<SEC-DOCUMENT>0001193125-18-143176.txt : 20180430
<SEC-HEADER>0001193125-18-143176.hdr.sgml : 20180430
<ACCEPTANCE-DATETIME>20180430161657
ACCESSION NUMBER:		0001193125-18-143176
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180430
DATE AS OF CHANGE:		20180430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CM Finance Inc
		CENTRAL INDEX KEY:			0001578348
		IRS NUMBER:				462883380
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14850
		FILM NUMBER:		18789975

	BUSINESS ADDRESS:	
		STREET 1:		601 LEXINGTON AVENUE
		STREET 2:		26TH FLOOR SUITE C
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-388-5813

	MAIL ADDRESS:	
		STREET 1:		601 LEXINGTON AVENUE
		STREET 2:		26TH FLOOR SUITE C
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CM Credit Opportunities BDC I Inc.
		CENTRAL INDEX KEY:			0001718626
		IRS NUMBER:				822937698
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14850-02
		FILM NUMBER:		18789974

	BUSINESS ADDRESS:	
		STREET 1:		601 LEXINGTON AVENUE
		STREET 2:		26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		(212) 257-5199

	MAIL ADDRESS:	
		STREET 1:		601 LEXINGTON AVENUE
		STREET 2:		26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CM Credit Opportunity Fund I LLC
		CENTRAL INDEX KEY:			0001619281
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14850-04
		FILM NUMBER:		18789977

	BUSINESS ADDRESS:	
		STREET 1:		601 LEXINGTON AVE
		STREET 2:		26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-257-5199

	MAIL ADDRESS:	
		STREET 1:		601 LEXINGTON AVE
		STREET 2:		26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CM Investment Partners LLC
		CENTRAL INDEX KEY:			0001619270
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14850-01
		FILM NUMBER:		18789973

	BUSINESS ADDRESS:	
		STREET 1:		601 LEXINGTON AVE
		STREET 2:		26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-257-5199

	MAIL ADDRESS:	
		STREET 1:		601 LEXINGTON AVE
		STREET 2:		26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CM Finance SPV Ltd.
		CENTRAL INDEX KEY:			0001619284
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14850-03
		FILM NUMBER:		18789976

	BUSINESS ADDRESS:	
		STREET 1:		601 LEXINGTON AVE
		STREET 2:		26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-257-5199

	MAIL ADDRESS:	
		STREET 1:		601 LEXINGTON AVE
		STREET 2:		26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP/A
<SEQUENCE>1
<FILENAME>d577024d40appa.htm
<DESCRIPTION>CM FINANCE INC
<TEXT>
<HTML><HEAD>
<TITLE>CM Finance Inc</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">File <FONT STYLE="white-space:nowrap">No.&nbsp;812-14850</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Before the </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">SECURITIES AND EXCHANGE
COMMISSION </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Washington, D.C. 20549 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000;width:73%">&nbsp;</P></center> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">In the Matter of
the Application of: </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CM FINANCE INC, CM CREDIT OPPORTUNITIES BDC I INC., CM INVESTMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PARTNERS LLC, CM CREDIT OPPORTUNITY FUND I LLC AND CM FINANCE SPV LTD. </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000;width:73%">&nbsp;</P></center>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">FIRST AMENDED AND RESTATED APPLICATION FOR AN ORDER UNDER </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">SECTIONS 17(d)&nbsp;AND 57(i)&nbsp;OF THE INVESTMENT COMPANY ACT OF </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1940 AND RULE <FONT STYLE="white-space:nowrap">17d-1</FONT> UNDER THE INVESTMENT COMPANY ACT OF 1940 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PERMITTING CERTAIN JOINT TRANSACTIONS OTHERWISE PROHIBITED BY </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">SECTIONS 17(d)&nbsp;AND 57(a)(4)&nbsp;OF THE INVESTMENT COMPANY ACT OF </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1940 AND RULE <FONT STYLE="white-space:nowrap">17d-1</FONT> UNDER THE INVESTMENT COMPANY ACT OF 1940 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000;width:73%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD WIDTH="51%"></TD>
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<TD WIDTH="42%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">Please direct all communications,</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Copies to:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">notices and orders to:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">Michael C. Mauer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Steven B. Boehm, Esq.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">CM Finance Inc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Stephani M. Hildebrandt, Esq.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">601 Lexington Avenue, 26<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Eversheds Sutherland (US) LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">New York, NY 10022</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">700 Sixth Street, NW, Suite&nbsp;700</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">(212) <FONT STYLE="white-space:nowrap">255-5199</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Washington, DC 20001-3980</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">(202) <FONT STYLE="white-space:nowrap">637-3593</FONT> (fax)</TD></TR>
</TABLE> <P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">April&nbsp;30, 2018 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">This document contains 23 pages (including exhibits), which have been numbered sequentially. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">UNITED STATES OF AMERICA </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">BEFORE THE </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">SECURITIES AND
EXCHANGE COMMISSION </P> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD></TD>
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<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In the Matter of:</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>CM FINANCE INC, CM CREDIT</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>OPPORTUNITIES BDC I INC.,</B>
<B>CM</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>INVESTMENT PARTNERS LLC, CM</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>CREDIT
OPPORTUNITY FUND I LLC</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>AND CM FINANCE SPV LTD. </B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">601 Lexington Avenue, 26<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">New York, NY 10022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">)<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">)</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">)</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">)</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">)</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">)</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">)</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">)</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">)</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">)</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:12pt; font-family:Times New Roman">)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">First Amended and Restated Application for an Order under Sections&nbsp;17(d) and&nbsp;57(i) of the Investment Company Act of&nbsp;1940 and Rule&nbsp;17d&#150;1 under the Investment Company Act of&nbsp;1940&nbsp;Permitting Certain
Joint Transactions Otherwise Prohibited by Sections&nbsp;17(d) and&nbsp;57(a)(4) of the Investment Company Act of&nbsp;1940 and Rule&nbsp;17d&#150;1 under the Investment Company Act of&nbsp;1940.</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">File No. 812-14850 </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">I.
<U>Summary of Application</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The following entities hereby request an order (the &#147;<U>Order</U>&#148;) of the U.S.&nbsp;Securities and Exchange
Commission (the &#147;<U>Commission</U>&#148;) pursuant to Sections&nbsp;17(d) and&nbsp;57(i) of the Investment Company Act of&nbsp;1940, as amended (the &#147;<U>1940 Act</U>&#148;), and Rule&nbsp;17d&#150;1 promulgated under the&nbsp;1940 Act,
authorizing certain joint transactions that otherwise may be prohibited by either or both of Sections&nbsp;17(d) and&nbsp;57(a)(4) as modified by the exemptive rules adopted by the Commission under the&nbsp;1940 Act: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:9.5pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">CM Finance Inc (&#147;<U>CMFN</U>&#148;), </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:9.5pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">CM Credit Opportunities BDC I Inc. (&#147;<U>CM Credit</U>&#148; and together with CMFN, the &#147;<U>Existing Regulated Funds</U>&#148;) </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:9.5pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">CM Finance SPV Ltd., a Wholly-Owned Investment Sub (as defined below) of CMFN (&#147;<U>CM SPV</U>&#148;), </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:9.5pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">CM Credit Opportunity Fund I LLC (the &#147;<U>Existing Affiliated Fund</U>&#148;), and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:9.5pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">CM Investment Partners LLC (&#147;<U>CM Adviser</U>&#148;) on behalf of itself and its successors,<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> and together with the Existing Regulated Funds, CM SPV and the
Existing Affiliated Fund, the &#147;<U>Applicants</U>&#148;). </TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In particular, the relief requested in this application (the
&#147;<U>Application</U>&#148;) would permit a Regulated Fund<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> and one or more other Regulated Funds and/or one or more Affiliated Funds<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> to
participate in the same investment </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> The term &#147;successor,&#148; as applied to each Adviser (as defined below), means an entity that
results from a reorganization into another jurisdiction or change in the type of business organization. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP> &#147;<U>Regulated Fund</U>&#148; means the Existing Regulated Funds and any Future Regulated Fund.
