<SEC-DOCUMENT>0001144204-15-056021.txt : 20150923
<SEC-HEADER>0001144204-15-056021.hdr.sgml : 20150923
<ACCEPTANCE-DATETIME>20150923101042
ACCESSION NUMBER:		0001144204-15-056021
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150923
DATE AS OF CHANGE:		20150923

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:		151120507

	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:		151120508

	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:		151120510

	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:		151120511

	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:		151120512

	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:		151120514

	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:		151120513

	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>v420761_40-appa.htm
<DESCRIPTION>40-APP/A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT NO. 2 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: 0pt 0; text-align: center">&nbsp;</P>

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>September 23, 2015</B></P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0.5in">&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 &#8220;<B>Order</B>&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;<B>Commission</B>&#8221;) under
Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &#8220;<B>1940 Act</B>&#8221;),<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 &#8220;<B>BDC</B>&#8221;) under the 1940 Act (&#8220;<B>C&#298;ON</B>&#8221;);<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 &#8220;<B>C&#298;ON Adviser</B>&#8221;);<SUP> </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 (&#8220;<B>Fund Twelve</B>&#8221;);</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 (&#8220;<B>Fund Fourteen</B>&#8221;);</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 (&#8220;<B>Fund Fifteen</B>&#8221;);</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 (&#8220;<B>Fund Sixteen</B>&#8221;; Fund Sixteen, together with Fund Twelve, Fund
Fourteen and Fund Fifteen are collectively referred to herein as the &#8220;<B>Existing Affiliated Funds</B>&#8221;);<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 Capital, LLC, the investment adviser to the Existing Affiliated Funds, on behalf of itself and its successors (&#8220;<B>ICON
Capital</B>&#8221; and together with C&#298;ON, the C&#298;ON Adviser and the Existing Affiliated Funds, the &#8220;<B>Applicants</B>&#8221;);</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 &#8220;<B>Application</B>&#8221;) would allow C&#298;ON or any Future Regulated Entity<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>5</SUP></FONT>
(each, a &#8220;<B>Regulated Entity</B>&#8221; and collectively, the &#8220;<B>Regulated Entities</B>&#8221;), one or more other
Regulated Entities and/or one or more Affiliated Funds<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>6</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 (&#8220;<B>Follow-On
Investments</B>&#8221;). For purposes of this Application, a &#8220;<B>Co-Investment Transaction</B>&#8221; shall mean any transaction
in which any of the Regulated Entities (or their Wholly-Owned Investment Subsidiaries, as defined below) participate together with
one or more other Regulated Entities and/or Affiliated Funds in reliance on the Order, and a <B>&#8220;Potential Co-Investment
Transaction&#8221;</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 &#8220;investment company&#8221; under 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>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 25%; color: Black">

<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-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD><TD>The term &#8220;successor&#8221; means an entity that results from, among other things, a reorganization into another jurisdiction
or change in the type of business organization.</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>4</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>5</SUP></FONT></TD><TD>&#8220;<B>Future Regulated Entity</B>&#8221; 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 any current or future 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>6</SUP></FONT></TD><TD>&#8220;<B>Affiliated Funds</B>&#8221; means the Existing Affiliated Funds and any Future Affiliated Fund. &#8220;<B>Future
Affiliated Fund</B>&#8221; means any investment company (a) that is formed in the future, (b) that is excluded from the definition
of &#8220;investment company&#8221; 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 any current or future 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>
<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /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">&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>7</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&#8217;s participation in any such transaction
be treated, for purposes of the Order, as though the parent Regulated Entity were participating directly. Applicants represent
that this treatment is justified because a Wholly-Owned Investment Subsidiary would have no purpose other than serving as a holding
vehicle for the Regulated Entity&#8217;s investments and, therefore, no conflicts of interest could arise between the Regulated
Entity and the Wholly-Owned Investment Subsidiary. The board of directors (the &#8220;<B>Board</B>&#8221;)<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>8</SUP></FONT>
of such Regulated Entity would make all relevant determinations under the conditions with regard to a Wholly-Owned Investment Subsidiary&#8217;s
participation in a Co-Investment Transaction, and the Regulated Entity&#8217;s Board would be informed of, and take into consideration,
any proposed use of a Wholly-Owned Investment Subsidiary in the Regulated Entity&#8217;s place. If the Regulated Entity proposes
to participate in the same Co-Investment Transaction with any of its Wholly-Owned Investment Subsidiaries, the Board 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>9</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>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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">II.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 (&#8220;<B>RIC</B>&#8221;) under the Internal Revenue
Code of 1986, as amended (the &#8220;<B>Code</B>&#8221;), and intends to continue to make such election in the future. C&#298;ON&#8217;s
investment objective is to generate current income and, to a lesser extent, capital appreciation for investors. C&#298;ON&#8217;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</P>

