#8217;s primary focus is originating and investing primarily in secured debt
        (including senior secured, unitranche and second lien debt) and unsecured debt (including senior unsecured and subordinated debt), as well as related equity securities of private U.S. middle-market companies.&#160; Crescent may on occasion invest in
        larger or smaller companies.&#160; Crescent&#8217;s principal place of business is 11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA 90025.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">The Board of Crescent has five-members, of which three members are not &#8220;interested persons&#8221; of Crescent within the meaning of Section 2(a)(19) (the &#8220;<font style="font-weight: bold;">Independent Directors</font>&#8221;).<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup>&#160;
        No Independent Director of any Regulated Entity will have a direct or indirect financial interest in any Co-Investment Transaction (other than indirectly through share ownership in one of the Regulated Entities), including any interest in any
        company whose securities would be acquired in a Co-Investment Transaction.</div>
      <div>
        <div>
          <div style="font-style: italic; font-weight: bold;"> <br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="font-style: italic; font-weight: bold;">B.</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic; font-weight: bold;">Crescent Cap Advisors</div>
                  </td>
                </tr>

            </table>
            <div> <br>
            </div>
          </div>
        </div>
      </div>
      <div style="text-indent: 36pt;">Crescent Cap Advisors is a Delaware limited liability company and is registered with the Commission under the Advisers Act.&#160; On the date of this Application, its sole client is Crescent.&#160; Crescent Cap Advisors is a
        majority-owned subsidiary and an affiliate of Crescent Capital, which, together, provide innovative alternative investment products to individual and institutional investors through publicly-registered programs, private funds and separately managed
        accounts.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Under the terms of the investment advisory agreement with Crescent, Crescent Cap Advisors: (i) determines the composition of the portfolio of Crescent, the nature and timing of the changes therein and the manner of
        implementing such changes; (ii) identifies/sources, researches, evaluates and negotiates the structure of the investments made by Crescent; (iii) closes and monitors Crescent&#8217;s investments; (iv) determines the assets that Crescent originates,
        purchases, retains, or sells; (v) performs due diligence on prospective portfolio companies; and (vi) provides Crescent with such other investment advisory, research and related services as Crescent may, from time to time, reasonably require for
        the investment of its funds, including providing operating and managerial assistance to Crescent and its portfolio companies as required.&#160; Crescent Cap Advisors&#8217; services under the investment advisory agreement may not be exclusive, and it is free
        to furnish similar services to other entities so long as its services to Crescent are not impaired.</div>
      <div> <br>
      </div>
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;"></div>
      <div> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 8pt;"><font style="font-size: 10pt; font-style: italic;">See</font><font style="font-size: 10pt;">,<font style="font-style: italic;"> e.g</font>., Massachusetts Mutual Life Insurance Co. (pub. Avail. June 7, 2000),
                    Massachusetts Mutual Life Insurance Co. (pub. Avail. July&#160;28, 2000) and SMC Capital, Inc. (pub. Avail. Sept. 5, 1995).</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div>The term &#8220;<font style="font-weight: bold;">Independent Directors</font>&#8221; refers to the independent directors or trustees of any Regulated Entity.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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      </div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="font-style: italic; font-weight: bold;">C.</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic; font-weight: bold;">The Crescent Advisers</div>
                  </td>
                </tr>

            </table>
            <div> <br>
            </div>
          </div>
        </div>
      </div>
      <div style="text-indent: 36pt;">Crescent Capital is a limited partnership organized under the Delaware Revised Uniform Limited Partnership Act on May 4, 2010.&#160; Crescent Capital or another Crescent Adviser serves as investment adviser to the Existing
        Affiliated Funds and either a Crescent Adviser or an affiliated adviser of a Crescent Adviser will serve as investment adviser to any Future Affiliated Funds.&#160; Crescent Capital also serves as a sub-adviser to Cliffwater Fund pursuant to a
        sub-advisory agreement by and among Cliffwater Fund, Cliffwater and Crescent Capital (as amended from time to time, the &#8220;<font style="font-weight: bold;">Cliffwater Fund Sub-Advisory Agreement</font>&#8221;)<font style="font-style: italic;">.</font><font style="font-weight: bold;">&#160;</font>Pursuant to the Cliffwater Fund Sub-Advisory Agreement, Crescent Capital formulates and implements a continuous investment program for Cliffwater Fund, advises Cliffwater in connection with policy decisions
        regarding Cliffwater Fund, and provides certain ongoing administrative services to Cliffwater and Cliffwater Fund in relation to its role as a sub-adviser to Cliffwater Fund. Crescent Capital is an affiliate of Crescent Cap Advisors and is
        registered with the Commission under the Advisers Act.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Crescent Capital has approximately $28 billion under management as of June 30, 2020.&#160;&#160; With its headquarters in Los Angeles, Crescent has over 160 employees based in four offices in the U.S. and Europe.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Crescent Direct Lending Management, LLC (&#8220;<font style="font-weight: bold;">CDL Management</font>&#8221;), a Delaware limited liability company formed on March 31, 2014, is a wholly-owned subsidiary of Crescent Capital and is
        a registered investment adviser under the Advisers Act. CDL Management serves as an investment adviser to certain clients with a focus on investments primarily in senior secured loans (including first lien, unitranche and second lien loans) of
        private U.S. lower-middle-market companies.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Crescent SBIC Management, LLC (&#8220;<font style="font-weight: bold;">SBIC Management</font>&#8221;), a Delaware limited liability company formed on March 5, 2013, is a subsidiary of Crescent Capital and is a registered
        investment adviser under the Advisers Act. SBIC Management serves as an investment adviser to a SBIC.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Crescent Credit Europe LLP (&#8220;<font style="font-weight: bold;">Crescent Credit Europe</font>&#8221;), a limited liability partnership organized in England and Wales on October 6, 2011, is an affiliate of Crescent Capital and
        is a registered investment adviser under the Advisers Act. Crescent Credit Europe serves as an investment adviser to certain clients with a focus on European credit investments.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="font-style: italic; font-weight: bold;">D.</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic; font-weight: bold;">Existing Affiliated Funds</div>
                  </td>
                </tr>

            </table>
            <div> <br>
            </div>
          </div>
        </div>
      </div>
      <div style="text-indent: 36pt;">The Existing Affiliated Funds pursue strategies focused on originating and investing primarily in secured debt (including senior secured, unitranche and second lien debt) and unsecured debt (including senior unsecured
        and subordinated debt), as well as related equity securities of private U.S. middle-market companies.&#160; Through the Crescent Advisers, the Existing Affiliated Funds target attractive risk-adjusted yields across the entire capital structure of
        middle-market companies by leveraging the following strategies:</div>
      <div> <br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 18pt;">&#160;</td>
                <td style="vertical-align: top; width: 18pt;">
                  <div style="text-align: left;">&#8226;</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left;"><font style="font-style: italic;">Direct Lending</font>. Direct lending provides senior secured debt to private, U.S. lower-middle-market companies. Direct lending&#8217;s primary investment focus is
                    sponsor-backed, lower-middle-market companies with annual EBITDA of $5 million to $25 million. This strategy&#8217;s primary target investments take multiple forms of senior debt, including unitranche facilities.</div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 18pt;">&#160;</td>
                <td style="vertical-align: top; width: 18pt;">
                  <div style="text-align: left;">&#8226;</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left;"><font style="font-style: italic;">Credit Opportunities</font>. This strategy opportunistically invests into market dislocations through the purchase of quality credits at an attractive discount in the
                    secondary market.&#160; The strategy seeks capital appreciation and current income, principally through investments in discounted leveraged loans and high yield bonds in the secondary market.</div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 18pt;">&#160;</td>
                <td style="vertical-align: top; width: 18pt;">
                  <div style="text-align: left;">&#8226;</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left;"><font style="font-style: italic;">Credit Solutions (f/k/a Mezzanine). </font>This strategy provides junior debt capital to middle-market companies, primarily to fund shareholder transitions on behalf of
                    private equity firms. The mezzanine strategy&#8217;s primary investment focus is sponsor-backed, middle-market companies with annual EBITDA of $50 million to $150 million. Investments generally take the form of private debt securities with
                    equity participation in connection with buyouts, recapitalizations and refinancings.</div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 18pt;">&#160;</td>
                <td style="vertical-align: top; width: 18pt;">
                  <div style="text-align: left;">&#8226;</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left;"><font style="font-style: italic;">Private Credit</font>. This strategy principally invests in directly originated senior loans (with a focus on unitranche loans) of private U.S. middle-market companies.&#160;
                    This strategy&#8217;s primary focus is sponsor-backed, middle-market companies with annual EBITDA of $35 million to $75 million.</div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 18pt;">&#160;</td>
                <td style="vertical-align: top; width: 18pt;">
                  <div style="text-align: left;">&#8226;</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left;"><font style="font-style: italic;">Private Debt.</font> The private debt strategy makes investments in privately negotiated and narrowly syndicated middle-market debt investments.&#160; This strategy primarily
                    invests in secured middle-market &#8220;144A for life&#8221; (no registration rights) and private below investment grade corporate bank loans and bonds.&#160; The private debt strategy targets smaller transactions ranging in tranche size from $75
                    million to $400 million, which typically receive less attention from the debt capital markets.</div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 18pt;">&#160;</td>
                <td style="vertical-align: top; width: 18pt;">
                  <div style="text-align: left;">&#8226;</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left;"><font style="font-style: italic;">European Specialty Lending.</font> The dedicated European specialty lending strategy generally seeks to capitalize on the dislocation of the European credit market and has
                    flexibility to invest across the entire debt capital structure. In addition, this strategy also invests in primary issuances of European senior secured debt obligations of below investment grade companies and European high-yield bonds.