&#147;<U>Future Regulated Fund</U>&#148; means any closed-end management investment company (a)&nbsp;that is registered under the 1940 Act or has elected to be regulated as a BDC (as defined below), (b)&nbsp;whose investment adviser is an Adviser,
and (c)&nbsp;that intends to participate in the Co-Investment Program. The term &#147;<U>Adviser</U>&#148; means (a)&nbsp;CM Adviser and (b)&nbsp;any future investment adviser that controls, is controlled by or is under common control with CM
Adviser and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the &#147;<U>Advisers Act</U>&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">opportunities through a proposed <FONT STYLE="white-space:nowrap">co-investment</FONT> program (the &#147;<U><FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Program</U>&#148;) where such participation would otherwise be prohibited under Section&nbsp;57(a)(4) and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1</FONT> by
<FONT STYLE="white-space:nowrap">(a)&nbsp;co-investing</FONT> with each other in securities issued by issuers in private placement transactions in which an Adviser negotiates terms in addition to price (&#147;<U>Private Placement
Securities</U>&#148;);<SUP STYLE="font-size:85%; vertical-align:top">4</SUP> and (b)&nbsp;making additional investments in securities of such issuers, including through the exercise of warrants, conversion privileges, and other rights to purchase
securities of the issuers (&#147;<U><FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments</U>&#148;). &#147;<U><FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction</U>&#148; means any transaction in which a Regulated Fund (or
its Wholly-Owned Investment Sub (as defined below)) participated together with one or more other Regulated Funds and/or one or more Affiliated Funds in reliance on the requested Order.<SUP STYLE="font-size:85%; vertical-align:top">5</SUP>
&#147;<U>Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction</U>&#148; means any investment opportunity in which a Regulated Fund (or its Wholly-Owned Investment Sub) could not participate together with one or more Affiliated
Funds and/or one or more other Regulated Funds without obtaining and relying on the Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">A Regulated Fund may, from time to time, form a special
purpose subsidiary (a &#147;<U>Wholly-Owned Investment Sub</U>&#148;) (i)&nbsp;that is wholly-owned by a Regulated Fund (with the Regulated Fund at all times holding, beneficially and of record, 100% of the voting and economic interests);
(ii)&nbsp;whose sole business purpose is to hold one or more investments on behalf of the Regulated Fund (and, in the case of an SBIC Subsidiary,<SUP STYLE="font-size:85%; vertical-align:top">6</SUP> maintain a license under the SBA Act and issue
debentures guaranteed by the SBA); (iii)&nbsp;with respect to which the Regulated Fund&#146;s Board has the sole authority to make all determinations with respect to the entity&#146;s participation under the conditions to this Application; and
(iv)&nbsp;that would be an investment company but for Section&nbsp;3(c)(1) or 3(c)(7) of the&nbsp;1940 Act. All subsidiaries of the Regulated Funds participating in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions will be
Wholly-Owned Investment Subs and will have Objectives and Strategies (as defined below) that are either the same as, or a subset of, the respective Regulated Fund&#146;s Objectives and Strategies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">All existing entities that currently intend to rely upon the requested Order have been named as Applicants. Any other existing or future entity that
subsequently relies on the Order will comply with the terms and conditions of the Application. 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 <FONT STYLE="white-space:nowrap">no-action</FONT> positions.<SUP STYLE="font-size:85%; vertical-align:top">7</SUP> </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">3</SUP> &#147;<U>Affiliated Fund</U>&#148; means the Existing Affiliated Fund and any Future Affiliated Fund. &#147;<U>Future Affiliated Fund</U>&#148; means any entity (a)&nbsp;whose investment adviser is
an Adviser, (b)&nbsp;that would be an investment company but for Section&nbsp;3(c)(1) or 3(c)(7) of the 1940 Act, and (c)&nbsp;that intends to participate in the Co-Investment Program. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP> The term &#147;private placement transactions&#148; means transactions in which the offer and sale of
securities by the issuer are exempt from registration under the Securities Act of 1933, as amended (the &#147;<U>1933 Act</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP
STYLE="font-size:85%; vertical-align:top">5</SUP> No <FONT STYLE="white-space:nowrap">Non-Interested</FONT> Director (as defined below) of a Regulated Fund will have a financial interest in any <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transaction, other than indirectly through share ownership in one of the Regulated Funds. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP>
&#147;<U>SBIC Subsidiary</U>&#148; means any Wholly-Owned Investment Sub (as defined below) that is licensed by the Small Business Administration (the &#147;<U>SBA</U>&#148;) to operate under the Small Business Investment Act of 1958, as amended,
(the &#147;<U>SBA Act</U>&#148;) as a small business investment company (an &#147;<U>SBIC</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP> <I>See, e.g.</I>, Massachusetts Mutual Life Insurance Co. (pub. avail. June&nbsp;7, 2000), Massachusetts
Mutual Life Insurance Co. (pub. avail. July&nbsp;28, 2000) and SMC Capital, Inc. (pub. avail. Sept. 5, 1995). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">II. <U>Background </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>The Existing Regulated Funds </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><U>CMFN</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">CMFN is a Maryland corporation
that is an externally managed, <FONT STYLE="white-space:nowrap">non-diversified,</FONT> <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company that has elected to be regulated as a business development company
(&#147;<U>BDC</U>&#148;) under the 1940 Act.<SUP STYLE="font-size:85%; vertical-align:top"> </SUP><SUP STYLE="font-size:85%; vertical-align:top">8</SUP> The common stock of CMFN trades on the NASDAQ Global Select Market under the symbol
&#147;CMFN.&#148; CMFN was formed in February 2012 as CM Finance LLC. Immediately prior to CMFN&#146;s initial public offering, CM Finance LLC was merged with and into CMFN. CMFN completed its initial public offering on February&nbsp;11, 2014. CMFN
is managed by CM Adviser, which also provides CMFN with administrative services. CM SPV is a Wholly-Owned Investment Sub of CMFN. In addition, for income tax purposes, CMFN has elected to be treated as a regulated investment company under Subchapter
M of the U.S. Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;), and intends to continue to so qualify for so long as it maintains its BDC status. CMFN&#146;s principal place of business is 601 Lexington Avenue, 26<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;Floor, New York, New York 10022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">CMFN invests primarily in U.S. middle-market companies that have
annual revenues of at least $50&nbsp;million and earnings before interest, taxes, depreciation and amortization (&#147;<U>EBITDA</U>&#148;) of at least $15&nbsp;million. CMFN invests in unitranche loans and standalone second and first lien loans.
CMFN also selectively invests in unsecured debt, bonds and in the equity of portfolio companies through warrants, in most cases taking such upside participation interests as part of a broader investment relationship. CMFN&#146;s Objectives and
Strategies<SUP STYLE="font-size:85%; vertical-align:top">9</SUP> are to maximize total return to shareholders in the form of current income and capital appreciation by investing directly in privately held middle-market companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The board of directors of CMFN (the &#147;<U>CMFN Board</U>&#148;)<SUP STYLE="font-size:85%; vertical-align:top">10</SUP> is comprised of six directors, four
of whom are not &#147;interested persons,&#148; within the meaning of Section&nbsp;2(a)(19) of the 1940 Act (the &#147;<U><FONT STYLE="white-space:nowrap">Non-Interested</FONT> Directors</U>&#148;). No
<FONT STYLE="white-space:nowrap">Non-Interested</FONT> Director will have any direct or indirect financial interest in any <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction or any interest in any portfolio company, other than through
an interest (if any) in the securities of CMFN. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><U>CM Credit</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">CM Credit was formed as a Maryland corporation on August&nbsp;14, 2017 and will be structured as an externally managed,
<FONT STYLE="white-space:nowrap">non-diversified</FONT> <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company. CM Credit has not yet engaged in investing activities but intends to&nbsp;file an election to be regulated as a
BDC prior to issuing its common stock to investors in a private placement transaction and engaging in investing activities. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">8</SUP> Section&nbsp;2(a)(48) of the 1940 Act defines a BDC to be any
<FONT STYLE="white-space:nowrap">closed-end</FONT> investment company that operates for the purpose of making investments in securities described in Sections 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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">9</SUP> &#147;<U>Objectives and
Strategies</U>&#148; means a Regulated Fund&#146;s investment objectives and strategies, as described in its most current registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (or, if applicable, Form 10), other filings the
Regulated Fund has made with the Commission under the 1933 Act, or under the Securities Exchange Act of 1934, as amended, and the Regulated Fund&#146;s reports to shareholders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">10</SUP> The term &#147;<U>Board</U>&#148; refers to the board of directors or trustees of any Regulated Fund.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">CM Credit expects to elect to be treated as a regulated investment company under Subchapter M of the Code, and
thereafter intends to continue to so qualify for so long as it maintains BDC status. CM Credit&#146;s principal place of business is 601 Lexington Avenue, 26<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;Floor, New York, New York
