<SEC-DOCUMENT>0001193125-21-184110.txt : 20210607
<SEC-HEADER>0001193125-21-184110.hdr.sgml : 20210607
<ACCEPTANCE-DATETIME>20210607135806
ACCESSION NUMBER:		0001193125-21-184110
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210607
DATE AS OF CHANGE:		20210607

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Investcorp Credit Management BDC, 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:	812-15176
		FILM NUMBER:		21999081

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-388-5813

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CM Finance Inc
		DATE OF NAME CHANGE:	20130531

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:	812-15176-36
		FILM NUMBER:		21999084

	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:			Investcorp Credit Management US LLC
		CENTRAL INDEX KEY:			0001790382
		IRS NUMBER:				800841610
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-14
		FILM NUMBER:		21999106

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2125994700

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CM Finance SPV LLC
		CENTRAL INDEX KEY:			0001825848
		IRS NUMBER:				462883380
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-37
		FILM NUMBER:		21999083

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jamestown CLO II Ltd.
		CENTRAL INDEX KEY:			0001826071
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-12
		FILM NUMBER:		21999108

	BUSINESS ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jamestown CLO IV Ltd.
		CENTRAL INDEX KEY:			0001826072
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-11
		FILM NUMBER:		21999109

	BUSINESS ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		(646) 609-5044

	MAIL ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jamestown CLO V Ltd.
		CENTRAL INDEX KEY:			0001826073
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-10
		FILM NUMBER:		21999110

	BUSINESS ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1330
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1330
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jamestown CLO VI-R Ltd.
		CENTRAL INDEX KEY:			0001826074
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-09
		FILM NUMBER:		21999111

	BUSINESS ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jamestown CLO VII Ltd.
		CENTRAL INDEX KEY:			0001826075
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-08
		FILM NUMBER:		21999112

	BUSINESS ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jamestown CLO IX Ltd.
		CENTRAL INDEX KEY:			0001826076
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-07
		FILM NUMBER:		21999113

	BUSINESS ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jamestown CLO X Ltd.
		CENTRAL INDEX KEY:			0001826077
		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:	812-15176-06
		FILM NUMBER:		21999114

	BUSINESS ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jamestown CLO XI Ltd.
		CENTRAL INDEX KEY:			0001826078
		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:	812-15176-05
		FILM NUMBER:		21999115

	BUSINESS ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jamestown CLO XII Ltd.
		CENTRAL INDEX KEY:			0001826079
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-04
		FILM NUMBER:		21999116

	BUSINESS ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT RD., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		(646) 650-5044

	MAIL ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT RD., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jamestown CLO XIV Ltd.
		CENTRAL INDEX KEY:			0001826080
		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:	812-15176-03
		FILM NUMBER:		21999117

	BUSINESS ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jamestown CLO XV Ltd.
		CENTRAL INDEX KEY:			0001826081
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-38
		FILM NUMBER:		21999082

	BUSINESS ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		C/O OCORIAN TRUST (CAYMAN) LIMITED
		STREET 2:		CLIFTON HOUSE, 75 FORT ST., PO BOX 1350
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO VII DAC
		CENTRAL INDEX KEY:			0001826336
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-34
		FILM NUMBER:		21999086

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO VIII DAC
		CENTRAL INDEX KEY:			0001826337
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-33
		FILM NUMBER:		21999087

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO IX DAC
		CENTRAL INDEX KEY:			0001826338
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-32
		FILM NUMBER:		21999088

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO X DAC
		CENTRAL INDEX KEY:			0001826339
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-31
		FILM NUMBER:		21999089

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XI DAC
		CENTRAL INDEX KEY:			0001826340
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-30
		FILM NUMBER:		21999090

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XII DAC
		CENTRAL INDEX KEY:			0001826341
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-29
		FILM NUMBER:		21999091

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XIV DAC
		CENTRAL INDEX KEY:			0001826342
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-28
		FILM NUMBER:		21999092

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XV DAC
		CENTRAL INDEX KEY:			0001826344
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-27
		FILM NUMBER:		21999093

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Havest CLO XVI DAC
		CENTRAL INDEX KEY:			0001826345
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-26
		FILM NUMBER:		21999094

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XVII DAC
		CENTRAL INDEX KEY:			0001826346
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-25
		FILM NUMBER:		21999095

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XVIII DAC
		CENTRAL INDEX KEY:			0001826347
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-24
		FILM NUMBER:		21999096

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XIX DAC
		CENTRAL INDEX KEY:			0001826348
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-23
		FILM NUMBER:		21999097

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XX DAC
		CENTRAL INDEX KEY:			0001826349
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-22
		FILM NUMBER:		21999098

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XXI DAC
		CENTRAL INDEX KEY:			0001826350
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-21
		FILM NUMBER:		21999099

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XXII DAC
		CENTRAL INDEX KEY:			0001826351
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-20
		FILM NUMBER:		21999100

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XXIII DAC
		CENTRAL INDEX KEY:			0001826352
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-19
		FILM NUMBER:		21999101

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XXIV DAC
		CENTRAL INDEX KEY:			0001826353
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-18
		FILM NUMBER:		21999102

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Harvest CLO XXV DAC
		CENTRAL INDEX KEY:			0001826354
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-17
		FILM NUMBER:		21999103

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICM Global Floating Rate Income LTD
		CENTRAL INDEX KEY:			0001830438
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-16
		FILM NUMBER:		21999104

	BUSINESS ADDRESS:	
		STREET 1:		RIVERSIDE ONE
		STREET 2:		SIR JOHN ROGERSON'S QUAY
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		RIVERSIDE ONE
		STREET 2:		SIR JOHN ROGERSON'S QUAY
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Investcorp Credit Management EU Ltd
		CENTRAL INDEX KEY:			0001830439
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-15
		FILM NUMBER:		21999105

	BUSINESS ADDRESS:	
		STREET 1:		INVESTCORP HOUSE
		STREET 2:		48 GROSVENOR STREET
		CITY:			MAYFAIR, LONDON
		STATE:			X0
		ZIP:			W1K 3HW
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		INVESTCORP HOUSE
		STREET 2:		48 GROSVENOR STREET
		CITY:			MAYFAIR, LONDON
		STATE:			X0
		ZIP:			W1K 3HW

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Investcorp European Loan Co DAC
		CENTRAL INDEX KEY:			0001830440
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-13
		FILM NUMBER:		21999107

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR KILMORE HOUSE
		STREET 2:		PARK LANE, SPENCER DOCK
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			1

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mount Row Credit II Ltd
		CENTRAL INDEX KEY:			0001830441
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-02
		FILM NUMBER:		21999118

	BUSINESS ADDRESS:	
		STREET 1:		RIVERSIDE ONE
		STREET 2:		SIR JOHN ROGERSON'S QUAY
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		RIVERSIDE ONE
		STREET 2:		SIR JOHN ROGERSON'S QUAY
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mount Row (Levered) Credit Ltd
		CENTRAL INDEX KEY:			0001830458
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15176-01
		FILM NUMBER:		21999119

	BUSINESS ADDRESS:	
		STREET 1:		RIVERSIDE ONE
		STREET 2:		SIR JOHN ROGERSON'S QUAY
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2
		BUSINESS PHONE:		(646) 690-5044

	MAIL ADDRESS:	
		STREET 1:		RIVERSIDE ONE
		STREET 2:		SIR JOHN ROGERSON'S QUAY
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2

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:	812-15176-35
		FILM NUMBER:		21999085

	BUSINESS ADDRESS:	
		STREET 1:		65 EAST 55TH STREET
		STREET 2:		15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-257-5199