                    The European specialty lending&#8217;s primary investment focus is middle-market European companies with annual EBITDA of &#8364;8 million to &#8364;25 million.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 36pt;">&#160;</td>
                <td style="vertical-align: top; width: 36pt;">
                  <div style="font-style: italic; font-weight: bold;">E.</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="font-style: italic; font-weight: bold;">Cliffwater Fund</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <br>
      <div style="text-indent: 36pt;">The Cliffwater Fund is registered under the 1940 Act and is a continuously offered, non-diversified, closed-end management investment company that operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act.
        The Cliffwater Fund was organized as a Delaware statutory trust on March 21, 2018, pursuant to its Agreement and Declaration of Trust, which is governed by the laws of the state of Delaware. The Cliffwater Fund&#8217;s registration statement was declared
        effective on March 6, 2019. Cliffwater Fund&#8217;s principal place of business is 235 West Galena Street, Milwaukee, WI 53212.&#160; Cliffwater Fund has a Board with a majority of trustees that are Independent Directors.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Cliffwater Fund has elected to be treated for tax purposes as a RIC under the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Cliffwater Fund&#8217;s primary investment objective is to seek consistent current income, while the Cliffwater Fund&#8217;s secondary objective is capital preservation.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Cliffwater Fund seeks to achieve its investment objectives by using a &#8220;multi-manager&#8221; approach whereby Cliffwater Fund&#8217;s assets are allocated among Cliffwater and one or more sub-advisers, including Crescent Capital.&#160;
        While Cliffwater delegates a substantial portion of the day-to-day management of the Cliffwater Fund&#8217;s assets to the sub-advisers, Cliffwater retains overall supervisory responsibility for the general management and investment of the Cliffwater
        Fund&#8217;s investment portfolio.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">11</sup>&#160; With respect to the Cliffwater Fund, each sub-adviser shall ensure that, to the extent that its &#8220;sleeve&#8221; participates in Co-Investment Transactions, such sleeve is treated as if it were a standalone
        Regulated Entity for purposes of the representations and conditions of such sub-adviser&#8217;s Co-Investment Order. Crescent Capital will be responsible for Cliffwater Fund&#8217;s overall compliance with the conditions of this Order.&#160; In this way, Crescent
        Capital can ensure that it is taking the conditions of this Order into account, as well as taking into account the interests of all of the Regulated Entities that are participating in the co-investment program.&#160; Cliffwater will not source any
        Potential Co-Investment Transaction under this Order.</div>
      <div>&#160;</div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="font-style: italic; font-weight: bold;">F.</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic; font-weight: bold;">Cliffwater</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="font-style: italic; font-weight: bold;"> <br>
          </div>
        </div>
      </div>
      <div style="text-indent: 36pt;">Cliffwater provides investment advisory services to a variety of clients, including institutions (such as endowments, foundations, retirement systems, financial institutions and a registered investment company) and
        high net worth individuals. Cliffwater assists clients globally in their allocations to alternative investments, including private equity, private debt, hedge funds, real estate, real assets, and liquid alternative investments. Cliffwater works
        with clients on their alternative investment portfolios in a non-discretionary or discretionary capacity.&#160; Cliffwater may also provide investment advice for some clients on a broad range of traditional strategies, primarily in connection with its
        alternative investment services.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;"><font style="font-weight: bold;">III.</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold;">ORDER REQUESTED</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">The Applicants request the Order of the Commission under Sections 17(d) and 57(i) under the 1940 Act, and Rule 17d-1 under the 1940 Act to permit, subject to the terms and conditions set forth below in this Application
        (the &#8220;<font style="font-weight: bold;">Conditions</font>&#8221;), one or more Regulated Entities to be able to participate in Co-Investment Transactions with one or more other Regulated Entities and/or one or more Affiliated Funds.</div>
      <div> <br>
      </div>
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;">
        <div> <br>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">11</sup></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;">Cliffwater may also exercise its discretion to manage a portion of the Cliffwater Fund&#8217;s assets directly.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 36pt;">The Regulated Entities and Affiliated Funds seek relief to invest in Co-Investment Transactions because such Co-Investment Transactions would otherwise be prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and
        Rule 17d-1 under the 1940 Act. This Application seeks relief in order to (i) enable the Regulated Entities and Affiliated Funds to avoid the practical difficulties of trying to structure, negotiate and persuade counterparties to enter into
        transactions while awaiting the granting of the relief requested in individual applications with respect to each Co-Investment Transaction that arises in the future and (ii) enable the Regulated Entities and the Affiliated Funds to avoid the
        significant legal and other expenses that would be incurred in preparing such individual applications.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="font-style: italic; font-weight: bold;">A.</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic; font-weight: bold;">Section 17(d) and Section 57(a)(4)</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="font-style: italic; font-weight: bold;"> <br>
          </div>
        </div>
      </div>
      <div style="text-indent: 36pt;">Section 17(d) of the 1940 Act generally prohibits an affiliated person (as defined in Section 2(a)(3) of the 1940 Act), or an affiliated person of such affiliated person, of a registered closed-end investment company
        acting as principal, from effecting any transaction in which the registered closed-end investment company is a joint or a joint and several participant, in contravention of such rules as the Commission may prescribe for the purpose of limiting or
        preventing participation by the registered closed-end investment company on a basis different from or less advantageous than that of such other participant. Rule 17d-1 under the 1940 Act generally prohibits participation by a registered investment
        company and an affiliated person (as defined in Section 2(a)(3) of the 1940 Act) or principal underwriter for that investment company, or an affiliated person of such affiliated person or principal underwriter, in any &#8220;joint enterprise or other
        joint arrangement or profit-sharing plan,&#8221; as defined in the rule, without prior approval by the Commission by order upon application.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Similarly, with regard to BDCs, Section 57(a)(4) prohibits certain persons specified in Section 57(b) of the 1940 Act from participating in a joint transaction with a BDC, or a company controlled by a BDC in
        contravention of rules as prescribed by the Commission. In particular Section 57(a)(4) applies to:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">&#8226;</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">Any director, officer, employee, or member of an advisory board of a BDC; or any person (other than the BDC itself) who is an affiliated person of the forgoing pursuant to Section 2(a)(3)(C) of the 1940 Act;
                  or</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">&#8226;</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">Any investment adviser or promoter of, general partner in, principal underwriter for, or person directly or indirectly either controlling, controlled by, or under common control with, a BDC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">12</sup>; or
                  any person who is an affiliated person of any of the forgoing within the meaning of Section 2(a)(3)(C) or (D) of the 1940 Act.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Section 2(a)(3)(C) of the 1940 Act defines an &#8220;affiliated person&#8221; of another person to include any person directly or indirectly controlling, controlled by, or under common control with, such other person. Section
        2(a)(9) of the 1940 Act defines &#8220;control&#8221; as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with that company. Under Section 2(a)(9) a
        person who beneficially owns, either directly or through one or more controlled companies, more than 25% of the voting securities of a company is presumed to control such company. The Commission and its staff have indicated on a number of occasions
        their belief that an investment adviser controls the fund that it advises, absent compelling evidence to the contrary.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">13</sup> Crescent Cap Advisors is the investment adviser to Crescent, Crescent Capital is the sub-adviser to the Cliffwater
        Fund, and a Regulated Entity Adviser will be the investment adviser to each Future Regulated Entity.&#160; In addition, a Crescent Adviser is or will be the investment adviser of each Affiliated Fund.&#160; The Regulated Entities and Affiliated Funds may be
        deemed to be under common control, and thus affiliated persons of each other under Section 2(a)(3)(C) of the 1940 Act.&#160; As a result, these relationships might cause each Regulated Entity and each Affiliated Fund participating in Co-Investment
        Transactions to be subject to Sections 17(d) or 57(a)(4), and thus subject to the provisions of Rule 17d-1.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;"></div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">12</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div>Excluded from this category are the BDC itself and any person who, if it were not directly or indirectly controlled by the BDC, would not otherwise be under common control with the BDC.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">13</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 8pt;"><font style="font-size: 10pt; font-style: italic;">See</font><font style="font-size: 10pt;">, <font style="font-style: italic;">e.g.</font>, <u>In re Investment Company Mergers</u>, SEC Rel. No. IC-25259 (Nov.