10022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">CM Credit&#146;s Objectives and Strategies are to generate current income and capital appreciation by targeting investment opportunities with
favorable risk-adjusted returns. CM Credit will seek to invest primarily in middle-market companies and leveraged companies that have annual revenues of at least $50&nbsp;million and EBITDA of at least $15&nbsp;million. CM Credit will be managed by
CM Adviser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The board of directors of CM Credit (the &#147;<U>CM Credit Board</U>&#148;) will be comprised of a majority of <FONT
STYLE="white-space:nowrap">Non-Interested</FONT> Directors. No <FONT STYLE="white-space:nowrap">Non-Interested</FONT> Director will have any direct or indirect financial interest in any <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transaction or any interest in any portfolio company, other than through an interest (if any) in the securities of CM Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>The Existing Affiliated
Fund </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Existing Affiliated Fund was formed as a Delaware limited liability company on September&nbsp;4, 2014. The Existing Affiliated Fund&#146;s
investment objective is to seek current income and capital appreciation by investing primarily in middle-market companies that have annual revenues of at least $50&nbsp;million and EBITDA of at least $15&nbsp;million. The Existing Affiliated Fund
will be managed by CM Adviser. The Existing Affiliated Fund would be an investment company but for the exclusion from the definition of investment company provided by Section&nbsp;3(c)(7) of the 1940 Act. Its investment objective and investment
policies overlap to an extent with those of CMFN and CM Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>CM Adviser </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">CM Adviser was formed as a Delaware limited liability company on July&nbsp;25, 2013 and is an investment adviser registered with the Commission under the
Advisers Act. CM Adviser serves as the investment adviser to CMFN and manages its portfolio in accordance with CMFN&#146;s Objectives and Strategies.&nbsp;In addition, CM Adviser will serve as the investment adviser to CM Credit and the Existing
Affiliated Fund, respectively, and will manage their portfolios in accordance with CM Credit&#146;s and the Existing Affiliated Fund&#146;s respective Objectives and Strategies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Michael C. Mauer, the Existing Regulated Funds&#146; Chief Executive Officer, and Christopher E. Jansen, the Existing Regulated Funds&#146; President,
Treasurer and Secretary, each own an interest in CM Adviser, and Mr.&nbsp;Mauer, through a wholly-owned limited liability company, acts as managing member of CM Adviser. Mr.&nbsp;Mauer and Mr.&nbsp;Jansen hold, in the aggregate, a 42% interest in CM
Adviser and serve as <FONT STYLE="white-space:nowrap">Co-Chief</FONT> Investment Officers of CM Adviser. Accordingly, each may be deemed to control CM Adviser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">CM Adviser&#146;s board of managers currently consists of Messrs. Mauer and Jansen, the <FONT STYLE="white-space:nowrap">Co-Chief</FONT> Investment Officers,
and Mr.&nbsp;Victor Nesi, Stifel&#146;s appointee to the board of managers. CM Adviser&#146;s investment team (the &#147;<U>Investment Team</U>&#148;) is led by Messrs. Mauer and Jansen and supported by four additional investment professionals. CM
Adviser&#146;s investment committee consists of Messrs. Mauer and Jansen and Andrew Muns, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
each a senior member of the Investment Team, and Michael Nitka, Stifel&#146;s designee to CM Adviser&#146;s investment committee. Every initial investment requires the approval of a majority of
CM Adviser&#146;s investment committee and such majority must include both Messrs. Mauer and Jansen. <FONT STYLE="white-space:nowrap">Follow-on</FONT> investments in an existing portfolio company and investment dispositions require approval by a
majority of CM Adviser&#146;s investment committee. Mr.&nbsp;Muns may also provide services to Stifel pursuant to a personnel sharing arrangement under the Stifel arrangement. Although Mr.&nbsp;Muns dedicates substantially all of his time to the
business and activities of CM Adviser, he may continue to engage in investment advisory activities for Stifel from time to time. Messrs. Mauer and Jansen monitor the activities of the members of the Investment Team for any conflicts of interest and
will seek to resolve them on the Regulated Fund&#146;s behalf, subject to the oversight of the applicable Regulated Fund&#146;s Board. As members of CM Adviser&#146;s investment committee, Messrs. Nitka and Muns will recuse themselves from
consideration of any potential conflict related to Stifel, should any such conflicts arise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">CM Adviser manages CMFN, and will manage CM Credit, pursuant
to the terms of their respective investment advisory agreements. Under the terms of CMFN&#146;s investment advisory agreement with CM Adviser, CM Adviser, subject to the overall supervision of the CMFN Board, manages the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations of, and provides investment advisory services to, CMFN. CM Adviser, among other things, determines the composition of CMFN&#146;s portfolio, the nature
and timing of the changes to CMFN&#146;s portfolio and the manner of implementing such changes; identifies, evaluates and negotiates the structure of the investments that CMFN makes; executes, closes, monitors and services the investments the CMFN
makes; and determines what investments CMFN will purchase, retain or sell. Pursuant to CM Credit&#146;s investment advisory agreement, subject to the overall supervision of the CM Credit Board, CM Adviser will manage the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations of, and provide investment advisory services to, CM Credit. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Relationships between Certain of the Applicants and Stifel and the Cyrus Funds </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Each of Mr.&nbsp;Mauer, Mr.&nbsp;Jansen, Stifel Venture Corp. (&#147;<U>Stifel</U>&#148;), and certain funds (the &#147;<U>Cyrus Funds</U>&#148;) managed by
Cyrus Capital Partners, L.P. (&#147;<U>Cyrus Capital</U>&#148;) own a direct or indirect interest in both CMFN and CM Adviser, as discussed below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Stifel, Cyrus Capital and the Cyrus Funds are not parties to this Application and the Applicants are not requesting relief to permit Stifel, Cyrus Capital or
the Cyrus Funds to engage in joint transactions with the Regulated Funds pursuant to this Application. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><U>Stifel </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">As of April&nbsp;30, 2018, Stifel owned approximately 15.9% of CMFN&#146;s common stock, and also owned a 20% interest in CM Adviser. Stifel is a wholly-owned
subsidiary of Stifel Financial Corp. Pursuant to an irrevocable proxy granted by Stifel to CMFN, Stifel has granted CMFN the right to vote the shares of CMFN&#146;s common stock held by Stifel in excess of 4.9% of its total outstanding common stock
in the same percentages that CMFN&#146;s other shareholders vote their shares. Stifel has the right to nominate for election a member of the CMFN Board, who would be considered &#147;interested&#148; for purposes of the 1940 Act. Stifel has not
exercised its right to nominate for election a member of the CMFN Board. Stifel is not an investment company as such term is defined under the 1940 Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Stifel also owns an interest in CM Adviser. Pursuant to CM Adviser&#146;s Limited Liability Company Agreement,
Stifel has the right to appoint a representative to CM Adviser&#146;s three-member board of managers, who has a 20% vote on any matter brought before the board of managers. Stifel also has the right to designate one of the members of CM
Adviser&#146;s investment committee. Stifel does not have any rights to exercise a controlling influence over CMFN&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations or CM Adviser&#146;s
investment management functions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Pursuant to a stockholder agreement by and among Stifel, CMFN and CM Adviser, Stifel has agreed to use its commercially
reasonable efforts to present to CM Adviser for investment by any fund or other investment vehicle managed, advised <FONT STYLE="white-space:nowrap">or&nbsp;sub-advised&nbsp;by</FONT> CM Adviser, including the Existing Regulated Funds,&nbsp;the
opportunity to review and bid on certain Stifel Nicolaus&nbsp;&amp; Company, Incorporated (&#147;<U>Stifel Nicolaus</U>&#148;)-originated leveraged finance and high yield corporate debt opportunities consistent with each Existing Regulated
Fund&#146;s investment strategy.&nbsp;Stifel Nicolaus is an investment adviser and broker-dealer subsidiary of Stifel Financial Corp., Stifel&#146;s sole shareholder, as noted above. As a result, Stifel Nicolaus and Stifel are under common control.
Stifel Nicolaus is an investment adviser registered with the Commission under the Advisers Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">To the extent that Stifel continues to be a person
described in Section&nbsp;57(e) of the 1940 Act with respect to the Existing Regulated Funds (or is, in the future, a person described in Section&nbsp;57(e) of the 1940 Act with respect to any Future Regulated Fund), Stifel may engage in
transactions described in Section&nbsp;57(d) of the 1940 Act as provided by Section&nbsp;57(f) of the 1940 Act, which requires (i)&nbsp;the approval of a &#147;required majority&#148; of the applicable Board (as defined by Section&nbsp;57(o) of the
1940 Act) and (ii)&nbsp;that the required majority make certain findings. As a result, pursuant to Section&nbsp;57(f) of the 1940 Act, if the required majority of the applicable Board approves of the proposed transaction and makes certain findings,
Stifel may <FONT STYLE="white-space:nowrap">co-invest</FONT> in the same portfolio companies as the Regulated Funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><U>The Cyrus Funds
</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Cyrus Capital, an investment adviser registered with the Commission under the Advisers Act, is currently the investment adviser to the Cyrus Funds.