	MAIL ADDRESS:	
		STREET 1:		65 EAST 55TH STREET
		STREET 2:		15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP/A
<SEQUENCE>1
<FILENAME>d178119d40appa.htm
<DESCRIPTION>INVESTCORP CREDIT MANAGEMENT BDC, INC.
<TEXT>
<HTML><HEAD>
<TITLE>Investcorp Credit Management BDC, Inc.</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">No.&nbsp;812-15176</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Washington, D.C. 20549 </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:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SECOND AMENDED AND RESTATED
APPLICATION FOR AN ORDER PURSUANT TO SECTIONS 17(d) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND 57(i) OF THE INVESTMENT COMPANY ACT OF 1940 AND RULE
<FONT STYLE="white-space:nowrap">17d-1</FONT> UNDER THE ACT TO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PERMIT CERTAIN JOINT TRANSACTIONS OTHERWISE PROHIBITED BY SECTIONS 17(d) AND
57(a)(4) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">OF THE ACT AND RULE <FONT STYLE="white-space:nowrap">17d-l</FONT> UNDER THE ACT </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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INVESTCORP CREDIT MANAGEMENT BDC, INC., ICM GLOBAL FLOATING RATE INCOME LTD, MOUNT ROW (LEVERED) CREDIT LTD, MOUNT ROW CREDIT II LTD, CM
FINANCE SPV LTD., CM FINANCE SPV LLC, JAMESTOWN CLO II LTD., JAMESTOWN CLO IV LTD., JAMESTOWN CLO V LTD., JAMESTOWN CLO <FONT STYLE="white-space:nowrap">VI-R</FONT> LTD., JAMESTOWN CLO VII LTD., JAMESTOWN CLO IX LTD., JAMESTOWN CLO X LTD., JAMESTOWN
CLO XI LTD., JAMESTOWN CLO XII LTD., JAMESTOWN&nbsp;CLO XIV LTD., JAMESTOWN CLO XV LTD., HARVEST CLO VII DAC, HARVEST CLO VIII DAC, HARVEST CLO IX DAC, HARVEST CLO X DAC, HARVEST CLO XI DAC, HARVEST CLO XII DAC, HARVEST CLO XIV DAC, HARVEST CLO XV
DAC, HARVEST CLO XVI DAC, HARVEST CLO XVII DAC, HARVEST CLO XVIII DAC, HARVEST CLO XIX DAC, HARVEST CLO XX DAC, HARVEST CLO XXI DAC, HARVEST CLO XXII DAC, HARVEST CLO XXIII DAC, HARVEST CLO XXIV DAC, HARVEST CLO XXV DAC, INVESTCORP EUROPEAN LOAN
COMPANY DAC, CM INVESTMENT PARTNERS LLC, INVESTCORP CREDIT MANAGEMENT US LLC AND INVESTCORP CREDIT MANAGEMENT EU LIMITED </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">280 Park
Avenue, 39th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New York, NY 10017 </P> <P STYLE="font-size:12pt;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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>All Communications, Notices and
Orders to: </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Michael C. Mauer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Investcorp Credit Management BDC, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">280 Park Avenue, 39th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New
York, NY 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">(212)&nbsp;257-5199</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PMaloney@Investcorp.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Copies
to: </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Steven B. Boehm, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Stephani M. Hildebrandt, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Anne
G. Oberndorf, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Eversheds Sutherland (US) LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">700 Sixth Street, NW, Suite 700 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Washington, DC 20001 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(202) <FONT
STYLE="white-space:nowrap">383-0100</FONT> </P> <P STYLE="font-size:12pt;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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">June&nbsp;7, 2021 </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;<U>INTRODUCTION</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp;<U>Requested Relief</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;Investcorp Management BDC, Inc. (formerly known as CM Finance Inc) and its related entities, identified in section I.B. below, hereby
request an order (the<B><I>&nbsp;&#147;Order&#148;</I></B>) pursuant to Sections 17(d) and 57(i) of the Investment Company Act of 1940 (the &#147;<B><I>Act</I></B>&#148;)<SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;and Rule <FONT
STYLE="white-space:nowrap">17d-1</FONT> thereunder<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;authorizing certain joint transactions that otherwise would be prohibited by either or both of Sections 17(d) and 57(a)(4) as modified by
the exemptive rules adopted by the U.S. Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) under the Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;In particular, the relief requested in this application (the &#147;<B><I>Application</I></B>&#148;) would allow one or more Regulated
Funds (including one or more BDC Downstream Funds) and/or one or more Affiliated Funds (each as defined below) to participate in the same investment opportunities where such participation would otherwise be prohibited under Section&nbsp;17(d) or
57(a)(4) and the rules under the Act. All existing entities that currently intend to rely on the Order have been named as Applicants (defined below) and any existing or future entities that may rely on the Order in the future will comply with the
terms and conditions set forth in this application (the &#147;<B><I>Conditions</I></B>&#148;). The Order sought by this Application would supersede the order, dated March&nbsp;19, 2019, issued by the Commission to CM Finance Inc, et al. under
Section&nbsp;17(d) and 57(i) of the Act and Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> under the Act permitting certain joint transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the Act and Rule
<FONT STYLE="white-space:nowrap">17d-1</FONT> under the Act (the &#147;<B><I>Prior Order</I></B>&#148;)<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>, with the result that no person will continue to rely on the Prior Order if the Order is
granted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B.&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicants Seeking Relief:</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Investcorp Credit Management BDC, Inc. (the &#147;<B><I>Existing Regulated Fund</I></B>&#148;), 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 BDC (defined below) under the Act;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CM Finance SPV Ltd. (&#147;<B><I>CMSPV1</I></B>&#148;), a Wholly-Owned Investment Sub (as defined below) of the
Existing Regulated Fund; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CM Finance SPV LLC (&#147;<B><I>CMSPV2</I></B>&#148;), a Wholly-Owned Investment Sub of the Existing Regulated
Fund; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CM Investment Partners LLC (&#147;<B><I>CMIP</I></B>&#148;), a limited liability company that serves as the
investment adviser for the Existing Regulated Fund, on behalf of itself and its successors;<SUP STYLE="font-size:85%; vertical-align:top">4</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Investcorp Credit Management US LLC (&#147;<B><I>ICMUS</I></B>&#148;), a limited liability company that serves as
the investment adviser for certain of the Applicants (as defined below), on behalf of itself and its successors; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Investcorp Credit Management EU Limited (&#147;<B><I>ICMEU</I></B>,&#148; and together with CMIP and ICMUS, the
&#147;<B><I>Existing Advisers</I></B>&#148;), an English private limited company under the laws of the United Kingdom that serves as the investment adviser for certain of the Applicants, on behalf of itself and its successors; and
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The investment vehicles identified in Exhibit B, each of which is a separate and distinct legal entity and each
of which would be an investment company regulated by the Act but for the exception noted on Exhibit B (the &#147;<B><I>Existing Affiliated Funds</I></B>,&#148; and collectively with the Existing Regulated Fund, CMSPV1, CMSPV2, and the Existing
Advisers, the &#147;<B><I>Applicants</I></B>&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:6pt;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> Unless otherwise indicated, all section references herein are to the Act. </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">2</SUP> Unless otherwise indicated, all rule references herein are to rules under the Act. </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">3</SUP> CM Finance Inc, et al. (File <FONT STYLE="white-space:nowrap">No.&nbsp;812-14850)</FONT> Investment
Company Act Rel. Nos. 33377 (February 19, 2019) (notice) and 33401 (March 19, 2019) (order). </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">4</SUP> The
term successor, as applied to each Adviser, means an entity which results from a reorganization into another jurisdiction or change in the type of business organization. </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>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C.&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined Terms</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>&#147;Adviser&#148;</I></B>&nbsp;means the Existing Advisers and any Future Adviser (defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Affiliated Fund</I></B><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&#148; means any Existing Affiliated Fund, any
Investcorp Proprietary Account (as defined below), and any entity (a)&nbsp;whose investment adviser (and <FONT STYLE="white-space:nowrap">sub-adviser(s),</FONT> if any) are Advisers, (b)&nbsp;that either (x)&nbsp;would be an investment company but
for Section&nbsp;3(c)(1), 3(c)(5)(C), or 3(c)(7) of the Act or (y)&nbsp;relies on Rule <FONT STYLE="white-space:nowrap">3a-7</FONT> under the Act and (c)&nbsp;that is not a BDC Downstream Fund, and (d)&nbsp;that intends to participate in the <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>BDC</I></B>&#148; means a business development company under the
Act.<SUP STYLE="font-size:85%; vertical-align:top">6</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>BDC Downstream Fund</I></B>&#148; means, with respect to any
Regulated Fund that is a BDC, an entity (i)&nbsp;that the BDC directly or indirectly controls, (ii)&nbsp;that is not controlled by any person other than the BDC (except a person that indirectly controls the entity solely because it controls the
BDC), (iii)&nbsp;that would be an investment company but for Section&nbsp;3(c)(1) or 3(c)(7) of the Act, (iv)&nbsp;whose investment adviser (and <FONT STYLE="white-space:nowrap">sub-adviser(s),</FONT> if any) are an Adviser, (v)&nbsp;that is not a
Wholly-Owned Investment Sub and (vi)&nbsp;that intends to participate in the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Board</I></B><I>&#148;</I>&nbsp;means (i)&nbsp;with respect to a Regulated Fund other than a BDC Downstream Fund, the board of
directors (or the equivalent) of the applicable Regulated Fund and (ii)&nbsp;with respect to a BDC Downstream Fund, the Independent Party of the BDC Downstream Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>&#147;Board-Established Criteria&#148;</I></B>&nbsp;means criteria that the Board of a Regulated Fund may establish from time to time to
describe the characteristics of Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions regarding which the Adviser to the Regulated Fund should be notified under Condition 1. The Board-Established Criteria will be consistent
with the Regulated Fund&#146;s Objectives and Strategies (defined below). If no Board-Established Criteria are in effect, then the Regulated Fund&#146;s Adviser will be notified of all Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transactions that fall within the Regulated Fund&#146;s then-current Objectives and Strategies. Board-Established Criteria will be objective and testable, meaning that they will be based on observable information, such as industry/sector of the
issuer, minimum EBITDA of the issuer, asset class of the investment opportunity or required commitment size, and not on characteristics that involve a discretionary assessment. The Adviser to the Regulated Fund may from time to time recommend
criteria for the Board&#146;s consideration, but Board-Established Criteria will only become effective if approved by a majority of the Independent Directors (defined below). The Independent Directors of a Regulated Fund may at any time rescind,
suspend or qualify their approval of any Board-Established Criteria, though Applicants anticipate that, under normal circumstances, the Board would not modify these criteria more often than quarterly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Close Affiliate</I></B>&#148; means the Advisers, the Regulated Funds, the Affiliated Funds and any other person described in
Section&nbsp;57(b) (after giving effect to Rule <FONT STYLE="white-space:nowrap">57b-1)</FONT> in respect of any Regulated Fund (treating any registered investment company or series thereof as a BDC for this purpose) except for limited partners
included solely by reason of the reference in Section&nbsp;57(b) to Section&nbsp;2(a)(3)(D). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;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">5</SUP> Affiliated Funds may include funds that are ultimately structured as collateralized loan obligation funds (<B><I>&#147;CLOs&#148;</I></B>). Such CLOs would be investment companies but for the
exception provided in Section&nbsp;3(c)(7) of the Act or their ability to rely on Rule <FONT STYLE="white-space:nowrap">3a-7</FONT> of the Act. During the investment period of a CLO, the CLO may engage in certain transactions customary in CLO
formations with another Affiliated Fund on a secondary basis at fair market value. For purposes of the Order, any securities that were acquired by an Affiliated Fund in a particular <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction
that are then transferred in such customary transactions to an Affiliated Fund that is or will become a CLO (an<B><I>&nbsp;&#147;Affiliated Fund CLO&#148;</I></B>) will be treated as if the Affiliated Fund CLO acquired such securities in the <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. For the avoidance of doubt, any such transfer from an Affiliated Fund to an Affiliated Fund CLO will be treated as a Disposition (as defined below) and completed pursuant to terms and
conditions of the Application, though Applicants note that the Regulated Funds would be prohibited from participating in such Disposition by Section&nbsp;17(a)(2) or Section&nbsp;57(a)(2) of the Act, as applicable.&nbsp;The participation by any
Affiliated Fund CLO in any such <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction will remain subject to the Order. </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">6</SUP> Section&nbsp;2(a)(48) 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
Section&nbsp;55(a)(1) through 55(a)(3) and makes available significant managerial assistance with respect to the issuers of such securities. </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">3 </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">&#147;Co-Investment</FONT></I></B><B><I></I></B><B><I>&nbsp;Program&#148;</I></B><B><I></I></B>&nbsp;
means the <FONT STYLE="white-space:nowrap">proposed&nbsp;co-investment&nbsp;program&nbsp;that</FONT> would permit one or more Regulated Funds&nbsp;and/or one or more Affiliated Funds to participate in the same investment opportunities&nbsp;where such
participation would otherwise be prohibited under Section&nbsp;57(a)(4) and Rule&nbsp;17d&#150;1 <FONT STYLE="white-space:nowrap">by&nbsp;(a)&nbsp;co-investing&nbsp;with</FONT> each other in securities issued by issuers in private placement
transactions in which an Adviser negotiates terms in addition to price;<SUP STYLE="font-size:85%; vertical-align:top">7</SUP>&nbsp;and <FONT STYLE="white-space:nowrap">(b)&nbsp;making&nbsp;Follow-On&nbsp;Investments</FONT> (as defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I><FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction</I></B>&#148; means any transaction in which a Regulated Fund
(or its Wholly-Owned Investment Sub) participated together with one or more Affiliated Funds and/or one or more other Regulated Funds in reliance on the Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>&#147;Disposition&#148;</I></B><B><I></I></B>&nbsp;means the sale, exchange or other disposition of an interest in a security of an
issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Eligible Directors</I></B>&#148; means, with respect to a Regulated Fund and a Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, the members of the Regulated Fund&#146;s Board eligible to vote on that Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction under Section&nbsp;57(o) of the Act
(treating any registered investment company or series thereof as a BDC for this purpose). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I><FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment</I></B>&#148; means an additional investment in the same issuer,
including, but not limited to, through the exercise of warrants, conversion privileges or other rights to purchase securities of the issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Future</I></B> <B><I>Adviser</I></B>&#148; means any future investment adviser that (i)&nbsp;controls, is controlled by, or is
under common control with Investcorp Holdings B.S.C. (&#147;<B><I>Investcorp Holdings</I></B>&#148;), (ii)&nbsp;(a) is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the &#147;<B><I>Advisers
Act</I></B>&#148;) or (b)&nbsp;is a relying adviser of an investment adviser that is registered under the Advisers Act and that controls, is controlled by, or is under common control with, Investcorp Holdings, or (c)&nbsp;is an exempt reporting
adviser pursuant to Rule 203(m) of the Advisers Act (&#147;<B><I>Exempt Reporting Adviser</I></B>&#148;), and (iii)&nbsp;is not a Regulated Fund or a subsidiary of a Regulated Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Future Regulated Fund</I></B>&#148; means a <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company
(a)&nbsp;that is registered under the Act or has elected to be regulated as a BDC, (b)&nbsp;whose investment adviser (and <FONT STYLE="white-space:nowrap">sub-adviser(s),</FONT> if any) are an Adviser, and (c)&nbsp;that intends to participate in the
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Independent Director</I></B>&#148; means a member of the Board
of any relevant entity who is not an &#147;interested person&#148; as defined in Section&nbsp;2(a)(19) of the Act. No Independent Director of a Regulated Fund (including any <FONT STYLE="white-space:nowrap">non-interested</FONT> member of an
Independent Party) 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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Independent Party</I></B>&#148; means, with respect to a BDC Downstream Fund, (i)&nbsp;if the BDC Downstream Fund has a board of
directors (or the equivalent), the board or (ii)&nbsp;if the BDC Downstream Fund does not have a board of directors (or the equivalent), a transaction committee or advisory committee of the BDC Downstream Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>&#147;Investcorp Proprietary Account&#148;</I></B> means any Adviser in a principal capacity, and any direct or indirect, wholly- or
majority-owned subsidiary of Investcorp Holdings or any Adviser that, from time to time, may hold various financial assets in a principal capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>JT <FONT STYLE="white-space:nowrap">No-Action</FONT> Letters</I></B>&#148; means<U>&nbsp;SMC Capital, Inc.</U>, SEC <FONT
