<SEC-DOCUMENT>0001144204-19-035692.txt : 20190724
<SEC-HEADER>0001144204-19-035692.hdr.sgml : 20190724
<ACCEPTANCE-DATETIME>20190724095326
ACCESSION NUMBER:		0001144204-19-035692
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190724
DATE AS OF CHANGE:		20190724

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:		19969402

	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:			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:		19969399

	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 Partners I, L.P.
		CENTRAL INDEX KEY:			0001768842
		IRS NUMBER:				833679037
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387-07
		FILM NUMBER:		19969400

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Management, LLC
		CENTRAL INDEX KEY:			0001768831
		IRS NUMBER:				352651366
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14387-08
		FILM NUMBER:		19969401

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

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP/A
<SEQUENCE>1
<FILENAME>tv525738_40appa.htm
<DESCRIPTION>40-APP/A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT NO. 6 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"><B></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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CION
Investment Management, LLC, CION Investment partners i, l.p. </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">and
</FONT><FONT STYLE="text-transform: uppercase">cion<BR>
 management, LLC</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>July 24, 2019</B></P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">I.</TD><TD STYLE="text-align: justify">SUMMARY OF APPLICATION</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following entities hereby request an
order (the &ldquo;<B>Order</B>&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) under
Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &ldquo;<B>1940 Act</B>&rdquo;),<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 0pt 0.75in; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>C&#298;ON Investment
                                         Corporation, a closed-end management investment company that has elected to be regulated
                                         as a business development company (a &ldquo;<B>BDC</B>&rdquo;) under the 1940 Act (&ldquo;<B>C&#298;ON</B>&rdquo;);<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CION Investment
                                         Management, LLC, the investment adviser to C&#298;ON, on behalf of itself and its successors<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3
                                         </SUP></FONT>(the &ldquo;<B>CION Adviser</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CION Investment
                                         Partners I, L.P. (&ldquo;<B>CIP</B>&rdquo; or the &ldquo;<B>Existing Affiliated Fund</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CION Management,
                                         LLC, the investment adviser to the Existing Affiliated Fund, on behalf of itself and
                                         its successors (&ldquo;<B>CION Management</B>&rdquo; and together with C&#298;ON, the
                                         CION Adviser and the Existing Affiliated Fund, the &ldquo;<B>Applicants</B>&rdquo;);</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; text-indent: 0.5in">The relief requested in this application
(the &ldquo;<B>Application</B>&rdquo;) would allow C&#298;ON or any Future Regulated Entity<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4
</SUP></FONT>(each, a &ldquo;<B>Regulated Entity</B>&rdquo; and collectively, the &ldquo;<B>Regulated Entities</B>&rdquo;), one
or more other Regulated Entities and/or one or more Affiliated Funds<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5
</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
(&ldquo;<B>Follow-On Investments</B>&rdquo;). For purposes of this Application, a &ldquo;<B>Co-Investment Transaction</B>&rdquo;
shall mean any transaction in which any of the Regulated Entities (or their Wholly-Owned Investment Subsidiaries, as defined below)
participate together with one or more other Regulated Entities and/or Affiliated Funds in reliance on the Order, and a <B>&ldquo;Potential
Co-Investment Transaction&rdquo;</B> shall mean any investment opportunity in which any of the Regulated Entities (or their Wholly-</P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></TD><TD>&ldquo;<B>Future
                                         Regulated Entity</B>&rdquo; means any closed-end management investment company (a) that
                                         is formed in the future, (b) that is registered under the 1940 Act or has elected to
                                         be regulated as a BDC and (c) whose investment adviser is the CION Adviser or any future
                                         investment adviser that controls, is controlled by, or is under common control with the
                                         CION Adviser and is registered as an investment adviser under the Investment Advisers
                                         Act of 1940, as amended (the &ldquo;Advisers Act,&rdquo; and each such investment adviser,
                                         a &ldquo;Regulated Entity Adviser&rdquo;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT></TD><TD>&ldquo;<B>Affiliated
                                         Funds</B>&rdquo; means the Existing Affiliated Fund and any Future Affiliated Fund. &ldquo;<B>Future
                                         Affiliated Fund</B>&rdquo; means any investment company (a) that is formed in the future,
                                         (b) that would be an investment company but for Sections 3(c)(1), 3(c)(5)(B) or 3(c)(7)
                                         of the 1940 Act and (c) whose investment adviser is CION Management or any future investment
                                         adviser that controls, is controlled by, or is under common control with CION Management
                                         and is registered as an investment adviser under the Advisers Act (each, an &ldquo;Affiliated
                                         Fund Adviser,&rdquo; and, collectively with the Regulated Entity Advisers, the &ldquo;Advisers&rdquo;).
                                         No Affiliated Fund is or will be a subsidiary of a Regulated Entity. Applicants do not
                                         believe that allowing an Affiliated Fund that would be an investment company but for
                                         Section 3(c)(5)(B) of the 1940 Act (each, a &ldquo;Section 3(c)(5)(B) Fund&rdquo;) to
                                         participate in Co-Investment Transactions as an Affiliated Fund raises any additional