As of April&nbsp;30, 2018, the Cyrus Funds, in the aggregate, own approximately 27.9% of CMFN&#146;s common stock. Pursuant to an irrevocable proxy granted by the Cyrus Funds, the shares of CMFN held by the Cyrus Funds must be voted in the same
manner that CMFN&#146;s other shareholders, excluding Stifel, vote their shares. The Cyrus Funds also hold a 38% indirect economic interest, but no voting interest, in CM Adviser. The Cyrus Funds have granted Mr.&nbsp;Mauer through his wholly-owned
limited liability company an irrevocable proxy to vote on any matters that come before the members of CM Adviser. Cyrus Capital is controlled by Stephen C. Freidheim. Each of the Cyrus Funds would be an investment company but for the exclusions from
the definition of investment company provided by Sections 3(c)(1) and&nbsp;3(c)(7) of the 1940 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">To the extent that the Cyrus Funds continue to be, or
another fund managed by Cyrus Capital is, a person described in Section&nbsp;57(e) of the 1940 Act with respect to the Existing Regulated Funds (or any of them are, in the future, a person described in Section&nbsp;57(e) of the 1940 Act with respect
to any Future Regulated Fund), the Cyrus Funds, or another fund managed by Cyrus Capital, may engage in transactions described in Section&nbsp;57(d) of the 1940 Act as provided by Section&nbsp;57(f) of the 1940 Act, which requires (i)&nbsp;the
approval of a &#147;required majority&#148; of the applicable Board (as defined by Section&nbsp;57(o) of the 1940 Act) and (ii)&nbsp;that the required majority make certain findings. As a result, pursuant to Section&nbsp;57(f) of the 1940 Act, if
the required majority of the applicable Board approves of the proposed transaction and makes certain findings, the Cyrus Funds, or another fund managed by Cyrus Capital, may <FONT STYLE="white-space:nowrap">co-invest</FONT> in the same portfolio
companies as the Regulated Funds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">None of Stifel, Mr.&nbsp;Mauer or Mr.&nbsp;Jansen are affiliated with the Cyrus Funds or Cyrus Capital. The Cyrus
Funds and Cyrus Capital are affiliated because Cyrus Capital is the investment adviser to each of the Cyrus Funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">III. <U>Order Requested</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Applicants request the Order of the Commission under Sections&nbsp;17(d) and&nbsp;57(i) under the&nbsp;1940 Act, and
<FONT STYLE="white-space:nowrap">Rule&nbsp;17d-l</FONT> under the&nbsp;1940 Act to permit, subject to the terms and conditions set forth below in this Application (the &#147;<U>Conditions</U>&#148;), one or more Regulated Funds to be able to
participate in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions with one or more other Regulated Funds and/or one or more Affiliated Funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Regulated Funds and the Affiliated Funds seek relief to invest in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions because such <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transactions would otherwise be prohibited by Sections&nbsp;17(d) and&nbsp;57(a)(4) of the&nbsp;1940 Act and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-l</FONT> under the&nbsp;1940 Act. This
Application seeks relief in order to (i)&nbsp;enable the Regulated Funds and the 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 <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction that arises in the future, and (ii)&nbsp;enable the Regulated Funds and the Affiliated Funds to avoid
the significant legal and other expenses that would be incurred in preparing such individual applications. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Stifel, Cyrus Capital and the Cyrus Funds are
not parties to this Application and the Applicants are not requesting relief to permit Stifel, Cyrus Capital or the Cyrus Funds to engage in joint transactions with the Regulated Funds pursuant to this Application. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">A. Section&nbsp;17(d) and Section&nbsp;57(a)(4) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Section&nbsp;17(d) of the&nbsp;1940 Act generally prohibits an affiliated person (as defined in Section&nbsp;2(a)(3) of the&nbsp;1940 Act), or an affiliated
person of such affiliated person, of a registered <FONT STYLE="white-space:nowrap">closed-end</FONT> investment company acting as principal, from effecting any transaction in which the registered <FONT STYLE="white-space:nowrap">closed-end</FONT>
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
<FONT STYLE="white-space:nowrap">closed-end</FONT> investment company on a basis different from or less advantageous than that of such other participant. Rule&nbsp;17d&#150;1 under the&nbsp;1940 Act generally prohibits participation by a registered
investment company and an affiliated person (as defined in Section&nbsp;2(a)(3) of the&nbsp;1940 Act) or principal underwriter for that investment company, or an affiliated person of such affiliated person or principal underwriter, in any
&#147;joint enterprise or other joint arrangement or profit-sharing plan,&#148; as defined in the rule, without prior approval by the Commission by order upon application. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Similarly, with regard to BDCs, Section&nbsp;57(a)(4) of the&nbsp;1940 Act prohibits certain persons specified in Section&nbsp;57(b) of the&nbsp;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&nbsp;57(a)(4) of the&nbsp;1940 Act applies to: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:9.5pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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 foregoing pursuant to Section&nbsp;2(a)(3)(C) of the&nbsp;1940 Act;
or </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:9.5pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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,<SUP
STYLE="font-size:85%; vertical-align:top">11</SUP> or any person who is an affiliated person of any of the foregoing within the meaning of Section&nbsp;2(a)(3)(C) or (D)&nbsp;of the&nbsp;1940 Act. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Section&nbsp;2(a)(3)(C) of the&nbsp;1940 Act defines an &#147;affiliated person&#148; of another person to include any person directly or indirectly
controlling, controlled by, or under common control with, such other person. Section&nbsp;2(a)(9) of the&nbsp;1940 Act defines &#147;control&#148; 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&nbsp;2(a)(9) of the&nbsp;1940 Act, a person who beneficially owns, either directly or through one or more controlled companies, more than&nbsp;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.<SUP
STYLE="font-size:85%; vertical-align:top">12</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">CM Adviser is the investment adviser to CMFN, and will serve as the investment adviser to CM Credit
and the Existing Affiliated Fund, and an Adviser will serve as the investment adviser to each of the Future Regulated Funds and each of the Future Affiliated Funds. CM Adviser may be deemed to control the Existing Regulated Funds and the Existing
Affiliated Fund, and any other Adviser will be controlling, controlled by, or under common control with CM Adviser. As a result, the Regulated Funds may be deemed to be under common control, and thus affiliated persons of each other under
Section&nbsp;2(a)(3)(C) of the&nbsp;1940 Act. In addition, the Affiliated Funds may be deemed to be under common control with the Regulated Funds, and thus affiliated persons of each Regulated Fund under Section&nbsp;2(a)(3)(C) of the&nbsp;1940 Act.
As a result, these relationships might cause a Regulated Fund and one or more other Regulated Funds and/or one or more Affiliated Funds participating in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions to be subject to
Sections&nbsp;17(d) or&nbsp;57(a)(4) of the&nbsp;1940 Act, and thus subject to the provisions of <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-l</FONT> of the&nbsp;1940 Act. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">B. Rule&nbsp;17d&#150;1 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Rule&nbsp;17d&#150;l under
the&nbsp;1940 Act generally prohibits participation by a registered investment company and an affiliated person (as defined in Section&nbsp;2(a)(3) of the&nbsp;1940 Act) or principal underwriter for that investment company, or an affiliated person
of such affiliated person or principal underwriter, in any &#147;joint enterprise or other joint arrangement or profit-sharing plan,&#148; as defined in the rule, without prior approval by the Commission by order upon application. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Rule&nbsp;17d&#150;1 was promulgated by the Commission pursuant to Section&nbsp;17(d) of the&nbsp;1940 Act and made applicable to BDCs by Section&nbsp;57(i)
of the&nbsp;1940 Act. Section&nbsp;57(i) of the&nbsp;1940 Act provides that, until the Commission prescribes rules under Section&nbsp;57(a)(4) of the&nbsp;1940 Act, the Commission&#146;s rules under Section&nbsp;17(d) of the&nbsp;1940 Act applicable
to registered <FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies will be deemed to apply. Because the Commission has not adopted any rules under Section&nbsp;57(a)(4) of the&nbsp;1940 Act, Rule&nbsp;17d&#150;I under
the&nbsp;1940 Act applies. </P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">11</SUP> 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. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">12</SUP> See,
e.g., <U>In re Investment Company Mergers</U>, SEC Rel. No. IC&#150;25259 (Nov. 8, 2001); <U>In re Steadman Security Corp</U>., 46 S.E.C. 896, 920 n.81 (1977)&nbsp;(&#147;[T]he investment adviser almost always controls the fund. Only in the very
rare case where the adviser&#146;s role is simply that of advising others who may or may not elect to be guided by his advice&#133;can the adviser realistically be deemed not in control.&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Applicants seek relief pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-l</FONT> under the&nbsp;1940
Act, which permits the Commission to authorize joint transactions upon application. In passing upon applications filed pursuant to Rule&nbsp;17d&#150;l under the&nbsp;1940 Act, the Commission is directed by Rule&nbsp;17d&#150;1(b) under
the&nbsp;1940 Act 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&nbsp;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="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The
Commission has stated that Section&nbsp;17(d) of the&nbsp;1940 Act, upon which Rule&nbsp;17d&#150;1 under the&nbsp;1940 Act is based, and upon which Section&nbsp;57(a)(4) of the&nbsp;1940 Act 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. See <U>Protecting Investors: A Half-Century of
Investment Company Regulation</U>, 1504 Fed. Sec. L. Rep., Extra Edition (May&nbsp;29, 1992) at&nbsp;488 <I>et seq</I>. The Court of Appeals for the Second Circuit has enunciated a like rationale for the purpose behind Section&nbsp;17(d): &#147;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.&#148; <U>Securities and Exchange Commission v. Talley Industries. Inc.</U>, 399 F.2d&nbsp;396, 405 (2d Cir. 1968), <U>cert. denied</U> 393 U.S.&nbsp;1015 (1969). Furthermore, Congress acknowledged that the protective system established
by the enactment of Section&nbsp;57 is &#147;similar to that applicable to registered investment companies under section&nbsp;17 of the&nbsp;1940 Act, and rules thereunder, but is modified to address concerns relating to unique characteristics
presented by business development companies.&#148; H.Rep. <FONT STYLE="white-space:nowrap">No.&nbsp;96-1341,</FONT> 96th Cong., 2d Sess. 45 (1980)<I>&nbsp;reprinted in</I>&nbsp;1980 U.S.C.C.A.N. 4827. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Applicants believe that the terms and conditions of this Application would ensure that the conflicts of interest that Section&nbsp;17(d) and
Section&nbsp;57(a)(4) of the&nbsp;1940 Act were designed to prevent would be addressed and the standards for an order under Rule&nbsp;17d&#150;1 under the&nbsp;1940 Act are met. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">C. Protection Provided by the Proposed Conditions </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Applicants
believe that the proposed conditions, as discussed more fully in Section&nbsp;III.D. of this Application (the &#147;<U>Conditions</U>&#148;), will ensure the protection of shareholders of the Regulated Funds and compliance with the purposes and
policies of the&nbsp;1940 Act with respect to the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions. In particular, the Conditions, as outlined below, would ensure that each Regulated Fund would only invest in investments that are