STYLE="white-space:nowrap">No-Action</FONT> Letter (pub. avail. Sept. 5, 1995) and<U>&nbsp;Massachusetts Mutual Life Insurance Company</U>, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (pub. avail. June&nbsp;7, 2000). </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">7</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 (the
&#147;<B><I>Securities Act</I></B>&#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">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Objectives and Strategies</I></B>&#148; means (i)&nbsp;with respect to any Regulated
Fund other than a BDC Downstream Fund, its investment objectives and strategies, as described in its most current registration statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> other current filings with the Commission under the
Securities Act or under the Securities Exchange Act of 1934, as amended, and its most current report to stockholders, and (ii)&nbsp;with respect to any BDC Downstream Fund, those investment objectives and strategies described in its disclosure
documents (including private placement memoranda and reports to equity holders) and organizational documents (including operating agreements). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction</I></B>&#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; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I><FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments</I></B>&#148; are investments in an issuer held by a Regulated
Fund as well as one or more Affiliated Funds and/or one or more other Regulated Funds that were acquired prior to participating in <FONT STYLE="white-space:nowrap">any&nbsp;Co-Investment&nbsp;Transaction:</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in transactions in which the only term negotiated by or on behalf of such funds was price in reliance on one of
the <FONT STYLE="white-space:nowrap">JT&nbsp;No-Action&nbsp;Letters;</FONT> or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii.)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in transactions occurring at least 90 days apart and without coordination between the Regulated Fund and any
Affiliated Fund or other Regulated Fund. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>&#147;Regulated Funds</I></B>&#148; means the Existing Regulated Fund,
the Future Regulated Funds and the BDC Downstream Funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Related Party</I></B>&#148; means (i)&nbsp;any Close Affiliate and
(ii)&nbsp;in respect of matters as to which any Adviser has knowledge, any Remote Affiliate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Remote Affiliate</I></B>&#148;
means any person described in Section&nbsp;57(e) in respect of any Regulated Fund (treating any registered investment company or series thereof as a BDC for this purpose) and any limited partner holding 5% or more of the relevant limited partner
interests that would be a Close Affiliate but for the exclusion in that definition.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Required Majority</I></B>&#148; means a
required majority, as defined in Section&nbsp;57(o) of the Act.<SUP STYLE="font-size:85%; vertical-align:top">8</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>SBIC
Subsidiary</I></B>&#148; means a Wholly-Owned Investment Sub that is licensed by the Small Business Administration (the &#147;<B><I>SBA</I></B>&#148;) to operate under the Small Business Investment Act of 1958, as amended, (the &#147;<B><I>SBA
Act</I></B>&#148;) as a small business investment company (an &#147;<B><I>SBIC</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Tradable
Security</I></B>&#148; means a security that meets the following criteria at the time of Disposition: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it trades on a national securities exchange or designated offshore securities market as defined in rule 902(b)
under the Securities Act; </P></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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it is not subject to restrictive agreements with the issuer or other security holders; and
</P></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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it trades with sufficient volume and liquidity (findings as to which are documented by the Advisers to any
Regulated Funds holding investments in the issuer and retained for the life of the Regulated Fund) to allow each Regulated Fund to dispose of its entire position remaining after the proposed Disposition within a short period of time not exceeding 30
days at approximately the value (as defined by section 2(a)(41) of the Act) at which the Regulated Fund has valued the investment. </P></TD></TR></TABLE> <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">8</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). In the case of a BDC Downstream Fund with a board of directors (or the equivalent), the members that make up the Required Majority will be determined as if the BDC Downstream Fund were a BDC
subject to Section&nbsp;57(o). In the case of a BDC Downstream Fund with a transaction committee or advisory committee, the committee members that make up the Required Majority will be determined as if the BDC Downstream Fund were a BDC subject to
Section&nbsp;57(o) and as if the committee members were directors of the 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:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Wholly-Owned Investment Sub</I></B>&#148; means an entity (i)&nbsp;that is a
wholly-owned subsidiary<SUP STYLE="font-size:85%; vertical-align:top">9</SUP> of a Regulated Fund (with such Regulated Fund at all times holding, beneficially and of record, directly or indirectly, 95% or more of the voting and economic interests);
(ii) whose sole business purpose is to hold one or more investments on behalf of such Regulated Fund (and, in the case of an SBIC Subsidiary, maintain a license under the SBA Act and issue debentures guaranteed by the SBA); (iii) with respect to
which such 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) (A)&nbsp;that would be an investment company but for
Section&nbsp;3(c)(1), 3(c)(5)(C), or 3(c)(7)&nbsp;of the Act, or (B)&nbsp;that qualifies as a real estate investment trust within the meaning of Section&nbsp;856 of the Internal Revenue Code, as amended (the &#147;<B><I>Code</I></B>&#148;) because
substantially all of its assets would consist of real properties.&nbsp;Each of CMSPV1 and CMSPV2 is a Wholly-Owned Investment Sub of the Existing Regulated Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;<U>APPLICANTS</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Applicant below may be deemed to be directly or indirectly controlled by Investcorp Holdings, the parent company of the Existing
Advisers. Investcorp Holdings directly owns controlling interests in the Advisers, and thus may be deemed to control the Regulated Funds and the Affiliated Funds. Investcorp Holdings is a holding company that does not currently offer investment
advisory services to any person and is not expected to do so in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp;<U>Investcorp Credit Management BDC, Inc. </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Existing Regulated Fund is an externally-managed, <FONT STYLE="white-space:nowrap">non-diversified,</FONT>
<FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company incorporated in Maryland. The Existing Regulated Fund has elected to be regulated as a BDC under the Act, has qualified and elected to be treated as a regulated
investment company (&#147;<B><I>RIC</I></B>&#148;) under Subchapter M of the Code, and intends to continue to qualify as a regulated investment company in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Existing Regulated Fund&#146;s Objectives and Strategies are to maximize total return to the Existing Regulated Fund&#146;s stockholders
in the form of current income and capital appreciation by investing in debt and related equity of privately held middle-market companies. The Existing Regulated Fund&#146;s business and affairs are managed under the direction of a Board, which
currently consists of four members, three of whom are Independent Directors. The Existing Regulated Fund&#146;s Board has delegated daily management and investment authority to CMIP pursuant to an investment advisory and administration agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of CMSPV1 and CMSPV2 is a Wholly-Owned Investment Sub of the Existing Regulated Fund, whose sole business purpose is to hold one or
more investments on behalf of the Existing Regulated Fund. CMSPV1 and CMSPV2 are each a separate and distinct legal entity. CMSPV1 and CMSPV2 are each exempt from registration under Section&nbsp;3(c)(7)&nbsp;of the Act.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B.&nbsp;&nbsp;&nbsp;&nbsp;<U>CM Investment Partners LLC</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">CMIP is organized as a limited liability company under the laws of the state of Delaware. CMIP is controlled by ICMUS. CMIP has registered as
an investment adviser with the Commission pursuant to Section&nbsp;203 of the Advisers Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C.&nbsp;&nbsp;&nbsp;&nbsp;<U>Investcorp Credit Management US
LLC</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ICMUS is organized as a limited liability company under the laws of the state of Delaware. ICMUS is controlled by Investcorp
International Holdings Inc. ICMUS has registered with the Commission pursuant to Section&nbsp;203 of the Advisers Act. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&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">9</SUP> A&nbsp;&#147;wholly-owned subsidiary&#148; of a person is as defined in Section&nbsp;2(a)(43) of the Act
and means a company 95% or more of the outstanding voting securities of which are owned by such person. </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">6 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">D.&nbsp;&nbsp;&nbsp;&nbsp;<U>Investcorp Credit Management EU Limited</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman">&nbsp;ICMEU is organized as an English private limited company under the laws of the United Kingdom and is an Exempt Reporting Adviser. ICMEU
is controlled by Investcorp S.A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">E.&nbsp;&nbsp;&nbsp;&nbsp;<U>Existing Affiliated Funds</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman">&nbsp;The Existing Advisers are the investment advisers to the Existing Affiliated Funds. A complete list of the Existing Affiliated Funds
with the corresponding Existing Advisers is included in Exhibit B. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">F.&nbsp;&nbsp;&nbsp;&nbsp;<U>The Investcorp Proprietary Accounts</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman">&nbsp;The Investcorp Proprietary Accounts, if any, will hold various financial assets in a principal capacity. Investcorp Holdings and the
Advisers have various business lines that they may operate through wholly- or majority-owned subsidiaries. Currently, there are no Investcorp Proprietary Accounts that exist and currently intend to participate in the
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;<U>ORDER REQUESTED</U><U>&nbsp;</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman">&nbsp;The Applicants respectfully request an Order of the Commission under Sections 17(d) and 57(i) and Rule
<FONT STYLE="white-space:nowrap">17d-1</FONT> thereunder to permit, subject to the terms and Conditions set forth below in this Application, a Regulated Fund and one or more other Regulated Funds and/or one or more Affiliated Funds to enter into <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transactions with each other. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman">&nbsp;The Regulated Funds and the Affiliated Funds seek
relief to enter into <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 either or both of Section&nbsp;17(d) or
Section&nbsp;57(a)(4) and the Rules under the Act without an exemptive order from the Commission.&nbsp;This Application seeks relief in order to (i)&nbsp;enable the Regulated Funds and Affiliated Funds to avoid, among other things, the practical
commercial and/or economic 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:10pt; font-family:Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp;<U>Overview</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman">&nbsp;Applicants include multiple Advisers that are under common control. The Advisers manage numerous funds with a variety of mandates and
aggregate assets of $32.2&nbsp;billion as of June&nbsp;30, 2020. These clients currently include a BDC that is regulated under the Act. Each Adviser manages the assets entrusted to it by its clients in accordance with its fiduciary duty to those
clients and, in the case of the BDC, the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman">&nbsp;The Advisers have established rigorous processes for ensuring compliance with the
Prior Order and for allocating initial investment opportunities, opportunities for subsequent investments in an issuer and dispositions of securities holdings reasonably designed to treat all clients fairly and equitably. As discussed below, these
processes will be extended and modified in a manner reasonably designed to ensure that the additional transactions permitted under the Order will both (i)&nbsp;be fair and equitable to the Regulated Funds and the Affiliated Funds and
(ii)&nbsp;comply with the Conditions contained in the Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>The Investment Process</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The investment process consists of three stages: (i)&nbsp;the identification and consideration of investment opportunities (including <FONT
STYLE="white-space:nowrap">follow-on</FONT> investment opportunities); (ii)&nbsp;order placement and allocation; and (iii)&nbsp;consideration by each applicable Regulated Fund&#146;s Board when a Potential
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction is being considered by one or more Regulated Funds, as provided by the Order. </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">7 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Identification and Consideration of Investment Opportunities</U>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Opportunities for Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions may arise when investment advisory
personnel of an Adviser become aware of investment opportunities that may be appropriate for a Regulated Fund and one or more other Regulated Funds and/or one or more Affiliated Funds. If the requested Order is granted, the Advisers will establish,
maintain and implement policies and procedures reasonably designed to ensure that, when such opportunities arise, the Advisers to the relevant Regulated Funds are promptly notified and receive the same information about the opportunity as any other
Advisers considering the opportunity for their clients. In particular, consistent with Condition 1, if a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction falls within the then-current Objectives and Strategies and any
Board-Established Criteria of a Regulated Fund, the policies and procedures will require that the Adviser to such Regulated Fund receive sufficient information to allow such Adviser&#146;s investment committee to make its independent determination
and recommendations under Conditions 1, 2(a), 6, 7, 8 and 9 (as applicable).<SUP STYLE="font-size:85%; vertical-align:top">10</SUP> In addition, the policies and procedures will specify the individuals or roles responsible for carrying out the
policies and procedures, including ensuring that the Advisers receive such information. After receiving notification of a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction under Condition 1(a), the Adviser to each
applicable Regulated Fund will then make an independent determination of the appropriateness of the investment for the Regulated Fund in light of the Regulated Fund&#146;s then-current circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Applicants represent that, if the requested Order is granted, the investment advisory personnel of the Advisers to the Regulated Funds will be
charged with making sure they identify, and participate in this process with respect to, each investment opportunity that falls within the Objectives and Strategies and Board-Established Criteria of each Regulated Fund. Applicants assert that the
Advisers&#146; allocation policies and procedures are structured so that the relevant investment advisory personnel for each Regulated Fund will be promptly notified of all Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions
that fall within the then-current Objectives and Strategies and Board-Established Criteria of such Regulated Fund and that the Advisers will undertake to perform these duties regardless of whether the Advisers serve as investment adviser or <FONT
STYLE="white-space:nowrap">sub-adviser</FONT> to the Regulated Fund or Affiliated Funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Order Placement
and Allocation</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><U>General</U>. If the Adviser to a Regulated Fund deems the Regulated Fund&#146;s participation in any Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction to be appropriate, it will formulate a recommendation regarding the proposed order amount for the Regulated Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><U>Allocation Procedure</U>. For each Regulated Fund and Affiliated Fund whose Adviser recommends participating in a Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, such Adviser&#146;s investment committee will approve an investment amount to be allocated to each Regulated Fund and/or Affiliated Fund participating in the Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. Prior to the External Submission (as defined below), each proposed order amount may be reviewed and adjusted, in accordance with the applicable Adviser&#146;s written allocation policies
and procedures, by the applicable Adviser&#146;s investment committee.<SUP STYLE="font-size:85%; vertical-align:top">11</SUP> The order of a Regulated Fund or Affiliated Fund resulting from this process is referred to as its &#147;<B><I>Internal
Order</I></B>&#148;. The Internal Order will be submitted for approval by the Required Majority of any participating Regulated Funds in accordance with the Conditions and as discussed in section III.A.1.c. below. </P>
<P STYLE="font-size:12pt;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">10</SUP> Representatives from each Adviser to a Regulated Fund are members of each investment committee or
otherwise entitled to participate in each meeting of any investment committee that is expected to approve or reject recommended investment opportunities falling within its Regulated Funds&#146; Objectives and Strategies and Board-Established
Criteria. Accordingly, the policies and procedures may provide, for example, that an Adviser will receive the information required under Condition 1 in conjunction with its representatives&#146; participation in the relevant investment
committee&#146;s meetings. The allocation memorandum for each Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction will document the recommendations by the investment committee. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">11</SUP> The reason for any such adjustment to a proposed order amount will be documented in writing and
preserved in the records of each Adviser. </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">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the aggregate Internal Orders for a Potential
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction do not exceed the size of the investment opportunity immediately prior to the submission of the orders to the underwriter, broker, dealer or issuer, as applicable (the