                                         legal or policy concerns not otherwise raised by allowing a Regulated Entity to co-invest
                                         with one or more Affiliated Funds that would be an investment company but for Sections
                                         3(c)(1) or 3(c)(7) of the 1940 Act, because the Section 3(c)(5)(B) Fund would be advised
                                         by an Affiliated Fund Adviser in the same way that Affiliated Funds relying on Sections
                                         3(c)(1) or 3(c)(7) are advised by an Affiliated Fund Adviser. Accordingly, Applicants
                                         request that the Section 3(c)(5)(B) Funds be permitted to participate in Co-Investment
                                         Transactions as Affiliated Funds.</TD></TR></TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Owned Investment Subsidiaries) seeks to participate together
with one or more other Regulated Entities and/or Affiliated Funds in reliance on the Order.</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-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</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 its parent Regulated Entity for purposes of Section 57(a)(4) and Rule 17d-1
of the 1940 Act. Applicants request that each Wholly-Owned Investment Subsidiary be permitted to participate in Co-Investment
Transactions in lieu of its parent Regulated Entity and that the Wholly-Owned Investment Subsidiary&rsquo;s participation in any
such transaction be treated, for purposes of the Order, as though the parent Regulated Entity were participating directly. Applicants
represent that this treatment is justified because a Wholly-Owned Investment Subsidiary would have no purpose other than serving
as a holding vehicle for the Regulated Entity&rsquo;s investments and, therefore, no conflicts of interest could arise between
the Regulated Entity and the Wholly-Owned Investment Subsidiary. The board of directors (the &ldquo;<B>Board</B>&rdquo;)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7
</SUP></FONT>of such Regulated Entity would make all relevant determinations under the conditions with regard to a Wholly-Owned
Investment Subsidiary&rsquo;s participation in a Co-Investment Transaction, and the Regulated Entity&rsquo;s Board would be informed
of, and take into consideration, any proposed use of a Wholly-Owned Investment Subsidiary in the Regulated Entity&rsquo;s place.
If the Regulated Entity proposes to participate in the same Co-Investment Transaction with any of its Wholly-Owned Investment
Subsidiaries, the Board of the Regulated Entity will also be informed of, and take into consideration, the relative participation
of the Regulated Entity and the Wholly-Owned Investment Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>
We note that C&#298;ON and the CION Adviser have been added as applicants to an exemptive application filed by Apollo Investment
Corporation, et. al. (File No. 812-15015-96) (the &ldquo;Apollo Application&rdquo;). The CION Adviser is a joint venture between
CION Investment Group, LLC (&ldquo;<B>CIG</B>&rdquo;) and Apollo Investment Management, L.P. Pursuant to the</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT></TD><TD>&ldquo;<B>Wholly-Owned
                                         Investment Subsidiary</B>&rdquo; means any entity: (i) that is wholly-owned by a Regulated
                                         Entity (with such Regulated Entity at all times holding, beneficially and of record,
                                         100% of the voting and economic interests); (ii) whose sole business purpose is to hold
                                         one or more investments on behalf of such Regulated Entity (and, in the case of an entity
                                         that is licensed by the Small Business Administration to operate under the Small Business
                                         Investment Act of 1958, as amended (the &ldquo;<B>SBA Act</B>&rdquo;), as a small business
                                         investment company (an &ldquo;<B>SBIC</B>&rdquo;), to maintain a license under the SBA
                                         Act and issue debentures guaranteed by the Small Business Administration); (iii) with
                                         respect to which the board of directors of such Regulated Entity has the sole authority
                                         to make all determinations with respect to the entity&rsquo;s participation under the
                                         conditions of this Application; and (iv) that would be an investment company but for
                                         Sections 3(c)(1) 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 the same as, or a subset of, their parent
                                         Regulated Entity&rsquo;s Objectives and Strategies. A subsidiary that is an SBIC may
                                         be a Wholly-Owned Investment Subsidiary if it satisfies the conditions in this definition.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify">The
                                         term &ldquo;<B>Board</B>&rdquo; refers to the board of directors or trustees of any Regulated
                                         Entity.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</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>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Apollo Application, C&#298;ON and the other
Apollo Regulated Funds<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT> and Apollo
Affiliated Funds<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT> respectfully request
an Order of the Commission (the &ldquo;<B>Apollo Order</B>&rdquo;) to permit C&#298;ON and/or one or more other Regulated Funds
and/or one or more Affiliated Funds to enter into certain co-investment transactions with each other where an investment adviser
that controls, is controlled by or is under common control with Apollo Global Management, LLC is sourcing the co-investment transactions
(each, an &ldquo;<B>Apollo Co-Investment Transaction</B>&rdquo;). We intend that Co-Investment Transactions under this Order will
be sourced solely by a Regulated Entity Adviser. CIP or the Existing Affiliated Fund and any Future Affiliated Funds do not currently,
and will not in the future, invest in the securities of any portfolio company in which Apollo Regulated Funds or Apollo Affiliated
Funds covered by the Apollo Order are invested.</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.</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" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">II.</TD><TD STYLE="text-align: justify">GENERAL DESCRIPTION