appropriate to the interests of shareholders and the investment needs and abilities of that Regulated Fund. In addition, each Regulated Fund would be able to invest on equal footing with each other Regulated Fund and the Affiliated Funds, including
identical terms, conditions, price, class of securities purchased, settlement date, and registration rights. Each Regulated Fund would have the ability to engage in <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments in a fair manner
consistent with the protections of the other conditions. Each Regulated Fund 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 <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. Fees and expenses of <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions would be borne by the applicable Adviser, or shared <FONT STYLE="white-space:nowrap">pro-rata</FONT>
among the Regulated Funds and Affiliated Funds who participate in the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions. The conditions would also prevent a Regulated Fund from investing in any current investments of an affiliated
person, which eliminates the possibility of a Regulated </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
Fund from being forced to invest in a manner that would benefit an affiliated person&#146;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="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Conditions impose a variety of duties on the
Advisers with respect to <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions and Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions by the Regulated Funds. These duties include determinations regarding
investment appropriateness, the appropriate level of investment, and the provision of information to the Board of any Regulated Fund. In addition, when considering Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions for any
Regulated Fund, the applicable Adviser will consider only the Objectives and Strategies, investment policies, investment positions, Available Capital (defined below), and other pertinent factors applicable to that Regulated Fund. Each Adviser, as
applicable, undertakes to perform these duties consistently for each Regulated Fund, as applicable, regardless of which of them serves as investment adviser to these entities. The participation of a Regulated Fund in a Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction may only be approved by a required majority, as defined in Section&nbsp;57(o) (a &#147;<U>Required Majority</U>&#148;), of the directors of the Board eligible to vote on that <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction under Section&nbsp;57(o) (the &#147;<U>Eligible Directors</U>&#148;).<SUP STYLE="font-size:85%; vertical-align:top">13</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The amount of each Regulated Fund&#146;s capital available for investment (&#147;<U>Available Capital</U>&#148;) 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 Fund or imposed by applicable
laws, rules, regulations or interpretations. Likewise, an Affiliated Fund&#146;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&#146;s directors, general partner, managing member or adviser or imposed by applicable laws, rules, regulations or interpretations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">If the Advisers, the principal owners of any of the Advisers (the &#147;<U>Principals</U>&#148;), or any person controlling, controlled by, or under common
control with the Advisers or the Principals, and the Affiliated Funds (collectively, the &#147;<U>Holders</U>&#148;) own in the aggregate more than 25&nbsp;percent of the outstanding voting shares of a Regulated Fund (the &#147;<U>Shares</U>&#148;),
then the Holders will vote such Shares as required under Condition 14. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Applicants believe that this condition will ensure that the <FONT
STYLE="white-space:nowrap">Non-Interested</FONT> Directors will act independently in evaluating the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Program, because the ability of the Advisers or the Principals to influence the <FONT
STYLE="white-space:nowrap">Non-Interested</FONT> Directors by a suggestion, explicit or implied, that the <FONT STYLE="white-space:nowrap">Non-Interested</FONT> Directors can be removed will be limited significantly. If an independent party is
engaged pursuant to Condition 14, the <FONT STYLE="white-space:nowrap">Non-Interested</FONT> Directors shall evaluate and approve such independent party, taking into account its qualifications, reputation for independence, cost to the shareholders,
and other factors that they deem relevant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In sum, the Applicants believe that the proposed conditions would ensure that each Regulated Fund that
participates in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> 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 Funds in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions done in accordance with the Conditions would be consistent with the provisions, policies, and purposes of the&nbsp;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-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">13</SUP> In the case of a Regulated Fund that is a registered <FONT STYLE="white-space:nowrap">closed-end</FONT>
fund, the Board members that make up the Required Majority will be determined as if the Regulated Fund were a BDC subject to Section&nbsp;57(o). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">With respect to each Wholly-Owned Investment Sub, such a subsidiary would be prohibited from investing in a <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with an Affiliated Fund or Regulated Fund because it would be a company controlled by its parent Regulated Fund for purposes of Section&nbsp;57(a)(4) of the&nbsp;1940 Act and <FONT
STYLE="white-space:nowrap">Rule&nbsp;17d-l</FONT> under the&nbsp;1940 Act. Applicants request that each Wholly-Owned Investment Sub be permitted to participate in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions in lieu of its
parent Regulated Fund and that the Wholly-Owned Investment Sub&#146;s participation in any such transaction be treated, for purposes of the Order, as though the parent Regulated Fund were participating directly. Applicants represent that this
treatment is justified because a Wholly-Owned Investment Sub would have no purpose other than serving as a holding vehicle for the Regulated Fund&#146;s investments and, therefore, no conflicts of interest could arise between the Regulated Fund and
the Wholly-Owned Investment Sub. The Regulated Fund&#146;s Board would make all relevant determinations under the Conditions with regard to a Wholly-Owned Investment Sub&#146;s participation in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transaction, and the Regulated Fund&#146;s Board would be informed of, and take into consideration, any proposed use of a Wholly-Owned Investment Sub in the Regulated Fund&#146;s place. If the Regulated Fund proposes to participate in the same <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with any of its Wholly-Owned Investment Subs, the Board will also be informed of, and take into consideration, the relative participation of the Regulated Fund and the Wholly-Owned
Investment Sub. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">D. Proposed Conditions </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Applicants agree
that any Order granting the requested relief shall be subject to the following Conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1. Each time an Adviser considers a Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction for an Affiliated Fund or another Regulated Fund that falls within a Regulated Fund&#146;s then-current Objectives and Strategies, the Regulated Fund&#146;s Adviser will make an independent
determination of the appropriateness of the investment for such Regulated Fund in light of the Regulated Fund&#146;s then-current circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Adviser deems a Regulated Fund&#146;s participation in any Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction to be appropriate for the Regulated Fund, it will then determine an appropriate level of investment for the Regulated Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(b) If the aggregate amount recommended by the applicable Adviser to be invested by the applicable Regulated Fund in the Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, together with the amount proposed to be invested by the other participating Regulated Funds 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&#146;s Available Capital, up to the amount proposed to be invested by each. The applicable Adviser will provide the Eligible Directors
of each participating Regulated Fund with information concerning each participating party&#146;s Available Capital to assist the Eligible Directors with their review of the Regulated Fund&#146;s investments for compliance with these allocation
procedures. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(c) After making the determinations required in conditions&nbsp;1 and&nbsp;2(a), the applicable Adviser will distribute
written information concerning the Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction (including the amount proposed to be invested by each participating Regulated Fund and Affiliated Fund) to the Eligible Directors of each
participating Regulated Fund for their consideration. A Regulated Fund will <FONT STYLE="white-space:nowrap">co-invest</FONT> with one or more other Regulated Funds and/or one or more Affiliated Funds only if, prior to the Regulated Fund&#146;s
participation in the Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, a Required Majority concludes that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(i) the terms of the Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, including the consideration
to be paid, are reasonable and fair to the Regulated Fund and its shareholders and do not involve overreaching in respect of the Regulated Fund or its shareholders on the part of any person concerned; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(ii) the Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transaction is consistent with: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(A) the interests of the shareholders of the Regulated Fund; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(B) the Regulated Fund&#146;s then-current Objectives and Strategies; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(iii) the investment by any other Regulated Funds or Affiliated Funds would not disadvantage the Regulated Fund, and
participation by the Regulated Fund would not be on a basis different from or less advantageous than that of other Regulated Funds or Affiliated Funds; <I>provided that</I>, if any other Regulated Fund or Affiliated Fund, but not the Regulated Fund
itself, gains the right to nominate a director for election to a portfolio company&#146;s board of directors or the right to have a board observer or any similar right to participate in the governance or management of the portfolio company, such
event shall not be interpreted to prohibit the Required Majority from reaching the conclusions required by this condition (2)(c)(iii), if: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(A) the Eligible Directors will have the right to ratify the selection of such director or board observer, if any; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(B) the applicable Adviser agrees to, and does, provide periodic reports to the Regulated Fund&#146;s Board with respect to
the actions of such director or the information received by such board observer or obtained through the exercise of any similar right to participate in the governance or management of the portfolio company; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(C) any fees or other compensation that any Affiliated Fund or any Regulated Fund or any affiliated person of any Affiliated
Fund or any Regulated Fund receives in connection with the right of the Affiliated Fund or a Regulated 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 each may, in turn, share its portion with its affiliated persons) and the participating Regulated Funds in accordance with the amount of each party&#146;s investment; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(iv) the proposed investment by the Regulated Fund will not benefit the Advisers, the Affiliated Funds or the other Regulated
Funds or any affiliated person of any of them (other than the parties to the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction), except (A)&nbsp;to the extent permitted by condition&nbsp;13, (B)&nbsp;to the extent permitted by