                    8, 2001); <u>In re Steadman Security Corp.</u>, 46 S.E.C. 896, 920 n.81 (1977) (&#8220;[T]he investment adviser almost always controls the fund. Only in the very rare case where the adviser&#8217;s role is simply that of advising others who may or
                    may not elect to be guided by his advice...can the adviser realistically be deemed not in control.&#8221;).</font></div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="font-style: italic; font-weight: bold;">B.</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic; font-weight: bold;">Rule 17d-1</div>
                  </td>
                </tr>

            </table>
            <div> <br>
            </div>
          </div>
        </div>
      </div>
      <div style="text-indent: 36pt;">Rule 17d-1 under the 1940 Act generally prohibits participation by a registered investment company and an affiliated person (as defined in Section 2(a)(3) of the 1940 Act) or principal underwriter for that investment
        company, or an affiliated person of such affiliated person or principal underwriter, in any &#8220;joint enterprise or other joint arrangement or profit-sharing plan,&#8221; as defined in the rule, without prior approval by the Commission by order upon
        application.</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-indent: 36pt;">Rule 17d-1 was promulgated by the Commission pursuant to Section 17(d) and made applicable to BDCs by Section 57(i). Section 57(i) of the 1940 Act provides that, until the Commission prescribes rules under Section
        57(a)(4), the Commission&#8217;s rules under Section 17(d) of the 1940 Act applicable to registered closed-end investment companies will be deemed to apply. Because the Commission has not adopted any rules under Section 57(a)(4), Rule 17d-1 applies.</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-indent: 36pt;">Applicants seek relief pursuant to Rule 17d-1, which permits the Commission to authorize joint transactions upon application. In passing upon applications filed pursuant to Rule 17d-1, the Commission is directed by
        Rule 17d-1(b) to consider whether the participation of a registered investment company or controlled company thereof in the joint enterprise or joint arrangement under scrutiny is consistent with 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.</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-indent: 36pt;">The Commission has stated that Section 17(d), upon which Rule 17d-1 is based, and upon which Section 57(a)(4) was modeled, was designed to protect investment companies from self-dealing and overreaching by insiders.
        The Commission has also taken notice that there may be transactions subject to these prohibitions that do not present the dangers of overreaching. <u>See Protecting Investors: A Half-Century of Investment Company Regulation,</u> 1504
        Fed.Sec.L.Rep., Extra Edition (May 29, 1992) at 448, <font style="font-style: italic;">et seq. </font>The Court of Appeals for the Second Circuit has enunciated a like rationale for the purpose behind Section 17(d): &#8220;The objective of [Section]
        17(d) ... is to prevent...injuring the interest of stockholders of registered investment companies by causing the company to participate on a basis different from or less advantageous than that of such other participants.&#8221; <u>Securities and
          Exchange Commission v. Talley Industries, Inc.,</u> 399 F.2d 396, 405 (2d Cir. 1968), <u>cert. denied,</u> 393 U.S. 1015 (1969). Furthermore, Congress acknowledged that the protective system established by the enactment of Section 57 is &#8220;similar
        to that applicable to registered investment companies under Section 17 of the 1940 Act, and rules thereunder, but is modified to address concerns relating to unique characteristics presented by business development companies.&#8221; H.Rep. No. 96-1341,
        96th Con., 2d Sess. 45 (1980) <font style="font-style: italic;">reprinted in </font>1980 U.S.C.C.A.N. 4827.</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-indent: 36pt;">Applicants believe that the Conditions of this Application would ensure that the conflicts of interest that Section 17(d) and Section 57(a)(4) were designed to prevent would be addressed and the standards for an order
        under Rule 17d-1 are met.</div>
      <div>&#160;</div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="font-style: italic; font-weight: bold;">C.</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic; font-weight: bold;">Protection Provided by the Proposed Conditions</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div> <br>
      </div>
      <div style="text-indent: 36pt;">Applicants believe that the proposed Conditions, as discussed more fully in Section III.D of this Application, will ensure the protection of shareholders of the Regulated Entities and compliance with the purposes and
        policies of the 1940 Act with respect to the Co-Investment Transactions. In particular, the Conditions, as outlined below, would ensure that each Regulated Entity would only invest in investments that are appropriate to the interests of
        shareholders and the investment needs and abilities of that Regulated Entity. In addition, each Regulated Entity would be able to invest on equal footing with each other Regulated Entity and/or one or more Affiliated Funds, including identical
        terms, conditions, price, class of securities purchased, settlement date, and registration rights. Each Regulated Entity would have the ability to engage in Follow-On Investments in a fair manner consistent with the protections of the other
        Conditions. Each Regulated Entity would have the ability to participate on a proportionate basis, at the same price and on the same terms and conditions in any sale of a security purchased in a Co-Investment Transaction. Fees and expenses of
        Co-Investment Transactions would be borne by the Adviser, or shared pro rata among the Regulated Entities and Affiliated Funds who participate in the Co-Investment Transactions. The Conditions would also prevent a Regulated Entity from investing in
        any issuer in which another Regulated Entity, Affiliated Fund, or any affiliated person thereof, is an existing investor, which eliminates the possibility of a Regulated Entity being forced to invest in a manner that would benefit an affiliated
        person&#8217;s existing investment. Also, sufficient records of the transactions would be maintained to permit the examination staff of the Commission to monitor compliance with the terms of the requested order.</div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div style="text-indent: 36pt;">The Conditions impose a variety of duties on the Advisers with respect to Co-Investment Transactions and Potential Co-Investment Transactions by the Regulated Entities. These duties include determinations regarding
        investment appropriateness, the appropriate level of investment, and the provision of information to the Board of any Regulated Entity. In addition, when considering Potential Co-Investment Transactions for any Regulated Entity, the relevant
        Adviser will consider only the Objectives and Strategies,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">14</sup> investment policies, investment positions, capital available for investment, and other pertinent factors applicable to that Regulated Entity. The participation of a Regulated
        Entity in a Potential Co-Investment Transaction may only be approved by a Required Majority, as defined in Section 57(o) (a &#8220;<font style="font-weight: bold;">Required Majority</font>&#8221;), of the directors of the Board eligible to vote on that
        Co-Investment Transaction under Section 57(o) (the &#8220;<font style="font-weight: bold;">Eligible Directors</font>&#8221;).<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">15</sup></div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-indent: 36pt;">The amount of each Regulated Entity&#8217;s capital available for investment will be determined based on the amount of cash on hand, existing commitments and reserves, if any, the targeted leverage level, targeted asset mix
        and other investment policies and restrictions set from time to time by the Board of the applicable Regulated Entity or imposed by applicable laws, rules, regulations or interpretations. Likewise, an Affiliated Fund&#8217;s capital available for
        investment will be determined based on the amount of cash on hand, existing commitments and reserves, if any, the targeted leverage level, targeted asset mix and other investment policies and restrictions set by the Affiliated Fund&#8217;s directors,
        general partners or adviser or imposed by applicable laws, rules, regulations or interpretations.</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-indent: 36pt;">In sum, the Applicants believe that the proposed Conditions would ensure that each Regulated Entity that participated in a Co-Investment Transaction does not participate on a basis different from, or less advantageous
        than, that of such other participants. As a result, the Applicants believe that the participation of the Regulated Entities in Co-Investment Transactions done in accordance with the Conditions would be consistent with the provisions, policies, and
        purposes of the 1940 Act, and would be done in a manner that was not different from, or less advantageous than, the other participants.</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-indent: 36pt;">With respect to each Wholly-Owned Investment Subsidiary, such a subsidiary would be prohibited from investing in a Co-Investment Transaction with any Affiliated Fund or Regulated Entity because it would be a company
        controlled by its parent Regulated Entity for purposes of Section 57(a)(4) of the 1940 Act and Rule 17d-1 under the 1940 Act. Applicants request that each Wholly-Owned Investment Subsidiary be permitted to participate in Co-Investment Transactions
        in lieu of its parent Regulated Entity and that the Wholly-Owned Investment Subsidiary&#8217;s participation in any such transaction be treated, for purposes of the Order, as though the parent Regulated Entity were participating directly. Applicants
        represent that this treatment is justified because a Wholly-Owned Investment Subsidiary would have no purpose other than serving as a holding vehicle for the Regulated Entity&#8217;s investments and, therefore, no conflicts of interest could arise
        between the Regulated Entity and the Wholly-Owned Investment Subsidiary. The Regulated Entity&#8217;s Board would make all relevant determinations under the Conditions with regard to a Wholly-Owned Investment Subsidiary&#8217;s participation in a Co-Investment
        Transaction, and the Regulated Entity&#8217;s Board would be informed of, and take into consideration, any proposed use of a Wholly-Owned Investment Subsidiary in the Regulated Entity&#8217;s place. If the Regulated Entity proposes to participate in the same
        Co-Investment Transaction with any of its Wholly-Owned Investment Subsidiaries, the Board will also be informed of, and take into consideration, the relative participation of the Regulated Entity and the Wholly-Owned Investment Subsidiary.</div>
      <div style="text-indent: 22.5pt;"> <br>
      </div>
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;"></div>
      <div>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">14</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div>The term &#8220;<font style="font-weight: bold;">Objectives and Strategies</font>&#8221; means a Regulated Entity&#8217;s investment objectives and strategies as described in the Regulated Entity&#8217;s registration statement on Form 10 or Form N-2, as
                  applicable, other current filings the Regulated Entity has made with the Commission under the Securities Act of 1933 or the Securities Exchange Act of 1934, and the Regulated Entity&#8217;s most current reports to shareholders.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">15</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div>In the case of a Regulated Entity that is a registered closed-end fund, the Board members that make up the Required Majority will be determined as if the Regulated Entity were a BDC subject to Section 57(o).</div>
              </td>
            </tr>

        </table>
