<SEC-DOCUMENT>0001144204-15-036191.txt : 20150609
<SEC-HEADER>0001144204-15-036191.hdr.sgml : 20150609
<ACCEPTANCE-DATETIME>20150609102130
ACCESSION NUMBER:		0001144204-15-036191
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150609
DATE AS OF CHANGE:		20150609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Investment Corp
		CENTRAL INDEX KEY:			0001534254
		IRS NUMBER:				453058280
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387
		FILM NUMBER:		15920014

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212 - 418 - 4700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C&#298;ON Investment Corp
		DATE OF NAME CHANGE:	20111104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICON CAPITAL, LLC
		CENTRAL INDEX KEY:			0001624902
		IRS NUMBER:				222598874
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387-05
		FILM NUMBER:		15920015

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		2124184700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION INVESTMENT MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0001624904
		IRS NUMBER:				453053333
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387-06
		FILM NUMBER:		15920016

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		2124184700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICON ECI Fund Sixteen
		CENTRAL INDEX KEY:			0001561679
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		IRS NUMBER:				800860084
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387-01
		FILM NUMBER:		15920017

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVE - 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		2124184700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVE - 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICON ECI FUND FIFTEEN, L.P.
		CENTRAL INDEX KEY:			0001502519
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		IRS NUMBER:				273525849
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387-02
		FILM NUMBER:		15920018

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVE, 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		2124184700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVE, 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICON LEASING FUND TWELVE, LLC
		CENTRAL INDEX KEY:			0001377848
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		IRS NUMBER:				205651009
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387-04
		FILM NUMBER:		15920020

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10011
		BUSINESS PHONE:		2124184700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ICON Leasing Fund Twelve, LLC
		DATE OF NAME CHANGE:	20061010

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICON Equipment & Corporate Infrastructure Fund Fourteen, L.P.
		CENTRAL INDEX KEY:			0001446806
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		IRS NUMBER:				263215092
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387-03
		FILM NUMBER:		15920019

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212-418-4700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP/A
<SEQUENCE>1
<FILENAME>v412710_40app-a.htm
<DESCRIPTION>40-APP/A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>No. 812-14387</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>U.S. SECURITIES
AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Washington, D.C. 20549</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>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 1940 ACT PERMITTING CERTAIN
JOINT TRANSACTIONS OTHERWISE PROHIBITED BY SECTIONS 17(d) AND 57(a)(4) AND RULE 17d-l</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>C&#298;ON
INVESTMENT CORPORATION,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>C&#298;ON
Investment Management, LLC, ICON Leasing Fund Twelve, LLC, ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P., ICON
ECI Fund Fifteen, L.P.</B></FONT><B>,<FONT STYLE="text-transform: uppercase"> ICON ECI Fund Sixteen </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">and</FONT><FONT STYLE="text-transform: uppercase">
ICON Capital, LLC</FONT></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>3 Park Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>New York, NY 10016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Tel: (212) 418-4700</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>All Communications, Notices and Orders
to:</I></B><BR>
<BR>
<B>Michael A. Reisner, Co-Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Mark Gatto, Co-Chief Executive Officer</B><BR>
<B>C&#298;ON Investment Corporation</B><BR>
<B>3 Park Avenue</B><BR>
<B>New York, NY 10016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Tel: (212)&nbsp;418-4700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><BR>
<BR>
<B><I>Copies to:</I></B><BR>
<BR>
<B>Richard Horowitz, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Matthew K. Kerfoot, Esq.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>1095 Avenue of the Americas</B><BR>
<B>New York, NY 10036</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Tel: (212)&nbsp;698-3500</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>June 9, 2015</B></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">I.&#9;summary
of application</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following entities hereby request an
order (the &ldquo;<B>Order</B>&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) under
Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &ldquo;<B>1940 Act</B>&rdquo;),<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>C&#298;ON Investment Corporation, a closed-end management investment company that has elected to be regulated as a business
development company (a &ldquo;<B>BDC</B>&rdquo;) under the 1940 Act (&ldquo;<B>C&#298;ON</B>&rdquo;);<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>C&#298;ON Investment Management, LLC, the investment adviser to C&#298;ON, on behalf of itself and its successors<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>3</SUP></FONT>
(the &ldquo;<B>C&#298;ON Adviser</B>&rdquo;);<SUP> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ICON Leasing Fund Twelve, LLC, an investment fund (&ldquo;<B>Fund Twelve</B>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P., an investment fund (&ldquo;<B>Fund Fourteen</B>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ICON ECI Fund Fifteen, L.P., an investment fund (&ldquo;<B>Fund Fifteen</B>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ICON ECI Fund Sixteen, an investment fund (&ldquo;<B>Fund Sixteen</B>&rdquo;; Fund Sixteen, together with Fund Twelve, Fund
Fourteen and Fund Fifteen are collectively referred to herein as the &ldquo;<B>Existing Affiliated Funds</B>&rdquo;);<SUP> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ICON Capital, LLC, the investment adviser to the Existing Affiliated Funds, on behalf of itself and its successors (&ldquo;<B>ICON
Capital</B>&rdquo; and together with C&#298;ON, the C&#298;ON Adviser and the Existing Affiliated Funds, the &ldquo;<B>Applicants</B>&rdquo;);</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The relief requested in this application
(the &ldquo;<B>Application</B>&rdquo;) would allow C&#298;ON or any Future Regulated Entity<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>6</SUP></FONT>
(each, a &ldquo;<B>Regulated Entity</B>&rdquo; and collectively, the &ldquo;<B>Regulated Entities</B>&rdquo;), one or more other
Regulated Entities and/or one or more Affiliated Funds<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>7</SUP></FONT>
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,
including through the exercise of warrants, conversion privileges, and other rights to purchase securities of the issuers. For
purposes of this Application, a &ldquo;<B>Co-Investment Transaction</B>&rdquo; 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 <B>&ldquo;Potential Co-Investment Transaction&rdquo;</B> 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. Any Affiliated
Fund will be excluded from the definition of &ldquo;investment company&rdquo; under</P>