&#147;<B><I>External</I></B> <B><I>Submission</I></B>&#148;), then each Internal Order will be fulfilled as placed. If, on the other hand, the aggregate Internal Orders for a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transaction exceed the size of the investment opportunity immediately prior to the External Submission, then the allocation of the opportunity will be made pro rata on the basis of the size of the Internal Orders.<SUP
STYLE="font-size:85%; vertical-align:top">12</SUP> If, subsequent to such External Submission, the size of the opportunity is increased or decreased, or if the terms of such opportunity, or the facts and circumstances applicable to the Regulated
Funds&#146; or the Affiliated Funds&#146; consideration of the opportunity, change, the participants will be permitted to submit revised Internal Orders in accordance with written allocation policies and procedures that the Advisers will establish,
implement and maintain. The Board of the Regulated Fund will then either approve or disapprove of the investment opportunity in accordance with Condition 2, 6, 7, 8 or 9, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Compliance</U>. Applicants represent that the Advisers&#146; allocation review process is a robust process designed as part of their
overall compliance policies and procedures to ensure that every client is treated fairly and that the Advisers are following their allocation policies. The entire allocation process is monitored and reviewed by the compliance team, led by the chief
compliance officer, and approved by the Board of each Regulated Fund as it applies to such Regulated Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)<U>&nbsp;Approval of
Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Regulated Fund will enter into a Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with one or more other Regulated Funds and/or Affiliated Funds only if, prior to the Regulated Fund&#146;s participation in the Potential
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, the Required Majority approves it in accordance with the Conditions of this Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the case of a BDC Downstream Fund with an Independent Party consisting of a transaction committee or advisory committee, the individuals on
the committee would possess experience and training comparable to that of the directors of the parent Regulated Fund and sufficient to permit them to make informed decisions on behalf of the applicable BDC Downstream Fund. Applicants represent that
the Independent Parties of the BDC Downstream Funds would be bound (by law or by contract) by fiduciary duties comparable to those applicable to the directors of the parent Regulated Fund, including a duty to act in the best interests of their
respective funds when approving transactions. These duties would apply in the case of all Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions, including transactions that could present a conflict of interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, Applicants believe that the existence of differing routes of approval between the BDC Downstream Funds and other Regulated Funds
would not result in Applicants investing through the BDC Downstream Funds in order to avoid obtaining the approval of a Regulated Fund&#146;s Board. Each Regulated Fund and BDC Downstream Fund has its own Objectives and Strategies and may have its
own Board-Established Criteria, the implementation of which depends on the specific circumstances of the entity&#146;s portfolio at the time an investment opportunity is presented. As noted above, consistent with its duty to its BDC Downstream
Funds, the Independent Party must reach a conclusion on whether or not an investment is in the best interest of its relevant BDC Downstream Funds. An investment made solely to avoid an approval requirement at the Regulated Fund level should not be
viewed as in the best interest of the entity in question and, thus, would not be approved by the Independent Party. </P> <P STYLE="font-size:12pt;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">12</SUP> The Advisers will maintain records of all proposed order amounts, Internal Orders and External Submissions in conjunction with Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transactions. Each applicable Adviser will provide the Eligible Directors with information concerning the Affiliated Funds&#146; and Regulated Funds&#146; order sizes to assist the Eligible Directors with their review of the applicable Regulated
Fund&#146;s investments for compliance with the Conditions. </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">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Regulated Fund may participate in Pro Rata Dispositions (defined below) and Pro Rata <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments (defined below) without obtaining prior approval of the Required Majority in accordance with Conditions 6(c)(i) and 8(b)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Delayed Settlement</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All Regulated
Funds and Affiliated Funds participating in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction 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. However, the settlement date for an Affiliated Fund in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction may occur up to ten business days after the settlement date
for the Regulated Fund, and vice versa. Nevertheless, in all cases, (i)&nbsp;the date on which the commitment of the Affiliated Funds and Regulated Funds is made will be the same even where the settlement date is not and (ii)&nbsp;the earliest
settlement date and the latest settlement date of any Affiliated Fund or Regulated Fund participating in the transaction will occur within ten business days of each other. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.&nbsp;<U>Permitted <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments and Approval of <FONT STYLE="white-space:nowrap">Follow-On</FONT>
Investments</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to time the Regulated Funds and Affiliated Funds may have opportunities to make
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments in an issuer in which a Regulated Fund and one or more other Regulated Funds and/or Affiliated Funds previously have invested and continue to hold an investment. If the Order is granted, <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments will be made in a manner that, over time, is fair and equitable to all of the Regulated Funds and Affiliated Funds and in accordance with the proposed procedures discussed above and with the
Conditions of the Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Order would divide <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments into two categories
depending on whether the Regulated Funds and Affiliated Funds holding investments in the issuer previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer and continue to hold any
securities acquired in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction for that issuer. If such Regulated Funds and Affiliated Funds have previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transaction with respect to the issuer, then the terms and approval of the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment would be subject to the process discussed in Section III.A.3.a. below and governed by Condition 8. These <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments are referred to as &#147;Standard Review <FONT STYLE="white-space:nowrap">Follow-Ons.&#148;</FONT> If such Regulated Funds and Affiliated Funds have not previously participated in a <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer, then the terms and approval of the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment would be subject to the &#147;onboarding process&#148; discussed
in Section III.A.3.b. below and governed by Condition 9. These <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments are referred to as &#147;Enhanced Review <FONT STYLE="white-space:nowrap">Follow-Ons.&#148;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Standard Review <FONT STYLE="white-space:nowrap">Follow-Ons</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Regulated Fund may invest in Standard Review <FONT STYLE="white-space:nowrap">Follow-Ons</FONT> either with the approval of the Required
Majority using the procedures required under Condition 8(c) or, where certain additional requirements are met, without Board approval under Condition&nbsp;8<FONT STYLE="font-family:Times New Roman; font-size:1pt"><I>&nbsp;</I></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt">(b). </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Regulated Fund may participate in a Standard Review <FONT
STYLE="white-space:nowrap">Follow-On</FONT> without obtaining the prior approval of the Required Majority if it is (i)&nbsp;a Pro Rata <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment or (ii)&nbsp;a
<FONT STYLE="white-space:nowrap">Non-Negotiated</FONT> <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A &#147;<B><I>Pro
Rata <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment</I></B>&#148; is a <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment (i)&nbsp;in which the participation of each Affiliated Fund and each Regulated Fund is proportionate to
its outstanding investments in the issuer or security, as appropriate,<SUP STYLE="font-size:85%; vertical-align:top">13</SUP>&nbsp;immediately preceding the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment, and (ii)&nbsp;in the case of a
Regulated Fund, a majority of the Board has approved the Regulated Fund&#146;s participation in the pro rata <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments as being in the best interests of the Regulated Fund. The Regulated
Fund&#146;s Board may refuse to approve, or at any time rescind, suspend or qualify, their approval of Pro Rata <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments, in which case all subsequent
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments will be submitted to the Regulated Fund&#146;s Eligible Directors in accordance with Condition&nbsp;8(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A &#147;<B><I><FONT STYLE="white-space:nowrap">Non-Negotiated</FONT> <FONT STYLE="white-space:nowrap">Follow-On</FONT>
Investment</I></B>&#148; is a <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment in which a Regulated Fund participates together with one or more Affiliated Funds and/or one or more other Regulated Funds (i)&nbsp;in which the only term
negotiated by or on behalf of the funds is price and (ii)&nbsp;with respect to which, if the transaction were considered on its own, the funds would be entitled to rely on one of the JT <FONT STYLE="white-space:nowrap">No-Action</FONT> Letters. </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> <I>See</I>&nbsp;note 28, below. </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">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Applicants believe that these Pro Rata and <FONT STYLE="white-space:nowrap">Non-Negotiated</FONT>
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments do not present a significant opportunity for overreaching on the part of any Adviser and thus do not warrant the time or the attention of the Board. Pro Rata <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments and <FONT STYLE="white-space:nowrap">Non-Negotiated</FONT> <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments remain subject to the Board&#146;s periodic review in accordance with
Condition&nbsp;10. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Enhanced Review <FONT STYLE="white-space:nowrap">Follow-Ons</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">One or more Regulated Funds and/or one or more Affiliated Funds holding <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments may
have the opportunity to make a <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment that is a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction in an issuer with respect to which they have not previously
participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. In these cases, the Regulated Funds and Affiliated Funds may rely on the Order to make such <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment subject to
the requirements of Condition 9. These enhanced review requirements constitute an &#147;onboarding process&#148; whereby Regulated Funds and Affiliated Funds may utilize the Order to participate in
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions even though they already hold <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments. For a given issuer, the participating Regulated Funds and Affiliated Funds need to
comply with these requirements only for the first <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. Subsequent <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions with respect to the issuer will be governed by
Condition 8 under the standard review process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.&nbsp;<U>Dispositions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Regulated Funds and Affiliated Funds may be presented with opportunities to sell, exchange or otherwise dispose of securities in a
transaction that would be prohibited by Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> or Section&nbsp;57(a)(4), as applicable. If the Order is granted, such Dispositions will be made in a manner that, over time, is fair and equitable to all of
the Regulated and Affiliated Funds and in accordance with procedures set forth in the proposed Conditions to the Order and discussed below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Order would divide these Dispositions into two categories: (i)&nbsp;if the Regulated Funds and Affiliated Funds holding investments in the
issuer have previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer and continue to hold any securities acquired in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction
for such issuer, then the terms and approval of the Disposition (hereinafter referred to as &#147;Standard Review Dispositions&#148;) would be subject to the process discussed in Section III.A.4.a. below and governed by Condition 6; and (ii)&nbsp;if
the Regulated Funds and Affiliated Funds have not previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer, then the terms and approval of the Disposition (hereinafter referred to as
&#147;Enhanced Review Dispositions&#148;) would be subject to the same &#147;onboarding process&#148; discussed in Section III.A.4.b. below, and governed by Condition 7. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Standard Review Dispositions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Regulated Fund may participate in a Standard Review Disposition either with the approval of the Required Majority using the standard
procedures required under Condition 6(d) or, where certain additional requirements are met, without Board approval under Condition 6(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Regulated Fund may participate in a Standard Review Disposition without obtaining the prior approval of the Required Majority if
(i)&nbsp;the Disposition is a Pro Rata Disposition or (ii)&nbsp;the securities are Tradable Securities and the Disposition meets the other requirements of Condition 6(c)(ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A &#147;<B><I>Pro Rata Disposition</I></B>&#148; is a Disposition (i)&nbsp;in which the participation of each Affiliated Fund and each
Regulated Fund is proportionate to its outstanding investment in the security subject to Disposition immediately preceding the Disposition;<SUP STYLE="font-size:85%; vertical-align:top">14</SUP>&nbsp;and (ii)&nbsp;in the case of a Regulated Fund, a
majority of the Board has approved the Regulated Fund&#146;s participation in pro rata Dispositions as being in the best interests of the Regulated Fund. The Regulated Fund&#146;s Board may refuse to approve, or at any time rescind, suspend or
qualify, their approval of Pro Rata Dispositions, in which case all subsequent Dispositions will be submitted to the Regulated Fund&#146;s Eligible Directors. </P> <P STYLE="font-size:12pt;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">14</SUP> <I>See</I>&nbsp;note 26, below. </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">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the case of a Tradable Security, approval of the required majority is not required for the
Disposition if: (x)&nbsp;the Disposition is not to the issuer or any affiliated person of the issuer;<SUP STYLE="font-size:85%; vertical-align:top">15</SUP>&nbsp;and (y)&nbsp;the security is sold for cash in a transaction in which the only term
negotiated by or on behalf of the participating Regulated Funds and Affiliated Funds is price. Pro Rata Dispositions and Dispositions of a Tradable Security remain subject to the Board&#146;s periodic review in accordance with Condition 10. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Enhanced Review Dispositions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">One or more Regulated Funds and one or more Affiliated Funds that have not previously participated in a
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to an issuer may have the opportunity to make a Disposition of <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments in a Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. In these cases, the Regulated Funds and Affiliated Funds may rely on the Order to make such Disposition subject to the requirements of Condition 7. As discussed above, with respect to
investment in a given issuer, the participating Regulated Funds and Affiliated Funds need only complete the onboarding process for the first <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, which may be an Enhanced Review <FONT
STYLE="white-space:nowrap">Follow-On</FONT> or an Enhanced Review Disposition.<SUP STYLE="font-size:85%; vertical-align:top">16</SUP>&nbsp;Subsequent <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions with respect to the issuer will
be governed by Condition 6 or 8 under the standard review process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Use of Wholly-Owned Investment Subs</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Regulated Fund may, from time to time, form one or more Wholly-Owned Investment Subs. Such a subsidiary may be prohibited from investing in
a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with a Regulated Fund (other than its parent) or any Affiliated Fund because it would be a company controlled by its parent Regulated Fund for purposes of Section&nbsp;57(a)(4) and
Rule <FONT STYLE="white-space:nowrap">17d-1.</FONT> 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 the applicable parent Regulated
Fund that owns it 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Applicants note that an entity could not be both a Wholly-Owned Investment Sub and a BDC Downstream Fund because, in the former case, the
Board of the parent Regulated Fund makes any determinations regarding the subsidiary&#146;s investments while, in the latter case, the Independent Party makes such determinations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B. <U>Applicable Law</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Section&nbsp;17(d) and
Section&nbsp;57(a)(4)</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;17(d) of the Act generally prohibits an affiliated person (as defined in Section&nbsp;2(a)(3) of
the Act), or an affiliated person of such affiliated person, of a registered investment company acting as principal, from effecting any transaction in which the registered 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 investment company on a basis different from or less advantageous than that of such other participant. </P>
