<SEC-DOCUMENT>0001140361-21-017068.txt : 20220315
<SEC-HEADER>0001140361-21-017068.hdr.sgml : 20220315
<ACCEPTANCE-DATETIME>20210512185731
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-21-017068
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210512

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:		CORRESP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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                <div>&#160;<img src="nc10022793x3_img01.jpg"></div>
                <div>&#160;</div>
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              <td style="width: 33.33%;">
                <div>&#160;</div>
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                <div>
                  <div style="text-align: left; font-size: 8pt;">Three Bryant Park<br>
                    1095 Avenue of the Americas<br>
                    New York, NY&#160; 10036-6797</div>
                  <div style="text-align: left; font-size: 8pt;">+1&#160; 212&#160; 698&#160; 3500&#160; Main</div>
                  <div style="text-align: left; font-size: 8pt;">+1&#160; 212&#160; 698&#160; 3599&#160; Fax</div>
                  <div style="text-align: left; font-size: 8pt;">www.dechert.com</div>
                  &#160;</div>
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                <div>&#160;</div>
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                <div>
                  <div>&#160;</div>
                  <div style="text-align: left; font-size: 8pt; font-weight: bold;">JON GAINES</div>
                  <div style="text-align: left; font-size: 8pt; font-weight: bold;"> <br>
                  </div>
                  <div style="text-align: left; font-size: 8pt;">jonathan.gaines@dechert.com</div>
                  <div style="text-align: left; font-size: 8pt;">+1 212 641 5600&#160; Direct</div>
                  <div style="text-align: left;">+1 212 698 0446&#160; Fax</div>
                  &#160;</div>
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      <br>
      <div>May 12, 2021</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">VIA EDGAR</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Division of Investment Management</div>
      <div style="text-align: justify;">Securities and Exchange Commission</div>
      <div style="text-align: justify;">100 F Street, NE</div>
      <div>Washington, DC 20549</div>
      <div><br>
      </div>
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            <td style="width: 36pt; vertical-align: top; align: right;">Attn:</td>
            <td style="width: auto; vertical-align: top;">
              <div>Karen L. Rossotto</div>
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            <td style="width: 36pt; vertical-align: top; align: right;">Re:</td>
            <td style="width: auto; vertical-align: top;">
              <div>C&#298;ON Investment Corporation, File No. 814-00941</div>
            </td>
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      <div><br>
      </div>
      <div style="text-align: justify;">Dear Ms. Rossotto:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">We are writing in response to your telephonic comments with respect to the Preliminary Proxy Statement (the &#8220;Proxy Statement&#8221;) pursuant to Section 14(a) of the Securities Exchange Act of 1934, as amended, filed with
        the Securities and Exchange Commission (the &#8220;SEC&#8221;) on April 7, 2021 on behalf of C&#298;ON Investment Corporation (the &#8220;Company&#8221;).&#160; The Company has considered your comments and authorized us, on its behalf, to make the responses and changes discussed
        below to the Proxy Statement.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">On behalf of the Company, set forth below are the SEC staff&#8217;s (the &#8220;Staff&#8221;) comments along with our responses to or any supplemental explanations of such comments, as requested.&#160; All capitalized terms not defined
        herein shall have the meaning as set forth in the Proxy Statement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 1. Please provide a revised draft of the Proxy Statement to the Staff prior to filing the DEF 14A.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 1.</u>&#160; As requested, the Company has provided a draft of the revised Proxy Statement to the Staff prior to filing.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 2. Please consider including a Question &amp; Answer (&#8220;Q&amp;A&#8221;) in the Proxy Statement to provide shareholders with the fundamental information describing the purpose of
        the Proxy Statement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 2.</u>&#160; The Company has included the requested Q&amp;A in the Proxy Statement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 3. Consider presenting the proposals included in the Proxy Statement in a tabular format with the voting requirements of each one.</div>
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        </div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 3.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 4. For each proposal, please present the proposal in plain English and describe the impact on shareholders and include a discussion of why the board believes the
        proposals are in the best interest of the shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 4.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 5. Please consider providing background information, specifically related to the upcoming filing, in the shareholder letter.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 5.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 6. The Staff notes that proposals 2 and 3 will become effective upon the future listing, however, the timing of the listing is unclear. The Staff is concerned with the
        authority of the Company&#8217;s present board and shareholder base to bind a future board and shareholder base to certain actions. The Staff is particularly concerned with the Section 15 vote. Please provide the Staff with an analysis of why these
        proposals are appropriate. In the Company&#8217;s response, please provide sufficient factual and legal details that will enable to Staff to understand the response. In addition, please explain how the Company intends to disclose these provisions to