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

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

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

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






<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD>Unless otherwise indicated, all section and rule references herein are to the 1940 Act and rules promulgated thereunder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD><TD>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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">The term &ldquo;successor&rdquo; means an entity that results from, among other things, a reorganization
into another jurisdiction or change in the type of business organization.</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></TD><TD>C&#298;ON has a sub-adviser which is only affiliated with C&#298;ON as a result of an investment sub-advisory agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT></TD><TD>No Existing Affiliated Fund is a subsidiary of a Regulated Entity (as defined below).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT></TD><TD>&ldquo;<B>Future Regulated Entity</B>&rdquo; means any closed-end management investment company (a) that is formed in the future,
(b) that is registered under the 1940 Act or has elected to be regulated as a BDC and (c) whose investment adviser is either the
C&#298;ON Adviser or an affiliated adviser of the C&#298;ON Adviser.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT></TD><TD>&ldquo;<B>Affiliated Funds</B>&rdquo; means the Existing Affiliated Funds and any Future Affiliated Fund. &ldquo;<B>Future
Affiliated Fund</B>&rdquo; means any investment company (a) that is formed in the future, (b) that is excluded from the definition
of &ldquo;investment company&rdquo; under section 3(c)(1), 3(c)(5) or 3(c)(7) of the 1940 Act and (c) whose investment adviser
is either ICON Capital or an affiliated adviser of ICON Capital.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Section 3(c)(1), 3(c)(5) or 3(c)(7) of the
1940 Act and ICON Capital or an investment adviser affiliate thereof will serve as the investment manager for all such Affiliated
Funds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any of the Regulated Entities may, from
time to time, form one or more Wholly-Owned Investment Subsidiaries<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>8</SUP></FONT>.
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. 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&rsquo;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&rsquo;s investments and, therefore, no conflicts of interest could arise between the Regulated
Entity and the Wholly-Owned Investment Subsidiary. The board of directors (the &ldquo;<B>Board</B>&rdquo;)<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>9</SUP></FONT>
of such Regulated Entity would make all relevant determinations under the conditions with regard to a Wholly-Owned Investment Subsidiary&rsquo;s
participation in a Co-Investment Transaction, and the Regulated Entity&rsquo;s Board would be informed of, and take into consideration,
any proposed use of a Wholly-Owned Investment Subsidiary in the Regulated Entity&rsquo;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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>11</SUP></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">II.&#9;GENERAL
DESCRIPTION OF APPLICANTS</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">A.</TD><TD>C&#298;ON</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&#298;ON was organized under the General
Corporation Law of the State of Maryland on August 9, 2011 for the purpose of operating as a BDC. In addition, C&#298;ON has made
an election to be treated for tax purposes as a regulated investment company (&ldquo;<B>RIC</B>&rdquo;) under the Internal Revenue
Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), and intends to continue to make such election in the future. C&#298;ON&rsquo;s
investment objective is to generate current income and, to a lesser extent, capital appreciation for investors. C&#298;ON&rsquo;s
investments are made directly through C&#298;ON, and may in the future be made through one or more Wholly-Owned Investment Subsidiaries
that C&#298;ON may establish from time to time. Such Wholly-Owned Investment Subsidiaries will have Objectives and Strategies (as
defined below) that are substantially the same as, or a subset of, those of C&#298;ON, although the Wholly-Owned Investment Subsidiaries
will be subject to different regulatory regimes. C&#298;ON&rsquo;s portfolio is comprised primarily of investments in senior secured
loans and, to a lesser extent, second lien loans, collateralized loan obligations and long-term subordinated loans, referred to
as mezzanine loans, of private and thinly traded U.S. middle-market companies. In</P>

