<SEC-DOCUMENT>0000945621-23-000264.txt : 20230511
<SEC-HEADER>0000945621-23-000264.hdr.sgml : 20230511
<ACCEPTANCE-DATETIME>20230511122053
ACCESSION NUMBER:		0000945621-23-000264
CONFORMED SUBMISSION TYPE:	40-APP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230511
DATE AS OF CHANGE:		20230511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Horizon Technology Finance Corp
		CENTRAL INDEX KEY:			0001487428
		IRS NUMBER:				272114934
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15466
		FILM NUMBER:		23909933

	BUSINESS ADDRESS:	
		STREET 1:		312 FARMINGTON AVENUE
		CITY:			FARMINGTON
		STATE:			CT
		ZIP:			06032
		BUSINESS PHONE:		860-676-8654

	MAIL ADDRESS:	
		STREET 1:		312 FARMINGTON AVENUE
		CITY:			FARMINGTON
		STATE:			CT
		ZIP:			06032

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Horizon Funding Trust 2022-1
		CENTRAL INDEX KEY:			0001972574
		IRS NUMBER:				886761803
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15466-02
		FILM NUMBER:		23909935

	BUSINESS ADDRESS:	
		STREET 1:		312 FARMINGTON AVENUE
		CITY:			FARMINGTON
		STATE:			CT
		ZIP:			06032
		BUSINESS PHONE:		860.676.8657

	MAIL ADDRESS:	
		STREET 1:		312 FARMINGTON AVENUE
		CITY:			FARMINGTON
		STATE:			CT
		ZIP:			06032

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Horizon Funding I, LLC
		CENTRAL INDEX KEY:			0001972533
		IRS NUMBER:				841753754
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15466-04
		FILM NUMBER:		23909937

	BUSINESS ADDRESS:	
		STREET 1:		312 FARMINGTON AVENUE
		CITY:			FARMINGTON
		STATE:			CT
		ZIP:			06032
		BUSINESS PHONE:		860.676.8657

	MAIL ADDRESS:	
		STREET 1:		312 FARMINGTON AVENUE
		CITY:			FARMINGTON
		STATE:			CT
		ZIP:			06032

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Horizon Funding Trust 2019-1
		CENTRAL INDEX KEY:			0001972560
		IRS NUMBER:				846428537
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15466-03
		FILM NUMBER:		23909936

	BUSINESS ADDRESS:	
		STREET 1:		312 FARMINGTON AVENUE
		CITY:			FARMINGTON
		STATE:			CT
		ZIP:			06032
		BUSINESS PHONE:		860.676.8657

	MAIL ADDRESS:	
		STREET 1:		312 FARMINGTON AVENUE
		CITY:			FARMINGTON
		STATE:			CT
		ZIP:			06032

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Horizon Technology Finance Management LLC
		CENTRAL INDEX KEY:			0001513381
		IRS NUMBER:				262066279
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15466-01
		FILM NUMBER:		23909934

	BUSINESS ADDRESS:	
		STREET 1:		312 FARMINGTON AVENUE
		CITY:			FARMINGTON
		STATE:			CT
		ZIP:			06032
		BUSINESS PHONE:		860-676-8654

	MAIL ADDRESS:	
		STREET 1:		312 FARMINGTON AVENUE
		CITY:			FARMINGTON
		STATE:			CT
		ZIP:			06032

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Horizon Credit II LLC
		CENTRAL INDEX KEY:			0001695420
		IRS NUMBER:				452635168
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15466-05
		FILM NUMBER:		23909938

	BUSINESS ADDRESS:	
		STREET 1:		312 FARMINGTON AVE.
		CITY:			FARMINGTON
		STATE:			CT
		ZIP:			06032
		BUSINESS PHONE:		8606768657