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

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 25%; color: Black">


<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>&#8220;<B>Wholly-Owned Investment Subsidiary</B>&#8221; means any entity: (i) that is wholly-owned by a Regulated Entity (with
such Regulated Entity at all times holding, beneficially and of record, 100% of the voting and economic interests); (ii) whose
sole business purpose is to hold one or more investments on behalf of such Regulated Entity (and, in the case of an entity that
is licensed by the Small Business Administration to operate under the Small Business Investment Act of 1958, as amended (the &#8220;<B>SBA
Act</B>&#8221;), as a small business investment company (an &#8220;<B>SBIC</B>&#8221;), to maintain a license under the SBA Act
and issue debentures guaranteed by the Small Business Administration); (iii) with respect to which the board of directors of such
Regulated Entity has the sole authority to make all determinations with respect to the entity&#8217;s participation under the conditions
of this Application; and (iv) that would be an investment company but for section 3(c)(1), 3(c)(5) or 3(c)(7) of the 1940 Act.
All subsidiaries participating in Co-Investment Transactions will be Wholly-Owned Investment Subsidiaries and will have Objectives
and Strategies (as defined below) that are either substantially the same as, or a subset of, their parent Regulated Entity&#8217;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>8</SUP></FONT></TD><TD>The term &#8220;<B>Board</B>&#8221; 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>9</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>10</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>


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">from time to time. Such Wholly-Owned Investment Subsidiaries
will have Objectives and Strategies<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>11</SUP></FONT> 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&#8217;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 connection with C&#298;ON&#8217;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&#8217;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">&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 &#8220;interested persons&#8221; of C&#298;ON within the meaning of Section 2(a)(19) (the &#8220;<B>Independent
Directors</B>&#8221;).<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 &#8220;<B>Advisers Act</B>&#8221;). 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&#8217;s portfolio,
the nature and timing of the changes to C&#298;ON&#8217;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&#8217;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>

<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 a current or future 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&#8217;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>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 25%; color: Black">


<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: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>11</SUP></FONT></TD><TD>The term &#8220;<B>Objectives and Strategies</B>&#8221; means a Regulated Fund&#8217;s investment objectives and strategies
as described in the Regulated Entity&#8217;s registration statement on Form N-2, other filings the Regulated Entity has made with
the Commission under the Securities Act of 1933 or the Securities Exchange Act of 1934, and the Regulated Entity&#8217;s 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: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>12</SUP></FONT></TD><TD>The term &#8220;<B>Independent Directors</B>&#8221; refers to the independent 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>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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&#8217;s investment
objective is to obtain the maximum economic 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&#8217;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" 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">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.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>order requested</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 Applicants request the Order of the
Commission under Sections 17(d) and 57(i) under the 1940 Act, and Rule 17d-1 under the 1940 Act to permit, subject to the terms
and conditions set forth below in this Application (the &#8220;Conditions&#8221;), one or more Regulated Entities to be able to
participate in Co-Investment Transactions with one or more other Regulated Entities and/or one or more Affiliated Funds.</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 Regulated Entities and Affiliated Funds
seek relief to invest in Co-Investment Transactions because such Co-Investment Transactions would otherwise be prohibited by Sections
17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1 under the 1940 Act. This Application seeks relief in order to (i) enable the
Regulated Entities and Affiliated Funds to avoid the practical difficulties of trying to structure, negotiate and persuade counterparties
to enter into transactions while awaiting the granting of the relief requested in individual applications with respect to each
Co-Investment Transaction that arises in the future and (ii) enable the Regulated Entities and the Affiliated Funds to avoid the
significant legal and other expenses that would be incurred in preparing such individual applications.</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">A.</TD><TD>Section 17(d) and Section 57(a)(4)</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">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</P>

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


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">advantageous than that of such other participant. Rule 17d-1
under the 1940 Act generally prohibits participation by a registered investment company and an affiliated person (as defined in
Section 2(a)(3) of the 1940 Act) or principal underwriter for that investment company, or an affiliated person of such affiliated
person or principal underwriter, in any &#8220;joint enterprise or other joint arrangement or profit-sharing plan,&#8221; as defined
in the rule, without prior approval by the Commission by order upon application.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Similarly, with regard to BDCs, Section
57(a)(4) prohibits certain persons specified in Section 57(b) of the 1940 Act from participating in a joint transaction with a
BDC, or a company controlled by a BDC in contravention of rules as prescribed by the Commission. In particular Section 57(a)(4)
applies to:</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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any director, officer, employee, or member of an advisory board of a BDC; or any person (other than the BDC itself) who is
an affiliated person of the forgoing pursuant to Section 2(a)(3)(C) of the 1940 Act; or</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: Symbol">&middot;</FONT></TD><TD>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<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13</SUP></FONT>;
or any person who is an affiliated person of any of the forgoing within the meaning of Section 2(a)(3)(C) or (D) of the 1940 Act.</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">Section 2(a)(3)(C) of the 1940 Act defines
an &#8220;affiliated person&#8221; of another person to include any person directly or indirectly controlling, controlled by, or
under common control with, such other person. Section 2(a)(9) of the 1940 Act defines &#8220;control&#8221; as the power to exercise
a controlling influence over the management or policies of a company, unless such power is solely the result of an official position
with that company. Under Section 2(a)(9) a person who beneficially owns, either directly or through one or more controlled companies,
more than 25% of the voting securities of a company is presumed to control such company. The Commission and its staff have indicated
on a number of occasions their belief that an investment adviser controls the fund that it advises, absent compelling evidence
to the contrary.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>14</SUP></FONT> The C&#298;ON Adviser is the investment
adviser to C&#298;ON, and either it or a current or future affiliated adviser will be the investment adviser to each Future Regulated
Entity. In addition, ICON Capital or a current or future affiliated adviser of ICON Capital is or will be the investment adviser
of each Affiliated Fund. The Regulated Entities and Affiliated Funds may be deemed to be under common control, and thus affiliated
persons of each other under Section 2(a)(3)(C) of the 1940 Act. As a result, these relationships might cause each Regulated Entity
and each Affiliated Fund participating in Co-Investment Transactions to be subject to Sections 17(d) or 57(a)(4), and thus subject
to the provisions of Rule 17d-1.</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>Rule
17d-1</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: 22.5pt">Rule 17d-1 under the 1940 Act generally
prohibits participation by a registered investment company and an affiliated person (as defined in Section 2(a)(3) of the 1940
Act) or principal underwriter for that investment company, or an affiliated person of such affiliated person or principal underwriter,
in any &#8220;joint enterprise or other joint arrangement or profit-sharing plan,&#8221; as defined in the rule, without prior
approval by the Commission by order upon application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">Rule 17d-1 was promulgated by the Commission
pursuant to Section 17(d) and made applicable to BDCs by Section 57(i). Section 57(i) of the 1940 Act provides that, until the
Commission prescribes rules under Section 57(a)(4), the Commission&#8217;s rules under Section 17(d) of the 1940 Act applicable
to registered closed-end investment companies will be deemed to apply. Because the Commission has not adopted any rules under Section
57(a)(4), Rule 17d-1 applies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">Applicants seek relief pursuant to Rule
17d-1, which permits the Commission to authorize joint transactions upon application. In passing upon applications filed pursuant
to Rule 17d-1, the Commission is directed by Rule</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 25%; color: Black">