                                         OF APPLICANTS</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in">&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&#298;ON was organized under the General
Corporation Law of the State of Maryland on August 9, 2011 for the purpose of operating as a BDC. In addition, C&#298;ON has made
an election to be treated for tax purposes as a regulated investment company (&ldquo;<B>RIC</B>&rdquo;) under the Internal Revenue
Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), and intends to continue to make such election in the future. C&#298;ON&rsquo;s
investment objective is to generate current income and, to a lesser extent, capital appreciation for investors. C&#298;ON&rsquo;s
portfolio is comprised primarily of investments in senior secured debt, including first lien loans, second lien loans and unitranche
loans, and, to a lesser extent, collateralized securities, structured products and other similar securities, unsecured debt, including
corporate bonds and long-term subordinated loans, referred to as mezzanine loans, and equity, of private and thinly traded U.S.
middle-market companies. In connection with C&#298;ON&rsquo;s debt investments, it may receive equity interests such as warrants
or options as additional consideration. C&#298;ON may also purchase minority interests in the form of common or preferred equity
in its target companies, either in conjunction with one of its debt investments or through a co-investment with a financial sponsor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board of C&#298;ON has six members,
of which four members are not &ldquo;interested persons&rdquo; of C&#298;ON within the meaning of Section 2(a)(19) (the &ldquo;<B>Independent
Directors</B>&rdquo;).<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></FONT> No Independent
Director of any Regulated Entity will have a direct or indirect financial interest in any Co-Investment Transaction (other than
indirectly through share ownership in one of the Regulated Entities), including any interest in any company whose securities would
be acquired in a Co-Investment Transaction.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: -0.4in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: -0.4in"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: -0.4in"></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; font-size: 10pt"><SUP>9</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">&ldquo;<B>Apollo
                                         Regulated Funds</B>&rdquo; means Apollo Investment Corporation, Apollo Senior Floating
                                         Rate Fund Inc., Apollo Tactical Income Fund Inc., any closed-end&nbsp;management investment
                                         company (a)&nbsp;that is registered under the 1940 Act or has elected to be regulated
                                         as a BDC and (b)&nbsp;whose investment adviser is an Apollo Adviser, and the Apollo BDC
                                         Downstream Funds. &ldquo;<B>Apollo Adviser</B>&rdquo; means Apollo Investment Management,
                                         L.P., Apollo Credit Management, LLC, and the investment advisers to the investment vehicles
                                         identified in Appendix A of the Apollo Application, together with (a)&nbsp;any future
                                         investment adviser that (i)&nbsp;controls, is controlled by or is under common control
                                         with Apollo Global Management, LLC, (ii)&nbsp;is registered as an investment adviser
                                         under the Advisers Act, and (iii)&nbsp;is not an Apollo Regulated Fund or a subsidiary
                                         of an Apollo Regulated Fund. &ldquo;<B>Apollo BDC Downstream Funds</B>&rdquo; means either
                                         (a)&nbsp;with respect to Apollo Investment Corporation, Merx Aviation Finance, LLC or
                                         (b)&nbsp;with respect to any Apollo Regulated Fund that is a BDC, an entity (i)&nbsp;that
                                         the BDC directly or indirectly controls, (ii)&nbsp;that is not controlled by any person
                                         other than the BDC (except a person that indirectly controls the entity solely because
                                         it controls the BDC), (iii) that would be an investment company but for Sections 3(c)(1)
                                         or 3(c)(7) of the 1940 Act, (iv)&nbsp;whose investment adviser is an Apollo Adviser and
                                         (v)&nbsp;that is not a Wholly-Owned Investment Subsidiary of an Apollo Regulated Fund.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT></TD><TD>&ldquo;<B>Apollo
                                         Affiliated Fund</B>&rdquo; means the investment vehicles identified in Appendix A of
                                         the Apollo Application or any entity (a)&nbsp;whose investment adviser is an Apollo Adviser,
                                         (b)&nbsp;that would be an investment company but for Sections&nbsp;3(c)(1), 3(c)(5)(C)
                                         or 3(c)(7) of the 1940 Act or their ability to rely on Rule&nbsp;3a-7&nbsp;of the 1940
                                         Act and (c)&nbsp;that is not an Apollo BDC Downstream Fund.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>11</SUP></FONT></TD><TD STYLE="text-align: justify">The
                                         term &ldquo;<B>Independent Directors</B>&rdquo; refers to the independent directors or
                                         trustees of any Regulated Entity.</TD>
</TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 CION Adviser</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The CION Adviser is a limited liability
company organized under the Limited Liability Company Act of the State of Delaware on August 9, 2011. The CION Adviser is registered
with the Commission under the Advisers Act. On the date of this Application, its sole client is C&#298;ON. The CION Adviser is
a subsidiary of CIG and an affiliate of CION Management, 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 CION Adviser will: (i) determine the composition and allocation of C&#298;ON&rsquo;s portfolio,
the nature and timing of the changes to C&#298;ON&rsquo;s portfolio and the manner of implementing such changes; (ii) determine
which securities C&#298;ON will purchase, retain or sell; (iii) identify, evaluate, negotiate and structure the investments C&#298;ON
makes; perform due diligence on prospective portfolio companies; and (iv) execute, close, monitor and service the investments
C&#298;ON makes. The CION Adviser&rsquo;s services under the investment advisory agreement may not be exclusive, and it is free