	MAIL ADDRESS:	
		STREET 1:		312 FARMINGTON AVE.
		CITY:			FARMINGTON
		STATE:			CT
		ZIP:			06032
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP
<SEQUENCE>1
<FILENAME>horizon40app.htm
<TEXT>
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    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt;">File No. 812-[000000]</div>
    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt;"><br style="line-height: 13.55pt;">
    </div>
    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt;"><br style="line-height: 13.55pt;">
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    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt;">Washington, D.C. 20549</div>
    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt;">_____________________</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;"><br style="line-height: 13.55pt;">
    </div>
    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt;">In the Matter of the Application of:</div>
    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt;"><br style="line-height: 13.55pt;">
    </div>
    <div style="text-align: center;">HORIZON TECHNOLOGY FINANCE CORPORATION<br>
      HORIZON CREDIT II LLC<br>
      HORIZON FUNDING I, LLC<br>
      HORIZON FUNDING TRUST 2022-1<br>
    </div>
    <div style="text-align: center;">HORIZON FUNDING TRUST 2019-1<br>
    </div>
    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt;"> HORIZON TECHNOLOGY FINANCE MANAGEMENT LLC</div>
    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt;">312 Farmington Avenue<br>
      Farmington, Connecticut 06032</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;"><br style="line-height: 13.55pt;">
    </div>
    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt;">APPLICATION FOR AN ORDER TO AMEND A PRIOR ORDER UNDER SECTIONS 17(d) AND 57(i) OF THE INVESTMENT COMPANY ACT OF 1940 AND RULE 17d-1 UNDER THE INVESTMENT COMPANY ACT OF 1940
      PERMITTING CERTAIN JOINT TRANSACTIONS OTHERWISE PROHIBITED BY SECTIONS 17(d) AND 57(a)(4) OF THE INVESTMENT COMPANY ACT OF 1940 AND RULE 17d-1 UNDER THE INVESTMENT COMPANY ACT OF 1940</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;"><br style="line-height: 13.55pt;">
    </div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;"><br style="line-height: 13.55pt;">
    </div>
    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt;">All Communications, Notices and Orders to:</div>
    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt;">Robert D. Pomeroy, Jr.<br>
      Chief Executive Officer<br>
      Horizon Technology Finance Corporation<br>
      312 Farmington Avenue<br>
      Farmington, Connecticut 06032<br>
      (860) 676-8654</div>
    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt; 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;">rob@horizontechfinance.com</div>
    <div style="text-align: center; line-height: 13.55pt; margin-bottom: 8pt; 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;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Page 1 of 6 Sequentially Numbered Pages (including exhibits)</font>
    </div>
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    <div style="text-align: center; line-height: 14.75pt; margin-bottom: 8pt;">Copies to:</div>
    <div style="text-align: center; line-height: 14.75pt; margin-bottom: 8pt;">Thomas Friedmann, Esq.<br>
      Dechert LLP<br>
      100 Oliver St<br>
      Boston, Massachusests 02110<br>
      (617) 728-7120<br>
      thomas.friedmann@dechert.com<br>
      May 11, 2023</div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt;"><br style="line-height: 14.75pt;">
    </div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>I.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>INTRODUCTION</div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>A.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>Summary of Application</div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt;">On November 27, 2017, the Securities and Exchange Commission (the &#8220;Commission&#8221;) issued an order under Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;),<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;
      and Rule 17d-1 thereunder, permitting certain joint transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1 thereunder, as described more fully therein (the &#8220;Prior Order&#8221;).<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>&#160;&#160;The Prior Order permits
      certain Regulated Funds (as defined in the Prior Application) to co-invest in portfolio companies with each other and with Affiliated Funds (as defined in the Prior Application).</div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt;">The Applicants (defined below) hereby seek an amended order (the &#8220;Amended Order&#8221;) from the Commission under Sections 17(d) and 57(i) of the 1940 Act, and Rule 17d-1 thereunder, to amend the term
      &#8220;Follow-On Investment&#8221; to mean (i) with respect to a Regulated Fund, an additional investment in the same issuer in which the Regulated Fund is currently invested; or (ii) with respect to an Affiliated Fund, (X) an additional investment in the same
      issuer in which the Affiliated Fund and at least one Regulated Fund are currently invested; or (Y) an investment in an issuer in which at least one Regulated Fund is currently invested but in which the Affiliated Fund does not currently have an
      investment.</div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>B.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>Applicants</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcca00705346f4e74b7df31ec28b34957">

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              <div style="text-align: left; margin-left: 18pt; line-height: 12.55pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Technology Finance Corporation (the &#8220;Company&#8221;), a Delaware corporation that is a publicly traded non-diversified closed-end management investment company
                that has elected to be regulated as a BDC under the 1940 Act. The investment adviser to the Company is Horizon Technology Finance Management LLC.</div>
            </td>
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    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z65f805a0006441808d339d2fdee346a0">