<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>Excluded from this category are the BDC itself and any person who, if it were not directly or indirectly controlled by the
BDC, would not otherwise be under common control with the BDC.</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><U>See, e.g.,<I> In re </I>Investment Company Mergers,</U> SEC Rel. No. IC-25259 (Nov. 8, 2001); <I><U>In re </U></I><U>Steadman
Security Corp<I>.</I>,</U> 46 S.E.C. 896, 920 n.81 (1977) (&#8220;[T]he investment adviser almost always controls the fund. Only
in the very rare case where the adviser&#8217;s role is simply that of advising others who may or may not elect to be guided by
his advice...can the adviser realistically be deemed not in control.&#8221;).</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">17d-1(b) to consider whether the participation of a registered
investment company or controlled company thereof in the joint enterprise or joint arrangement under scrutiny is consistent with
provisions, policies and purposes of the 1940 Act and the extent to which such participation is on a basis different from or less
advantageous than that of other participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">The Commission has stated that Section
17(d), upon which Rule 17d-1 is based, and upon which Section 57(a)(4) was modeled, was designed to protect investment companies
from self-dealing and overreaching by insiders. The Commission has also taken notice that there may be transactions subject to
these prohibitions that do not present the dangers of overreaching. <U>See Protecting Investors: A Half-Century of Investment Company
Regulation,</U> 1504 Fed.Sec.L.Rep., Extra Edition (May 29, 1992) at 448, <I>et seq. </I>The Court of Appeals for the Second Circuit
has enunciated a like rationale for the purpose behind Section 17(d): &#8220;The objective of [Section] 17(d) ... is to prevent...injuring
the interest of stockholders of registered investment companies by causing the company to participate on a basis different from
or less advantageous than that of such other participants.&#8221; <U>Securities and Exchange Commission v. Talley Industries, Inc.,</U>
399 F.2d 396, 405 (2d Cir. 1968), <U>cert. denied,</U> 393 U.S. 1015 (1969). Furthermore, Congress acknowledged that the protective
system established by the enactment of Section 57 is &#8220;similar to that applicable to registered investment companies under
Section 17 of the 1940 Act, and rules thereunder, but is modified to address concerns relating to unique characteristics presented
by business development companies.&#8221; H.Rep. No. 961341, 96th Con., 2d Sess. 45 (1980) <I>reprinted in </I>1980 U.S.C.C.A.N.
4827.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">Applicants believe that the terms and conditions
of this Application would ensure that the conflicts of interest that Section 17(d) and Section 57(a)(4) were designed to prevent
would be addressed and the standards for an order under Rule 17d-1 are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&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>Protection Provided by the Proposed 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: 22.5pt">Applicants believe that the proposed Conditions,
as discussed more fully in Section III.D of this Application, will ensure the protection of shareholders of the Regulated Entities
and compliance with the purposes and policies of the 1940 Act with respect to the Co-Investment Transactions. In particular, the
Conditions, as outlined below, would ensure that each Regulated Entity would only invest in investments that are appropriate to
the interests of shareholders and the investment needs and abilities of that Regulated Entity. In addition, each Regulated Entity
would be able to invest on equal footing with each other Regulated Entity and/or one or more Affiliated Funds, including identical
terms, conditions, price, class of securities purchased, settlement date, and registration rights. Each Regulated Entity would
have the ability to engage in Follow-On Investments in a fair manner consistent with the protections of the other conditions. Each
Regulated Entity would have the ability to participate on a proportionate basis, at the same price and on the same terms and conditions
in any sale of a security purchased in a Co-Investment Transaction. Fees and expenses of Co-Investment Transactions would be borne
by the C&#298;ON Adviser, or shared pro rata among the Regulated Entities and Affiliated Funds who participate in the Co-Investment
Transactions. The Conditions would also prevent a Regulated Entity from investing in any issuer in which another Regulated Entity,
Affiliated Fund, or any affiliated person thereof, is an existing investor, which eliminates the possibility of a Regulated Entity
being forced to invest in a manner that would benefit an affiliated person&#8217;s existing investment. Also, sufficient records
of the transactions would be maintained to permit the examination staff of the Commission to monitor compliance with the terms
of the requested order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">The Conditions impose a variety of duties
on the C&#298;ON Adviser with respect to Co-Investment Transactions and Potential Co-Investment Transactions by the Regulated Entities.
These duties include determinations regarding investment appropriateness, the appropriate level of investment, and the provision
of information to the Board of any Regulated Entity. In addition, when considering Potential Co-Investment Transactions for any
Regulated Entity, the C&#298;ON Adviser will consider only the Objectives and Strategies, investment policies, investment positions,
capital available for investment, and other pertinent factors applicable to that Regulated Entity. The participation of a Regulated
Entity in a Potential Co-Investment Transaction may only be approved by a Required Majority, as defined in Section 57(o) (a &#8220;<B>Required
Majority</B>&#8221;), of the directors of the Board eligible to vote on that Co-Investment Transaction under Section 57(o) (the
&#8220;<B>Eligible Directors</B>&#8221;).<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: 22.5pt">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 25%; color: Black">