to furnish similar services to other entities so long as its services to C&#298;ON are not impaired.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in">&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>CION Management</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">CION Management is a limited liability
company organized under the Limited Liability Company Act of the State of Delaware on June 4, 2018. CION Management, an affiliate
of CIP, serves as CIP&rsquo;s investment adviser. CION Management is a registered investment adviser with the Commission under
the Advisers Act. CION Management oversees the management of CIP&rsquo;s activities and is responsible for making investment decisions
for CIP&rsquo;s portfolio.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in">&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>CIP</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">CIP is a limited partnership organized
under the Revised Uniform Limited Partnership Act of the State of Delaware on June 5, 2018. CIP&rsquo;s investment objective is
to generate current income and, to a lesser extent, capital appreciation for its partners. CIP operates as a private direct financing
fund in which invested capital is pooled together to make investments primarily in first lien senior secured loans, including
&ldquo;unitranche&rdquo; loans, second lien senior secured loans and mezzanine debt, which in some cases includes an equity component,
and, to a lesser extent, collateralized securities, structured products and other similar securities, of U.S. and European middle-market
companies. CION Management serves as the investment adviser to CIP. CIP&rsquo;s general partner is CION CIP GP, LLC, a limited
liability company organized under the Limited Liability Company Act of the State of Delaware on June 4, 2018. CIP is excluded
from the definition of &ldquo;investment company&rdquo; in reliance upon Section 3(c)(1) of the 1940 Act.</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" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">III.</TD><TD STYLE="text-align: justify">ORDER REQUESTED</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The 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 &ldquo;Conditions&rdquo;), 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Applicants believe that granting this
Order and the Apollo Order does not raise an additional issue because each Co-Investment Transaction under this Order would be
sourced by a Regulated Entity Adviser, while each Apollo Co-Investment Transaction would be sourced by an Apollo Adviser.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></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><FONT STYLE="font-family: Sans-Serif; font-size: 9pt"><B></B></FONT>Section 17(d) and Section 57(a)(4)</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17(d) of the 1940 Act generally
prohibits an affiliated person (as defined in Section 2(a)(3) of the 1940 Act), or an affiliated person of such affiliated person,
of a registered closed-end investment company acting as principal, from effecting any transaction in which the registered closed-end
investment company is a joint or a joint and several participant, in contravention of such rules as the Commission may prescribe
for the purpose of limiting or preventing participation by the registered closed-end investment company on a basis different from
or less advantageous than that of such other participant. Rule 17d-1 under the 1940 Act generally prohibits participation by a
registered investment company and an affiliated person (as defined in Section 2(a)(3) of the 1940 Act) or principal underwriter
for that investment company, or an affiliated person of such affiliated person or principal underwriter, in any &ldquo;joint enterprise
or other joint arrangement or profit-sharing plan,&rdquo; as defined in the rule, without prior approval by the Commission by
order upon application.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Similarly, with regard to BDCs, Section
57(a)(4) 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 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: 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="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: 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>12</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2(a)(3)(C) of the 1940 Act defines
an &ldquo;affiliated person&rdquo; 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 &ldquo;control&rdquo; as the power to
exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official
position with 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-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13</SUP></FONT> The
CION Adviser is the investment adviser to C&#298;ON, and either it or another Regulated Entity Adviser will be the investment
adviser to each Future Regulated Entity. In addition, CION Management or another Affiliated Fund Adviser 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Adviser or its principals, or any
person controlling, controlled by, or under common control with an Adviser or its principals, and the Affiliated Funds (collectively,
the &ldquo;Holders&rdquo;) own in the aggregate more than 25 percent of the outstanding voting shares of a Regulated Entity (the
&ldquo;Shares&rdquo;), then the Holders will vote such Shares as required under condition 14.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants believe that this condition
will ensure that the Independent Directors will act independently in evaluating the Co-Investment Program, because the ability
of an Adviser or the principals to influence the Independent Directors by a suggestion, explicit or implied, that the Independent
Directors can be removed will be limited significantly. The Independent Directors shall evaluate and approve any such independent
third party, taking </P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in"></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>12</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: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13</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)
                                         (&ldquo;[T]he investment adviser almost always controls the fund. Only in the very rare
                                         case where the adviser&rsquo;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.&rdquo;).</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">into account its qualifications, reputation for independence, cost to the shareholders, and other factors
that they deem relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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><FONT STYLE="font-family: Sans-Serif; font-size: 9pt">
                                         </FONT>Rule 17d-1</TD></TR></TABLE>