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            <td style="width: 36pt; vertical-align: top; text-align: right;">
              <div style="text-align: left; margin-left: 18pt; line-height: 12.55pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Credit II LLC, a Delaware limited liability company, Horizon Funding I, LLC, Delaware limited liability company, Horizon Funding Trust 2022&#8209;1, a Delaware
                statutory trust,&#160; and Horizon Funding Trust 2019-1, a Delaware statutory trust, each a direct or indirect wholly-owned subsidiary of the Company (the &#8220;Existing Wholly-Owned Investment Subsidiaries&#8221;).</div>
            </td>
          </tr>

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    </div>
    <div>
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
        <div style="text-align: justify; line-height: 11.4pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;Unless otherwise indicated, all section and rule references herein are to the 1940 Act and rules promulgated thereunder.</div>
        <div style="text-align: justify; line-height: 11.4pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> Certain of the Applicants previously submitted an application with the Commission (File No. 812-14738), as filed, and amended and restated and filed, with the Commission on January
          23, 2017, June 28, 2017 and September 13, 2017 (the &#8220;Prior Application&#8221;), requesting such relief. The Prior Application was noticed in Investment Company Act Release No. 32888, dated October 30, 2017, and the Prior Order granting the relief
          requested was contained in Investment Company Act Release No. 32923, dated November 27, 2017.</div>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
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              <div style="text-align: left; margin-left: 18pt; line-height: 12.55pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Technology Finance Management LLC (the &#8220;Adviser&#8221; on behalf of itself and its successors,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> and collectively with the Company and the Existing
                Wholly-Owned Investment Subsidiaries, the &#8220;Applicants&#8221;), a Delaware limited liability company that serves as an investment adviser to the Company. The Adviser is an investment adviser registered under the Advisers Act.</div>
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    </div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;">All Applicants are eligible to rely on the Prior Order.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>C.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>Defined Terms</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;">Except as stated herein, defined terms used in this application (the &#8220;Application&#8221;) have the same meanings provided in the Prior Application (as defined above).</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;">
      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif;">&#8220;Follow-On Investment&#8221; means (i) with respect to a Regulated Fund, an additional investment in the same issuer in which the Regulated Fund is currently invested; or (ii)
        with respect to an Affiliated Fund, (X) an additional investment in the same issuer in which the Affiliated Fund and at least one Regulated Fund are currently invested; or (Y) an investment in an issuer in which at least one Regulated Fund is
        currently invested but in which the Affiliated Fund does not currently have an investment. An investment in an issuer includes, but is not limited to, the exercise of warrants, conversion privileges or other rights to purchase securities of the
        issuer.</div>
    </div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>II.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>APPLICANTS&#8217; PROPOSAL</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;">The Amended Order, if granted, would expand the relief provided in the Prior Order to permit Affiliated Funds to participate in Follow-On Investments in issuers in which at least one Regulated Fund
      is invested, but such Affiliated Funds are not invested. This relief would not permit Follow-On Investments by Regulated Funds that are not invested in the issuer. The requested relief is based on the temporary relief granted by the Commission on
      April 8, 2020.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup></div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>III.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>STATEMENT IN SUPPORT OF RELIEF REQUESTED</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;">Except as stated herein, the disclosure in Section IV, &#8220;In Support of the Application,&#8221; of the Prior Application is equally applicable to this Application.</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>IV.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>CONDITIONS</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;">Except as stated herein, the Conditions of the Prior Order, as stated in Section&#160;III.E of the Prior Application, will remain in effect. Any language in the Conditions of the Prior Order stating
      that an Affiliated Fund is required to have an existing investment in an issuer and/or needs to have previously participated in a Co-Investment Transaction with respect to such issuer in order to participate in a Follow-On Investment shall be deemed
      removed if the Amended Order is granted.</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;"> <br>
      <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
      <div style="margin: 0px 0px 0px; text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> For purposes of the requested Amended Order, a &#8220;successor&#8221; means an entity or entities that result from a reorganization into another jurisdiction or a change in the type of business
        organization.</div>
      <div style="text-align: justify; line-height: 11.4pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;All existing entities that currently rely on the Prior Order and intend to rely on the Amended Order have been named as applicants and any existing or future entities that may rely
        on the Amended Order in the future will comply with the terms and conditions of the Amended Order as set forth in or incorporated into this Application.</div>
      <div style="text-align: justify; line-height: 11.4pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup> BDC Temporary Exemptive Order, Investment Company Act Rel. No. 33837 (April 8, 2020) (order) (extension granted on January 5, 2021 and further extension granted on April 22, 2021).</div>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div style="line-height: 13.55pt; margin-bottom: 8pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>V.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font>PROCEDURAL MATTERS</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;">Applicants file this Application in accordance with Rule 0-2 under the 1940 Act. Pursuant to Rule 0-2(f) under the 1940 Act, Applicants state that their address is indicated on the cover page of
      this Application. Applicants further request that all communications concerning this Application should be directed and copied to the persons listed on the cover page of the Application.</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;">In accordance with Rule 0-2(c) under the 1940 Act, Applicants state that all actions necessary to authorize the execution and filing of this Application have been taken, and the persons signing and
      filing this document are authorized to do so on behalf of Applicants pursuant to their corporate organizational documents, and in the case of the Company, the attached resolutions. Applicants also have attached the verifications required by Rule
      0-2(d) under the 1940 Act.</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;">In accordance with Rule 0-5 under the 1940 Act, Applicants request that the Commission issue the requested Amended Order without holding a hearing.</div>
    <div style="line-height: 13.55pt; margin-bottom: 8pt;">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 as of this 11<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of May, 2023.</div>
    <div style="margin-left: 216pt; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Technology Finance Corporation</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8a5112ebe04745038c7d3ce6f56058af">