        <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div style="text-indent: 36pt;">If an Adviser or its principals, or any person controlling, controlled by, or under common control with an Adviser or its principals, and the Affiliated Funds (collectively, the &#8220;<font style="font-weight: bold;">Holders</font>&#8221;)





        own in the aggregate more than 25% of the outstanding voting shares of a Regulated Entity (the &#8220;<font style="font-weight: bold;">Shares</font>&#8221;), then the Holders will vote such Shares as required under Condition 14.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; font-style: italic; font-weight: bold;">D.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-style: italic; font-weight: bold;">Conditions</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Applicants agree that any Order granting the requested relief shall be subject to the following Conditions:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">1.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">Each time an Adviser considers a Potential Co-Investment Transaction for another Regulated Entity or an Affiliated Fund that falls within a Regulated Entity&#8217;s then-current Objectives and Strategies, the
                  Regulated Entity&#8217;s Adviser will make an independent determination of the appropriateness of the investment for the Regulated Entity in light of the Regulated Entity&#8217;s then-current circumstances.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>2.<br>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">If the Adviser deems a Regulated Entity&#8217;s participation in any Potential Co-Investment Transaction to be appropriate for the Regulated Entity, the Adviser will then determine an appropriate level of investment
                  for the Regulated Entity.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">If the aggregate amount recommended by the applicable Adviser to be invested by the applicable Regulated Entity in the Potential Co-Investment Transaction, together with the amount proposed to be invested by
                  the other participating Regulated Entities and Affiliated Funds, collectively, in the same transaction, exceeds the amount of the investment opportunity, the investment opportunity will be allocated among them pro rata based on each
                  participant&#8217;s capital available for investment in the asset class being allocated, up to the amount proposed to be invested by each. The applicable Adviser will provide the Eligible Directors of each participating Regulated Entity with
                  information concerning each participating party&#8217;s available capital to assist the Eligible Directors with their review of the Regulated Entity&#8217;s investments for compliance with these allocation procedures.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">After making the determinations required in Conditions 1 and 2(a), the applicable Adviser will distribute written information concerning the Potential Co-Investment Transaction (including the amount proposed
                  to be invested by each Regulated Entity and each Affiliated Fund) to the Eligible Directors of each participating Regulated Entity for their consideration. A Regulated Entity will co-invest with another Regulated Entity or an Affiliated
                  Fund only if, prior to the Regulated Entity&#8217;s participation in the Potential Co-Investment Transaction, a Required Majority concludes that:</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">i.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">the terms of the Potential Co-Investment Transaction, including the consideration to be paid, are reasonable and fair to the Regulated Entity and its shareholders and do not involve overreaching in respect of
                  the Regulated Entity or its shareholders on the part of any person concerned;</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">ii.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">the Potential Co-Investment Transaction is consistent with:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 90pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">A.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">the interests of the Regulated Entity&#8217;s shareholders; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 90pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">B.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">the Regulated Entity&#8217;s then-current Objectives and Strategies;</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">iii.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">the investment by any other Regulated Entities or any Affiliated Funds would not disadvantage the Regulated Entity, and participation by the Regulated Entity would not be on a basis different from or less
                  advantageous than that of any other Regulated Entities or any Affiliated Funds; provided that, if any other Regulated Entity or any Affiliated Fund, but not the Regulated Entity itself, gains the right to nominate a director for election
                  to a portfolio company&#8217;s board of directors or the right to have a board observer or any similar right to participate in the governance or management of the portfolio company, such event shall not be interpreted to prohibit the Required
                  Majority from reaching the conclusions required by this Condition 2(c)(iii), if:</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 90pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">A.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">the Eligible Directors will have the right to ratify the selection of such director or board observer, if any; and</div>
              </td>
            </tr>

        </table>
      </div>
      <br>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 90pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">B.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">the applicable Adviser agrees to, and does, provide periodic reports to the Board of the Regulated Entity with respect to the actions of such director or the information received by such board observer or
                  obtained through the exercise of any similar right to participate in the governance or management of the portfolio company; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 90pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">C.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">any fees or other compensation that any Regulated Entity or any Affiliated Fund or any affiliated person of any Regulated Entity or any Affiliated Fund receives in connection with the right of a Regulated
                  Entity or an Affiliated Fund to nominate a director or appoint a board observer or otherwise to participate in the governance or management of the portfolio company will be shared proportionately among the participating Affiliated Funds
                  (who may each, in turn, share its portion with its affiliated persons) and the participating Regulated Entities in accordance with the amount of each party&#8217;s investment; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">iv.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">the proposed investment by the Regulated Entity will not benefit any Adviser, the other Regulated Entities, the Affiliated Funds, or any affiliated person of any of them (other than the parties to the
                  Co-Investment Transaction), except (A) to the extent permitted by Condition 13, (B) to the extent permitted by Sections 17(e) or 57(k) of the 1940 Act, as applicable, (C) indirectly, as a result of an interest in the securities issued by
                  one of the parties to the Co-Investment Transaction, or (D) in the case of fees or other compensation described in Condition 2(c)(iii)(C).</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">3.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">Each Regulated Entity has the right to decline to participate in any Potential Co-Investment Transaction or to invest less than the amount proposed.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">4.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">The applicable Adviser will present to the Board of each Regulated Entity, on a quarterly basis, a record of all investments in Potential Co-Investment Transactions made by any of the other Regulated Entities
                  or Affiliated Funds during the preceding quarter that fell within the Regulated Entity&#8217;s then-current Objectives and Strategies that were not made available to the Regulated Entity, and an explanation of why the investment opportunities
                  were not offered to the Regulated Entity. All information presented to the Board pursuant to this Condition will be kept for the life of the Regulated Entity and at least two years thereafter, and will be subject to examination by the
                  Commission and its staff.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">5.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">Except for Follow-On Investments made in accordance with Condition 8,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">16</sup> a Regulated Entity will not invest in reliance on the Order in any issuer in which another Regulated Entity, Affiliated Fund,
                  or any affiliated person of another Regulated Entity or Affiliated Fund is an existing investor.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">6.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">A Regulated Entity will not participate in any Potential Co-Investment Transaction unless the terms, conditions, price, class of securities to be purchased, settlement date, and registration rights will be the
                  same for each participating Regulated Entity and Affiliated Fund. The grant to another Regulated Entity or an Affiliated Fund, but not the Regulated Entity, of the right to nominate a director for election to a portfolio company&#8217;s board
                  of directors, the right to have an observer on the board of directors or similar rights to participate in the governance or management of the portfolio company will not be interpreted so as to violate this Condition 6, if Conditions
                  2(c)(iii)(A),(B) and (C) are met.</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div>
        <div>
          <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;"></div>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">16</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div>This exception applies only to Follow-On Investments by a Regulated Entity in issuers in which that Regulated Entity already holds investments.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>7.</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">If any Regulated Entity or an Affiliated Fund elects to sell, exchange or otherwise dispose of an interest in a security that was acquired in a Co-Investment Transaction, the applicable Adviser will:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">i.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">notify each Regulated Entity that participated in the Co-Investment Transaction of the proposed disposition at the earliest practical time; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">ii.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">formulate a recommendation as to participation by each Regulated Entity in the disposition.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">Each Regulated Entity will have the right to participate in such disposition on a proportionate basis, at the same price and on the same terms and conditions as those applicable to the participating Regulated
                  Entities and Affiliated Funds.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">A Regulated Entity may participate in such disposition without obtaining prior approval of the Required Majority if: (i) the proposed participation of each Regulated Entity and each Affiliated Fund in such
                  disposition is proportionate to its outstanding investments in the issuer immediately preceding the disposition; (ii) the Board of the Regulated Entity has approved as being in the best interests of the Regulated Entity the ability to
                  participate in such dispositions on a pro rata basis (as described in greater detail in this Application); and (iii) the Board of the Regulated Entity is provided on a quarterly basis with a list of all dispositions made in accordance