<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 closedend fund, the Board members that make up the Required Majority
will be determined as if the Regulated Entitywere 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>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">The amount of each Regulated Entity&#8217;s
capital available for investment will be determined based on the amount of cash on hand, existing commitments and reserves, if
any, the targeted leverage level, targeted asset mix and other investment policies and restrictions set from time to time by the
Board of the applicable Regulated Entity or imposed by applicable laws, rules, regulations or interpretations. Likewise, an Affiliated
Fund&#8217;s capital available for investment will be determined based on the amount of cash on hand, existing commitments and
reserves, if any, the targeted leverage level, targeted asset mix and other investment policies and restrictions set by the Affiliated
Fund&#8217;s directors, general partners or adviser or imposed by applicable laws, rules, regulations or interpretations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">In sum, the Applicants believe that the
proposed conditions would ensure that each Regulated Entity that participated in a Co-Investment Transaction does not participate
on a basis different from, or less advantageous than, that of such other participants. As a result, the Applicants believe that
the participation of the Regulated Entities in Co-Investment Transactions done in accordance with the Conditions would be consistent
with the provisions, policies, and purposes of the 1940 Act, and would be done in a manner that was not different from, or less
advantageous than, the other participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">With respect to each Wholly-Owned Investment
Subsidiary, such a subsidiary would be prohibited from investing in a Co-Investment Transaction with any Affiliated Fund or Regulated
Entity because it would be a company controlled by its parent Regulated Entity for purposes of Section 57(a)(4) of the 1940 Act
and Rule 17d-1 under the 1940 Act. Applicants request that each Wholly-Owned Investment Subsidiary be permitted to participate
in Co-Investment Transactions in lieu of its parent Regulated Entity and that the Wholly-Owned Investment Subsidiary&#8217;s participation
in any such transaction be treated, for purposes of the Order, as though the parent Regulated Entity were participating directly.
Applicants represent that this treatment is justified because a Wholly-Owned Investment Subsidiary would have no purpose other
than serving as a holding vehicle for the Regulated Entity&#8217;s investments and, therefore, no conflicts of interest could arise
between the Regulated Entity and the Wholly-Owned Investment Subsidiary. The Regulated Entity&#8217;s Board would make all relevant
determinations under the conditions with regard to a Wholly-Owned Investment Subsidiary&#8217;s participation in a Co-Investment
Transaction, and the Regulated Entity&#8217;s Board would be informed of, and take into consideration, any proposed use of a Wholly-Owned
Investment Subsidiary in the Regulated Entity&#8217;s place. If the Regulated Entity proposes to participate in the same Co-Investment
Transaction with any of its Wholly-Owned Investment Subsidiaries, the Board will also be informed of, and take into consideration,
the relative participation of the Regulated Entity and the Wholly-Owned Investment Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&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>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: 22.5pt">Applicants agree that any Order granting
the requested relief shall be subject to the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&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">1.</TD><TD>Each time the C&#298;ON Adviser considers a Potential Co-Investment Transaction for another Regulated Entity or an Affiliated
Fund that falls within a Regulated Entity&#8217;s then-current Objectives and Strategies, the C&#298;ON Adviser will make an independent
determination of the appropriateness of the investment for the Regulated Entity in light of the Regulated Entity&#8217;s then-current
circumstances.</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: 0in">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&nbsp;</P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.4in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD STYLE="padding-right: 0.1in">If the C&#298;ON Adviser deems a Regulated Entity&#8217;s participation in any Potential Co-Investment
Transaction to be appropriate for the Regulated Entity, the C&#298;ON Adviser will then determine an appropriate level of investment
for the Regulated Entity.</TD></TR>                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 0.1in">&nbsp;</TD></TR>
</TABLE>