        purchasers who invest between now and the exchange listing.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 6.</u>&#160; The Company intends to list within the next 6 to 12 months, subject to market conditions. If the Company does not complete the listing prior to its next annual meeting of
        shareholders, it would request that the Board re-submit the portions of proposals 2 and 3 that are effective upon a listing to shareholders at the next annual meeting prior to the anticipated listing. The Company also does not intend to conduct any
        offering or sale of shares prior to the listing so there will not be any purchasers of shares and, given that there is not currently a resale market for the Company&#8217;s shares, the Company does not anticipate that the shareholder base will change
        significantly from the date of the annual meeting until the listing.&#160; The Company notes further that Section 15 of the 1940 Act does not require immediate effectiveness of an advisory agreement following shareholder approval thereof, and believes
        that the undertaking above to return to shareholders to reapprove the contingent portion of the Advisory Agreement Amendment Proposal (as defined in the Proxy Statement) if the Listing does not occur before the next annual meeting of shareholders
        should alleviate any potential concerns.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 7. With regards to proposal 3, please revise the proposal to remove &#8220;technical change&#8221; as the current changes don&#8217;t appear to be technical changes.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 7.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 8. Please revise proposal 2 to clarify whether shareholders have to vote on each sub-proposal.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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      <div style="text-align: justify; text-indent: 36pt;"><u>Response 8.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 9. In the &#8220;Quorum Required&#8221; section, please explain why counting &#8220;broker non-votes&#8221; for quorum purposes is appropriate under the circumstances.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 9.</u>&#160; The disclosure has been revised to remove &#8220;broker non-votes&#8221; to count for a quorum.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 10. In the &#8220;Voting&#8221; section under &#8220;Advisory Agreement Amendment Proposal,&#8221; please explain why the proposal does not track the Investment Company Act of 1940, as amended
        (the &#8220;1940 Act&#8221;), definition of majority of outstanding votes for a security.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 10.</u> The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">Comment 11. </font>&#160;<font style="font-weight: bold;">In the &#8220;Attending the Meeting and Other Voting Options&#8221; section, please confirm that the virtual meeting is
          compliant under State law and the Company&#8217;s governing documents. Additionally, please advise whether the shareholder experience may differ as compared to an in-person meeting.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 11.</u>&#160; The Company hereby confirms that the virtual meeting complies with State law and the Company&#8217;s governing documents and will provide shareholders with the appropriate forum for
        the shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 12. With respect to footnote 3 under the beneficial owners chart on page 5, please explain why Messrs. Gatto and Reisner are able to disclaim beneficial ownership.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 12.</u>&#160; Messrs. Gatto and Reisner disclaim beneficial ownership to the extent that they do not have a pecuniary interest in the shares, as permitted by Rule 16a-1(a)(4) under the
        Exchange Act.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 13. On page 6, Proposal 1 states that &#8220;shareholders are being asked to consider the election of two of the current directors of the Company.&#8221; Please disclose the names of
        the two directors in this section of the Proxy Statement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 13.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 14. Please revise the &#8220;Nominees For Interested Directorship&#8221; table to reflect five years under the &#8220;Other Public Directorships Held by Director&#8221; column.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 14.</u>&#160; The Company respectfully acknowledges the Staff&#8217;s comments; however, the Company notes the current chart reflects five year information as required by Schedule 14A.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 15. Please revise Mark Gatto&#8217;s biography in the &#8220;Nominees for Interested Directorship&#8221; table to reflect he is Co-Chairman of the Board.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
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      <div style="text-align: justify; text-indent: 36pt;"><u>Response 15.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 16. In &#8220;Risk Oversight and Board Structure&#8221; under the &#8220;Corporate Governance&#8221; section, the disclosure states that &#8220;[t]he Board, after considering various factors, has
        concluded that its structure is appropriate at this time.&#8221; Please disclose the factors that were considered by the Board.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 16.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 17. In the &#8220;Corporate Governance&#8221; section on page 21, please comply with Item 22(a)(3)(v) of Schedule 14A and describe any purchase or sale of securities of the adviser
        or its parent or subsidiaries since the beginning of the most recently completed fiscal year by any director.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 17.</u>&#160; The disclosure has been revised to state that there have been no purchases or sales of securities of the Company&#8217;s adviser or its parent or subsidiaries by any of the Company&#8217;s
        directors since the beginning of the most recently completed fiscal year.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 18. Please revise each proposal to (1) be in plain English, (2) describe any changes from the current state, (3) the purpose of the proposal, (4) the Board&#8217;s
        recommendation and basis and (4) what would happen if the proposal is not approved by the shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 18.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 19. Please clarify which of the Charter amendments involve the removal of NASAA Guidelines. Additionally, please explain why these provisions are no longer necessary