                  with this Condition. In all other cases, the Adviser will provide its written recommendation as to the Regulated Entity&#8217;s participation to the Regulated Entity&#8217;s Eligible Directors, and the Regulated Entity will participate in such
                  disposition solely to the extent that a Required Majority determines that it is in the Regulated Entity&#8217;s best interests.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">d.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">Each Regulated Entity and each Affiliated Fund will bear its own expenses in connection with any such disposition.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>8.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">If a Regulated Entity or an Affiliated Fund desires to make a Follow-On Investment in a portfolio company whose securities were acquired in a Co-Investment Transaction, the applicable Adviser will:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">i.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">notify each Regulated Entity that participated in the Co-Investment Transaction of the proposed transaction at the earliest practical time; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">ii.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">formulate a recommendation as to the proposed participation, including the amount of the proposed Follow-On Investment, by each Regulated Entity.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">A Regulated Entity may participate in such Follow-On Investment without obtaining prior approval of the Required Majority if: (i) the proposed participation of each Regulated Entity and each Affiliated Fund in
                  such investment is proportionate to its outstanding investments in the issuer immediately preceding the Follow-On Investment; and (ii) the Board of the Regulated Entity has approved as being in the best interests of the Regulated Entity
                  the ability to participate in Follow-On Investments on a pro rata basis (as described in greater detail in this Application). In all other cases, the Adviser will provide its written recommendation as to the Regulated Entity&#8217;s
                  participation to the Eligible Directors, and the Regulated Entity will participate in such Follow-On Investment solely to the extent that a Required Majority determines that it is in the Regulated Entity&#8217;s best interests.</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">If, with respect to any Follow-On Investment:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">i.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">the amount of a Follow-On Investment is not based on the Regulated Entities&#8217; and the Affiliated Funds&#8217; outstanding investments immediately preceding the Follow-On Investment; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 72pt;">&#160;</td>
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: left;">ii.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">the aggregate amount recommended by the Adviser to be invested by each Regulated Entity in the Follow-On Investment, together with the amount proposed to be invested by the participating Affiliated Funds in
                  the same transaction, exceeds the amount of the opportunity; then the amount invested by each such party will be allocated among them pro rata based on each party&#8217;s capital available for investment in the asset class being allocated, up
                  to the amount proposed to be invested by each.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">d.</div>
              </td>
              <td style="vertical-align: top;">
                <div style="text-align: left;">The acquisition of Follow-On Investments as permitted by this Condition will be considered a Co-Investment Transaction for all purposes and subject to the other Conditions set forth in this Application.</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 36pt;">
                  <div>9.</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div>The Independent Directors of each Regulated Entity will be provided quarterly for review all information concerning Potential Co-Investment Transactions and Co-Investment Transactions, including investments made by other Regulated
                    Entities and the Affiliated Funds that the Regulated Entity considered but declined to participate in, so that the Independent Directors may determine whether all investments made during the preceding quarter, including those
                    investments which the Regulated Entity considered but declined to participate in, comply with the conditions of the Order. In addition, the Independent Directors will consider at least annually the continued appropriateness for the
                    Regulated Entity of participating in new and existing Co-Investment Transactions.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 36pt;">
                  <div>10.</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div>Each Regulated Entity will maintain the records required by section 57(f)(3) of the 1940 Act as if each of the Regulated Entities were a business development company and each of the investments permitted under these Conditions were
                    approved by the Required Majority under section 57(f).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 36pt;">
                  <div>11.</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div>No Independent Director of a Regulated Entity will also be a director, general partner, managing member or principal, or otherwise an &#8220;affiliated person&#8221; (as defined in the 1940 Act), of an Affiliated Fund.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 36pt;">
                  <div>12.</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div>The expenses, if any, associated with acquiring, holding or disposing of any securities acquired in a Co-Investment Transaction (including, without limitation, the expenses of the distribution of any such securities registered for
                    sale under the Securities Act of 1933, as amended) will, to the extent not payable by an Adviser under the investment advisory agreements with the Regulated Entities and the Affiliated Funds, be shared by the Affiliated Funds and the
                    Regulated Entities in proportion to the relative amounts of the securities held or to be acquired or disposed of, as the case may be.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 36pt;">
                  <div>13.</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div>Any transaction fee<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">17</sup> (including break-up or commitment fees but excluding broker&#8217;s fees contemplated by Section 17(e) or 57(k) of the 1940 Act, as applicable) received in connection with a Co-Investment Transaction will
                    be distributed to the participating Regulated Entities and Affiliated Funds 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 participating Regulated Entities and Affiliated Funds based on the amounts they invest in such Co-Investment Transaction. None of the Affiliated Funds, the
                    Advisers, the other Regulated Entities or any affiliated person of the Regulated Entities or Affiliated Funds will receive additional compensation or remuneration of any kind as a result of or in connection with a Co-Investment
                    Transaction (other than (a) in the case of the Regulated Entities and Affiliated Funds, the pro rata transaction fees described above and fees or other compensation described in Condition 2(c)(iii)(C) and (b) in the case of the
                    Advisers, investment advisory fees paid in accordance with the agreements between the Advisers and the Regulated Entities or the Affiliated Funds).</div>
                </td>
              </tr>

          </table>
        </div>
        <div> <br>
        </div>
        <div>
          <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;"><br>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">17</sup></td>
                <td style="width: auto; vertical-align: top;">
                  <div>Applicants are not requesting and the staff is not providing any relief for transaction fees received in connection with any Co-Investment Transaction.</div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 36pt;">
                  <div>14.</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div>If the Holders own in the aggregate more than 25 percent of the Shares of a Regulated Entity, then the Holders will vote such Shares in the same percentages as the Regulated Entity&#8217;s other shareholders (not including the Holders)
                    when voting on (1) the election of directors; (2) the removal of one or more directors; or (3) any other matter under either the1940 Act or applicable state law affecting the Board&#8217;s composition, size or manner of election.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 36pt;">
                  <div>15.</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div>Each Regulated Entity&#8217;s chief compliance officer, as defined in Rule 38a-1(a)(4), will prepare an annual report for its Board that evaluates (and documents the basis of that evaluation) the Regulated Entity&#8217;s compliance with the
                    terms and conditions of the application and the procedures established to achieve such compliance.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;"><font style="font-weight: bold;">IV.</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold;">STATEMENT IN SUPPORT OF RELIEF REQUESTED</font></div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div style="text-indent: 21.6pt; margin-right: 3.6pt;">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 Entities and the shareholders
        thereof and (ii) the protections found in the Conditions set forth in this Application.</div>
      <div>
        <div>
          <div style="font-style: italic; font-weight: bold;"> <br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="font-style: italic; font-weight: bold;">A.</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic; font-weight: bold;">Potential Benefits</div>
                  </td>
                </tr>

            </table>
            <div> <br>
            </div>
          </div>
        </div>
      </div>
      <div style="text-indent: 36pt;">In the absence of the relief sought hereby, in some circumstances the Regulated Entities would be limited in their ability to participate in attractive and appropriate investment opportunities. Section 17(d), Section
        57(a)(4) and Rule 17d-1 of the 1940 Act should not prevent BDCs and registered closed-end investment companies from making investments that are in the best interests of their shareholders.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">In cases where a Crescent Adviser identifies investment opportunities requiring larger capital commitments, it must seek the participation of other entities with similar investment styles. The ability to participate in
        Co-Investment Transactions that involve committing larger amounts of financing would enable each Regulated Entity to participate with one or more of the Affiliated Funds and the other Regulated Entities in larger financing commitments, which would,
        in turn, be expected to obtain discounted prices and increase income, expand investment opportunities and provide better access to due diligence information for the Regulated Entities. Indeed, each Regulated Entity&#8217;s inability to co-invest with one
        or more of the Affiliated Funds and the other Regulated Entities could potentially result in the loss of beneficial investment opportunities for such Regulated Entity and, in turn, adversely affect such Regulated Entity&#8217;s shareholders. For example,
        a Regulated Entity may lose investment opportunities if a Crescent Adviser cannot provide &#8220;one-stop&#8221; financing to a potential portfolio company. Portfolio companies may reject an offer of funding arranged by a Crescent Adviser due to a Regulated
        Entity&#8217;s inability to commit the full amount of financing required by the portfolio company in a timely manner (i.e., without the delay that typically would be associated with obtaining single-transaction exemptive relief from the Commission).