Section&nbsp;17(e) or&nbsp;57(k) of the&nbsp;1940 Act, as applicable, (C)&nbsp;indirectly, as a result of an interest in the securities issued by one of the parties to the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, or
(D)&nbsp;in the case of fees or other compensation described in condition&nbsp;2(c)(iii)(C). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">3. Each Regulated Fund has the right to decline to
participate in any Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction or to invest less than the amount proposed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">4. The applicable Adviser will present to the Board of each Regulated Fund, on a quarterly basis, a record of all
investments in Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions made by any of the other Regulated Funds or Affiliated Funds during the preceding quarter that fell within the Regulated Fund&#146;s then-current Objectives
and Strategies that were not made available to the Regulated Fund, and an explanation of why the investment opportunities were not offered to the Regulated Fund. All information presented to the Board pursuant to this condition will be kept for the
life of the Regulated Fund and at least two years thereafter, and will be subject to examination by the Commission and its staff. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">5. Except for <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments made in accordance with condition&nbsp;8,<SUP STYLE="font-size:85%; vertical-align:top">14</SUP> a Regulated Fund will not invest in reliance on the Order in any issuer in which another
Regulated Fund, Affiliated Fund, or any affiliated person of another Regulated Fund or Affiliated Fund is an existing investor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">6. A Regulated Fund will
not participate in any Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> 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 Fund and Affiliated Fund. The grant to an Affiliated Fund or another Regulated Fund, but not the Regulated Fund, of the right to nominate a director for election to a portfolio company&#146;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&nbsp;6, if conditions&nbsp;2(c)(iii)(A), (B)&nbsp;and
(C)&nbsp;are met. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Affiliated Fund or any Regulated Fund elects to sell, exchange or
otherwise dispose of an interest in a security that was acquired in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, the applicable Advisers will: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(i) notify each Regulated Fund that participated in the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction of
the proposed disposition at the earliest practical time; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(ii) formulate a recommendation as to participation by each
Regulated Fund in the disposition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(b) Each Regulated Fund 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 Affiliated Funds and Regulated Funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(c) A Regulated Fund may participate in such disposition without obtaining prior approval of the Required Majority if: (i)&nbsp;the proposed
participation of each Regulated Fund and each Affiliated Fund in such disposition is proportionate to its outstanding investments in the issuer immediately preceding the disposition; (ii)&nbsp;the Board of the Regulated Fund has approved as being in
the best interests of the Regulated Fund the ability to participate in such dispositions on a pro rata basis (as described in greater detail in this Application); and (iii)&nbsp;the Board of the Regulated Fund is provided on a quarterly basis with a
list of all dispositions made in accordance with this condition. In all other cases, the Adviser will provide its written recommendation as to the Regulated Fund&#146;s participation to the Eligible Directors, and the Regulated Fund will participate
in such disposition solely to the extent that a Required Majority determines that it is in the Regulated Fund&#146;s best interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(d)
Each Affiliated Fund and each Regulated Fund will bear its own expenses in connection with any such disposition. </P> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:21%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">14</SUP> This exception applies only to <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments by a
Regulated Fund in issuers in which the Regulated Fund already holds investments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Affiliated Fund or any Regulated Fund desires
to make a <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment in a portfolio company whose securities were acquired in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, the applicable Advisers will: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(i) notify each Regulated Fund that participated in the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction of
the proposed transaction at the earliest practical time; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(ii) formulate a recommendation as to the proposed
participation, including the amount of the proposed <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment, by each Regulated Fund. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(b) A Regulated Fund may participate in such <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment without obtaining prior approval of
the Required Majority if: (i)&nbsp;the proposed participation of each Regulated Fund and each Affiliated Fund in such investment is proportionate to its outstanding investments in the issuer immediately preceding the
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment; and (ii)&nbsp;the Board of the Regulated Fund has approved as being in the best interests of the Regulated Fund the ability to participate in
<FONT STYLE="white-space:nowrap">Follow-On</FONT> 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 Fund&#146;s
participation to the Eligible Directors, and the Regulated Fund will participate in such <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment solely to the extent that a Required Majority determines that it is in the Regulated Fund&#146;s
best interests. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(c) If, with respect to any <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(i) the amount of the opportunity is not based on the Regulated Funds&#146; and the Affiliated Funds&#146; outstanding
investments immediately preceding the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman">(ii) the aggregate
amount recommended by the applicable Adviser to be invested by the applicable Regulated Fund in the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment, together with the amount proposed to be invested by the other participating Regulated
Funds and Affiliated Funds, collectively, in the same transaction, exceeds the amount of the investment opportunity, then the investment opportunity will be allocated among them pro rata based on each participant&#146;s Available Capital, up to the
maximum amount proposed to be invested by each. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(d) The acquisition of <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments as
permitted by this condition will be considered a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction for all purposes and subject to the other conditions set forth in this Application. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">9. The <FONT STYLE="white-space:nowrap">Non-Interested</FONT> Directors of each Regulated Fund will be provided quarterly for review all information concerning
Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions and <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions, including investments made by other Regulated Funds or Affiliated Funds that the Regulated Fund
considered but declined to participate in, so that the <FONT STYLE="white-space:nowrap">Non-Interested</FONT> Directors may determine whether all investments made during the preceding quarter, including those investments that the Regulated Fund
considered but declined to participate in, comply with the conditions of the Order. In addition, the <FONT STYLE="white-space:nowrap">Non-Interested</FONT> Directors will consider at least annually the continued appropriateness for the Regulated
Fund of participating in new and existing <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">10. Each Regulated Fund will maintain the
records required by Section&nbsp;57(f)(3) of the&nbsp;1940 Act as if each of the Regulated Funds were a BDC and each of the investments permitted under these conditions were approved by the Required Majority under Section&nbsp;57(f) of the&nbsp;1940
Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">11. No <FONT STYLE="white-space:nowrap">Non-Interested</FONT> Director of a Regulated Fund will also be a director, general partner, managing member
or principal, or otherwise an &#147;affiliated person&#148; (as defined in the&nbsp;1940 Act) of an Affiliated Fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">12. The expenses, if any, associated with acquiring, holding or disposing of any securities acquired in a <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction (including, without limitation, the expenses of the distribution of any such securities registered for sale under the&nbsp;1933 Act) will, to the extent not payable by the Advisers under
their respective investment advisory agreements with Affiliated Funds and the Regulated Funds, be shared by the Regulated Funds and the Affiliated Funds in proportion to the relative amounts of the securities held or to be acquired or disposed of,
as the case may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">13. Any transaction fee (including <FONT STYLE="white-space:nowrap">break-up</FONT> or commitment fees but excluding broker&#146;s
fees contemplated by Section&nbsp;17(e) or&nbsp;57(k) of the&nbsp;1940 Act, as applicable), received in connection with a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction will be distributed to the participating Regulated Funds and
Affiliated Funds on a pro rata basis based on the amounts they invested or committed, as the case may be, in such <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. If any transaction fee is to be held by an Adviser pending
consummation of the transaction, the fee will be deposited into an account maintained by such Adviser at a bank or banks having the qualifications prescribed in Section&nbsp;26(a)(1) of the&nbsp;1940 Act, and the account will earn a competitive rate
of interest that will also be divided pro rata among the participating Regulated Funds and Affiliated Funds based on the amounts they invest in such <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. None of the Affiliated Funds, the
Advisers, the other Regulated Funds or any affiliated person of the Regulated Funds or Affiliated Funds will receive additional compensation or remuneration of any kind as a result of or in connection with a
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction (other than (a)&nbsp;in the case of the Regulated Funds and the Affiliated Funds, the pro rata transaction fees described above and fees or other compensation described in
condition&nbsp;2(c)(iii)(C); and (b)&nbsp;in the case of an Adviser, investment advisory fees paid in accordance with the agreement between the Adviser and the Regulated Fund or Affiliated Fund. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">14. If the Holders own in the aggregate more than 25% of the Shares of a Regulated Fund, then the Holders will vote such Shares (i)&nbsp;as directed by an
independent third party, or (ii)&nbsp;in the same percentages as the Company&#146;s other shareholders (not including the Holders) when voting on (1)&nbsp;the election of directors; (2)&nbsp;the removal of one or more directors; or (3)&nbsp;any
other matter under either the 1940 Act or applicable State law affecting the Board&#146;s composition, size or manner of election. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">15. Each Regulated
Fund&#146;s chief compliance officer, as defined in Rule <FONT STYLE="white-space:nowrap">38a-1(a)(4)</FONT> under the 1940 Act, will prepare an annual report for its Board that evaluates (and documents the basis of that evaluation) the Regulated
Fund&#146;s compliance with the terms and conditions of the Application and the procedures established to achieve such compliance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">IV. <U>Statement in