        after the Company is listed on an exchange.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 19.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 20. Please revise the &#8220;Third Articles&#8221; language in the &#8220;Principal Change&#8221; sections of each of the proposals to be in plain English.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 20.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 21. The Staff notes that under Maryland law, directors may not be removed without Cause. In the &#8220;Removal of Directors&#8221; section for proposal 1, the Company states that
        directors may be removed only for Cause. Please explain why this disclosure does not track Maryland law. Additionally, please confirm how the Company defines &#8220;Cause.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 21.</u>&#160;&#160; The Company respectfully acknowledges the Staff&#8217;s comments; however, we and the Company&#8217;s Maryland counsel believe that the description in the Proxy Statement regarding
        director removal is an accurate summary of Maryland law. The disclosure has been revised to state that the Company defines &#8220;Cause&#8221; as the conviction of a felony or a final judgment of a court of competent jurisdiction holding that such director
        caused demonstrable, material harm to the Company through bad faith or active and deliberate dishonesty.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 22. Please confirm whether any of the amendments are antitakeover defenses. If so, please disclose that in the Proxy Statement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 22.</u>&#160; Although as disclosed in the Proxy Statement certain of the amendments may have the indirect effect of making a takeover of the Company more difficult, the Company does not
        view these proposals as antitakeover defenses.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 23. In the &#8220;Summary of Specific Change&#8221; section of proposal 2(ii), the disclosure states &#8220;[a]ddition of a new Section 5.5 clarifying the Board&#8217;s ability to limit a
        shareholder&#8217;s inspection of the Company&#8217;s books and records upon an improper purpose.&#8221; Please clarify who determines &#8220;improper purpose&#8221; and the standard, if any, that governs such determination.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 23.</u>&#160; This disclosure has been revised to clarify that the Board determines whether a shareholder has an &#8220;improper purpose&#8221; in accordance with its fiduciary duties.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 24. Please revise proposal 2(v) to include additional discussion and context to clarify the proposed changes.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 24.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 25. In the &#8220;Certain Affiliated Transactions&#8221; section of proposal 2(v), please explain whether shareholders would have private rights of actions to bring claims directly
        or derivatively enforcing any of the provisions being removed. Additionally, please explain whether shareholders would have similar rights under the 1940 Act. If not, please revise this disclosure accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 25.</u>&#160; The Company respectfully acknowledges the Staff&#8217;s comment; however, the Company does not believe that this disclosure is required by Schedule 14A or that the Company is
        obligated to advise shareholders as to whether they have private rights of action against the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;<font style="font-weight: bold;">Comment 26. In the &#8220;Issuance of Shares on a Deferred-Payment Basis&#8221; section of proposal 2(v), please explain what issuance on a deferred-payment basis entails and
          when it might occur.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 26.</u>&#160; The Company respectfully acknowledges the Staff&#8217;s comment; however, the Company believes that the current disclosure is adequate because the Company discloses that a
        deferred-payment basis includes situations where the shares are issued in exchange for a promissory note and that this might occur when the Board determines that it is in the best interest of the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 27. In the &#8220;Provisions Regarding Distributions&#8221; section of proposal 2(v), the disclosure states &#8220;&#8230;removal of the additional limitations on the Board&#8217;s ability to
        authorize distributions in-kind may be advantageous to the Company in the future.&#8221; Please explain under what circumstances would distributions in-kind be made.
        <div><br>
        </div>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
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      <br>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 27.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 28. In the &#8220;Provisions Regarding Exculpation and Indemnification&#8221; section of proposal 2(v), please explain how this is different from current limits. Additionally, if
        appropriate, please consider including a chart showing the differences.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 28.</u>&#160; The disclosure has been revised accordingly. Given that these changes are not meant to be broader than the current limits, the Company does not believe the inclusion of a chart
        would be appropriate.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 29. In the &#8220;Provisions Regarding Exculpation and Indemnification&#8221; section of proposal 5, the last paragraph states &#8220;In addition to permitting the Company&#8217;s directors and
        officers additional rights with respect to exculpation and indemnification, removing these limitations from the Charter will also permit the Company to indemnify CIM to the maximum extent permitted by Maryland law and the 1940 Act, including for
        acts or omissions prior to the date of the amendment to the Charter.&#8221; Please explain the legal basis for this statement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 29.</u>&#160; Section 2-418 of the Maryland General Corporation Law (the &#8220;MGCL&#8221;) limits the ability of a Maryland corporation to indemnify officers and directors of a Maryland corporation.