<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: 0.5in">Rule 17d-1 under the 1940 Act generally
prohibits participation by a registered investment company and an affiliated person (as defined in Section 2(a)(3) of the 1940
Act) or principal underwriter for that investment company, or an affiliated person of such affiliated person or principal underwriter,
in any &ldquo;joint enterprise or other joint arrangement or profit-sharing plan,&rdquo; as defined in the rule, without prior
approval by the Commission by order upon application.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Rule 17d-1 was promulgated by the Commission
pursuant to Section 17(d) and made applicable to BDCs by Section 57(i). Section 57(i) of the 1940 Act provides that, until the
Commission prescribes rules under Section 57(a)(4), the Commission&rsquo;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: 0.5in">Applicants seek relief pursuant to Rule
17d-1, which permits the Commission to authorize joint transactions upon application. In passing upon applications filed pursuant
to Rule 17d-1, the Commission is directed by Rule 17d-1(b) to consider whether the participation of a registered investment company
or controlled company thereof in the joint enterprise or joint arrangement under scrutiny is consistent with provisions, policies
and purposes of the 1940 Act and the extent to which such participation is on a basis different from or less advantageous than
that of other participants.</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: 0.5in">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): &ldquo;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.&rdquo; <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 &ldquo;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.&rdquo; H.Rep. No. 96-1341, 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: 0.5in">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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in">&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="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: 0.5in">Applicants believe that the proposed Conditions,
as discussed more fully in Section III.D of this Application, will ensure the protection of shareholders of the Regulated Entities
and compliance with the purposes and policies of the 1940 Act with respect to the Co-Investment Transactions. In particular, the
Conditions, as outlined below, would ensure that each Regulated Entity would only invest in investments that are appropriate to
the interests of shareholders and the investment needs and abilities of that Regulated Entity. In addition, each Regulated Entity
would be able to invest on equal footing with each other Regulated Entity and/or one or more Affiliated Funds, including identical
terms, conditions, price, class of securities purchased, settlement date, and registration rights. Each Regulated Entity would
have the ability to engage in Follow-On Investments in a fair manner consistent with the protections of the other conditions.
Each Regulated Entity would have the ability to participate on a proportionate basis, at the same price and on the same terms
and conditions in any sale of a security purchased in a Co-Investment Transaction. Fees and expenses of Co-Investment Transactions
would be borne by the Adviser, or shared pro rata among the Regulated Entities and Affiliated Funds who participate in the Co-Investment </P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Conditions impose a variety of duties
on the 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 relevant Regulated Entity Adviser will consider only the Objectives and Strategies<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14</SUP></FONT>,
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 &ldquo;<B>Required Majority</B>&rdquo;), of the directors of the Board eligible to vote on that
Co-Investment Transaction under Section 57(o) (the &ldquo;<B>Eligible Directors</B>&rdquo;).<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15</SUP></FONT></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: 0.5in">The amount of each Regulated Entity&rsquo;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&rsquo;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&rsquo;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: 0.5in">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: 0.5in">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&rsquo;s participation
in any such transaction be treated, for purposes of the Order, as though the parent Regulated Entity were participating directly.
Applicants represent that this treatment is justified because a Wholly-Owned Investment Subsidiary would have no purpose other
than serving as a holding vehicle for the Regulated Entity&rsquo;s investments and, therefore, no conflicts of interest could
arise between the Regulated Entity and the Wholly-Owned Investment Subsidiary. The Regulated Entity&rsquo;s Board would make all
relevant determinations under the conditions with regard to a Wholly-Owned Investment Subsidiary&rsquo;s participation in a Co-Investment
Transaction, and the Regulated Entity&rsquo;s Board would be informed of, and take into consideration, any proposed use of a Wholly-Owned
Investment Subsidiary in the Regulated Entity&rsquo;s place. If the Regulated Entity proposes to participate in the same Co-Investment
Transaction with any of its Wholly-Owned Investment Subsidiaries, the Board 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">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">The
                                         term &ldquo;<B>Objectives and Strategies</B>&rdquo; means a Regulated Entity&rsquo;s
                                         investment objectives and strategies as described in the Regulated Entity&rsquo;s registration
                                         statement on Form N-2, other filings the Regulated Entity has made with the Commission
                                         under the Securities Act of 1933 or the Securities Exchange Act of 1934, and the Regulated
                                         Entity&rsquo;s reports to shareholders.</FONT></TD></TR></TABLE>