<P STYLE="font-size:12pt;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">15</SUP> In the case of a Tradable Security, Dispositions to the issuer or an affiliated person of the issuer
are not permitted so that funds participating in the Disposition do not benefit to the detriment of Regulated Funds that remain invested in the issuer. For example, if a Disposition of a Tradable Security were permitted to be made to the issuer, the
issuer may be reducing its short term assets (i.e., cash) to pay down long term liabilities. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">16</SUP>
However, with respect to an issuer, if a Regulated Fund&#146;s first <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction is an Enhanced Review Disposition, and the Regulated Fund does not dispose of its entire position in the Enhanced
Review Disposition, then before such Regulated Fund may complete its first Standard Review <FONT STYLE="white-space:nowrap">Follow-On</FONT> in such issuer, the Eligible Directors must review the proposed
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment not only on a stand-alone basis but also in relation to the total economic exposure in such issuer (i.e., in combination with the portion of the
<FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investment not disposed of in the Enhanced Review Disposition), and the other terms of the investments. This additional review is required because such findings were not required in connection
with the prior Enhanced Review Disposition, but they would have been required had the first <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction been an Enhanced Review <FONT STYLE="white-space:nowrap">Follow-On.</FONT> </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">12 </P>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Similarly, with regard to BDCs, Section&nbsp;57(a)(4) prohibits certain persons specified in
Section&nbsp;57(b) from participating in a joint transaction with the BDC, or a company controlled by the BDC, in contravention of rules as prescribed by the Commission. In particular, Section&nbsp;57(a)(4) applies to: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Any director, officer, employee, or member of an advisory board of a BDC or any person (other than the BDC
itself) who is an affiliated person of the forgoing pursuant to Section&nbsp;2(a)(3)(C); or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">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 (except the BDC itself and any person who, if it were not directly or indirectly controlled by the BDC, would not be directly or indirectly under the control of a
person who controls the BDC);<SUP STYLE="font-size:85%; vertical-align:top">17</SUP>&nbsp;or any person who is an affiliated person of any of the forgoing within the meaning of Section&nbsp;2(a)(3)(C) or (D). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the foregoing application of Section&nbsp;57(a)(4), BDC Downstream Funds on the one hand and other Regulated Funds and Affiliated
Funds on the other, may not <FONT STYLE="white-space:nowrap">co-invest</FONT> absent an exemptive order because the BDC Downstream Funds are controlled by a BDC and the Affiliated Funds and other Regulated Funds are included in Section&nbsp;57(b).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2(a)(3)(C) 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.&nbsp;Section 2(a)(3)(D) defines &#147;any officer, director, partner, copartner, or employee&#148; of an affiliated person as an affiliated person.&nbsp;Section 2(a)(9)
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) a person who
beneficially owns, either directly or through one or more controlled companies, more than 25% of the voting securities of a company is presumed to control such company.&nbsp;The Commission and its staff have indicated on a number of occasions their
belief that an investment adviser that provides discretionary investment management services to a fund and that sponsored, selected the initial directors, and provides administrative or other <FONT STYLE="white-space:nowrap">non-advisory</FONT>
services to the fund, controls such fund, absent compelling evidence to the contrary.<SUP STYLE="font-size:85%; vertical-align:top">18</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Rule <FONT
STYLE="white-space:nowrap">17d-1</FONT></U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> generally prohibits an affiliated person
(as defined in Section&nbsp;2(a)(3)), or an affiliated person of such affiliated person, of a registered investment company acting as principal, from effecting any transaction in which the registered investment company, or a company controlled by
such registered 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 investment company on a basis different
from or less advantageous than that of such first or second tier affiliate. Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> generally prohibits participation by a registered investment company and an affiliated person (as defined in
Section&nbsp;2(a)(3)) 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="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">17</SUP> Also excluded from this category by Rule <FONT STYLE="white-space:nowrap">57b-1</FONT> is any person
who would otherwise be included (a)&nbsp;solely because that person is directly or indirectly controlled by a business development company, or (b)&nbsp;solely because that person is, within the meaning of Section&nbsp;2(a)(3)(C) or (D), an
affiliated person of a person described in (a)&nbsp;above. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">18</SUP> <U>See</U>,<U>&nbsp;e.g.</U>, SEC Rel.
No. <FONT STYLE="white-space:nowrap">IC-4697</FONT> (Sept. 8, 1966) (&#147;For purposes of Section&nbsp;2(a)(3)(C), affiliation based upon control would depend on the facts of the given situation, including such factors as extensive interlocks of
officers, directors or key personnel, common investment advisers or underwriters, etc.&#148;); Lazard Freres Asset Management, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (pub. avail. Jan.&nbsp;10, 1997) (&#147;While, in some
circumstances, the nature of an advisory relationship may give an adviser control over its client&#146;s management or policies, whether an investment company and another entity are under common control is a factual question&#133;&#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">13 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> was promulgated by the Commission pursuant to
Section&nbsp;17(d) and made applicable to persons subject to Sections&nbsp;57<FONT STYLE="font-family:Times New Roman; font-size:1pt"><I>&nbsp;</I></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt">(a) and&nbsp;(d)&nbsp;by
Section&nbsp;57(i) to the extent specified therein. Section&nbsp;57(i) provides that, until the Commission prescribes rules under Sections 57(a) and (d), the Commission&#146;s rules under Section&nbsp;17(d) applicable to registered <FONT
STYLE="white-space:nowrap">closed-end</FONT> investment companies will be deemed to apply to persons subject to the prohibitions of Section&nbsp;57(a) or (d). Because the Commission has not adopted any rules under Section&nbsp;57(a) or (d), Rule <FONT
STYLE="white-space:nowrap">17d-1</FONT> applies to persons subject to the prohibitions of Section&nbsp;57(a) or (d). </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Applicants
seek relief pursuant to Rule <FONT STYLE="white-space:nowrap">17d-1,</FONT> which permits the Commission to authorize joint transactions upon application. In passing upon applications filed pursuant to Rule
<FONT STYLE="white-space:nowrap">17d-1,</FONT> the Commission is directed by Rule <FONT STYLE="white-space:nowrap">17d-1(b)</FONT> 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 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; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Commission has stated that Section&nbsp;17(d), upon which Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> is based, and upon which
Section&nbsp;57(a)(4) was modeled, was designed to protect investment companies from self-dealing and overreaching by insiders. The Commission has also taken notice that there may be transactions subject to these prohibitions that do not present the
dangers of overreaching.<SUP STYLE="font-size:85%; vertical-align:top">19</SUP>&nbsp;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)&#133;is to prevent&#133;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;<SUP
STYLE="font-size:85%; vertical-align:top">20</SUP>&nbsp;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, and rules thereunder, but is modified to address concerns relating to unique characteristics presented by business development companies.&#148;<SUP STYLE="font-size:85%; vertical-align:top">21</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Applicants believe that the Conditions would ensure that the conflicts of interest that Section&nbsp;17(d) and Section&nbsp;57(a)(4) were
designed to prevent would be addressed and the standards for an order under Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> and Section&nbsp;57(i) would be met. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C.&nbsp;&nbsp;&nbsp;&nbsp;<U>Need for Relief</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions are<B> </B>prohibited by Rule <FONT STYLE="white-space:nowrap">17d-1</FONT>
and either or both of Sections 17(d) and 57(a)(4) without a prior exemptive order of the Commission, to the extent that the Affiliated Funds and the Regulated Funds participating in such transactions fall within the category of persons described by
Rule <FONT STYLE="white-space:nowrap">17d-1,</FONT> Section&nbsp;17(d) and/or Section&nbsp;57(b), as modified by Rule <FONT STYLE="white-space:nowrap">57b-1</FONT> thereunder, as applicable, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">vis-&agrave;-vis</FONT></FONT> each participating Regulated Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the participating Regulated Funds
and Affiliated Funds may be deemed to be affiliated persons <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">vis-&agrave;-vis</FONT></FONT> a Regulated Fund within the meaning of Section&nbsp;2(a)(3) by reason of common control
because (i)&nbsp;an Adviser or Advisers manage each of the Existing Affiliated Funds and may be deemed to control the Existing Affiliated Funds, and an Adviser will advise (and <FONT STYLE="white-space:nowrap">sub-advise,</FONT> if applicable) and
will control any future Affiliated Fund, (ii)&nbsp;an Adviser serves or will serve as investment adviser (and <FONT STYLE="white-space:nowrap">sub-adviser,</FONT> if applicable) to each of the Regulated Funds and may be deemed to control the
Regulated Funds, and (iii)&nbsp;each BDC Downstream Fund will be deemed to be controlled by its BDC parent and/or its BDC parent&#146;s Adviser; and (iv)&nbsp;the Advisers are under common control. Thus, each Regulated Fund and each Affiliated Fund
may be deemed to be a person related to a Regulated Fund or BDC Downstream Fund in a manner described by Section&nbsp;57(b)&nbsp;(or Section&nbsp;17(d)&nbsp;in the case of Regulated Funds that are registered under the Act) and therefore would be
prohibited by Section&nbsp;57(a)(4)&nbsp;(or Section&nbsp;17(d)&nbsp;in the case of Regulated Funds that are registered under the Act) and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1&nbsp;from</FONT> participating
<FONT STYLE="white-space:nowrap">in&nbsp;Co-Investment&nbsp;Transactions</FONT> without the Order. </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">19</SUP> <U>See Protecting Investors: A Half-Century of Investment Company Regulation</U>, 1504 Fed. Sec. L.
Rep., Extra Edition (May&nbsp;29, 1992) at 488<I></I><I>&nbsp;et seq.</I> </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">20</SUP> <U>Securities and
Exchange Commission v. Talley Industries, Inc</U>., 399 F.2d 396, 405 (2d Cir. 1968),&nbsp;<U>cert</U>.&nbsp;<U>denied</U>, 393 U.S. 1015 (1969). </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP
STYLE="font-size:85%; vertical-align:top">21</SUP> 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: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>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, because the BDC Downstream Funds and Wholly-Owned Investment Subs are controlled by the
Regulated Funds, the BDC Downstream Funds and Wholly-Owned Investment Subs are subject to Section&nbsp;57(a)(4) (or Section&nbsp;17(d) in the case of Wholly-Owned Investment Subs controlled by Regulated Funds that are registered under the Act), and
thus also subject to the provisions of <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1,&nbsp;and</FONT> therefore would be prohibited from participating <FONT STYLE="white-space:nowrap">in&nbsp;Co-Investment&nbsp;Transactions</FONT> without the
Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, because the Investcorp Proprietary Accounts will be controlled by Investcorp Holdings, which is the parent company of
the Existing Advisers and, therefore, may be under common control with the Existing Regulated Fund, the Advisers, and any Future Regulated Funds, the Investcorp Proprietary Accounts could be deemed to be persons related to the Regulated Funds (or a
company controlled by the Regulated Funds) in a manner described by Section&nbsp;17(d) or 57(b) and also prohibited from participating in the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">D.&nbsp;&nbsp;&nbsp;&nbsp;<U>Precedents</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Commission has issued numerous exemptive orders under the Act permitting registered investment companies and BDCs to <FONT
STYLE="white-space:nowrap">co-invest</FONT> with affiliated persons, including precedents involving proprietary accounts.<SUP STYLE="font-size:85%; vertical-align:top">22</SUP> Applicants submit that the allocation procedures set forth in the
Conditions for relief are consistent with and expand the range of investor protections found in the orders we cite. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IV.&nbsp;&nbsp;&nbsp;&nbsp;<U>STATEMENT IN SUPPORT OF RELIEF REQUESTED</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> (made applicable to transactions subject to Section&nbsp;57(a) by
Section&nbsp;57(i)), the Commission may grant the requested relief as to any particular joint transaction if it finds that the participation of the Regulated Funds in the joint transaction is consistent with the provisions, policies and purposes of
the Act and is not on a basis different from or less advantageous than that of other participants. Applicants submit that allowing the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions described in 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 Conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As required by Rule <FONT STYLE="white-space:nowrap">17d-1(b),</FONT> the Conditions ensure that the terms on which <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transactions may be made will be consistent with the participation of the Regulated Funds being on a basis that it is neither different from nor less advantageous than other participants, thus
protecting the equity holders of any participant from being disadvantaged. The Conditions ensure that all <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions are reasonable and fair to the Regulated Funds and their shareholders and do
not involve overreaching by any person concerned, including the Advisers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp;<U>Potential Benefits</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the absence of the relief sought hereby, in many circumstances the Regulated Funds would be limited in their ability to participate in
attractive and appropriate investment opportunities. Section&nbsp;17(d), Section&nbsp;57(a)(4) and Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> should not prevent BDCs and registered <FONT STYLE="white-space:nowrap">closed-end</FONT>
investment companies from making investments that are in the best interests of their shareholders. </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">22</SUP> <I>See, e.g.,</I><I></I><U>&nbsp;Rand Capital Corporation, et al.</U> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;812-15174)</FONT> Release No. <FONT STYLE="white-space:nowrap">IC-34218</FONT> (March 1, 2021) (notice), Release No. <FONT STYLE="white-space:nowrap">IC-34237</FONT> (March 29, 2021) (order); <U>Muzinich BDC,
Inc., et al.</U> (File <FONT STYLE="white-space:nowrap">No.&nbsp;812-15086)</FONT> Release No. <FONT STYLE="white-space:nowrap">IC-34186</FONT> (February 2, 2021) (notice), Release No. <FONT STYLE="white-space:nowrap">IC-34219</FONT> (March 2, 2021)
(order); <U>Hamilton Lane Private Assets Fund, et al.</U> (File <FONT STYLE="white-space:nowrap">No.&nbsp;812-15099)</FONT> Release No. <FONT STYLE="white-space:nowrap">IC-34182</FONT> (January 28, 2021) (notice), Release No. <FONT
STYLE="white-space:nowrap">IC-34201</FONT> (February 23, 2021) (order); <U>Palmer Square Capital BDC Inc., et al.</U> (File <FONT STYLE="white-space:nowrap">No.&nbsp;812-15113)</FONT> Release No. <FONT STYLE="white-space:nowrap">IC-34139</FONT>
(December 14, 2020) (notice), Release No. <FONT STYLE="white-space:nowrap">IC-34167</FONT> (January 8, 2021) (order); <U>Palmer Square Capital BDC Inc., et al.</U> (File <FONT STYLE="white-space:nowrap">No.&nbsp;812-15113)</FONT> Release No. <FONT
STYLE="white-space:nowrap">IC-34139</FONT> (December 14, 2020) (notice), Release No. <FONT STYLE="white-space:nowrap">IC-34167</FONT> (January 8, 2021) (order); <U>KKR Income Opportunities Fund, et al.</U> (File
<FONT STYLE="white-space:nowrap">No.&nbsp;812-14951)</FONT> Release No. <FONT STYLE="white-space:nowrap">IC-34138</FONT> (December 11, 2020) (notice), Release No. <FONT STYLE="white-space:nowrap">IC-34164</FONT> (January 5, 2021) (order). </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; text-indent:4%; font-size:10pt; 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, including the Required Majority, of each Regulated Fund has 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 should be able to participate in a larger number and greater variety of transactions; (ii)&nbsp;the Regulated Fund should be
able to participate in larger transactions; (iii)&nbsp;the Regulated Fund should 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 should 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 should 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 Conditions are fair to the Regulated Funds and their shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B.&nbsp;&nbsp;&nbsp;&nbsp;<U>Protective Representations and Conditions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Conditions 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 Act. Specifically, the Conditions incorporate the following critical protections: (i)&nbsp;all Regulated Funds participating in the <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transactions will invest at the same time (except that, subject to the limitations in the Conditions, the settlement date for an Affiliated Fund in a
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction may occur up to ten business days after the settlement date for the Regulated Fund, and vice versa), 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 (not including transactions completed on a pro rata basis
pursuant to Conditions 6(c)(i) and 8(b)(i) or otherwise not requiring Board approval) 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; text-indent:4%; font-size:10pt; font-family:Times New Roman">Applicants believe that participation by the Regulated Funds in Pro Rata <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments and Pro