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

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT></TD><TD>&ldquo;<B>Wholly-Owned Investment Subsidiary</B>&rdquo; 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 &ldquo;<B>SBA
Act</B>&rdquo;), as a small business investment company (an &ldquo;<B>SBIC</B>&rdquo;), 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&rsquo;s participation under the conditions
of this Application; and (iv) that would be an investment company but for section 3(c)(1), 3(c)(5) or 3(c)(7) of the 1940 Act.
All subsidiaries participating in the Co-Investment Program (as defined below) will be Wholly-Owned Investment Subsidiaries and
will have Objectives and Strategies (as defined below) that are either substantially the same as, or a subset of, their parent
Regulated Entity&rsquo;s Objectives and Strategies. A subsidiary that is an SBIC may be a Wholly-Owned Investment Subsidiary if
it satisfies the conditions in this definition.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT></TD><TD>The term &ldquo;<B>Board</B>&rdquo; refers to the board of directors or trustees of any Regulated Entity.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT></TD><TD><I>See, e.g</I>., Massachusetts Mutual Life Insurance Co. (pub. Avail. June 7, 2000), Massachusetts Mutual Life Insurance Co.
(pub. Avail. July 28, 2000) and SMC Capital, Inc. (pub. Avail. Sept. 5, 1995).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>11</SUP></FONT></TD><TD>The Order granted pursuant to the Application will not apply to any person directly or indirectly controlled by a Regulated
Entity.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">connection with C&#298;ON&rsquo;s debt investments,
it may receive equity interests such as warrants or options as additional consideration. C&#298;ON may also purchase minority interests
in the form of common or preferred equity in its target companies, either in conjunction with one of its debt investments or through
a co-investment with a financial sponsor. C&#298;ON&rsquo;s principal place of business is 3 Park Avenue, New York, NY 10016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board of C&#298;ON has five-members,
of which three members are not &ldquo;interested persons&rdquo; of C&#298;ON within the meaning of Section 2(a)(19) (the &ldquo;<B>Independent
Directors</B>&rdquo;).<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>12</SUP></FONT> None of the Independent Directors
of any of the Regulated Entities will have a financial interest in any Co-Investment Transaction, other than by virtue of the ownership
of securities of the Regulated Entities and none will participate individually in any Co-Investment Transaction.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">B.</TD><TD>The C&#298;ON Adviser</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The C&#298;ON Adviser is registered with
the Commission under the Investment Advisers Act of 1940, as amended (the &ldquo;<B>Advisers Act</B>&rdquo;). On the date of this
Application, its sole client is C&#298;ON. The C&#298;ON Adviser is a subsidiary of ICON Investment Group, LLC and an affiliate
of ICON Capital, which, together, provide innovative alternative investment products to individual and institutional investors
through publicly-registered programs, private funds and separately managed accounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms of the investment advisory
agreement with C&#298;ON, the C&#298;ON Adviser will: (i) determine the composition and allocation of C&#298;ON&rsquo;s portfolio,
the nature and timing of the changes to C&#298;ON&rsquo;s portfolio and the manner of implementing such changes; (ii) determine
which securities C&#298;ON will purchase, retain or sell; (iii) identify, evaluate, negotiate and structure the investments C&#298;ON
makes; perform due diligence on prospective portfolio companies; and (iv) execute, close, monitor and service the investments C&#298;ON
makes. The C&#298;ON Adviser&rsquo;s 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 C&#298;ON are not impaired.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&#298;ON and the C&#298;ON Adviser have
engaged a sub-adviser to provide investment advice and make investment recommendations to the C&#298;ON Adviser in accordance with
C&#298;ON&rsquo;s investment objective and strategy. Such sub-adviser may also serve as sub-adviser to any Future Regulated Entities.
All investment decisions are the sole responsibility of, and are made at the sole discretion of, the C&#298;ON Adviser, and the
sub-adviser is not responsible or liable for any such investment decisions.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">C.</TD><TD>ICON Capital</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ICON Capital is a limited liability company
organized under the Limited Liability Company Act of the State of Delaware on June 1, 2007. ICON Capital serves as investment adviser
to the Existing Affiliated Funds and ICON Capital or an affiliated adviser of ICON Capital will serve as investment adviser to
any Future Affiliated Funds. ICON Capital also serves as administrator to C&#298;ON and will serve as administrator to any Future
Regulated Entity. ICON Capital is an affiliate of the C&#298;ON Adviser.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">D.</TD><TD>Fund Twelve</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Fund Twelve is a limited liability company
organized under the Limited Liability Company Act of the State of Delaware on October 3, 2006. Fund Twelve&rsquo;s principal investment
objective is to obtain the maximum economic return from its investments for the benefit of its members. Fund Twelve operates as
an equipment leasing and finance program in which invested capital is pooled together to make investments, pay fees and establish
a small reserve. Fund Twelve primarily acquires equipment subject to lease, purchases equipment and leases it to third-party end
users or finances equipment for third parties and, to a lesser degree, acquires ownership rights to items of leased equipment at
lease expiration. ICON Capital serves as the investment adviser to Fund Twelve.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">E.</TD><TD>Fund Fourteen</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Fund Fourteen is a limited partnership organized
under the Revised Uniform Limited Partnership Act of the State of Delaware on August 20, 2008. Fund Fourteen&rsquo;s investment
objective is to obtain the maximum economic</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>12</SUP></FONT></TD><TD STYLE="text-align: justify">The term &ldquo;<B>Independent Directors</B>&rdquo; refers
to the independent directors or trustees of any Regulated Entity.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">return from its investments for the benefit of its partners. Fund Fourteen operates
as an equipment leasing and finance fund in which invested capital is pooled together to make investments in business-essential
equipment and corporate infrastructure. Fund Fourteen primarily invests in such equipment and infrastructure, including, but not
limited to, equipment and infrastructure that are already subject to lease, equipment and infrastructure that it purchases and
leases to domestic and global businesses, loans that are secured by equipment and infrastructure, and ownership rights to leased
equipment and infrastructure at lease expiration. ICON Capital serves as the investment adviser to Fund Fourteen and ICON GP 14,
LLC is the general partner of Fund Fourteen.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">F.</TD><TD>Fund Fifteen</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Fund Fifteen is a limited partnership organized
under the Revised Uniform Limited Partnership Act of the State of Delaware on September 23, 2010. Fund Fifteen&rsquo;s investment
objectives are: (i) to make favorable investments in domestic and global businesses primarily in the form of debt and debt-like
financings (such as loans and leases), which investments are collateralized by equipment and other corporate infrastructure that
has intrinsic value and strong secondary marketability; (ii) to make monthly cash distributions; and (iii) to select individual
investments that represent a diversified portfolio of secured loans, equipment leases and other financing transactions. Fund Fifteen
invests primarily in debt and debt-like financings (such as loans and leases) that are collateralized by equipment and other corporate
infrastructure. ICON Capital serves as the investment adviser to Fund Fifteen and ICON GP 15, LLC is the general partner of Fund
Fifteen.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">G.</TD><TD>Fund Sixteen</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Fund Sixteen is a statutory trust organized
under the Statutory Trust Act of the State of Delaware on October 11, 2012. Fund Sixteen primarily makes investments in, or makes
investments that are collateralized by, equipment and other corporate infrastructure. Fund Sixteen primarily invests in companies
that utilize equipment and other corporate infrastructure to operate their businesses. These investments are primarily structured
as debt and debt-like financings such as loans, leases and other structured financing transactions in, or that are collateralized
by, equipment and other corporate infrastructure. ICON Capital serves as the investment adviser to Fund Sixteen.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">III.&#9;RELIEF