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

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

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

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&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="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: 0.5in">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 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">1.</TD><TD>Each time an Adviser considers a Potential Co-Investment Transaction
                                         for another Regulated Entity or an Affiliated Fund that falls within a Regulated Entity&rsquo;s
                                         then-current Objectives and Strategies, the Regulated Entity Adviser will make an independent
                                         determination of the appropriateness of the investment for the Regulated Entity in light
                                         of the Regulated Entity&rsquo;s then-current circumstances.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Sans-Serif; font-size: 9pt"> </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.4in">&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: 0.6in"></TD><TD STYLE="width: 0.4in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD>If the aggregate amount
                                         recommended by the applicable Adviser to be invested by the applicable Regulated Entity
                                         in the Potential Co-Investment Transaction, together with the amount proposed to be invested
                                         by the other participating Regulated Entities and Affiliated Funds, collectively, in
                                         the same transaction, exceeds the amount of the investment opportunity, the investment
                                         opportunity will be allocated among them pro rata based on each participant&rsquo;s capital
                                         available for investment in the asset class being allocated, up to the amount proposed
                                         to be invested by each. The applicable Adviser will provide the Eligible Directors of
                                         each participating Regulated Entity with information concerning each participating party&rsquo;s
                                         available capital to assist the Eligible Directors with their review of the Regulated
                                         Entity&rsquo;s investments for compliance with these allocation procedures.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.4in">&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: 0.6in"></TD><TD STYLE="width: 0.4in"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD>After making the determinations
                                         required in conditions 1 and 2(a), the applicable Adviser will distribute written information
                                         concerning the Potential Co-Investment Transaction (including the amount proposed to
                                         be invested by each Regulated Entity and each Affiliated Fund) to the Eligible Directors
                                         of each participating Regulated Entity for their consideration. A Regulated Entity will
                                         co-invest with another Regulated Entity or an Affiliated Fund only if, prior to the Regulated
                                         Entity&rsquo;s participation in the Potential Co-Investment Transaction, a Required Majority
                                         concludes that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&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: 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; text-indent: -0.25in">&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: 1in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD>the Potential Co-Investment Transaction is consistent with:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
interests of the Regulated Entity&rsquo;s shareholders; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Regulated Entity&rsquo;s then-current Objectives and Strategies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&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: 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&rsquo;s board of directors or the right
                                         to have a board observer or any similar right to participate in the governance or management
                                         of the portfolio company, such event shall not be interpreted to prohibit the Required
                                         Majority from reaching the conclusions required by this condition 2(c)(iii), if:</TD></TR></TABLE>


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    <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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 129.75pt; text-indent: -21.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">B.</TD><TD><FONT STYLE="font-family: Sans-Serif; font-size: 9pt">
                                          </FONT>the applicable Adviser agrees to, and does, provide periodic
                                         reports to the Board of the Regulated Entity with respect to the actions of such director
                                         or the information received by such board observer or obtained through the exercise of
                                         any similar right to participate in the governance or management of the portfolio company;
                                         and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 129.75pt; text-indent: -21.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">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&rsquo;s investment; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 129.75pt; text-indent: -21.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95in">iv.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
proposed investment by the Regulated Entity will not benefit any Adviser, the other Regulated Entities, the Affiliated Funds,
or any affiliated person of any of them (other than the parties to the Co-Investment Transaction), except (A) to the extent permitted
by condition 13, (B) to the extent permitted by Sections 17(e) or 57(k) of the 1940 Act, as applicable, (C) indirectly, as a result
of an interest in the securities issued by one of the parties to the Co-Investment Transaction, or (D) in the case of fees or
other compensation described in condition 2(c)(iii)(c).</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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD>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></TABLE>

<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-size: 10pt">4.</FONT></TD><TD>The applicable Adviser will
                                         present to the Board of each Regulated Entity, on a quarterly basis, a record of all
                                         investments in Potential Co-Investment Transactions made by any of the other Regulated
                                         Entities or Affiliated Funds during the preceding quarter that fell within the Regulated
                                         Entity&rsquo;s then-current Objectives and Strategies that were not made available to
                                         the Regulated Entity, and an explanation of why the investment opportunities were not
                                         offered to the Regulated Entity. All information presented to 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></TABLE>

<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-size: 10pt">5.</FONT></TD><TD>Except for Follow-On Investments
                                         made in accordance with condition 8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT>,
                                         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></TABLE>

<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-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-family: Sans-Serif; font-size: 9pt">
                                          </FONT>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&rsquo;s board of directors, the right to have an observer on the
                                         board of directors or similar rights to participate in the governance or management of
                                         the portfolio company will not be interpreted so as to violate this condition 6, if conditions
                                         2(c)(iii)(A), (B) and (C) are met.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></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; font-size: 10pt"><SUP>16</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">This
                                         exception applies only to Follow-On Investments by a Regulated Entity in issuers in which
                                         that Regulated Entity already holds investments.</FONT></TD></TR></TABLE>


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    <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">&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">7.</TD><TD></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -31.5pt">&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: 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 applicable Adviser will:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -31.5pt">&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: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">i.</FONT></TD><TD>notify each Regulated Entity
                                         that participated in the Co-Investment Transaction of the proposed disposition at the
                                         earliest practical time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&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: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">ii.</FONT></TD><TD>formulate a recommendation
                                         as to participation by each Regulated Entity in the disposition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 69.75pt; text-indent: -24.75pt">&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: 45pt"></TD><TD STYLE="width: 23.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 69.75pt; text-indent: -24.75pt">&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: 45pt"></TD><TD STYLE="width: 23.4pt">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 Regulated Entity Adviser will provide its
                                         written recommendation as to the Regulated Entity&rsquo;s participation to the Regulated
                                         Entity&rsquo;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&rsquo;s best interests.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 69.75pt; text-indent: -24.75pt">&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: 45pt"></TD><TD STYLE="width: 23.4pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 69.75pt; text-indent: -24.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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 applicable Adviser will:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -31.5pt">&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: 1in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">i.</FONT></TD><TD>notify each Regulated Entity
                                         that participated in the Co-Investment Transaction of the proposed transaction at the
                                         earliest practical time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-indent: -0.3in">&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">ii.</FONT></TD><TD>formulate a recommendation
                                         as to the proposed participation, including the amount of the proposed Follow-On Investment,
                                         by each Regulated Entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -31.5pt">&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: 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 Adviser will provide its written recommendation as to the Regulated Entity&rsquo;s
                                         participation to the Eligible Directors, and the Regulated Entity will participate in
                                         such Follow-On Investment solely to the extent that a Required Majority determines that
                                         it is in the Regulated Entity&rsquo;s best interests.</TD></TR></TABLE>