Rata Dispositions, as provided in Conditions 6(c)(i) and 8(b)(i), is consistent with the provisions, policies and purposes of the 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 investment or disposition eliminates the possibility for overreaching and unnecessary prior review by the Board.&nbsp;Applicants note that the Commission has adopted a similar pro rata approach in the context of Rule <FONT
STYLE="white-space:nowrap">23c-2,</FONT> 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; text-indent:4%; font-size:10pt; font-family:Times New Roman">Applicants also believe that the participation by the Regulated Funds in <FONT
STYLE="white-space:nowrap">Non-Negotiated</FONT> <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments and in Dispositions of Tradable Securities without the approval of a Required Majority is consistent with the provisions, policies and
purposes of the Act as there is no opportunity for overreaching by affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Adviser, its principals, or any person controlling,
controlled by, or under common control with the Adviser or its principals, and the Affiliated Funds (collectively, the &#147;<B><I>Holders</I></B>&#148;) own in the aggregate more than 25&nbsp;percent of the outstanding voting shares of a Regulated
Fund (the &#147;<B><I>Shares</I></B>&#148;), then the Holders will vote such Shares as required under Condition 15. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Applicants believe
that this condition will ensure that the Independent Directors will act independently in evaluating <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions, because the ability of an Adviser or its principals to influence the Independent
Directors by a suggestion, explicit or implied, that the Independent Directors can be removed if desired by the Holders will be limited significantly. The Independent Directors shall evaluate and approve any 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: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; text-indent:4%; font-size:10pt; font-family:Times New Roman">In sum, Applicants believe that the Conditions would ensure that each Regulated Fund that
participates in any type of <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 for purposes of Section&nbsp;17(d) or
Section&nbsp;57(a)(4) and the Rules under the Act.&nbsp;As a result, Applicants believe that the participation of the Regulated Funds in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions in accordance with the Conditions would be
consistent with the provisions, policies, and purposes of the 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:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>V.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>CONDITIONS</U> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; 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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Identification and Referral of Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Advisers will establish, maintain and implement policies and procedures reasonably designed to ensure that each Adviser is promptly
notified of all Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions that fall within the then-current Objectives and Strategies and Board-Established Criteria of any Regulated Fund the Adviser manages. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) When an Adviser to a Regulated Fund is notified of a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction under
Condition 1(a), the Adviser will make an independent determination of the appropriateness of the investment for the Regulated Fund in light of the Regulated Fund&#146;s then-current circumstances. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Board Approvals of <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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:4%; font-size:10pt; font-family:Times New Roman">(b) If the aggregate amount recommended by the Advisers to be invested in the Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transaction by the participating Regulated Funds and any participating Affiliated Funds, collectively, exceeds the amount of the investment opportunity, the investment opportunity will be allocated among them pro rata based on the size of the
Internal Orders, as described in section&nbsp;III.A.1.b. above. Each Adviser to a participating Regulated Fund will promptly notify and provide the Eligible Directors with information concerning the Affiliated Funds&#146; and Regulated Funds&#146;
order sizes to assist the Eligible Directors with their review of the applicable Regulated Fund&#146;s investments for compliance with these Conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) After making the determinations required in Condition 1(b) above, each Adviser to a participating Regulated Fund 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 each participating Affiliated Fund) to the Eligible
Directors of its participating Regulated Fund(s) for their consideration. A Regulated Fund will enter into a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with one or more other Regulated Funds or 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:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Regulated Fund and
its equity holders and do not involve overreaching in respect of the Regulated Fund or its equity holders on the part of any person concerned; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the transaction is consistent with: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) the interests of the Regulated Fund&#146;s equity holders; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) the Regulated Fund&#146;s then-current Objectives and Strategies; </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">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the investment by any other Regulated Fund(s) or Affiliated Fund(s) 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 any other Regulated Fund(s) or Affiliated Fund(s) participating in the
transaction;&nbsp;<U>provided</U>&nbsp;that the Required Majority shall not be prohibited from reaching the conclusions required by this Condition 2(c)(iii) if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) the settlement date for another Regulated Fund or an Affiliated Fund in a
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction is later than the settlement date for the Regulated Fund by no more than ten business days or earlier than the settlement date for the Regulated Fund by no more than ten business
days, in either case, so long as: (x)&nbsp;the date on which the commitment of the Affiliated Funds and Regulated Funds is made is the same; and (y)&nbsp;the earliest settlement date and the latest settlement date of any Affiliated Fund or Regulated
Fund participating in the transaction will occur within ten business days of each other; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) 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, the right to have a board observer or any similar right to participate in the governance or
management of the portfolio company so long as: (x)&nbsp;the Eligible Directors will have the right to ratify the selection of such director or board observer, if any; (y)&nbsp;the 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 (z)&nbsp;any fees or other compensation that any other Regulated Fund or Affiliated Fund or any affiliated person of any other Regulated Fund or Affiliated Fund receives in connection with the right of one or more Regulated Funds or
Affiliated Funds 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 any participating Affiliated Funds (who may, in turn, share
their portion with their affiliated persons)&nbsp;and any participating Regulated Fund(s) in accordance with the amount of each such party&#146;s investment; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the proposed investment by the Regulated Fund will not involve compensation, remuneration or a direct or indirect<SUP
STYLE="font-size:85%; vertical-align:top">23</SUP> financial benefit to the Advisers, any other Regulated Fund, the Affiliated 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 14, (B)&nbsp;to the extent permitted by Section&nbsp;17(e) or 57(k), 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 2(c)(iii)(B)(z). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Right to Decline</U>. 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>General Limitation</U>. Except for <FONT STYLE="white-space:nowrap">Follow-On</FONT>
Investments made in accordance with Conditions 8 and 9 below,<SUP STYLE="font-size:85%; vertical-align:top">24</SUP>&nbsp;a Regulated Fund will not invest in reliance on the Order in any issuer in which a Related Party has an investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Same Terms and Conditions</U><I>.</I><I></I>&nbsp;A Regulated Fund will not participate in any Potential
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction unless (i)&nbsp;the terms, conditions, price, class of securities to be purchased, date on which the commitment is entered into and registration rights (if any) will be the same for
each participating Regulated Fund and Affiliated Fund and (ii)&nbsp;the earliest settlement date and the latest settlement date of any participating Regulated Fund or Affiliated Fund will occur as close in time as practicable and in no event more
than ten business days apart. The grant to one or more Regulated Funds or Affiliated Funds, but not the respective 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 5, if Condition 2(c)(iii)(B) is met. </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">23</SUP> For example, procuring the Regulated Fund&#146;s investment in a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction to permit an affiliate to complete or obtain better terms
in a separate transaction would constitute an indirect financial benefit. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">24</SUP> This exception applies
only to <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments by a Regulated Fund in issuers in which that 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:12pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <U>Standard Review Dispositions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)<I>&nbsp;General</I>. If any Regulated Fund or Affiliated Fund elects to sell, exchange or otherwise dispose of an interest in a security
and one or more Regulated Funds and Affiliated Funds have previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer, then: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Adviser to such Regulated Fund or Affiliated Fund<SUP STYLE="font-size:85%; vertical-align:top">25</SUP> will notify
each Regulated Fund that holds an investment in the issuer of the proposed Disposition at the earliest practical time; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Adviser to each Regulated Fund that holds an investment in the issuer will formulate a recommendation as to
participation by such Regulated Fund in the Disposition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)<I>&nbsp;Same Terms and Conditions</I>. 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 Affiliated Funds and any other Regulated Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)<I>&nbsp;No Board Approval Required</I>. A Regulated Fund may participate in such a Disposition without obtaining prior approval of the
Required Majority if: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) (A)&nbsp;the participation of each Regulated Fund and Affiliated Fund in such Disposition is
proportionate to its then-current holding of the security (or securities) of the issuer that is (or are) the subject of the Disposition;<SUP STYLE="font-size:85%; vertical-align:top">26</SUP>&nbsp;(B)&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 the Application); and (C)&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; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) each security is a
Tradable Security and (A)&nbsp;the Disposition is not to the issuer or any affiliated person of the issuer; and (B)&nbsp;the security is sold for cash in a transaction in which the only term negotiated by or on behalf of the participating Regulated
Funds and Affiliated Funds is price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)<I>&nbsp;Standard Board Approval</I>. 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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. <U>Enhanced Review Dispositions</U><I>.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)<I>&nbsp;General</I>. If any Regulated Fund or Affiliated Fund elects to sell, exchange or otherwise dispose of a <FONT
STYLE="white-space:nowrap">Pre-Boarding</FONT> Investment in a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction and the Regulated Funds and Affiliated Funds have not previously participated in a <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Adviser to such Regulated
Fund or Affiliated Fund will notify each Regulated Fund that holds an investment in the issuer of the proposed Disposition at the earliest practical time; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Adviser to each Regulated Fund that holds an investment in the issuer will formulate a recommendation as to
participation by such Regulated Fund in the Disposition; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the Advisers will provide to the Board of each
Regulated Fund that holds an investment in the issuer all information relating to the existing investments in the issuer of the Regulated Funds and Affiliated Funds, including the terms of such investments and how they were made, that is necessary
for the Required Majority to make the findings required by this Condition. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&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">25</SUP> Any Investcorp Proprietary Account that is not advised by an Adviser is itself deemed to be an Adviser for purposes of
Conditions&nbsp;6<FONT STYLE="font-family:Times New Roman; font-size:1pt"><I>&nbsp;</I></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt">(a)(i), 7(a)(i),&nbsp;8(a)(i)&nbsp;and&nbsp;9(a)(i). </FONT></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">26</SUP> In the case of any Disposition, proportionality will be measured by each participating Regulated
Fund&#146;s and Affiliated Fund&#146;s outstanding investment in the security in question immediately preceding the Disposition. </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">19 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)<I>&nbsp;Enhanced Board Approval</I>. 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: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Disposition complies with Condition 2(c)(i), (ii), (iii)(A), and (iv); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the making and holding of the <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments were not prohibited by
Section&nbsp;57 or Rule <FONT STYLE="white-space:nowrap">17d-1,</FONT> as applicable, and records the basis for the finding in the Board minutes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)<I>&nbsp;Additional Requirements:</I>&nbsp;The Disposition may only be completed in reliance on the Order if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)<I>&nbsp;Same Terms and Conditions</I>. Each Regulated Fund has 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 Affiliated Funds and any other Regulated Fund; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)<I>&nbsp;Original Investments</I>. All of the Affiliated Funds&#146; and Regulated Funds&#146; investments in the issuer
are <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)<I>&nbsp;Advice of counsel</I>. Independent
counsel to the Board advises that the making and holding of the investments in the <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments were not prohibited by Section&nbsp;57 (as modified by Rule
<FONT STYLE="white-space:nowrap">57b-1)</FONT> or Rule <FONT STYLE="white-space:nowrap">17d-1,</FONT> as applicable; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)<I>&nbsp;Multiple Classes of Securities.</I><I></I>&nbsp;All Regulated Funds and Affiliated Funds that hold <FONT
STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments in the issuer immediately before the time of completion of the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction hold the same security or securities of the issuer. For the
purpose of determining whether the Regulated Funds and Affiliated Funds hold the same security or securities, they may disregard any security held by some but not all of them if, prior to relying on the Order, the Required Majority is presented with
all information necessary to make a finding, and finds, that: (x)&nbsp;any Regulated Fund&#146;s or Affiliated Fund&#146;s holding of a different class of securities (including for this purpose a security with a different maturity date) is
immaterial<SUP STYLE="font-size:85%; vertical-align:top">27</SUP>&nbsp;in amount, including immaterial relative to the size of the issuer; and (y)&nbsp;the Board records the basis for any such finding in its minutes. In addition, securities that
differ only in respect of issuance date, currency, or denominations may be treated as the same security; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v)<I>&nbsp;No control</I>. The Affiliated Funds, the other Regulated Funds and their affiliated persons (within the meaning
of Section&nbsp;2(a)(3)(C) of the Act), individually or in the aggregate, do not control the issuer of the securities (within the meaning of Section&nbsp;2(a)(9) of the Act). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <U>Standard Review <FONT STYLE="white-space:nowrap">Follow-Ons.</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)<I>&nbsp;General</I>. If any Regulated Fund or Affiliated Fund desires to make a <FONT STYLE="white-space:nowrap">Follow-On</FONT>
Investment in an issuer and the Regulated Funds and Affiliated Funds holding investments in the issuer previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Adviser to each such Regulated Fund or Affiliated Fund will notify each Regulated Fund that holds securities of the
portfolio company of the proposed transaction at the earliest practical time; and </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">27</SUP> In determining whether a holding is &#147;immaterial&#148; for purposes of the Order, the Required
Majority will consider whether the nature and extent of the interest in the transaction or arrangement is sufficiently small that a reasonable person would not believe that the interest affected the determination of whether to enter into the
transaction or arrangement or the terms of the transaction or arrangement. </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">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Adviser to each Regulated Fund that holds an investment in the issuer
will formulate a recommendation as to the proposed participation, including the amount of the proposed investment, by such Regulated Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)<I>&nbsp;No Board Approval Required</I>. A Regulated Fund may participate in the <FONT STYLE="white-space:nowrap">Follow-On</FONT>
Investment without obtaining prior approval of the Required Majority if: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;(A) the proposed participation of each
Regulated Fund and each Affiliated Fund in such investment is proportionate to its outstanding investments in the issuer or the security at issue, as appropriate,<SUP STYLE="font-size:85%; vertical-align:top">28</SUP>&nbsp;immediately preceding the <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investment; and (B)&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); or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) it is a <FONT