Support of Relief Requested </U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Applicants submit that allowing the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions described by this
Application is justified on the basis of (i)&nbsp;the potential benefits to the Regulated Funds and the shareholders thereof and (ii)&nbsp;the protections found in the terms and conditions set forth in this Application. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">A. Potential Benefits </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In the absence of the relief sought
hereby, in some circumstances the Regulated Funds would be limited in their ability to participate in attractive and appropriate investment opportunities. Section&nbsp;17(d) and Section&nbsp;57(a)(4) of the&nbsp;1940 Act and Rule&nbsp;17d&#150;1
under the&nbsp;1940 Act should not prevent BDCs and registered closed&#150;end investment companies from making investments that are in the best interests of their shareholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In cases where the Advisers identify investment opportunities requiring larger capital commitments, they must
seek the participation of other entities with similar investment styles. The ability to participate in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions that involve committing larger amounts of financing would enable each Regulated
Fund to participate with one or more of the Affiliated Funds and the other Regulated Funds in larger financing commitments, which would, in turn, be expected to obtain discounted prices and increase income, expand investment opportunities and
provide better access to due diligence information for the Regulated Funds. Indeed, each Regulated Fund&#146;s inability to <FONT STYLE="white-space:nowrap">co-invest</FONT> with one or more of the Affiliated Funds and the other Regulated Funds
could potentially result in the loss of beneficial investment opportunities for such Regulated Fund and, in turn, adversely affect such Regulated Fund&#146;s shareholders. For example, a Regulated Fund may lose investment opportunities if the
Adviser cannot provide <FONT STYLE="white-space:nowrap">&#147;one-stop&#148;</FONT> financing to a potential portfolio company. Portfolio companies may reject an offer of funding arranged by an Adviser due to a Regulated Fund&#146;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). To the extent there is an
investment that falls within the Objectives and Strategies of a Regulated Fund and one or more other Regulated Funds and/or the investment objectives and strategies of one or more Affiliated Funds, it is expected that a Regulated Fund will <FONT
STYLE="white-space:nowrap">co-invest</FONT> with one or more other Regulated Funds and/or one or more Affiliated Funds, with certain exceptions based on available capital or diversification. The Regulated Funds, however, will not be obligated to
invest, or <FONT STYLE="white-space:nowrap">co-invest,</FONT> when investment opportunities are referred to them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Each Regulated Fund and its
shareholders will benefit from the ability to participate in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions. The Board of each Regulated Fund, including the <FONT STYLE="white-space:nowrap">Non-Interested</FONT> Directors, has
(or will have prior to relying on the requested Order) determined that it is in the best interests of the Regulated Fund to participate in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions because, among other matters, (i)&nbsp;the
Regulated Fund will be able to participate in a larger number and greater variety of transactions; (ii)&nbsp;the Regulated Fund will be able to participate in larger transactions; (iii)&nbsp;the Regulated Fund 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 Funds; (iv)&nbsp;the Regulated Fund and any other Regulated
Funds participating in the proposed investment will have greater bargaining power, more control over the investment and less need to bring in other external investors or structure investments to satisfy the different needs of external investors;
(v)&nbsp;the Regulated Fund will be able to obtain greater attention and better deal flow from investment bankers and others who act as sources of investments; and (vi)&nbsp;the general terms and conditions of the proposed Order are fair to the
Regulated Funds and their shareholders. The Board of each of the Existing Regulated Funds, including the <FONT STYLE="white-space:nowrap">Non-Interested</FONT> Directors, also determined that it is in the best interests of the Existing Regulated
Funds and their shareholders to obtain the Order at the earliest possible time and instructed the officers of the Existing Regulated Funds, the Advisers and counsel to use all appropriate efforts to accomplish such goal. For these reasons, the CMFN
Board and the CM Credit Board have determined (or will have prior to relying on the requested Order) that it is proper and desirable for the CMFN and CM Credit, respectively, to participate in <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transactions with one or more other Regulated Funds and/or one or more Affiliated Funds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">B. Protective Representations and Conditions </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The terms and conditions set forth in this application ensure that the proposed <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions are
consistent with the protection of each Regulated Fund&#146;s shareholders and with the purposes intended by the policies and provisions of the&nbsp;1940 Act. Specifically, the Conditions incorporate the following critical protections: (i)&nbsp;in
each <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, all Regulated Funds and Affiliated Funds participating in the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> 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)&nbsp;a Required Majority of each Regulated Fund must approve various investment decisions
with respect to such Regulated Fund in accordance with the Conditions; and (iii)&nbsp;the Regulated Funds are required to retain and maintain certain records. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Other than pro rata dispositions and <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments as provided in conditions&nbsp;7 and&nbsp;8, and after
making the determinations required in conditions&nbsp;1 and&nbsp;2(a), the applicable Adviser will present each Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction and the proposed allocation to the Eligible Directors, and
the Required Majority will approve each <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction prior to any investment by the participating Regulated Fund. With respect to the pro rata dispositions and
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments provided in conditions&nbsp;7 and&nbsp;8, a Regulated Fund may participate in a pro rata disposition or <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment without obtaining
prior approval of the Required Majority if, among other things: (i)&nbsp;the proposed participation of each Regulated Fund and Affiliated Fund in such disposition is proportionate to its outstanding investments in the issuer immediately preceding
the disposition or <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment, as the case may be; and (ii)&nbsp;the Board of the Regulated Fund has approved that Regulated Fund&#146;s participation in pro rata dispositions and <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments as being in the best interests of the Regulated Fund. If the Board does not so approve, any such disposition or <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment will be submitted to
the Regulated Fund&#146;s Eligible Directors. The Board of any Regulated Fund may at any time rescind, suspend or qualify its approval of pro rata dispositions and <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments with the result that
all dispositions and/or <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments must be submitted to the Eligible Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Applicants believe
that participation by the Regulated Funds in pro rata dispositions and <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments, as provided in conditions&nbsp;7 and&nbsp;8, is consistent with the provisions, policies and purposes of
the&nbsp;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 <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments, eliminates
the discretionary ability to make allocation determinations, and in turn eliminates the possibility for overreaching and promotes fairness. The Applicants note that the Commission has adopted a similar pro rata approach in the context of <FONT
STYLE="white-space:nowrap">Rule&nbsp;23c-2</FONT> under the&nbsp;1940 Act, which relates to the redemption by a <FONT STYLE="white-space:nowrap">closed-end</FONT> 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="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The foregoing analysis applies equally where a Wholly-Owned Investment Sub is
involved in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction as each Wholly-Owned Investment Sub will be treated as one company with its parent for purposes of this Application. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">V. <U>Precedents </U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Commission previously has issued
orders permitting certain investment companies subject to regulation under the&nbsp;1940 Act and their affiliated persons to <FONT STYLE="white-space:nowrap">co-invest</FONT> in Private Placement Securities. <I>See </I><U>TCG BDC, Inc., et
al.</U>&nbsp;(File <FONT STYLE="white-space:nowrap">No.&nbsp;812-14798)</FONT> Investment Company Act Rel. Nos. 32945 (December 20, 2017) (notice) and 32969 (January 17, 2018) (order);<U>&nbsp;BlackRock Capital Investment Corporation, et
al.</U>&nbsp;(File <FONT STYLE="white-space:nowrap">No.&nbsp;812-14852)</FONT> Investment Company Act Rel. Nos. 32943 (December 19, 2017) (notice) and 32968 (January 16, 2018) (order);<U>&nbsp;New Mountain Finance Corporation, et al.</U>&nbsp;(File <FONT
STYLE="white-space:nowrap">No.&nbsp;812-14799)</FONT> Investment Company Act Rel. Nos. 32900 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
(November 20, 2017) (notice) and 32941 (December 18, 2017) (order);<U>&nbsp;Horizon Technology Finance Corporation, et al.</U>&nbsp;(File
<FONT STYLE="white-space:nowrap">No.&nbsp;812-14738)</FONT> Investment Company Act Rel. Nos. 32888 (October 30, 2017) (notice) and 32923 (November 27, 2017) (order);<U>&nbsp;Oaktree Strategic Income, LLC, et al.</U>&nbsp;(File <FONT
STYLE="white-space:nowrap">No.&nbsp;812-14758)</FONT> Investment Company Act Rel. Nos. 32831 (September 22, 2017) (notice) and 32862 (October 18, 2017) (order). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">VI. <U>Procedural Matters </U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;0-2(f)</FONT> under the&nbsp;1940 Act, each Applicant states that its address is as indicated below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">CM Finance Inc </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">601 Lexington
Avenue, 26<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Attention: Michael C. Mauer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(212) <FONT STYLE="white-space:nowrap">255-5199</FONT> (Tel.) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Applicants further state that all written or oral communications concerning this Application should be directed to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Eversheds Sutherland (US) LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">700 Sixth Street, NW, Suite&nbsp;700 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Washington, DC 20001-3980 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Attention:&nbsp;Steven B. Boehm, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephani M. Hildebrandt, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(202) <FONT STYLE="white-space:nowrap">383-0100</FONT> (Tel.) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(202) <FONT STYLE="white-space:nowrap">637-3593</FONT> (Fax) </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Applicants desire that the Commission issue an Order pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;0-5</FONT> under the&nbsp;1940 Act without
conducting a hearing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The verifications required by <FONT STYLE="white-space:nowrap">Rule&nbsp;0-2(d)</FONT> under the 1940 Act are attached hereto as