<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: 0.6in"></TD><TD STYLE="width: 0.4in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD STYLE="padding-right: 0.1in">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 investment opportunity will be allocated among them pro rata based on each participant&#8217;s capital available for investment
in the asset class being allocated, up to the amount proposed to be invested by each. The C&#298;ON Adviser will provide the Eligible
Directors of each participating Regulated Entity with information concerning each participating party&#8217;s available capital
to assist the Eligible Directors with their review of the Regulated
Entity&#8217;s investments for compliance with these allocation procedures.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 1in"></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: 0.6in"></TD><TD STYLE="width: 0.4in"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD STYLE="padding-right: 0.05in">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 each Affiliated Fund) to the Eligible Directors of each participating Regulated Entity for their consideration.
A Regulated Entity will co-invest with another Regulated Entity or an Affiliated Fund only if, prior to the Regulated Entity&#8217;s
participation in the Potential Co-Investment Transaction, a Required Majority concludes that:</TD></TR>                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
</TABLE>

<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: 1in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>the terms of the Potential Co-Investment Transaction, including the consideration to be paid, are reasonable and fair to the
Regulated Entity and its shareholders and do not involve overreaching in respect of the Regulated Entity or its shareholders on
the part of any person concerned;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD>the Potential Co-Investment Transaction is consistent with:</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" 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: 108pt"></TD><TD STYLE="width: 21.75pt; text-align: left"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="text-align: justify">the interests of the Regulated Entity&#8217;s shareholders;
and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 21.75pt; text-align: left"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify">the Regulated Entity&#8217;s then-current Objectives and
Strategies;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD>the investment by any other Regulated Entities or any Affiliated Funds would not disadvantage the Regulated Entity, and participation
by the Regulated Entity would not be on a basis different from or less advantageous than that of any other Regulated Entities or
any Affiliated Funds; provided that, if any other Regulated Entity or any Affiliated Fund, but not the Regulated Entity itself,
gains the right to nominate a director for election to a portfolio company&#8217;s board of directors or the right to have a board
observer or any similar right to participate in the governance or management of the portfolio company, such event shall not be
interpreted to prohibit the Required Majority from reaching the conclusions required by this condition 2(c)(iii), if:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&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: 108pt"></TD><TD STYLE="width: 21.75pt">A.</TD><TD>the Eligible Directors will have the right to ratify the selection of such director or board observer, if any; and</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 129.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 21.75pt">B.</TD><TD>the
C&#298;ON Adviser agrees to, and does, provide periodic reports to the Board of the Regulated Entity with respect to the actions
of such director or the information received by such board observer or obtained through the exercise of any similar right to participate
in the governance or management of the portfolio company; and</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 129.75pt">&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: 108pt"></TD><TD STYLE="width: 21.75pt">C.</TD><TD>any fees or other compensation that any Regulated Entity or any Affiliated Fund or any affiliated person of any Regulated Entity
or any Affiliated Fund receives in connection with the right of a Regulated Entity or an Affiliated Fund to nominate a director
or appoint a board observer or otherwise to participate in the governance or management of the portfolio company will be shared
proportionately among the participating Affiliated Funds (who may each, in turn, share its portion with its affiliated persons)
and the participating Regulated Entities in accordance with the amount of each party&#8217;s investment; and</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" 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: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">iv.</TD><TD STYLE="text-align: justify">the proposed investment by the Regulated Entity will not
benefit the C&#298;ON Adviser, ICON Capital, the other Regulated Entities, the Affiliated Funds, or any affiliated person of any
of them (other than the parties to the Co-Investment Transaction), except (A) to the extent permitted by</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95in">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">condition 13, (B) to the extent permitted by Sections
17(e) or 57(k) of the 1940 Act, as applicable, (C) indirectly, as a result of an interest in the securities issued by one of the
parties to the Co-Investment Transaction, or (D) in the case of fees or other compensation described in condition 2(c)(iii)(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95in">&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"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="padding-right: 0.1in">Each Regulated Entity has the right to decline to participate in any Potential Co-Investment Transaction
or to invest less than the amount proposed.</TD></TR>                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="padding-right: 0.1in">&nbsp;</TD></TR>
</TABLE>

<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"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="padding-right: 0.1in">The C&#298;ON Adviser will present to the Board of each Regulated Entity, on a quarterly basis,
a record of all investments in Potential Co-Investment Transactions made by any of the other Regulated Entities or Affiliated Funds
during the preceding quarter that fell within the Regulated Entity&#8217;s then-current Objectives and Strategies that were not
made available to the Regulated Entity, and an explanation of why the investment opportunities were not offered to the Regulated
Entity. All information presented to the Board pursuant to this condition will be kept for the life of the Regulated Entity and
at least two years thereafter, and will be subject to examination by the Commission and its staff.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 0.1in">&nbsp;</TD></TR>
</TABLE>