FOR PROPOSED CO-INVESTMENTS</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">A.</TD><TD>Co-Investment in Portfolio Companies by Regulated Entities and Affiliated Funds</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.&#9;<U>Mechanics of Co-Investment Program</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The C&#298;ON Adviser advises C&#298;ON
and will advise any Future Regulated Entities. The C&#298;ON Adviser may retain a sub-adviser under the terms of a sub-advisory
agreement for one or more Regulated Entities. Pursuant to the sub-advisory agreement among the sub-adviser, the C&#298;ON Adviser
and C&#298;ON, the sub-adviser assists the C&#298;ON Adviser by: (i) making recommendations as to the general composition and allocation
of C&#298;ON&rsquo;s portfolio among various types of securities, the nature and timing of the changes therein and the manner of
implementing such changes; (ii) identifying, evaluating, recommending to the C&#298;ON Adviser and, if applicable and/or appropriate,
negotiating the structure and/or terms of investment opportunities within C&#298;ON&rsquo;s investment strategy; (iii) assisting
the C&#298;ON Adviser in performing due diligence on prospective portfolio investments; and (iv) providing information to the C&#298;ON
Adviser regarding C&#298;ON investments that are being or were sourced by the sub-adviser to facilitate the C&#298;ON Adviser&rsquo;s
monitoring and servicing of such investments. Importantly, the relationship among C&#298;ON, the C&#298;ON Adviser and the sub-adviser
may not be exclusive and is terminable by the sub-adviser upon 60 days&rsquo; written notice, or by C&#298;ON upon 60 days&rsquo;
written notice, if a majority of the Independent Directors of C&#298;ON or the holders of a majority of C&#298;ON&rsquo;s outstanding
voting securities determines that the sub-advisory agreement should be terminated. Further, all investment and operational decisions
will be solely the responsibility of the C&#298;ON Adviser, which will determine to accept or reject any and all recommendations
by the sub-adviser. The sub-adviser&rsquo;s role is consultative only; it has no authority to bind C&#298;ON without the approval
of the C&#298;ON Adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is anticipated that the C&#298;ON Adviser
will, from time-to-time, determine that certain investments it recommends for a Regulated Entity would also be appropriate investments
for one or more other Regulated Entities and/or Affiliated Funds in accordance with the policies and procedures that have been
adopted by the C&#298;ON Adviser. Such a determination may result in a Regulated Entity, on the one hand, and one or more other
Regulated</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Entities and/or Affiliated Funds, on the other hand, co-investing in certain investment opportunities (the &ldquo;<B>Co-Investment
Program</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Opportunities for Potential Co-Investment
Transactions may arise when personnel of the C&#298;ON Adviser become aware of investment opportunities that may be appropriate
for a Regulated Entity and one or more other Regulated Entities and/or Affiliated Funds. Upon issuance of the requested Order,
all Potential Co-Investment Transactions within a Regulated Entity&rsquo;s Objectives and Strategies<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>13</SUP></FONT>
that are presented to another Regulated Entity or Affiliated Fund will be referred to the C&#298;ON Adviser and such investment
opportunities may result in a Co-Investment Transaction. For each such referral, the C&#298;ON Adviser will independently analyze
and evaluate the investment opportunity as to its appropriateness for the applicable Regulated Entity, taking into consideration
such Regulated Entity&rsquo;s investment objectives, investment policies, investment positions, Available Capital<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>14</SUP></FONT>
for investment and other factors relevant to such Regulated Entity. If the C&#298;ON Adviser determines that the opportunity is
appropriate for the applicable Regulated Entity (and approves the investment for such Regulated Entity), and one or more other
Regulated Entities and/or Affiliated Funds have confirmed their desire to also participate, the C&#298;ON Adviser will present
the investment opportunity and the proposed allocation to the directors or trustees of the applicable Regulated Entity, as applicable,
eligible to vote under Section 57(o) of the 1940 Act (the &ldquo;<B>Eligible Directors</B>&rdquo;) prior to the actual investment
by such Regulated Entity. A Potential Co-Investment Transaction will be consummated only upon approval by a required majority of
the Eligible Directors within the meaning of Section 57(o) (&ldquo;<B>Required Majority</B>&rdquo;).<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>15</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Regulated Entity or Affiliated Fund will
be obligated to invest, or co-invest, when investment opportunities are referred to them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To allow for an independent review of co-investment
activities, the Eligible Directors of a Regulated Entity will receive, on a quarterly basis, a record of all investments made by
other Regulated Entities and/or Affiliated Funds in Potential Co-Investment Transactions during the preceding quarter that: (1)
were consistent with the applicable Regulated Entity&rsquo;s then current investment objectives, and (2) were made available to
the Regulated Entity but were determined to not be appropriate for such Regulated Entity by the C&#298;ON Adviser. This record
will include an explanation of why such investment was determined to not be appropriate for such Regulated Entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All subsequent activity (i.e., exits or
follow-on investments) in a Co-Investment Transaction will be made pursuant to the conditions contained in this Application. The
Co-Investment Program requires that the terms, conditions, price, class of securities, settlement date, and registration rights
applicable to a Regulated Entity&rsquo;s purchase or sale be the same as those applicable to any other Regulated Entity&rsquo;s
and/or Affiliated Fund&rsquo;s purchase or sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the avoidance of doubt, any relief granted
herein would not apply to any investment companies (other than the Regulated Entities) advised by the sub-adviser or its affiliates
or with respect to any co-investment by the Regulated Entities with any entity for which the C&#298;ON Adviser or ICON Capital
(or their respective affiliated advisers, as applicable) is not acting as the investment manager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&#9;<U>Reasons for Co-Investing</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is expected that co-investment in portfolio
companies by a Regulated Entity and one or more other Regulated Entities and/or Affiliated Funds will increase favorable investment
opportunities for such Regulated</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13</SUP></FONT></TD><TD>&ldquo;<B>Objectives and Strategies</B>&rdquo; means a Regulated Entity&rsquo;s investment objectives and strategies, as described
in the Regulated Entity&rsquo;s registration statement on Form N-2, other filings the Regulated Entity has made with the Commission
under the Securities Act of 1933, as amended, or under the Securities and Exchange Act of 1934, as amended, and the Regulated Entity&rsquo;s
reports to shareholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>14</SUP></FONT></TD><TD>&ldquo;<B>Available Capital</B>&rdquo; means (a) for each Regulated Entity, the amount of capital available for investment
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 and (b) for each Affiliated Fund, the amount of capital available
for investment 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&rsquo;s directors, general
partners or adviser or imposed by applicable laws, rules, regulations or interpretations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>15</SUP></FONT></TD><TD>In the case of a Regulated Entity that is a registered closed-end fund, the directors or trustees that make up the Required
Majority will be determined as if the Regulated Entity were a BDC subject to Section 57(o).</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Entity. The Co-Investment Program will be effected only if it is approved by the Required Majority
on the basis that it would be advantageous for a Regulated Entity to have the additional capital from one or more other Regulated
Entities and/or Affiliated Funds available to meet the funding requirements of attractive investments in portfolio companies. A
BDC or closed-end fund that makes investments of the type contemplated by a Regulated Entity typically limits its participation
in any one transaction to a specific dollar amount, which may be determined by legal or internally imposed prudential limits on
exposure in a single investment. In addition, the Code imposes diversification requirements (further discussed below) that may
limit the amount a Regulated Entity may commit to a particular investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In view of the foregoing, in cases where
the C&#298;ON 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 other Regulated Entities and/or
Affiliated Funds 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 such Regulated Entity. Indeed, each
Regulated Entity&rsquo;s inability to co-invest with one or more other Regulated Entities and/or Affiliated Funds could potentially
result in the loss of beneficial investment opportunities for such Regulated Entity and, in turn, adversely affect such Regulated