        The MGCL does not, however, contain any provision that would limit or restrict the ability of a Maryland corporation to indemnify a third party investment advisor. Accordingly, any limitation imposed on the Company&#8217;s ability to indemnify its
        investment advisor, CIM, must appear in the Charter or Bylaws of the Company, the Investment Advisory Agreement or another commercial agreement between CIM, on the one hand, and the Company, on the other hand. The Charter currently imposes such
        limitations by effectively incorporating by reference the NASAA Omnibus Guidelines and the proposed amendments will eliminate one reference to the NASAA Omnibus Guidelines and a Listing (as defined in the Charter) would cause all other references
        to the NASAA Omnibus Guidelines to be eliminated.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Specifically, Sections 4.6(b) and 10.5(a) of the Charter effectively incorporate by reference certain provisions of the NASAA Omnibus Guidelines. In both the existing Charter and following the
        proposed amendments to the Charter, Section 4.6(b) will be effectively eliminated upon a Listing. Section 10.5 of the Charter provides that &#8220;[e]xcept as otherwise permitted under the 1940 Act or by a determination of the staff of the SEC under the
        1940 Act, the Corporation shall not engage in any other transaction with the Adviser or a director or Affiliate thereof unless (a) such transaction complies with the NASAA Omnibus Guidelines and all applicable law and (b) a majority of the
        directors (including a majority of the independent directors) not otherwise interested in such transaction approve such transaction as fair and reasonable to the Corporation and on terms and conditions not less favorable to the Corporation than
        those available from non-Affiliated third parties.&#8221; Because Section G of the NASAA Omnibus Guidelines imposes certain limitations with regard to the ability of the Company to indemnify CIM, Section 10.5(a) of the Charter arguably limits the ability
        of the Company to act through its Board of Directors to indemnify CIM except to the extent permitted under Section G of the NASAA Omnibus Guidelines.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <div>
          <div>&#160;<img src="nc10022793x3_img01.jpg"></div>
        </div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Upon a listing and with the elimination of this Section 10.5 of the Charter, the Company through its Board of Directors will be permitted to indemnify CIM for any actions before or after the
        effective date of the Charter amendment. <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">The Company believes that this is consistent with the indemnification afforded by other listed BDCs and is necessary for the retention of qualified personnel at the Company and at CIM.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 30. With respect to proposal 3, please state in plain English what the outcome of the changes to the fees would be. Additionally, please revise to comply with Item
        22(a)(3)(iv) of Schedule 14A and provide a table containing current and proforma fees.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 30.</u>&#160; The disclosure has been revised accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 31. With respect to proposal 3, please revise the proposal to discuss the Company&#8217;s current leverage, any expectation of increasing leverage and any implications of such
        increase.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 31.</u>&#160; The Company respectfully acknowledges the Staff&#8217;s comment; however, the Company does not believe it is appropriate to speculate on future use of leverage in the Proxy
        Statement, nor is such disclosure required under Schedule 14A or the Small Business Credit Availability Act.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 32. In the &#8220;Background&#8221; section of proposal 4, the disclosure states &#8220;&#8230;the price at which the Shares is to be sold is not less than a price which closely approximates its
        market value, less any distributing commission or discount.&#8221; Please explain why this disclosure is appropriate.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 32.</u>&#160; The Company respectfully acknowledges the Staff&#8217;s comment and notes that the Company believes the disclosure is appropriate as written. <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">However, the Company undertakes not to issue Shares below
          NAV until the Shares are listed on an exchange, at which point the Shares will have a readily ascertainable market value.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Comment 33. Please explain the deletion and original intent of the &#8220;Fiduciary Duty&#8221; language on page 72 of the Proxy Statement.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <!--PROfilePageNumberReset%Num%8%%%-->
      <div>
        <div>
          <div>&#160;<img src="nc10022793x3_img01.jpg"></div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Response 33.</u>&#160; These are requirements imposed by the NASAA. In order to ensure the safekeeping of the Company&#8217;s assets, the Company will comply with Section 17(f) and related rules of the
        1940 Act. The Company believes that the additional NASAA requirements are duplicative, unnecessary, and not included in the investment advisory agreements of the Company&#8217;s peer BDCs.</div>
      <div><br>
      </div>
      <div style="text-align: center;">*&#160; &#160; &#160; &#160; &#160; *&#160; &#160; &#160; &#160; &#160; *&#160; &#160; &#160; &#160; &#160; *&#160; &#160; &#160; &#160; &#160; *</div>
      <div><br>
      </div>
      <div>Should you have any questions or comments, please contact the undersigned at 212.641.5600.</div>
      <div><br>
      </div>
      <div>Sincerely,</div>
      <div><br>
      </div>
      <div><u>/s/ Jonathan Gaines</u></div>
      <div><br>
      </div>
      <div>Jonathan Gaines</div>
      <div><br>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">8<br>
    </div>
  </div>
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