        Crescent Cap Advisors and Crescent Capital expect that any portfolio company that is an appropriate investment for a Regulated Entity should also be an appropriate investment for one or more other Regulated Entities and/or one or more Affiliated
        Funds, with certain exceptions based on available capital or diversification. The Regulated Entities, however, will not be obligated to invest, or co-invest, when investment opportunities are referred to them.</div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 36pt;">Each Regulated Entity and its shareholders will benefit from the ability to participate in Co-Investment Transactions. The Board of each of Crescent and the Cliffwater Fund, including the Independent Directors, has
        determined that it is in the best interests of Crescent and the Cliffwater Fund to participate in Co-Investment Transactions because, among other matters, (i) Crescent and the Cliffwater Fund will be able to participate in a larger number and
        greater variety of transactions; (ii) Crescent and the Cliffwater Fund will be able to participate in larger transactions; (iii) Crescent and the Cliffwater Fund will be able to participate in all opportunities approved by a Required Majority or
        otherwise permissible under the Order rather than risk underperformance through rotational allocation of opportunities among the Regulated Entities; (iv) Crescent and the Cliffwater Fund and any other Regulated Entities participating in the
        proposed investment will have greater bargaining power, 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, each of which could result in
        terms that are more favorable for the participating Regulated Entities; (v) Crescent and the Cliffwater Fund will be able to obtain greater attention and better deal flow from investment bankers and others who act as sources of investments; and
        (vi) the general terms and conditions of the proposed Order are fair to the Regulated Entities and their shareholders.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">18</sup>&#160; The Board of each of Crescent and the Cliffwater Fund, including the Independent Directors, also determined that it
        is in the best interests of each of Crescent and the Cliffwater Fund and its shareholders to obtain the Order at the earliest possible time and instructed the officers of Crescent, Crescent Cap Advisors, Cliffwater Fund and Cliffwater and counsel
        to use all appropriate efforts to accomplish such goal.&#160; For these reasons, the Board of each of Crescent and the Cliffwater Fund has determined that is proper and desirable for Crescent and the Cliffwater Fund to participate in Co-Investment
        Transactions with other Regulated Entities and one or more Affiliated Funds.</div>
      <div>&#160;</div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="font-style: italic; font-weight: bold;">B.</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic; font-weight: bold;">Protective Representations and Conditions</div>
                  </td>
                </tr>

            </table>
            <div> <br>
            </div>
          </div>
        </div>
      </div>
      <div style="text-indent: 36pt;">The Conditions set forth in this Application ensure that the proposed Co-Investment Transactions are consistent with the protection of each Regulated Entity&#8217;s shareholders and with the purposes intended by the policies
        and provisions of the 1940 Act. Specifically, the Conditions incorporate the following critical protections: (i) in each Co-Investment Transaction, all Regulated Entities and Affiliated Funds participating in the Co-Investment Transactions will
        invest at the same time for the same price and with the same terms, conditions, class, registration rights and any other rights, so that none of them receives terms more favorable than any other; (ii) a Required Majority of each Regulated Entity
        must approve various investment decisions with respect to such Regulated Entity in accordance with the Conditions; and (iii) the Regulated Entities are required to retain and maintain certain records.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Other than pro rata dispositions and Follow-On Investments as provided in Conditions 7 and 8, and after making the determinations required in Conditions 1 and 2(a), the applicable Adviser will present each Potential
        Co-Investment Transaction and the proposed allocation to the Eligible Directors, and the Required Majority will approve each Co-Investment Transaction prior to any investment by the participating Regulated Entity. With respect to the pro rata
        dispositions and Follow-On Investments provided in Conditions 7 and 8, a Regulated Entity may participate in a pro rata disposition or Follow-On Investment without obtaining prior approval of the Required Majority if, among other things: (i) the
        proposed participation of each Regulated Entity and each Affiliated Fund in such disposition is proportionate to its outstanding investments in the issuer immediately preceding the disposition or Follow-On Investment, as the case may be; and (ii)
        the Board of the Regulated Entity has approved that Regulated Entity&#8217;s participation in pro rata dispositions and Follow-On Investments as being in the best interests of the Regulated Entity. If the Board does not so approve, any such disposition
        or Follow-On Investment will be submitted to the Regulated Entity&#8217;s Eligible Directors. The Board of any Regulated Entity may at any time rescind, suspend or qualify its approval of pro rata dispositions and Follow-On Investments with the result
        that all dispositions and/or Follow-On Investments must be submitted to the Eligible Directors.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Applicants believe that participation by the Regulated Entities in pro rata dispositions and Follow-On Investments, as provided in Conditions 7 and 8, is consistent with the provisions, policies and purposes of the
        1940 Act and will not be made on a basis different from or less advantageous than that of other participants. A formulaic approach, such as pro rata dispositions and Follow-On Investments, eliminates the discretionary ability to make allocation
        determinations, and in turn eliminates the possibility for overreaching and promotes fairness. Applicants note that the Commission has adopted a similar pro rata approach in the context of Rule 23c-2, which relates to the redemption by a closed-end
        investment company of less than all of a class of its securities, indicating the general fairness and lack of overreaching that such approach provides.</div>
      <div> <br>
      </div>
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;"></div>
      <div> <br>
      </div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z75905d7551284b3a8a3592096a89339b" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 18pt;">
                    <div><sup style="color: rgb(0, 0, 0); vertical-align: text-top; line-height: 1; font-size: smaller;">18</sup></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div>The Board of each Future Regulated Entity will make the same findings before engaging in a Co-Investment Transaction in reliance on the requested order.</div>
                  </td>
                </tr>

            </table>
            <div> <br>
            </div>
          </div>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 36pt;">The foregoing analysis applies equally where a Wholly-Owned Investment Subsidiary is involved in a Co-Investment Transaction as each Wholly-Owned Investment Subsidiary will be treated as one company with its parent for
        purposes of this Application.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z060b10bbc0c247a5a8acb3d798f609a0" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div><font style="font-weight: bold;">V.</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div><font style="font-weight: bold;">PRECEDENTS</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">The Commission previously has issued orders permitting certain investment companies subject to regulation under the 1940 Act and their affiliated persons to co-invest in certain joint transactions that otherwise may be
        prohibited by Sections 17(d) and 57(a)(4) and Rule 17d-1 of the 1940 Act.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">19</sup> Applicants note, in particular, that the co-investment protocol to be followed by Applicants here is substantially similar to the protocol followed by Gladstone
        Capital Corporation and its affiliates, for which an order was granted on July 26, 2012.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">20</sup></div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z68c9bec575dc452eb26dae5dcd310925" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div><font style="font-weight: bold;">VI.</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div><font style="font-weight: bold;">PROCEDURAL MATTERS</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zf1cb5e4d224e45d797dfe29fa579fd2a" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 36pt;">&#160;</td>
                <td style="vertical-align: top; width: 36pt;">
                  <div><font style="font-weight: bold; font-style: italic;">A.</font></div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div><font style="font-weight: bold; font-style: italic;">Communications</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Please address all communications concerning this Application and the Notice and Order to:</div>
      <div>&#160;</div>
      <div style="text-align: center;">George Hawley, General Counsel</div>
      <div style="text-align: center;">Crescent Capital Group LP</div>
      <div style="text-align: center;">11100 Santa Monica Blvd., Suite 2000</div>
      <div style="text-align: center;">Los Angeles, CA 90025</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Please address any questions, and a copy of any communications, concerning this Application, the Notice and Order to:</div>
      <div>&#160;</div>
      <div style="text-align: center;">Carl A. de Brito, Esq.</div>
      <div style="text-align: center;">Richard Horowitz, Esq.</div>
      <div style="text-align: center;">Dechert LLP</div>
      <div style="text-align: center;">1095 Avenue of the Americas</div>
      <div style="text-align: center;">New York, NY 10036</div>
      <div><br>
      </div>
      <div style="text-align: center;">Terrence P. Gallagher</div>
      <div style="text-align: center;">Cliffwater Corporate Lending Fund</div>
      <div style="text-align: center;">235 West Galena Street</div>
      <div style="text-align: center;">Milwaukee, WI 53212</div>
      <div><br>
      </div>
      <div style="text-align: center;">Joshua B. Deringer, Esq.</div>
      <div style="text-align: center;">Faegre Drinker Biddle &amp; Reath LLP</div>
      <div style="text-align: center;">One Logan Square, Ste. 2000,</div>
      <div style="text-align: center;">Philadelphia, PA 19103-6996</div>
      <div><br>
      </div>
      <div style="text-align: center;">and</div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="color: rgb(0, 0, 0);">Jonathan Rogal, </font>General Counsel</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Cliffwater LLC</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">4640 Admiralty Way, 11th Floor</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Marina del Rey, CA 90292-6623</div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;"></div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">19</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 8pt;"><font style="font-size: 10pt; font-style: italic;">See</font><font style="font-size: 10pt;">, <font style="font-style: italic;">e.g</font>., <u>FS Credit Income Fund, et al.</u> (File No. 812-14905), Release
                    No. IC-33871 (May 19, 2020) (order), Release No. IC-33848 (April 22, 2020) (notice); <u>Garrison Capital Inc., et al.</u> (File No. 812-14097), Release No. IC-31409 (Jan. 12, 2015) (order), Release No. IC-31373 (Dec. 15, 2014)
                    (notice); <u>TPG Specialty Lending, Inc., et al.</u>, (File No. 812-13980), Release No. IC-31379 (Dec. 16, 2014) (order), Release No. IC-31338 (Nov. 18, 2014) (notice); <u>Monroe Capital Corporation, et al.</u>, (File No. 812-14028),
                    Release No. IC-31286 (Oct. 15, 2014) (order), Release No. IC-31253 (Sept. 19, 2014) (notice); <u>Fifth Street Finance Corp., et al.</u>, (File No. 812-14132), Release No. IC 31247 (Sept. 9, 2014) (order), Release No. IC-31212 (Aug. 14,
                    2014) (notice); <u>Solar Capital Ltd., et al.</u>, (File No. 812-14195), Release No. IC-31187 (July 28, 2014) (order), Release No. IC-31143 (July 1, 2014) (notice); <u>WhiteHorse Finance, Inc., et al.</u>, (File No. 812-14120),
                    Release No. 31152 (July 8, 2014) (order), Release No. IC-31080 (June 12, 2014) (notice); <u>PennantPark Investment Corp., et al.</u> (File No. 812-14134), Release No. IC-31015 (Apr. 15, 2014) (order), Release No. IC-30985 (Mar. 19,
                    2014) (notice); <u>NF Investment Corp., et al.</u> (File No. 812-14161), Release No. IC-30968 (Feb. 26, 2014) (order), Release No. IC-30900 (Jan. 31, 2014) (notice); <u>Prospect Capital Corporation, et al.</u> (File No.&#160;812-14199),
                    Release No. IC-30909 (Feb. 10, 2014) (order), Release No. IC-30855 (Jan. 13, 2014) (notice); <u>Medley Capital Corporation, et al.</u>&#160;(File No.&#160;812-14020), Release No. IC-30807 (Nov. 25, 2013) (order), Release No. IC-30769 (Oct. 28,
                    2013) (notice);&#160;<u>Stellus Capital Investment Corporation, et al.</u>&#160;(File No.&#160;812-14061), Release No. IC-30754 (Oct. 23, 2013) (order), Release No. IC-30739 (Sept. 30, 2013) (notice); <u>FS Investment Corporation, et al.</u> (File
                    No.&#160;812-13665), Release No. IC-30548 (June 4, 2013) (order), Release No. IC-30511 (May 9, 2013) (notice); <u>Gladstone Capital Corporation, et al.</u> (File No. 812-13878), Release No. IC-30154 (July 26, 2012) (order), Release No.