Entity&rsquo;s shareholders. For example, a Regulated Entity may lose some investment opportunities if the C&#298;ON Adviser cannot
provide &ldquo;one-stop&rdquo; financing to a potential portfolio company. Portfolio companies may reject an offer of funding arranged
by the C&#298;ON Adviser due to a Regulated Entity&rsquo;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). By reducing the number of occasions on which a Regulated Entity&rsquo;s individual or aggregate investment
limits require the C&#298;ON Adviser to arrange syndicated financing with unaffiliated entities, such Regulated Entity will likely
be required to forego fewer suitable investment opportunities. With the assets of the other Regulated Entities and/or Affiliated
Funds available for co-investment, there should be an increase in the number of opportunities accessible to the Regulated Entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The C&#298;ON Adviser and the Board of C&#298;ON
believe that it will be advantageous for C&#298;ON to co-invest with one or more other Regulated Entities and/or Affiliated Funds
and that such investments would be consistent with the investment objectives, investment policies, investment positions, investment
strategies, investment restrictions, regulatory requirements and other pertinent factors applicable to C&#298;ON. If the proposed
Order is not granted, the Regulated Entities will not be able to avail themselves of the potentially attractive investment opportunities
afforded by this arrangement. This will place the Regulated Entities at a material disadvantage compared to other funds in the
industry, which the Applicants respectfully believe goes against the purposes and intentions of the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Code imposes diversification
requirements on companies, such as the Regulated Entities, that seek certain favorable tax treatment under Subchapter M of the
Code. Consequently, in some circumstances, a Regulated Entity might not be able to commit to the entire amount of financing sought
by an issuer. In such cases, an issuer may reject an offer of funding from a Regulated Entity due to its inability to commit the
full amount of financing required. Allowing for the types of transactions described in this Application should generate greater
deal flow, broaden the market relationships of the Regulated Entities and allow the Regulated Entities to be more selective in
choosing their investments so that the Regulated Entities can pursue the most attractive risk-adjusted investments and optimize
their portfolios. Enhanced selectivity and more favorable deal terms, pricing and structure would also likely lead to closer relationships
between the Regulated Entities and their respective portfolio companies, all of which should create enhanced value for the Regulated
Entities and their shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The C&#298;ON Adviser and the Board of C&#298;ON
also believe that co-investment by C&#298;ON and one or more other Regulated Entities and/or Affiliated Funds will afford C&#298;ON
the ability to achieve greater diversification and, together with the other Regulated Entities and Affiliated Funds, the opportunity
to exercise greater influence on the portfolio companies in which C&#298;ON and the other Regulated Entities and/or Affiliated
Funds co-invest.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">B.</TD><TD>Applicable Law</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.&#9;<U>Sections 17(d), 57(a)(4) and 57(i)
of the 1940 Act, and Rule 17d-1 thereunder</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 &ldquo;joint enterprise
or other joint arrangement or profit-sharing plan,&rdquo; as defined in the rule, without prior approval by the Commission by order
upon application.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Similarly, with regard to BDCs, Section
57(a)(4) makes it unlawful for any person who is related to a BDC in a manner described in Section 57(b), acting as principal,
knowingly to effect any transaction in which the BDC or a company controlled by the BDC is a joint or a joint and several participant
with that person in contravention of rules and regulations as the Commission may prescribe for the purpose of limiting or preventing
participation by the BDC on a basis less advantageous than that of the other participant. Although the Commission has not adopted
any rules expressly under Section 57(a)(4), Section 57(i) provides that the rules under Section 17(d) applicable to registered
closed-end investment companies (<I>e.g.</I>, Rule 17d-1) are, in the interim, deemed to apply to transactions subject to Section
57(a). Rule 17d-1, as made applicable to BDCs by Section 57(i), prohibits any person who is related to a BDC in a manner described
in Section 57(b), acting as principal, from participating in, or effecting any transaction in connection with, any joint enterprise
or other joint arrangement or profit-sharing plan in which the BDC or a company controlled by the BDC is a participant, unless
an application regarding the joint enterprise, arrangement, or profit-sharing plan has been filed with the Commission and has been
granted by an order entered prior to the submission of the plan or any modification thereof, to security holders for approval,
or prior to its adoption or modification if not so submitted. In passing upon applications under Rule 17d-1, the Commission will
consider whether the participation by a BDC or its controlled company in such joint transaction is consistent with the provisions,
policies, and purposes of the 1940 Act and the extent to which such participation is on a basis different from or less advantageous
than that of other participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&#9;<U>Section 57(b) of the 1940 Act</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 57(b) specifies the persons to whom
the prohibitions of Section 57(a)(4) apply. These persons include the following: (1) any director, officer, employee, or member
of an advisory board of a BDC or any person (other than the BDC itself) who is, within the meaning of Section 2(a)(3)(C), an affiliated
person of any such person; or (2) 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 (except the BDC itself and any person
who, if it were not directly or indirectly controlled by the BDC, would not be directly or indirectly under the control of a person
who controls the BDC), or any person who is, within the meaning of Section 2(a)(3)(C) an affiliated person of such person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2(a)(9) defines &ldquo;control&rdquo;
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 such company. The statute also sets forth the rebuttable presumption that any person who owns
beneficially, either directly or through one or more controlled companies, more than 25 percent of the voting securities of a company
shall be presumed to control such company; any person who does not so own more than 25 percent of the voting securities of a company
shall be presumed not to control such company; and a natural person shall be presumed not to be a controlled person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2(a)(3)(C) defines an &ldquo;affiliated
person&rdquo; of another person as: any person directly or indirectly controlling, controlled by, or under common control with,
such other person.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">C.</TD><TD>Need For Relief</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Co-Investment Transactions would be prohibited
by Sections 17(d) and 57(a)(4) and Rule 17d-1 without a prior exemptive order of the Commission to the extent that Regulated Entities
and/or Affiliated Funds fall within the categories of persons described by Section 17(d) and Section 57(b), as modified by Rule
57b-1 thereunder. Section 17(d) and Section 57(b) apply to any investment adviser to a closed-end fund or a BDC, respectively.
Thus, the C&#298;ON Adviser and the entities that it advises would be deemed to be a person related to a Regulated Entity in a
manner described by Section 17(d) and Section 57(b) and therefore prohibited by Sections 17(d) and 57(a)(4) and Rule 17d-1 from
participating in the Co-Investment Program.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">D.</TD><TD>Requested Relief</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Accordingly, Applicants respectfully request
an Order of the Commission, pursuant to Sections 17(d) and 57(i) and Rule 17d-1, permitting the Regulated Entities to participate
with one or more other Regulated Entities and Affiliated Funds in the Co-Investment Program.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">E.</TD><TD>Precedents</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Commission has granted co-investment
relief on numerous occasions in recent years.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>16</SUP></FONT><SUP>
</SUP> Applicants submit that the formulae and procedures set forth as conditions for the relief requested herein are consistent
with the range of investor protection found in the cited orders. We note, in particular, that the co-investment protocol to be
followed by Applicants here is substantially similar to the protocol followed by Garrison Capital Inc. and its affiliates, for
which an order was granted on January 12, 2015, TPG Specialty Lending, Inc. and its affiliates, for which an order was granted
on December 16, 2014 and Monroe Capital Corporation and its affiliates, for which an order was granted on October 15, 2014. We