STYLE="white-space:nowrap">Non-Negotiated</FONT> <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)<I>&nbsp;Standard Board
Approval</I>. 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 makes the determinations set forth in Condition 2(c). If the only previous <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction
with respect to the issuer was an Enhanced Review Disposition the Eligible Directors must complete this review of the proposed <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment both on a stand-alone basis and together with the <FONT
STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments in relation to the total economic exposure and other terms of the investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)<I>&nbsp;Allocation</I>. If, with respect to any such <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the amount of the opportunity proposed to be made available to any Regulated Fund is not based on the Regulated
Funds&#146; and the Affiliated Funds&#146; outstanding investments in the issuer or the security at issue, as appropriate, immediately preceding the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the aggregate amount recommended by the Advisers to be invested in the <FONT STYLE="white-space:nowrap">Follow-On</FONT>
Investment by the participating Regulated Funds and any participating Affiliated Funds, collectively, exceeds the amount of the investment opportunity, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment opportunity will be allocated among them pro rata based on the size of the Internal
Orders, as described in section III.A.1.b. above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)<I>&nbsp;Other Conditions</I>. 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="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">28</SUP> To the extent that a <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment opportunity is in a security or arises in respect of a security held by the participating Regulated Funds and
Affiliated Funds, proportionality will be measured by each participating Regulated Fund&#146;s and Affiliated Fund&#146;s outstanding investment in the security in question immediately preceding the <FONT STYLE="white-space:nowrap">Follow-On</FONT>
Investment using the most recent available valuation thereof. To the extent that a <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment opportunity relates to an opportunity to invest in a security that is not in respect of any security held
by any of the participating Regulated Funds or Affiliated Funds, proportionality will be measured by each participating Regulated Fund&#146;s and Affiliated Fund&#146;s outstanding investment in the issuer immediately preceding the <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investment using the most recent available valuation thereof. </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">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. <U>Enhanced Review <FONT STYLE="white-space:nowrap">Follow-Ons</FONT></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)<I>&nbsp;General</I>. If any Regulated Fund or Affiliated Fund desires to make a <FONT STYLE="white-space:nowrap">Follow-On</FONT>
Investment in an issuer that is a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction and the Regulated Funds and Affiliated Funds holding investments in the issuer have not previously participated in a <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Adviser to each such
Regulated Fund or Affiliated Fund will notify each Regulated Fund that holds securities of the portfolio company of the proposed transaction at the earliest practical time; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Adviser to each Regulated Fund that holds an investment in the issuer will formulate a recommendation as to the
proposed participation, including the amount of the proposed investment, by such Regulated Fund; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the Advisers
will provide to the Board of each Regulated Fund that holds an investment in the issuer all information relating to the existing investments in the issuer of the Regulated Funds and Affiliated Funds, including the terms of such investments and how
they were made, that is necessary for the Required Majority to make the findings required by this Condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)<I>&nbsp;Enhanced Board
Approval</I>. 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 reviews the proposed <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment both on a stand-alone basis and together with the <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments in
relation to the total economic exposure and other terms and makes the determinations set forth in Condition 2(c). In addition, the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment may only be completed in reliance on the Order if the
Required Majority of each participating Regulated Fund determines that the making and holding of the <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments were not prohibited by Section&nbsp;57 (as modified
<FONT STYLE="white-space:nowrap">by&nbsp;Rule&nbsp;57b-1)&nbsp;or</FONT> Rule <FONT STYLE="white-space:nowrap">17d-1,</FONT> as applicable. The basis for the Board&#146;s findings will be recorded in its minutes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)<I>&nbsp;Additional Requirements</I>. The <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment may only be completed in reliance on
the Order if: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)<I>&nbsp;Original Investments</I>. All of the Affiliated Funds&#146; and Regulated Funds&#146;
investments in the issuer are <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)<I>&nbsp;Advice of
counsel</I>. Independent counsel to the Board advises that the making and holding of the investments in the <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments were not prohibited by Section&nbsp;57 (as modified by Rule <FONT
STYLE="white-space:nowrap">57b-1)</FONT> or Rule <FONT STYLE="white-space:nowrap">17d-1,</FONT> as applicable; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)<I>&nbsp;Multiple Classes of Securities</I>. All Regulated Funds and Affiliated Funds that hold <FONT
STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments in the issuer immediately before the time of completion of the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction hold the same security or securities of the issuer. For the
purpose of determining whether the Regulated Funds and Affiliated Funds hold the same security or securities, they may disregard any security held by some but not all of them if, prior to relying on the Order, the Required Majority is presented with
all information necessary to make a finding, and finds, that: (x)&nbsp;any Regulated Fund&#146;s or Affiliated Fund&#146;s holding of a different class of securities (including for this purpose a security with a different maturity date) is
immaterial in amount, including immaterial relative to the size of the issuer; and (y)&nbsp;the Board records the basis for any such finding in its minutes. In addition, securities that differ only in respect of issuance date, currency, or
denominations may be treated as the same security; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)<I>&nbsp;No control</I>. The Affiliated Funds, the other
Regulated Funds and their affiliated persons (within the meaning of Section&nbsp;2(a)(3)(C) of the Act), individually or in the aggregate, do not control the issuer of the securities (within the meaning of Section&nbsp;2(a)(9) of the 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:12pt; font-family:Times New Roman" ALIGN="center">22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)<I>&nbsp;Allocation</I>. If, with respect to any such
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the amount of the opportunity proposed to be made
available to any Regulated Fund is not based on the Regulated Funds&#146; and the Affiliated Funds&#146; outstanding investments in the issuer or the security at issue, as appropriate, immediately preceding the
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the aggregate amount recommended by the Advisers
to be invested in the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment by the participating Regulated Funds and any participating Affiliated Funds, collectively, exceeds the amount of the investment opportunity, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment opportunity will be allocated among them pro rata based on the size of the Internal
Orders, as described in section III.A.1.b. above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)<I>&nbsp;Other Conditions</I>. 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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. <U>Board Reporting, Compliance and Annual <FONT STYLE="white-space:nowrap">Re-Approval</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Adviser to a Regulated Fund will present to the Board of each Regulated Fund, on a quarterly basis, and at such other times as the
Board may request, (i)&nbsp;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 any of the Affiliated Funds during the preceding quarter that fell
within the Regulated Fund&#146;s then-current Objectives and Strategies and Board-Established Criteria that were not made available to the Regulated Fund, and an explanation of why such investment opportunities were not made available to the
Regulated Fund; (ii)&nbsp;a record of all <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments in and Dispositions of investments in any issuer in which the Regulated Fund holds any investments by any Affiliated Fund or other Regulated Fund
during the prior quarter; and (iii)&nbsp;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 Independent Directors, may determine whether all Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions
and <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions during the preceding quarter, including those investments that the Regulated Fund considered but declined to participate in, comply with the Conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) All information presented to the Regulated Fund&#146;s 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:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each Regulated Fund&#146;s
chief compliance officer, as defined in <FONT STYLE="white-space:nowrap">rule&nbsp;38a-1(a)(4),</FONT> will prepare an annual report for its Board each year 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. In the case of a BDC Downstream Fund that does not have a chief compliance officer, the chief compliance officer of the BDC that
controls the BDC Downstream Fund will prepare the report for the relevant Independent Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Independent Directors (including the
<FONT STYLE="white-space:nowrap">non-interested</FONT> members of each Independent Party) will consider at least annually whether continued participation in new and existing <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions is in
the Regulated Fund&#146;s best interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. <U>Record Keeping</U>. Each Regulated Fund will maintain the records required by Section&nbsp;57(f)(3) of
the 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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12. <U>Director Independence</U>. No Independent Director (including the <FONT STYLE="white-space:nowrap">non-interested</FONT> members of any Independent
Party) of a Regulated Fund will also be a director, general partner, managing member or principal, or otherwise be an &#147;affiliated person&#148; (as defined in the Act) of any 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:12pt; font-family:Times New Roman" ALIGN="center">23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13. <U>Expenses</U>. 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 Securities Act) will, to the extent not payable by
the Advisers under their respective advisory agreements with the Regulated Funds and the Affiliated Funds, be shared by the Regulated Funds and the participating Affiliated Funds in proportion to the relative amounts of the securities held or being
acquired or disposed of, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14. <U>Transaction Fees</U>.<SUP STYLE="font-size:85%; vertical-align:top">29</SUP>&nbsp;Any transaction fee
(including <FONT STYLE="white-space:nowrap">break-up,</FONT> structuring, monitoring or commitment fees but excluding brokerage or underwriting compensation permitted by Section&nbsp;17(e) or 57(k)) received in connection with any <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction will be distributed to the participants 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 the Adviser at a bank or banks
having the qualifications prescribed in Section&nbsp;26(a)(1), and the account will earn a competitive rate of interest that will also be divided pro rata among the participants. None of the Advisers, the Affiliated Funds, the other Regulated Funds
or any affiliated person of the Affiliated Funds or the Regulated Funds will receive any 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 (i)&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 2(c)(iii)(B)(z), (ii)&nbsp;brokerage or underwriting compensation
permitted by Section&nbsp;17(e) or 57(k) or (iii)&nbsp;in the case of the Advisers, investment advisory compensation paid in accordance with investment advisory agreements between the applicable Regulated Fund(s) or Affiliated Fund(s) and its
Adviser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15. <U>Independence</U>. If the Holders own in the aggregate more than 25&nbsp;percent of the Shares of a Regulated Fund, then the Holders will
vote such Shares in the same percentages as the Regulated Fund&#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 Act or applicable State law affecting the Board&#146;s composition, size or manner of election. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VI. <U>PROCEDURAL MATTERS</U> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Communications</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please address all communications concerning this Application and the Notice and Order to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Michael C. Mauer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Investcorp
Credit Management BDC, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">280 Park Avenue, 39th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New York, NY 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
STYLE="white-space:nowrap">(212)&nbsp;257-5199</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please address any questions, and a copy of any communications, concerning this
Application, the Notice and Order to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Steven B. Boehm, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Stephani M. Hildebrandt, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Anne
G. Oberndorf, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Eversheds Sutherland (US) LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">700 Sixth Street, NW </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Washington,
DC 20001 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Applicants desire that the Commission issue an Order pursuant to Rule <FONT STYLE="white-space:nowrap">0-5</FONT> without
conducting a hearing. </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">29</SUP> Applicants are not requesting and the Commission is not providing any relief for transaction fees received in connection with any <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction.
</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">24 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to Rule <FONT STYLE="white-space:nowrap">0-2,</FONT> each person executing the
Application on behalf of an Applicant says that he or she has duly executed the Application for and on behalf of such Applicant; that he or she is authorized to execute the Application pursuant to the terms of an operating agreement, management
agreement or otherwise; and that all actions by members, directors or other bodies necessary to authorize each deponent to execute and file the Application have been taken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The verifications required by Rule <FONT STYLE="white-space:nowrap">0-2(d)</FONT> and the authorizations required by Rule <FONT
STYLE="white-space:nowrap">0-2(c)</FONT> are attached hereto as Exhibit A and Exhibit C, respectively. </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">25 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Authorization</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All requirements for the execution and filing of this Application in the name and on behalf of each Applicant by the undersigned have been complied with and
the undersigned is fully authorized to do so and has duly executed this Application as of this 7th day of June, 2021. </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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">INVESTCORP CREDIT MANAGEMENT BDC, INC.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Chief Executive Officer and Chairman of the Board</TD></TR>
</TABLE></DIV> <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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ICM GLOBAL FLOATING RATE INCOME LTD</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jeremy Ghose</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:&nbsp; Jeremy Ghose</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MOUNT ROW (LEVERED) CREDIT LTD</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MOUNT ROW CREDIT II LTD</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CM FINANCE SPV LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Rocco DelGuercio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;Rocco DelGuercio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Authorized Signatory</TD></TR>
</TABLE></DIV> <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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CM FINANCE SPV LLC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Rocco DelGuercio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;Rocco DelGuercio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Authorized Signatory</TD></TR>
</TABLE></DIV> <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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO II LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">&nbsp;Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:12pt; font-family:Times New Roman" ALIGN="center">26 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">JAMESTOWN CLO IV LTD.</P></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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">&nbsp;Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO V LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">&nbsp;Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO <FONT STYLE="white-space:nowrap">VI-R</FONT> LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">&nbsp;Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO VII LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">&nbsp;Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO IX LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">&nbsp;Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO X LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">&nbsp;Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO XI LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">&nbsp;Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