                    IC-30125 (June 29, 2012) (notice); <u>Ridgewood Capital Energy Growth Fund, LLC, et al.</u> (File No. 812-13569), Release No. IC-28982 (Oct. 21, 2009) (order), Release No. IC-28931 (Sept. 25, 2009) (notice).</font></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">20</sup></td>
              <td style="width: auto; vertical-align: top;">
                <div><u>Id.</u></div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="font-style: italic; font-weight: bold;">B.</div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="font-style: italic; font-weight: bold;">Authorizations</div>
                  </td>
                </tr>

            </table>
            <div> <br>
            </div>
          </div>
        </div>
      </div>
      <div style="text-indent: 36pt;">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 Crescent and the Board of the Cliffwater
        Fund.&#160; The Board of Crescent also authorizes the filing of the Application on behalf of Crescent Cap Advisors because of its affiliation with Crescent and any Future Regulated Entities.&#160; The filing of this Application on behalf of all other
        Applicants has been authorized by each such Applicant.&#160; In accordance with Rule 0-2(c) under the 1940 Act, each person executing the Application on behalf of the Applicants being duly sworn deposes and says that he has duly executed the attached
        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.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">All requirements for the execution and filing of this Application in the name and on behalf of each Applicant by the undersigned have been complied with and the undersigned is fully authorized to do so and has duly
        executed this Application this 19<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of January, 2021.</div>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt;">Applicants have caused this Application to be duly signed on their behalf on the 19<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of January, 2021.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">CRESCENT CAPITAL BDC, INC.</div>
            </td>
            <td style="vertical-align: top; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: middle;">&#160;</td>
            <td style="width: 33%; vertical-align: middle;">&#160;</td>
            <td style="vertical-align: middle; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ George Hawley</div>
            </td>
            <td style="vertical-align: bottom; width: 60%; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">George Hawley</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Authorized Signatory</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: middle;" colspan="2">&#160;</td>
            <td style="vertical-align: middle; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">CRESCENT CAP ADVISORS, LLC</div>
            </td>
            <td style="vertical-align: top; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: middle;">&#160;</td>
            <td style="width: 33%; vertical-align: middle;">&#160;</td>
            <td style="vertical-align: middle; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ George Hawley</div>
            </td>
            <td style="vertical-align: bottom; width: 60%; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">George Hawley</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Authorized Signatory</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: middle;" colspan="2">&#160;</td>
            <td style="vertical-align: middle; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">CRESCENT CAPITAL GROUP LP</div>
            </td>
            <td style="vertical-align: top; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: middle;">&#160;</td>
            <td style="width: 33%; vertical-align: middle;">&#160;</td>
            <td style="vertical-align: middle; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ George Hawley</div>
            </td>
            <td style="vertical-align: bottom; width: 60%; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">George Hawley</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Authorized Signatory</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>

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      <div><br>
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      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 7%; vertical-align: top;" rowspan="1" colspan="3">
              <div style="font-weight: bold;">CRESCENT DIRECT LENDING MANAGEMENT, LLC</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 33%; vertical-align: bottom;" rowspan="1">&#160;</td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ George Hawley</div>
            </td>
            <td style="vertical-align: bottom; width: 60%; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">George Hawley</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Authorized Signatory</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 7%; vertical-align: top;" rowspan="1" colspan="2">
              <div style="font-weight: bold;">CRESCENT SBIC MANAGEMENT, LLC</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 33%; vertical-align: bottom;" rowspan="1">&#160;</td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ George Hawley</div>
            </td>
            <td style="vertical-align: bottom; width: 60%; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">George Hawley</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Authorized Signatory</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 7%; vertical-align: top;" rowspan="1" colspan="2">
              <div style="font-weight: bold;">CRESCENT CREDIT EUROPE LLP</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 33%; vertical-align: bottom;" rowspan="1">&#160;</td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Jean-Marc Chapus</div>
            </td>
            <td style="vertical-align: bottom; width: 60%; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Jean-Marc Chapus</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Authorized Signatory</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>

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      <div style="text-indent: -36pt; margin-left: 108pt;"></div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 7%; vertical-align: top;" rowspan="1" colspan="3">
              <div><font style="font-weight: bold;">CRESCENT MEZZANINE PARTNERS VI, LP</font>, by</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 33%; vertical-align: bottom;" rowspan="1" colspan="2">
              <div>CRESCENT MEZZANINE VI LLC, its General Partner</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 33%; vertical-align: bottom;" rowspan="1">&#160;</td>
            <td style="width: 60%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ George Hawley</div>
            </td>
            <td style="width: 60%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">George Hawley</div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Authorized Signatory</div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div> <br>
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      <div></div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 7%; vertical-align: top;" rowspan="1" colspan="3">
              <div><font style="font-weight: bold;">CRESCENT MEZZANINE PARTNERS VIB, LP</font>, by</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 33%; vertical-align: bottom;" rowspan="1" colspan="2">
              <div>CRESCENT MEZZANINE VI LLC, its General Partner</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 33%; vertical-align: bottom;" rowspan="1">&#160;</td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ George Hawley</div>
            </td>
            <td style="vertical-align: bottom; width: 60%; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">George Hawley</div>
            </td>
            <td style="vertical-align: bottom; width: 60%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: top;">
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            <td style="width: 7%; vertical-align: top;">
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              <div style="color: rgb(0, 0, 0);">Stephen Nesbitt</div>
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              <div style="color: rgb(0, 0, 0);">STATE OF CALIFORNIA</div>
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              <div style="color: rgb(0, 0, 0);">COUNTY OF LOS ANGELES</div>
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      <div>The undersigned states that he has duly executed the attached Application for and on behalf of Crescent Capital BDC, Inc., Crescent Mezzanine Partners VI, LP, Crescent Mezzanine Partners VIB, LP, Crescent Mezzanine Partners VIC, LP, Crescent
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        Fund (Cayman--Levered) LP, Crescent European Specialty Lending Fund (Cayman) LP, Crescent European Specialty Lending Fund for ERISA Plans LP, Crescent European Specialty Lending Fund II (Delaware) LP, Crescent European Specialty Lending Fund II
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            <td style="vertical-align: top; width: 50%;" colspan="1">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
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          <tr>
            <td style="vertical-align: top; width: 50%;" colspan="1">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
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              <div style="color: rgb(0, 0, 0);">George Hawley</div>
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          <tr>
            <td style="vertical-align: top; width: 50%;" colspan="1">&#160;</td>
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            <td style="width: 7%; vertical-align: top;">
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              <div style="color: rgb(0, 0, 0);">January 19, 2021</div>
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            <td style="width: 30%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">STATE OF CALIFORNIA</div>
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      <div style="text-indent: 36pt;">The undersigned states that he has duly executed the attached Application for and on behalf of Crescent CAP Advisors, LLC, Crescent Capital Group LP, Crescent Direct Lending Management, LLC and Crescent SBIC
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          <tr>
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            <td style="width: 7%; vertical-align: top;">
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          <tr>
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            <td style="width: 7%; vertical-align: top;">
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      <div style="text-indent: 36pt;">The undersigned states that he has duly executed the attached Application for and on behalf of Crescent European Specialty Loan Fund SCS, SICAV-FIS, Crescent Credit Europe CAA SCS, Crescent Credit Europe MM SCS,
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              <div style="color: rgb(0, 0, 0);">January 19, 2021</div>
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            <td style="width: 43%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Manager B</div>
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            <td style="width: 43%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">January 19, 2021</div>
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          <tr>
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            <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">/s/ Tyrone Chang</div>
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            <td style="width: 43%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Tyrone Chang</div>
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          <tr>
            <td style="vertical-align: top; width: 50%;" colspan="1">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
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            <td style="width: 43%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Director</div>