also note that the Commission has granted co-investment relief to permit a BDC and its SBIC subsidiary to co-invest with another
fund.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>17</SUP></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">F.</TD><TD>Applicants&rsquo; Legal Arguments</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Rule 17d-1 was promulgated by the Commission
pursuant to Section 17(d) and made applicable to BDCs by Section 57(i). Paragraph (a) of Rule 17d-1 permits an otherwise prohibited
person, acting as principal, to participate in, or effect a transaction in connection with, a joint enterprise or other joint arrangement
or profit-sharing plan in which a BDC or a company controlled by such BDC is a participant if an application regarding the joint
enterprise, arrangement, or profit-sharing plan has been filed with the Commission and has been granted by an order issued prior
to the submission of such plan or any modification thereof to security holders for approval, or prior to its adoption or modification
if not so submitted. Paragraph (b) of Rule 17d-1 states that in passing upon applications under that rule, the Commission will
consider whether the participation by the investment company in such joint enterprise, joint arrangement, or profit-sharing plan
on the basis proposed is consistent with the provisions, policies, and purposes of the 1940 Act and the extent to which such participation
is on a basis different from or less advantageous than that of other participants.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>16</SUP></FONT></TD><TD><I>See, e.g</I>., <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.&nbsp;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>&nbsp;(File No.&nbsp;812-14020), Release No. IC-30807 (Nov. 25, 2013) (order), Release No. IC-30769
(Oct. 28, 2013) (notice);&nbsp;<U>Stellus Capital Investment Corporation, et al.</U>&nbsp;(File No.&nbsp;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.&nbsp;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).</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>17</SUP></FONT></TD><TD><U>Main Street Capital Corporation et. al.</U>, Release Nos. 28265 (May 8, 2008) (notice) and 28295 (June 3, 2008) (order).</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants submit that the fact that the
Required Majority will approve each Co-Investment Transaction before investment, and other protective conditions set forth in this
Application, will ensure that the Regulated Entities will be treated fairly.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>18</SUP></FONT>
The conditions to which the requested relief will be subject are designed to ensure that principals of the C&#298;ON Adviser would
not be able to favor a Regulated Entity or Affiliated Fund over any other Regulated Entity through the allocation of investment
opportunities among them. Because many attractive investment opportunities for a Regulated Entity will also be attractive investment
opportunities for one or more other Regulated Entities and/or Affiliated Funds, provided that such investment opportunities fit
within such other Regulated Entities&rsquo; and/or Affiliated Funds&rsquo; objectives, Applicants submit that the Co-Investment
Program presents an attractive alternative to the institution of some form of equitable allocation protocol for the allocation
of 100% of individual investment opportunities among the Regulated Entities or the Affiliated Funds as opportunities arise. Applicants
submit that each Regulated Entity&rsquo;s participation in the Co-Investment Transactions will be consistent with the provisions,
policies and purposes of the 1940 Act and on a basis that is not different from or less advantageous than that of other participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 C&#298;ON
Adviser will present each Potential Co-Investment Transaction and the proposed allocation to the Eligible Directors of the applicable
Regulated Entity, and the Required Majority will approve each Co-Investment Transaction prior to any investment by such 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 other Regulated Entity and/or Affiliated Fund, in such disposition or
follow-on investment 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&rsquo;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&rsquo;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.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">G.</TD><TD>Conditions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants agree that any Order granting
the requested relief will be subject to the following conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.&#9;Each time ICON Capital or the C&#298;ON
Adviser, as the case may be, considers a Potential Co-Investment Transaction for an Affiliated Fund or another Regulated Entity
that falls within a Regulated Entity&rsquo;s then-current Objectives and Strategies, the C&#298;ON Adviser will make an independent
determination of the appropriateness of the investment for such Regulated Entity in light of the Regulated Entity&rsquo;s then-current
circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&#9;(a) If the C&#298;ON Adviser deems that
the applicable Regulated Entity&rsquo;s participation in any such Potential Co-Investment Transaction is appropriate, it will then
determine an appropriate level of investment for such Regulated Entity.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>18</SUP></FONT></TD><TD>When a Regulated Entity is a wholly-owned subsidiary of another Regulated Entity, the Required Majority of the parent Regulated
Entity will make such approval.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&#9;If the aggregate amount recommended
by the C&#298;ON 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 amount proposed to be invested by each such party will
be allocated among them pro rata based on each participant&rsquo;s Available Capital for investment in the asset class being allocated,
up to the amount proposed to be invested by each. The C&#298;ON Adviser will provide the Eligible Directors of each participating
Regulated Entity with information concerning each party&rsquo;s Available Capital to assist the Eligible Directors with their review
of the applicable Regulated Entity&rsquo;s investments for compliance with these allocation procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&#9;After making the determinations required
in conditions 1 and 2(a), the C&#298;ON Adviser will distribute written information concerning the Potential Co-Investment Transaction,
including the amount proposed to be invested by each Regulated Entity and any Affiliated Funds, to the Eligible Directors of each
participating Regulated Entity for their consideration. The applicable Regulated Entity will co-invest with the other Regulated
Entities and/or Affiliated Funds only if, prior to such Regulated Entity&rsquo;s and any other Regulated Entities&rsquo; and Affiliated
Funds&rsquo; participation in the Potential Co-Investment Transaction, a Required Majority of such Regulated Entity concludes that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&#9;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 of such Regulated Entity or its shareholders on the part of any person concerned;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&#9;the Potential Co-Investment
Transaction is consistent with</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(A)&#9;the interests of the shareholders
of such Regulated Entity; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(B)&#9;such Regulated Entity&rsquo;s
then-current Objectives and Strategies;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&#9;the investment by any
other Regulated Entity and/or an Affiliated Fund would not disadvantage such Regulated Entity, and participation by such Regulated
Entity is not on a basis different from or less advantageous than that of any other Regulated Entity or Affiliated Fund; provided,
that if another Regulated Entity or Affiliated Fund, but not the Regulated Entity itself, gains the right to nominate a director
for election to a portfolio company&rsquo;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:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(A)&#9;the Eligible Directors will
have the right to ratify the selection of such director or board observer, if any;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(B)&#9;the C&#298;ON Adviser agrees
to, and does, provide periodic reports to the Board of such 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</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(C)&#9;any fees or other compensation
that any other 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 one or more Regulated Entities or Affiliated Funds 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, in turn, share their portion with their affiliated persons) and the applicable
Regulated Entities in accordance with the amount of each party&rsquo;s investment; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)&#9;the proposed investment
by such Regulated Entity will not benefit the C&#298;ON Adviser, ICON Capital, any other Regulated Entity or any Affiliated Fund
or any of their affiliated persons (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) and 57(k) of the 1940 Act, as applicable, (C) in the case of fees
or</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.5in">other compensation described in condition 2(c)(iii)(C), or (D) indirectly, as a result of an interest in the securities issued
by one of the parties to the Co-Investment Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.&#9;The applicable Regulated Entity has