        <tr>
          <td style="width: 216pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">By:</td>
          <td style="width: auto; vertical-align: top;">
            <div><u>/s/ Robert D. Pomeroy, Jr.</u><br>
              Name: Robert D. Pomeroy, Jr.<br>
              Title: Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div style="margin-left: 216pt; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Credit II LLC</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcbde3bfcfcb04dfab7674eb663fa955e">

        <tr>
          <td style="width: 216pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">By:</td>
          <td style="width: auto; vertical-align: top;"> <u>/s/ Robert D. Pomeroy, Jr.</u>
            <div>Name: Robert D. Pomeroy, Jr.<br>
              Title: Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div style="margin-left: 216pt; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Funding I, LLC</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z790cdfc936ef40bc8c16901200270cbc">

        <tr>
          <td style="width: 216pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">By:</td>
          <td style="width: auto; vertical-align: top;">
            <div><u>/s/ Robert D. Pomeroy, Jr.</u></div>
            <div><u></u>Name: Robert D. Pomeroy, Jr.<br>
              Title: Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div style="margin-left: 216pt; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Funding Trust 2022&#8209;1</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7871625920b142a6a45bf32a86242fbd">

        <tr>
          <td style="width: 216pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">By:</td>
          <td style="width: auto; vertical-align: top;">
            <div><u>/s/ Robert D. Pomeroy, Jr.</u></div>
            <div><u></u>Name: Robert D. Pomeroy, Jr.<br>
              Title: Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="margin-left: 216pt; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Funding Trust 2019&#8209;1</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable">

          <tr>
            <td style="width: 216pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">By:</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>/s/ Robert D. Pomeroy, Jr.</u></div>
              <div><u></u>Name: Robert D. Pomeroy, Jr.<br>
                Title: Chief Executive Officer</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 216pt; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Technology Finance Management LLC</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zac08b8fe57c14f3fa57c912ae209dacd">

        <tr>
          <td style="width: 216pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">By:</td>
          <td style="width: auto; vertical-align: top;">
            <div><u>/s/ Robert D. Pomeroy, Jr.</u></div>
            <div>Name: Robert D. Pomeroy, Jr.<br>
              <div> Title: Chief Executive Officer</div>
            </div>
          </td>
        </tr>

    </table>
    <br>
    <br>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-left: 252pt; line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="text-align: right; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Exhibit</font> <font style="font-weight: bold; font-family: 'Times New Roman',Times,serif;">A</font></div>
    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt; font-weight: bold;">VERIFICATION</div>
    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt;">Each of the undersigned states that he or she has duly executed the attached Application dated as of May 11, 2023 for and on behalf of the entities listed below; that he or
      she holds office with such entity as indicated below; and that all actions by directors, officers, stockholders, general partners, trustees or members of each entity and any other body necessary to authorize the undersigned to execute and file such
      instrument have been taken. Each of the undersigned further states that he or she is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his or her knowledge, information and belief.</div>
    <div style="margin-left: 216pt; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Technology Finance Corporation</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z87901e12bdf44836aa5e410ae73012d7">