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          </tr>
          <tr>
            <td style="vertical-align: top; width: 50%;" colspan="1">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Date:</div>
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            <td style="width: 43%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">January 19, 2021</div>
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            <td style="width: 70%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">)</div>
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      <div style="text-indent: 36pt;">The undersigned states that he has duly executed the attached Application for and on behalf of Crescent Direct Lending Fund II (Canada), LP, CDL Investment Subsidiary II, LP and CDL Levered Fund II, LP; that he is
        Director of the general partner of each such company; and that all actions necessary to authorize him to execute and file such instrument have been taken.&#160; The undersigned further states that he is familiar with such instrument, and the contents
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            <td style="vertical-align: top; width: 50%;" colspan="1">&#160;</td>
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            <td style="vertical-align: top; width: 50%;" colspan="1">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
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              <div style="color: rgb(0, 0, 0);">Michael Rogers</div>
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          <tr>
            <td style="vertical-align: top; width: 50%;" colspan="1">&#160;</td>
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            <td style="width: 43%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Director</div>
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          </tr>
          <tr>
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              <div style="color: rgb(0, 0, 0);">January 19, 2021</div>
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          <tr>
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      <div style="text-indent: 36pt;">The undersigned states that he has duly executed the attached Application for and on behalf of CDL Unit Trust (Ireland), Crescent Direct Lending Fund III LP, CDL Unlevered III Investment Subsidiary LP and CDL Levered
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          <tr>
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            <td style="width: 43%; vertical-align: bottom;">
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            <td style="width: 7%; vertical-align: top;">
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            <td style="width: 43%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">January 19, 2021</div>
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      </table>
      <div> <br>
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            <td style="width: 70%; vertical-align: top;">
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          <tr>
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      <div style="text-indent: 36pt;">The undersigned states that he has duly executed the attached Application for and on behalf of Cliffwater Corporate Lending Fund and Cliffwater LLC; that he is the President of Cliffwater Corporate Lending Fund and
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            <td style="width: 7%; vertical-align: top;">
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          </tr>
          <tr>
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            <td style="width: 7%; vertical-align: top;">
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            <td style="width: 43%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">Stephen Nesbitt</div>
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          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 43%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">President</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Date:</div>
            </td>
            <td style="width: 43%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">January 19, 2021</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 7%; vertical-align: top;" rowspan="1" colspan="2">Cliffwater LLC</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 43%; vertical-align: bottom;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Stephen Nesbitt</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 43%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">Stephen Nesbitt</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 43%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">Chief Executive Officer</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Date:</div>
            </td>
            <td style="width: 43%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0);">January 19, 2021</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">35</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">SCHEDULE A</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Existing Crescent Advisers</div>
      <div>&#160;</div>
      <div>Crescent Direct Lending Management, LLC</div>
      <div>Crescent SBIC Management, LLC</div>
      <div>Crescent Credit Europe LLP</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Existing Affiliated Funds</div>
      <div>&#160;</div>
      <div>Crescent Mezzanine Partners VI, LP</div>
      <div>Crescent Mezzanine Partners VIB, LP</div>
      <div>Crescent Mezzanine Partners VIC, LP</div>
      <div>Crescent Capital High Income Fund, LP</div>
      <div>Crescent Capital High Income Fund B, L.P.</div>
      <div>Crescent Credit Europe CAA SCS</div>
      <div>Crescent Credit Europe MM SCS</div>
      <div>Crescent Credit Solutions VIII, L.P.</div>
      <div>Crescent Credit Solutions VIIIB, SCSp</div>
      <div>Crescent Credit Solutions VIIIC<font style="color: rgb(31, 73, 125);"> (</font>Solvency II), SCSp</div>
      <div>Crescent Credit Opportunities Fund, L.P.</div>
      <div>Crescent Credit Opportunities Fund (Cayman), L.P.</div>
      <div>Crescent Credit Opportunities Fund AIF, SCSP</div>
      <div>Crescent Senior Secured Floating Rate Loan Fund, LLC</div>
      <div>Crescent Senior Secured Floating Rate Loan Fund (Cayman), LP</div>
      <div>Crescent/Kamehameha Schools Partnership, LP</div>
      <div>NPS/Crescent Strategic Partnership, LP</div>
      <div>NPS/Crescent Strategic Partnership II, LP</div>
      <div>Crescent/AEGIS Partnership, L.P.</div>
      <div>Crescent (TX) Direct Lending Fund, L.P.</div>
      <div>Crescent Direct Lending Fund, L.P.</div>
      <div>Crescent Direct Lending Levered Fund, L.P.</div>
      <div>CDL Unit Trust (Ireland)</div>
      <div>Crescent Direct Lending SBIC Fund, L.P.</div>
      <div>Crescent Direct Lending Fund II (Canada), LP</div>
      <div>Crescent Direct Lending Fund III LP</div>
      <div>Crescent Special Situations Fund (Investor Group), L.P.</div>
      <div>Crescent European Specialty Lending Fund, L.P.</div>
      <div>Crescent European Specialty Loan Fund SCS, SICAV-FIS</div>
      <div>Crescent European Specialty Lending Fund (Levered) LP</div>
      <div>Crescent European Specialty Lending Fund (Cayman-Levered) LP</div>
      <div>Crescent European Specialty Lending Fund (Cayman) LP</div>
      <div>Crescent European Specialty Lending Fund for ERISA Plans LP</div>
      <div>Crescent European Specialty Lending Fund II (Delaware) LP</div>
      <div>Crescent European Specialty Lending Fund II (Levered) LP</div>
      <div>Crescent European Specialty Lending Fund II (Cayman--Levered) LP</div>
      <div>Crescent European Specialty Lending Fund II (Cayman--Levered EUR) LP</div>
      <div>Crescent European Specialty Lending Fund II (Cayman) LP</div>
      <div>Crescent European Specialty Loan Fund II SCSp</div>
      <div>Crescent European Specialty Loan Fund II (GBP) SCSp</div>
      <div>Crescent Mezzanine Partners VII (LTL), L.P.</div>
      <div>Crescent Mezzanine Partners VII, L.P.</div>
      <div>Crescent Mezzanine Partners VIIB, L.P.</div>
      <div>Crescent Mezzanine Partners VIIC (LTL), L.P.</div>
      <div>Crescent Mezzanine Partners VIIC, L.P.</div>
      <div>Crescent Mezzanine Partners VII (Chengdong Co-Investment), L.P.</div>
      <div>Crescent Mezzanine Partners VII (PA Co-Investment), LP</div>
      <div>Crescent Mezzanine Partners VII (PA Co-Investment II), LP</div>
      <div>Crescent Private Credit Partners LP</div>
      <div>CDL Investment Subsidiary II, LP</div>
      <div>CDL Levered Fund II, LP</div>
      <div>CDL Unlevered III Investment Subsidiary LP</div>
      <div>CDL Levered III Investment Subsidiary LP</div>
      <div>CPCP Levered Unitranche Investments LP</div>
      <div>CPCP Unitranche Investments LP</div>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">36</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">EXHIBIT A</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">Resolutions of the Board of Directors of Crescent Capital BDC, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">RESOLVED</font>, that an Amended and Restated&#160; Co-Investment Exemptive Application reflecting the addition of Cliffwater Corporate Lending Fund as an applicant as discussed at this
        Board meeting be, and it hereby is, approved in all respects and the filing of such Amended and Restated Co-Investment Exemptive Application with the SEC be, and it hereby is, approved in all respects; and</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">RESOLVED</font>, that each of the officers of Crescent Capital BDC, Inc. (the &#8220;Company&#8221;) is hereby authorized in the name and on behalf of the Company, to make or cause to be made,
        and to execute and cause to be filed with the SEC, an Amended and Restated Co-Investment Exemptive Application and any and all amendments to such Amended and Restated Co-Investment Exemptive Application, effecting such changes as any such officer
        or officers may deem necessary or advisable; and</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">RESOLVED</font>, that each of the officers of the Company is hereby authorized in the name and on behalf of the Company to make or cause to be made, and to execute and deliver, all
        such additional agreements, documents, instruments and certifications and to take all such steps, and to make all such payments, fees and remittances, as any one or more of such officers may at any time or times deem necessary or desirable in order
        to effectuate the purpose and intent of the foregoing resolutions.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">37</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">EXHIBIT B</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">Resolutions of the Board of Trustees of Cliffwater Corporate Lending Fund</div>
      <div><br>
      </div>
      <div><font style="font-weight: bold;">RESOLVED</font>, that the officers of the Cliffwater Corporate Lending Fund (the &#8220;Fund&#8221;) be, and each of them hereby is, authorized and directed on behalf of the Fund and in its name to prepare, execute, and
        cause to be filed with the SEC an Application for an Order of Exemption, and any amendments thereto, pursuant to Section 17(d) of the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), and Rule 17d-1 promulgated under the 1940 Act,
        authorizing certain joint transactions that otherwise may be prohibited by Section 17(d) of the 1940 Act; and</div>
      <div><br>
      </div>
      <div><font style="font-weight: bold;">FURTHER RESOLVED</font>, that the officers of the Fund be, and each of them hereby is, authorized and directed to take such further action and execute such other documents as such officer or officers shall deem
        necessary or advisable in order to effectuate the intent of the foregoing resolution.</div>
      <div> <br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">38</font></div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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