the right to decline to participate in any Potential Co-Investment Transaction or to invest less than the amount proposed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.&#9;The C&#298;ON Adviser will present to
the Board of the applicable Regulated Entity, on a quarterly basis, a record of all investments made by the other Regulated Entities
or any of the Affiliated Funds in Potential Co-Investment Transactions during the preceding quarter that fell within such Regulated
Entity&rsquo;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 such Regulated Entity&rsquo;s
Board pursuant to this condition will be kept for the life of such Regulated Entity and at least two years thereafter, and will
be subject to examination by the Commission and its staff.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.&#9;Except for follow-on investments made
in accordance with condition 8 below,<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>19</SUP></FONT> a Regulated
Entity will not invest, in reliance on the Order, in any portfolio company in which another Regulated Entity or an Affiliated Fund
or any affiliated person of another Regulated Entity or an Affiliated Fund is an existing investor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.&#9;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 one or
more Regulated Entities or Affiliated Funds, but not the Regulated Entity itself, of the right to nominate a director for election
to a portfolio company&rsquo;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7. (a) If any Regulated Entity or
Affiliated Fund elects to sell, exchange or otherwise dispose of an interest in a security that was acquired in a
Co-Investment Transaction, then:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&#9;The investment adviser
to such Regulated Entity or Affiliated Fund will notify each Regulated Entity that participated in the Co-Investment Transaction
of the proposed disposition at the earliest practical time; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&#9;The C&#298;ON Adviser
will formulate a recommendation as to participation by each Regulated Entity in the disposition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&#9;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 Affiliated Funds and any other Regulated Entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&#9;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 each 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 C&#298;ON Adviser will provide its written recommendation as to the Regulated Entity&rsquo;s
participation to the 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&rsquo;s best interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&#9;Each Regulated Entity and each Affiliated
Fund will bear its own expenses in connection with any such disposition.</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>19</SUP></FONT></TD><TD>This exception applies only to follow-on investments by a Regulated Entity in issuers in which that Regulated Entity already
holds investments.</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">8. (a) If any Regulated Entity or
Affiliated Fund desires to make a follow-on investment in a portfolio company whose securities were acquired in a
Co-Investment Transaction, then:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&#9;The investment adviser
to such Regulated Entity or Affiliated Fund will notify each Regulated Entity that participated in the Co-Investment Transaction
of the proposed transaction at the earliest practical time; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&#9;The C&#298;ON Adviser
will formulate a recommendation as to the proposed participation, including the amount of the proposed follow-on investment, by
each Regulated Entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&#9;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 C&#298;ON Adviser will provide its written recommendation as to the Regulated Entity&rsquo;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&rsquo;s best interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&#9;If, with respect to any follow-on investment:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&#9;the amount of the opportunity
is not based on the Regulated Entities&rsquo; and the Affiliated Funds&rsquo; outstanding investments immediately preceding the
follow-on investment; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&#9;the aggregate amount recommended
by the C&#298;ON Adviser to be invested by the Regulated Entity in the follow-on investment, together with the amount proposed
to be invested by the other participating Regulated Entities and 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 participant&rsquo;s
Available Capital for investment in the asset class being allocated, up to the amount proposed to be invested by each.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&#9;The acquisition of follow-on investments
as permitted by this condition will be considered a Co-Investment Transaction for all purposes and be subject to the other conditions
set forth in the Application.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">9.&#9;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 or Affiliated Funds that the applicable 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 such 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 applicable
Regulated Entity of participating in new and existing Co-Investment Transactions. All information presented to such Regulated Entity&rsquo;s
Board pursuant to this condition will be kept for the life of such Regulated Entity and at least two years thereafter, and will
be subject to examination by the Commission and its staff.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">10.&#9;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 BDC and each of the investments
permitted under these conditions were approved by a Required Majority under Section 57(f).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">11.&#9;No director or trustee of a Regulated
Entity will be considered an Independent Director or an Eligible Director if such director or trustee is also a director, general
partner, managing member or principal, or otherwise an &ldquo;affiliated person&rdquo; (as defined in the 1940 Act) of any Affiliated
Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">12.&#9;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</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">securities registered for sale under the Securities Act of 1933) shall, to the extent not payable
by the C&#298;ON Adviser or ICON Capital (or their respective affiliated advisers, as applicable) under any agreement with the
Regulated Entities and the Affiliated Funds, be shared by such Regulated Entities and Affiliated Funds in proportion to the relative
amounts of the securities held or to be acquired or disposed of, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">13.&#9;Any transaction fee (including break-up
or commitment fees, but excluding brokers&rsquo; fees contemplated by Section 17(e) or 57(k) of the 1940 Act, as applicable)<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>20</SUP></FONT>
received in connection with a Co-Investment Transaction will be distributed to the participants on a pro rata basis based on the
amount they invested or committed, as the case may be, in such Co-Investment Transaction. If any transaction fee is to be held
by the C&#298;ON Adviser or ICON Capital (or their respective affiliated advisers, as applicable) pending consummation of the transaction,
the fee will be deposited into an account maintained by the C&#298;ON Adviser or ICON Capital (or their respective affiliated advisers,
as applicable) at a bank or banks having the qualifications prescribed in Section 26(a)(I) of the 1940 Act, and the account will
earn a competitive rate of interest that will also be divided pro rata among the participants based on the amount they invest in
such Co-Investment Transaction. None of the other Regulated Entities, the Affiliated Funds, their investment advisers 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 the 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 of the Regulated Entities and Affiliated Funds, the investment advisory fees paid in accordance with the agreements
between such advisers and the Regulated Entities or Affiliated Funds).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">IV.&#9;PROCEDURAL
MATTERS</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">A.</TD><TD>Communications</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please address all communications concerning
this Application and the Notice and Order to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">David Verlizzo, Esq.<BR>
C&#298;ON Investment Corporation<BR>
3 Park Avenue<BR>
New York, NY 10016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please address any questions, and a copy
of any communications, concerning this Application, the Notice and Order to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Richard Horowitz, Esq.<BR>
Matthew K. Kerfoot, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dechert LLP<BR>
1095 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10036</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.4in">B.</TD><TD>Authorizations</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 C&#298;ON. The Board of C&#298;ON also authorizes the filing of the Application on behalf of the C&#298;ON Adviser because
of its affiliation with C&#298;ON and any Future Regulated Entities. 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.</P>