        <tr>
          <td style="width: 216pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">By:</td>
          <td style="width: auto; vertical-align: top;">
            <div><u>/s/ Robert D. Pomeroy, Jr.</u></div>
            <div><u></u>Name: Robert D. Pomeroy, Jr.<br>
              Title: Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div style="margin-left: 216pt; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Credit II LLC</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd8d7cf65c6ef458e98d7766734d6f2c3">

        <tr>
          <td style="width: 216pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">By:</td>
          <td style="width: auto; vertical-align: top;">
            <div>
              <div>
                <div><u>/s/ Robert D. Pomeroy, Jr.</u></div>
                <div><u></u>Robert D. Pomeroy, Jr.<br>
                  Title: Chief Executive Officer</div>
              </div>
            </div>
          </td>
        </tr>

    </table>
    <div style="margin-left: 216pt; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Funding I, LLC</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z87577b0668ac4a83bbdf4c3555e2d925">

        <tr>
          <td style="width: 216pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">By:</td>
          <td style="width: auto; vertical-align: top;">
            <div><u>/s/ Robert D. Pomeroy, Jr.</u></div>
            <div><u></u>Name: Robert D. Pomeroy, Jr.<br>
              Title: Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="margin-left: 216pt; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Funding Trust 2022&#8209;1</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable">

          <tr>
            <td style="width: 216pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">By:</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>/s/ Robert D. Pomeroy, Jr.</u></div>
              <div><u></u>Name: Robert D. Pomeroy, Jr.<br>
                Title: Chief Executive Officer</div>
            </td>
          </tr>

      </table>
      <div>
        <div style="margin-left: 216pt; line-height: 12.55pt; margin-bottom: 12pt;">Horizon Funding Trust 2019&#8209;1</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable">

            <tr>
              <td style="width: 216pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">By:</td>
              <td style="width: auto; vertical-align: top;">
                <div><u>/s/ Robert D. Pomeroy, Jr.</u></div>
                <div><u></u>Name: Robert D. Pomeroy, Jr.<br>
                  Title: Chief Executive Officer</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 216pt; line-height: 12.55pt; margin-bottom: 12pt;"><br>
      Horizon Technology Finance Management LLC</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z57449d7e34e34084963bbb33bfc1f15c">

        <tr>
          <td style="width: 216pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">By:</td>
          <td style="width: auto; vertical-align: top;">
            <div><u>/s/ Robert D. Pomeroy, Jr.</u></div>
            <div><u></u>Name: Robert D. Pomeroy, Jr.<br>
              Title: Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
  </div>
  <br>
  <div>
    <div style="text-align: right;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Exhibit</font> <font style="font-weight: bold; font-family: 'Times New Roman',Times,serif;">B</font> </div>
    <div style="text-align: right;"><font style="font-weight: bold; font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt;">RESOLUTION OF THE BOARD OF DIRECTORS<br>
      OF<br>
      HORIZON TECHNOLOGY FINANCE CORPORATION (THE &#8220;COMPANY&#8221;)</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt;"><font style="font-weight: bold;">WHEREAS</font>,<font style="font-weight: bold;">&#160;</font>the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) previously issued an
      order to the Company, along with other affiliated applicants, under Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), and Rule 17d-1 thereunder, permitting certain joint transactions otherwise prohibited by
      Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1 thereunder (the &#8220;Prior Order&#8221;); and</div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt;"><br style="line-height: 14.75pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt;"><font style="font-weight: bold;">WHEREAS</font>, the Board believes it is in the best interests of the Company to file an application with the Commission (the &#8220;Application&#8221;) for
      an order to amend the Prior Order to revise the definition of &#8220;Follow-On Investment&#8221; (as reflected in the Application), a copy of which is attached hereto as Exhibit A.</div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt;"><br style="line-height: 14.75pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt;"><font style="font-weight: bold;">NOW, THEREFORE BE IT RESOLVED</font>, that each of the Officers of the Company is hereby authorized in the name and on behalf of the Company to
      submit and cause to be filed with the Commission the Application, in substantially the form presented at the meeting, with such changes, modifications, or amendments thereto as the officer or officers executing the same (personally or by attorney)
      may approve as necessary or desirable, such approval to be conclusively evidenced by his, her or their execution thereof.</div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt;"><br style="line-height: 14.75pt;">
    </div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt;">Adopted May 10, 2023</div>
  </div>
  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
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</TEXT>
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</SEC-DOCUMENT>