<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"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="padding-right: 0.1in">Except for Follow-On Investments made in accordance with condition 8, a Regulated Entity will
not invest in reliance on the Order in any issuer in which another Regulated Entity, Affiliated Fund, or any affiliated person
of another Regulated Entity or Affiliated Fund is an existing investor.</TD></TR>                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 0.1in">&nbsp;</TD></TR>
</TABLE>

<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"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="padding-right: 0.1in">A
Regulated Entity will not participate in any Potential Co-Investment Transaction unless the terms, conditions, price, class of
securities to be purchased, settlement date, and registration rights will be the same for each participating Regulated Entity and
Affiliated Fund. The grant to another Regulated Entity or an Affiliated Fund, but not the Regulated Entity, of the right to nominate
a director for election to a portfolio company&#8217;s board of directors, the right to have an observer on the board of directors
or similar rights to participate in the governance or management of the portfolio company will not be interpreted so as to violate
this condition 6, if conditions 2(c)(iii)(A),(B) and (C) are met.</TD></TR></TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0">7.&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: 40.5pt"></TD><TD STYLE="width: 31.5pt">a.</TD><TD>If any Regulated Entity or an Affiliated Fund elects to sell, exchange or otherwise dispose of an interest in a security that
was acquired in a Co-Investment Transaction, the C&#298;ON Adviser will:</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: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">i.</FONT></TD><TD STYLE="padding-right: 0.6in">notify each Regulated Entity that participated in the Co-Investment Transaction of the proposed
disposition at the earliest practical time; and</TD></TR>                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 0.6in">&nbsp;</TD></TR>
</TABLE>

<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: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">ii.</FONT></TD><TD STYLE="padding-right: 0.6in">formulate a recommendation as to participation by each Regulated Entity in the disposition.</TD></TR>                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 0.6in">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt">b.</TD><TD>Each Regulated Entity will have the right to participate in such disposition on a proportionate basis, at the same price and
on the same terms and conditions as those applicable to the participating Regulated Entities and Affiliated Funds.</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt">c.</TD><TD>A Regulated Entity may participate in such disposition without obtaining prior approval of the Required Majority if: (i)
                                                               the proposed participation of each Regulated Entity and each Affiliated Fund in such disposition is proportionate to its
                                                               outstanding investments in the issuer immediately preceding the disposition; (ii) the Board of the Regulated Entity has
                                                               approved as being in the best interests of the Regulated Entity the ability to participate in such dispositions on a pro rata
                                                               basis (as described in greater detail in this Application); and (iii) the Board of the Regulated Entity is provided on a
                                                               quarterly basis with a list of all dispositions made in accordance with this condition. In all other cases, the C&#298;ON
                                                               Adviser will provide its written recommendation as to the Regulated Entity&#8217;s participation to the Regulated
                                                               Entity&#8217;s Eligible Directors, and the Regulated Entity will participate in such disposition solely
to the extent that a Required Majority determines that it is in the Regulated Entity&#8217;s best interests.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 69.75pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 69.75pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt">d.</TD><TD>Each Regulated Entity and each Affiliated Fund will bear its own expenses in connection with any such disposition.</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">8.&#9;</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: 40.5pt"></TD><TD STYLE="width: 31.5pt">a.</TD><TD>If a Regulated Entity or an Affiliated Fund desires to make a Follow-On Investment in a portfolio company whose securities
were acquired in a Co-Investment Transaction, the C&#298;ON Adviser will:</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: 1in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">i.</FONT></TD><TD STYLE="padding-right: 0.6in">notify each Regulated Entity that participated in the Co-Investment Transaction of the proposed
transaction at the earliest practical time; and</TD></TR>                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 0.6in">&nbsp;</TD></TR>
</TABLE>

<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: 1in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">ii.</FONT></TD><TD STYLE="padding-right: 0.4in">formulate a recommendation as to the proposed participation, including the amount of the proposed
Follow-On Investment, by each Regulated Entity.</TD></TR>                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 0.4in">&nbsp;</TD></TR>
</TABLE>

<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: 40.5pt"></TD><TD STYLE="width: 31.5pt">b.</TD><TD>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&#8217;s participation to the Eligible Directors, and the Regulated Entity will participate in such Follow-On
Investment solely to the extent that a Required Majority determines that it is in the Regulated Entity&#8217;s best interests.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&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: 40.5pt"></TD><TD STYLE="width: 31.5pt">c.</TD><TD>If, with respect to any Follow-On Investment:</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: 1in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">i.</FONT></TD><TD STYLE="padding-right: 0.2in">the amount of a Follow-On Investment is not based on the Regulated Entities&#8217; and the Affiliated
Funds&#8217; outstanding investments immediately preceding the Follow-On Investment; and</TD></TR>                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 0.2in">&nbsp;</TD></TR>
</TABLE>

<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: 1in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">ii.</FONT></TD><TD STYLE="padding-right: 0.05in">the aggregate amount recommended by the C&#298;ON Adviser to be invested by each Regulated Entity
in the Follow-On Investment, together with the amount proposed to be invested by the participating Affiliated Funds in the same
transaction, exceeds the amount of the opportunity; then the amount invested by each such party will be allocated among them pro
rata based on each party&#8217;s capital available for investment in the asset class being allocated, up to the amount proposed
to be invested by each.</TD></TR>                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 0.05in">&nbsp;</TD></TR>
</TABLE>