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>20</SUP></FONT></TD><TD>Applicants are not requesting and the Commission is not providing any relief for transaction fees received in connection with
any Co-Investment Transaction.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 9th day of June, 2015.<BR CLEAR="ALL">
</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants have caused this Application
to be duly signed on their behalf on the 9th day of June, 2015.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 59%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>C&#298;ON INVESTMENT CORPORATION</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Michael Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Co-Chief Executive Officer</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>C&#298;ON INVESTMENT MANAGEMENT, LLC</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Michael Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Co-Chief Executive Officer</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>ICON LEASING FUND TWELVE, LLC</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Michael Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Co-Chief Executive Officer of ICON CAPITAL, LLC, its Manager</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>ICON EQUIPMENT AND CORPORATE INFRASTRUCTURE FUND FOURTEEN, L.P.</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Michael Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Co-Chief Executive Officer of ICON GP 14, LLC, its General Partner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>ICON ECI FUND FIFTEEN, L.P.</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Michael Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Co-Chief Executive Officer of ICON GP 15, LLC, its General Partner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>ICON ECI FUND SIXTEEN</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">/s/ Michael Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Co-Chief Executive Officer of ICON MT 16, LLC, its Managing Owner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>ICON CAPITAL, LLC</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">/s/ Michael Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 16; Value: 2 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 25%; padding: 0; text-indent: 0">STATE OF NEW YORK</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 74%; padding: 0; text-indent: 0">)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">COUNTY OF NEW YORK</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned states that he has duly
executed the attached Application for and on behalf of C&#298;ON Investment Corporation, C&#298;ON Investment Management, LLC,
ICON Leasing Fund Twelve, LLC, ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P., ICON ECI Fund Fifteen, L.P., ICON
ECI Fund Sixteen and ICON Capital, LLC; that he is the authorized signatory of each such company; and that all actions necessary
to authorize him to execute and file such instrument have been taken. The undersigned further states that he is familiar with such
instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and
belief.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 83%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Michael Reisner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Authorized Signatory</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Date:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">June 9th, 2015</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