Exhibit A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Pursuant to Rule <FONT STYLE="white-space:nowrap">0-2</FONT> under the 1940 Act, each Applicant declares that this Application for a
Commission order is signed on behalf of each Applicant, pursuant to the general authority vested in each signatory by the Certificate of Incorporation and <FONT STYLE="white-space:nowrap">By-laws,</FONT> Certificate of Formation and Limited
Liability Company Agreement of each Applicant, or other similar document, or, with regard to CMFN and CM Credit, pursuant to the resolutions attached hereto as Exhibits B and C, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Applicants request that any questions regarding this Application be directed to the persons listed on the facing page of this Application. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">VII. <U>Request for Order of Exemption</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">For the foregoing
reasons, the Applicants request that the Commission enter an Order under Sections&nbsp;17(d) and&nbsp;57(i) of the&nbsp;1940 Act and Rule&nbsp;17d&#150;1 under the&nbsp;1940 Act granting Applicants the relief sought by the Application. Applicants
submit that the requested exemption is consistent with the protection of investors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dated: April&nbsp;30, 2018 </P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="96%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>CM FINANCE INC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: <U>/s/ Michael C. Mauer</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name: Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title: Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Chairman of the Board</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>CM CREDIT OPPORTUNITIES BDC I INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: <U>/s/ Michael C. Mauer</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name: Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title:&nbsp;Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Chairman&nbsp;of the Board</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>CM INVESTMENT PARTNERS LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: <U>/s/ Michael C. Mauer</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name: Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title: <FONT STYLE="white-space:nowrap">Co-Chief</FONT> Investment Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>CM CREDIT OPPORTUNITY FUND I</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman"><B>LLC</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: <U>/s/ Michael C. Mauer</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name: Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Person</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>CM FINANCE SPV LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: <U>/s/ Michael C. Mauer</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name: Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Person</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Exhibit&nbsp;A </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Verification </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The undersigned states that he has
duly executed the attached application for an order under Sections 17(d)&nbsp;and 57(i)&nbsp;of the Investment Company Act of 1940 and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1</FONT> under the Investment Company Act of 1940, dated as of
April&nbsp;30, 2018, for and on behalf of each entity listed below; that he is the authorized person of each such entity; and that all action by officers, directors, and other bodies necessary to authorize the undersigned to execute and file such
instrument has 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-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="96%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>CM FINANCE INC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: <U>/s/ Michael C. Mauer</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name: Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title: Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Chairman of the Board</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>CM CREDIT OPPORTUNITIES BDC I INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: <U>/s/ Michael C. Mauer</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name: Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title:&nbsp;Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Chairman&nbsp;of the Board</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>CM INVESTMENT PARTNERS LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: <U>/s/ Michael C. Mauer</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name: Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title: <FONT STYLE="white-space:nowrap">Co-Chief</FONT> Investment Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>CM CREDIT OPPORTUNITY FUND I</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman"><B>LLC</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: <U>/s/ Michael C. Mauer</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name: Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Person</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>CM FINANCE SPV LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: <U>/s/ Michael C. Mauer</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name: Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Person</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Exhibit B </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Resolutions Adopted by the Board of Directors of CM Finance Inc </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Board believes it is in the best interests of CM Finance Inc (the
&#147;<B><I>Company</I></B>&#148;) to file an application with the Commission for an order pursuant to Sections 17(d) and 57(i) of the 1940 Act and Rule <FONT STYLE="white-space:nowrap">17d-l</FONT> promulgated under the 1940 Act (the
&#147;<B><I>Application</I></B>&#148;), to authorize the entering into of certain joint transactions and <FONT STYLE="white-space:nowrap">co-investments</FONT> by the Company with certain entities which may be deemed to be &#147;affiliates&#148; of
the Company pursuant to the provisions of the 1940 Act, which such joint transactions and <FONT STYLE="white-space:nowrap">co-investments</FONT> would otherwise be prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act, all as more fully set
forth in the draft Application that has been presented to the Board; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Board has
reviewed the Application, a copy of which is attached hereto as Exhibit A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE, BE IT
RESOLVED</B>, that the Chief Executive Officer, Chief Financial Officer and Secretary of the Company (each an &#147;<B><I>Authorized Officer</I></B>&#148; and, collectively, the &#147;<B><I>Authorized Officers</I></B>&#148;) be, and they hereby are,
authorized, empowered and directed, in the name and on behalf of the Company, to cause to be prepared, executed, delivered and filed with the Commission the Application, and to do such other acts or things and execute such other documents, including
amendments to the Application, as they deem necessary or desirable to cause the Application to conform to comments received from the Staff of the Commission and otherwise to comply with the 1940 Act and the rules and regulations promulgated
thereunder, in such form and accompanied by such exhibits and other documents, as the Authorized Officers preparing the same shall approve, such approval to be conclusively evidenced by the filing of the Application; and it is further </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>RESOLVED</B>, that the Authorized Officers be, and each of them hereby is, authorized, empowered and
directed, in the name and on behalf of Company, to perform all of the agreements and obligations of the Company in connection with the foregoing resolutions, to take or cause to be taken any and all further actions, to execute and deliver, or cause
to be executed and delivered, all other documents, instruments, agreements, undertakings, and certificates of any kind and nature whatsoever, to incur and pay all fees and expenses and to engage such persons as the Authorized Officers may determine
to be necessary, advisable or appropriate to effectuate or carry out the purposes and intent of the foregoing resolutions, and the execution by the Authorized Officers of any such documents, instruments, agreements, undertakings and certificates,
the payment of any fees and expenses or the engagement of such persons or the taking by them of any action in connection with the foregoing matters shall conclusively establish the Authorized Officers&#146; authority therefore and the authorization,
acceptance, adoption, ratification, approval and confirmation by the Company thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(Adopted on November&nbsp;7, 2017) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Exhibit C </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Resolutions Adopted by the Sole Director of CM Credit Opportunities BDC I Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Board believes it is in the best interests of CM Credit Opportunities BDC I Inc. (the
&#147;<B><I>Company</I></B>&#148;) to file an application with the Commission for an order pursuant to Sections 17(d) and 57(i) of the 1940 Act and Rule <FONT STYLE="white-space:nowrap">17d-l</FONT> promulgated under the 1940 Act (the
&#147;<B><I>Application</I></B>&#148;), to authorize the entering into of certain joint transactions and <FONT STYLE="white-space:nowrap">co-investments</FONT> by the Company with certain entities which may be deemed to be &#147;affiliates&#148; of
the Company pursuant to the provisions of the 1940 Act, which such joint transactions and <FONT STYLE="white-space:nowrap">co-investments</FONT> would otherwise be prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act, all as more fully set
forth in the draft Application that has been presented to the Board; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Board has
reviewed the Application, a copy of which is attached hereto as Exhibit A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE, BE IT
RESOLVED</B>, that the Chief Executive Officer, Chief Financial Officer and Secretary of the Company (each an &#147;<B><I>Authorized Officer</I></B>&#148; and, collectively, the &#147;<B><I>Authorized Officers</I></B>&#148;) be, and they hereby are,
authorized, empowered and directed, in the name and on behalf of the Company, to cause to be prepared, executed, delivered and filed with the Commission the Application, and to do such other acts or things and execute such other documents, including
amendments to the Application, as they deem necessary or desirable to cause the Application to conform to comments received from the Staff of the Commission and otherwise to comply with the 1940 Act and the rules and regulations promulgated
thereunder, in such form and accompanied by such exhibits and other documents, as the Authorized Officers preparing the same shall approve, such approval to be conclusively evidenced by the filing of the Application; and it is further </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>RESOLVED</B>, that the Authorized Officers be, and each of them hereby is, authorized, empowered and
directed, in the name and on behalf of Company, to perform all of the agreements and obligations of the Company in connection with the foregoing resolutions, to take or cause to be taken any and all further actions, to execute and deliver, or cause
to be executed and delivered, all other documents, instruments, agreements, undertakings, and certificates of any kind and nature whatsoever, to incur and pay all fees and expenses and to engage such persons as the Authorized Officers may determine
to be necessary, advisable or appropriate to effectuate or carry out the purposes and intent of the foregoing resolutions, and the execution by the Authorized Officers of any such documents, instruments, agreements, undertakings and certificates,
the payment of any fees and expenses or the engagement of such persons or the taking by them of any action in connection with the foregoing matters shall conclusively establish the Authorized Officers&#146; authority therefore and the authorization,
acceptance, adoption, ratification, approval and confirmation by the Company thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">(Adopted by Written Consent dated December&nbsp;7,
2017) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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