<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: 40.5pt"></TD><TD STYLE="width: 31.5pt">d.</TD><TD>The acquisition of Follow-On Investments as permitted by this condition will be considered a Co-Investment Transaction for
all purposes and subject to the other conditions set forth in this Application.</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">9.</TD><TD>The Independent Directors of each Regulated Entity will be provided quarterly for review all information concerning Potential
Co-Investment Transactions and Co-Investment Transactions, including investments made by other Regulated Entities and the Affiliated
Funds that the Regulated Entity considered but declined to participate in, so that the Independent Directors may determine whether
all investments made during the preceding quarter, including those investments which the Regulated Entity considered but declined
to participate in, comply with the conditions of the Order. In addition, the Independent Directors will consider at least annually
the continued appropriateness for the Regulated Entity of participating in new and existing Co-Investment Transactions.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">10.</TD><TD>Each Regulated Entity will maintain the records required by section 57(f)(3) of the 1940 Act as if each of the Regulated Entities
were a business development company and each of the investments permitted under these conditions were approved by the Required
Majority under section 57(f).</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">11.</TD><TD>No Independent Director of a Regulated Entity will also be a director, general partner, managing member or principal, or otherwise
an &#8220;affiliated person&#8221; (as defined in the 1940 Act), of an Affiliated Fund.</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">12.</TD><TD>The expenses, if any, associated with acquiring, holding or disposing of any securities acquired in a Co-Investment Transaction
(including, without limitation, the expenses of the distribution of any such securities registered for sale under the Securities
Act of 1933, as amended) will, to the extent not payable by the C&#298;ON Adviser or ICON Capital under the investment advisory
agreements with the Regulated Entities and the Affiliated Funds, respectively, be shared by the Affiliated Funds and the Regulated
Entities in proportion to the relative amounts of the securities held or to be acquired or disposed of, as the case may be.</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">13.</TD><TD>Any transaction fee (including break-up or commitment fees but excluding broker&#8217;s fees contemplated by Section 17(e)
or 57(k) of the 1940 Act, as applicable) received in connection with a Co-Investment Transaction will be distributed to the participating
Regulated Entities and Affiliated Funds on a pro rata basis based on the amounts they invested or committed, as the case may be,
in such Co-Investment Transaction. If any transaction fee is to be held by the C&#298;ON Adviser pending consummation of the transaction,
the fee will be deposited into an account maintained by the C&#298;ON Adviser at a bank or banks having the qualifications prescribed
in Section 26(a)(1) of the 1940 Act, and the account will earn a competitive rate of interest that will also be divided pro rata
among the participating Regulated Entities and Affiliated Funds based on the amounts they invest in such Co-Investment Transaction.
None of the Affiliated Funds, the C&#298;ON Adviser, ICON Capital, the other Regulated Entities or any affiliated person of the
Regulated Entities or Affiliated Funds will receive additional compensation or remuneration of any kind as a result of or in connection
with a Co-Investment Transaction (other than (a) in the case of the Regulated Entities and Affiliated Funds, the pro rata transaction
fees described above and fees or other compensation described in condition 2(c)(iii)(C) and (b) in the case of the C&#298;ON Adviser
and ICON Capital, investment advisory fees paid in accordance with the agreement between the C&#298;ON Adviser and the Regulated
Entities and the agreement between ICON Capital and the 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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">IV.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>STATEMENT IN SUPPORT OF RELIEF REQUESTED</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">Applicants submit that allowing
the Co-Investment Transactions described by this Application is justified on the basis of (i) the potential benefits to the Regulated
Entities and the shareholders thereof and (ii) the protections found in the terms and conditions set forth in this Application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-indent: 0.3in">&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>Potential Benefits</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">In the absence of the relief sought hereby,
in some circumstances the Regulated Entities would be limited in their ability to participate in attractive and appropriate investment
opportunities. Section 17(d), Section 57(a)(4) and Rule 17d-1 of the 1940 Act should not prevent BDCs and registered closed-end
investment companies from making investments that are in the best interests of their shareholders.</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 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 of the Affiliated Funds and the other Regulated Entities in larger financing
commitments, which would, in turn, be expected to obtain discounted prices and increase income, expand investment opportunities
and provide better access to due diligence information for the Regulated Entities. Indeed, each Regulated Entity&#8217;s inability
to co-invest with one or more of the Affiliated Funds and the other Regulated Entities could potentially result in the loss of
beneficial investment opportunities for such Regulated Entity and, in turn, adversely affect such Regulated Entity&#8217;s shareholders.
For example, a Regulated Entity may lose investment opportunities if the C&#298;ON Adviser cannot provide &#8220;one-stop&#8221;
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&#8217;s inability to</P>