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    <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">&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -31.5pt">&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: 1in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">i.</FONT></TD><TD>the amount of a Follow-On
                                         Investment is not based on the Regulated Entities&rsquo; and the Affiliated Funds&rsquo;
                                         outstanding investments immediately preceding the Follow-On Investment; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-indent: -0.3in">&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">ii.</FONT></TD><TD>the aggregate amount recommended
                                         by the Adviser to be invested by each Regulated Entity in the Follow-On Investment, together
                                         with the amount proposed to be invested by the participating Affiliated Funds in the
                                         same transaction, exceeds the amount of the opportunity; then the amount invested by
                                         each such party will be allocated among them pro rata based on each party&rsquo;s capital
                                         available for investment in the asset class being allocated, up to the amount proposed
                                         to be invested by each.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -31.5pt">&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: 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -31.5pt">&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">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
                                         or 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="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">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 BDC and each of
                                         the investments permitted under these conditions were approved by the Required Majority
                                         under Section 57(f).</TD></TR></TABLE>

<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">11.</TD><TD>No Independent Director of a Regulated Entity will also be a director,
                                         general partner, managing member or principal, or otherwise an &ldquo;affiliated person&rdquo;
                                         (as defined in the 1940 Act), of an Affiliated Fund.</TD></TR></TABLE>

<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">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 an Adviser under
                                         the investment advisory agreements with the Regulated Entities and the Affiliated Funds,
                                         be shared by the Affiliated Funds and the Regulated Entities in proportion to the relative
                                         amounts of the securities held or to be acquired or disposed of, as the case may be.</TD></TR></TABLE>

<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">13.</TD><TD>Any transaction fee<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17
                                         </SUP></FONT>(including break-up or commitment fees but excluding broker&rsquo;s fees
                                         contemplated by Sections 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 Adviser pending consummation of the transaction, the fee will be deposited
                                         into an account maintained by the Adviser at a bank or banks having the qualifications
                                         prescribed in Section 26(a)(1) of the 1940 Act, and the account will earn a competitive
                                         rate of interest that will also be divided pro rata among the participating Regulated
                                         Entities and Affiliated Funds based on the amounts they invest in such Co-Investment
                                         Transaction. None of the Affiliated Funds, the </TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></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; font-size: 10pt"><SUP>17</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">Applicants
                                         are not requesting and the staff is not providing any relief for transaction fees received
                                         in connection with any Co-Investment Transaction.</FONT></TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt">Adviser, 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 Adviser, investment advisory fees
                                         paid in accordance with the agreements between the Adviser and the Regulated Entities
                                         or the Affiliated Funds.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD>If the Holders own in the aggregate more than 25 percent of the
                                         Shares of a Regulated Entity, then the Holders will vote such Shares as directed by an
                                         independent third party when voting on (1) the election of directors; (2) the removal
                                         of one or more directors; or (3) all other matters under either the 1940 Act or applicable
                                         State law affecting the Board&rsquo;s composition, size or manner of election.</TD></TR></TABLE>

<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">15.</TD><TD><FONT STYLE="background-color: white">Each Regulated Entity&rsquo;s
                                         chief compliance officer, as defined in Rule 38a-1(a)(4), will prepare an annual report
                                         for its Board that evaluates (and documents the basis of that evaluation) the Regulated
                                         Entity&rsquo;s compliance with the terms and conditions of the Application and the procedures
                                         established to achieve such compliance.</FONT></TD></TR></TABLE>

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

<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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in">&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="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 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 applicable 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&rsquo;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&rsquo;s shareholders.
For example, a Regulated Entity may lose investment opportunities if the CION Adviser cannot provide &ldquo;one-stop&rdquo; financing
to a potential portfolio company. Portfolio companies may reject an offer of funding arranged by the CION Adviser due to a Regulated
Entity&rsquo;s inability to commit the full amount of financing required by the portfolio company in a timely manner (i.e., without
the delay that typically would be associated with obtaining single-transaction exemptive relief from the Commission). The CION
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; text-indent: 0.5in">&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</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in"></P>