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


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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). The C&#298;ON Adviser expects that any portfolio company that is an appropriate investment for a Regulated
Entity should also be an appropriate investment for one or more other Regulated Entities and/or one or more Affiliated Funds, with
certain exceptions based on available capital or diversification. The Regulated Entities, however, will not be obligated to invest,
or co-invest, when investment opportunities are referred to them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Regulated Entity and its shareholders
will benefit from the ability to participate in Co-Investment Transactions. The Board of C&#298;ON, including the Independent Directors,
has determined that it is in the best interests of C&#298;ON to participate in Co-Investment Transactions because, among other
matters, (i) C&#298;ON will be able to participate in a larger number and greater variety of transactions; (ii) C&#298;ON will
be able to participate in larger transactions; (iii) C&#298;ON will be able to participate in all opportunities approved by a Required
Majority or otherwise permissible under the Order rather than risk underperformance through rotational allocation of opportunities
among the Regulated Entities; (iv) C&#298;ON and any other Regulated Entities participating in the proposed investment will have
greater bargaining power, more control over the investment and less need to bring in other external investors or structure investments
to satisfy the different needs of external investors, each of which could result in terms that are more favorable for the participating
Regulated Entities; (v) C&#298;ON will be able to obtain greater attention and better deal flow from investment bankers and others
who act as sources of investments; and (vi) the general terms and conditions of the proposed Order are fair to the Regulated Entities
and their shareholders.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>16</SUP></FONT> The Board of C&#298;ON, including
the Independent Directors, also determined that it is in the best interests of C&#298;ON and its shareholders to obtain the Order
at the earliest possible time and instructed the officers of C&#298;ON, the C&#298;ON Adviser and counsel to use all appropriate
efforts to accomplish such goal. For these reasons, the Board of C&#298;ON has determined that is proper and desirable for C&#298;ON
to participate in Co-Investment Transactions with other Regulated Entities and one or more Affiliated Funds.</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">B.</TD><TD>Protective Representations and 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">The terms and conditions set forth in this
application ensure that the proposed Co-Investment Transactions are consistent with the protection of each Regulated Entity&#8217;s
shareholders and with the purposes intended by the policies and provisions of the 1940 Act. Specifically, the Conditions incorporate
the following critical protections: (i) in each Co-Investment Transaction, all Regulated Entities and Affiliated Funds participating
in the Co-Investment Transactions will invest at the same time for the same price and with the same terms, conditions, class, registration
rights and any other rights, so that none of them receives terms more favorable than any other; (ii) a Required Majority of each
Regulated Entity must approve various investment decisions with respect to such Regulated Entity in accordance with the Conditions;
and (iii) the Regulated Entities are required to retain and maintain certain records.</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, and the Required Majority will approve each Co-Investment Transaction prior to any investment by the participating
Regulated Entity. With respect to the pro rata dispositions and Follow-On Investments provided in conditions 7 and 8, a
Regulated Entity may participate in a pro rata disposition or Follow-On Investment without obtaining prior approval of the
Required Majority if, among other things: (i) the proposed participation of each Regulated Entity and each Affiliated Fund in
such disposition is proportionate to its outstanding investments in the issuer immediately preceding the disposition or
Follow-On Investment, as the case may be; and (ii) the Board of the Regulated Entity has approved that Regulated
Entity&#8217;s participation in pro rata dispositions and Follow-On Investments as being in the best interests of the
Regulated Entity. If the Board does not so approve, any such disposition or Follow-On Investment will be submitted to the
Regulated Entity&#8217;s Eligible Directors. The Board of any Regulated Entity may at any time rescind, suspend or qualify its approval of pro rata dispositions and
Follow-On Investments with the result that all dispositions and/or Follow-On Investments must be submitted to the Eligible Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 25%; color: Black">


<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>The Board of each Future Regulated Entity will make the same findings before engaging in a Co-Investment Transaction in reliance
on the requested order.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /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">&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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing analysis applies equally where
a Wholly-Owned Investment Subsidiary is involved in a Co-Investment Transaction as each Wholly-Owned Investment Subsidiary will
be treated as one company with its parent for purposes of this Application.</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">V.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>PRECEDENTS</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 Commission previously has issued orders
permitting certain investment companies subject to regulation under the 1940 Act and their affiliated persons to co-invest in certain
joint transactions that otherwise may be prohibited by Sections 17(d) and 57(a)(4) and Rule 17d-1 of the 1940 Act.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>17</SUP></FONT>
Applicants note, in particular, that the co-investment protocol to be followed by Applicants here is substantially similar to the
protocol followed by Gladstone Capital Corporation and its affiliates, for which an order was granted on July 26, 2012.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>18</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">VI.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 25%; color: Black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>17</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>

<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><U>Id.</U></TD></TR></TABLE>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"></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"></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">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 23<SUP>rd</SUP> day of September, 2015.</P>

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

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


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 23<SUP>rd</SUP> day of September, 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: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 44%">&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 COLSPAN="2" 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 COLSPAN="2" STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD COLSPAN="2" 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 COLSPAN="2" 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 COLSPAN="2" STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD COLSPAN="2" 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 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 32%">STATE OF NEW YORK</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 67%">)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt">COUNTY OF NEW YORK</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt">)</TD></TR>
</TABLE>
<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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <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>&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">Authorized Signatory</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Date:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">September 23, 2015</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: 17; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /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">&nbsp;</P>

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




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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_005.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  J 'D# 2(  A$! Q$!_\0
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> W)'+$XR<'CFO0*Y_1O^1F\3?]?,'_HA*Z"@#__9

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