<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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>18
</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
CION 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">&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="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 terms and conditions set forth in this
application ensure that the proposed Co-Investment Transactions are consistent with the protection of each Regulated Entity&rsquo;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 CION
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&rsquo;s participation in pro rata dispositions and Follow-On Investments
as being in the best interests of the Regulated Entity. If the Board does not so approve, any such disposition or Follow-On Investment
will be submitted to the Regulated Entity&rsquo;s Eligible Directors. The Board of any Regulated Entity may at any time rescind,
suspend or qualify its approval of pro rata dispositions and Follow-On Investments with the result that all dispositions and/or
Follow-On Investments must be submitted to the Eligible Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants believe that participation by
the Regulated Entities in pro rata dispositions and Follow-On Investments, as provided in conditions 7 and 8, is consistent with
the provisions, policies and purposes of the 1940 Act and will not be made on a basis different from or less advantageous than
that of other participants. A formulaic approach, such as pro rata dispositions and Follow-On Investments, eliminates the discretionary
ability to make allocation determinations, and in turn eliminates the possibility for overreaching and promotes fairness. Applicants
note that the Commission has adopted a similar pro rata approach in the context of Rule 23c-2, which relates to the redemption
by a closed-end investment company of less than all of a class of its securities, indicating the general fairness and lack of
overreaching that such approach provides.</P>

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

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The 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-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19
</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-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>20</SUP></FONT></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" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">VI.</TD><TD STYLE="text-align: justify">PROCEDURAL MATTERS</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in">&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="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">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-align: center">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.4in">&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="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 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 CION Adviser because
of its affiliation with C&#298;ON and any Future </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"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>19</SUP></FONT></TD><TD><I>See,
                                         e.g</I>., <U>Corporate Capital Trust, Inc., et al.</U>,&nbsp;(File No.&nbsp;812-14408),
                                         Release No. IC-32683 (June 19, 2017) (order), Release No.&nbsp;IC-32642 (May 22, 2017)
                                         (notice); <U>Goldman Sachs BDC, Inc., et al.</U> (File No. 812-14219), Release No. IC-32409
                                         (Jan. 4, 2017) (order), Release No. IC-32382 (Dec. 7, 2016) (notice);&nbsp;<U>Crescent
                                         Capital BDC, Inc., et al.</U> (File No. 812-14454), Release No. IC-32056 (March 29, 2016)
                                         (order), Release No. IC-32018 (Mar. 2, 2016) (notice); <U>Garrison Capital Inc., et al.
                                         </U>(File No. 812-14097), Release No. IC-31409 (Jan. 12, 2015) (order), Release No. IC-31373
                                         (Dec. 15, 2014) (notice); <U>TPG Specialty Lending, Inc., et al.</U> (File No. 812-13980),
                                         Release No. IC-31379 (Dec. 16, 2014) (order), Release No. IC-31338 (Nov. 18, 2014) (notice);
                                         <U>Monroe Capital Corporation, et al.</U> (File No. 812-14028), Release No. IC-31286
                                         (Oct. 15, 2014) (order), Release No. IC-31253 (Sept. 19, 2014) (notice); <U>Fifth Street
                                         Finance Corp., et al.</U> (File No. 812-14132), Release No. IC 31247 (Sept. 9, 2014)
                                         (order), Release No. IC-31212 (Aug. 14, 2014) (notice); <U>Solar Capital Ltd., et al.
                                         </U>(File No. 812-14195), Release No. IC-31187 (July 28, 2014) (order), Release No. IC-31143
                                         (July 1, 2014) (notice); <U>WhiteHorse Finance, Inc., et al.</U> (File No. 812-14120),
                                         Release No. 31152 (July 8, 2014) (order), Release No. IC-31080 (June 12, 2014) (notice);
                                         <U>PennantPark Investment Corp., et al.</U> (File No. 812-14134), Release No. IC-31015
                                         (Apr. 15, 2014) (order), Release No. IC-30985 (Mar. 19, 2014) (notice); <U>NF Investment
                                         Corp., et al.</U> (File No. 812-14161), Release No. IC-30968 (Feb. 26, 2014) (order),
                                         Release No. IC-30900 (Jan. 31, 2014) (notice); <U>Prospect Capital Corporation, et al.
                                         </U>(File No.&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: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>20</SUP></FONT></TD><TD STYLE="text-align: justify"><U>Id.</U></TD>
</TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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">&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 24<SUP>th</SUP> day of July, 2019.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 have caused this Application
to be duly signed on their behalf on the 24<SUP>th</SUP> day of July, 2019.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>C&#298;ON INVESTMENT CORPORATION</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 44%; border-bottom: Black 1pt solid">/s/ Michael A. Reisner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">Co-Chief Executive Officer</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CION INVESTMENT MANAGEMENT, LLC</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Michael A. Reisner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">Co-Chief Executive Officer</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CION INVESTMENT PARTNERS I, L.P.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-decoration: none">/s/ Michael A. Reisner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">Co-Chief Executive Officer</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CION MANAGEMENT, LLC</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-decoration: none">/s/ Michael A. Reisner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">Co-Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned states that he has duly
executed the attached Application for and on behalf of C&#298;ON Investment Corporation, CION Investment Management, LLC, CION
Investment Partners I, L.P. and CION Management, 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 45%; border-bottom: Black 1pt solid">/s/ Michael A. Reisner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">Michael A. Reisner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">Authorized Signatory</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Date:</TD>
    <TD STYLE="vertical-align: bottom">July 24, 2019</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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