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<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO XII LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">&nbsp;Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:12pt; font-family:Times New Roman" ALIGN="center">27 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN&nbsp;CLO XIV LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">&nbsp;Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO XV LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">&nbsp;Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO VII DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO VIII DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO IX DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO X DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XI DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XII DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XIV DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:12pt; font-family:Times New Roman" ALIGN="center">28 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XV DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XVI DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XVII DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XVIII DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XIX DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XX DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XXI DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XXII DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XXIII DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:12pt; font-family:Times New Roman" ALIGN="center">29 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XXIV DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XXV DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;D&eacute;agl&aacute;n &Oacute; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">INVESTCORP EUROPEAN LOAN COMPANY DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">CM INVESTMENT PARTNERS LLC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;Michael Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">INVESTCORP CREDIT MANAGEMENT US LLC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Patrick Maloney</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;Patrick Maloney</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;General Counsel</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:10pt">
<TD VALIGN="top" COLSPAN="3">INVESTCORP CREDIT MANAGEMENT EU LIMITED</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;Director</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:12pt; font-family:Times New Roman" ALIGN="center">30 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Verification </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned states that he has
duly executed the attached Application dated June&nbsp;7, 2021 for and on behalf of the below listed entities, respectively; that he holds the office with each such entity as indicated below, and that all actions by stockholders, officers,
directors, and other bodies necessary to authorize the undersigned to execute and file such Application have been taken. The undersigned further states that he is familiar with the instrument and the contents thereof, and that the facts set forth
therein 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:10pt">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">INVESTCORP CREDIT MANAGEMENT BDC, INC.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Michael C. Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:&nbsp;&nbsp;&nbsp;Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Chairman&nbsp;of&nbsp;the&nbsp;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:10pt">
<TD VALIGN="top" COLSPAN="3">ICM GLOBAL FLOATING RATE INCOME LTD</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jeremy Ghose</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Jeremy Ghose</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">MOUNT ROW (LEVERED) CREDIT LTD</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">MOUNT ROW CREDIT II LTD</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">CM FINANCE SPV LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Rocco DelGuercio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Rocco DelGuercio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Authorized Signatory</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:10pt">
<TD VALIGN="top" COLSPAN="3">CM FINANCE SPV LLC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Rocco DelGuercio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Rocco DelGuercio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Authorized Signatory</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:12pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO II LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO IV LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO V LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO <FONT STYLE="white-space:nowrap">VI-R</FONT> LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO VII LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO IX LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO X LTD.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Director</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:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO XI LTD.</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="font-size:1pt">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO XII LTD.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: <FONT STYLE="white-space:nowrap">Tracy-Ann</FONT> Lamont</TD></TR>
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<TD VALIGN="bottom"></TD>
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 <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">A-2 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO XIV LTD.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JAMESTOWN CLO XV LTD.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
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<TD VALIGN="top" COLSPAN="3">HARVEST CLO VII DAC</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ D&#233;agl&#225;n &#211; Dubhda</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">HARVEST CLO VIII DAC</TD></TR>
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 <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">A-3 </P>


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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ D&#233;agl&#225;n &#211; Dubhda</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: D&#233;agl&#225;n &#211; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XVII DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ D&#233;agl&#225;n &#211; Dubhda</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: D&#233;agl&#225;n &#211; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XVIII DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ D&#233;agl&#225;n &#211; Dubhda</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: D&#233;agl&#225;n &#211; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XIX DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ D&#233;agl&#225;n &#211; Dubhda</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: D&#233;agl&#225;n &#211; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XX DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ D&#233;agl&#225;n &#211; Dubhda</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: D&#233;agl&#225;n &#211; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XXI DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ D&#233;agl&#225;n &#211; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: D&#233;agl&#225;n &#211; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XXII DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ D&#233;agl&#225;n &#211; Dubhda</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: D&#233;agl&#225;n &#211; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XXIII DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ D&#233;agl&#225;n &#211; Dubhda</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: D&#233;agl&#225;n &#211; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</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:12pt; font-family:Times New Roman" ALIGN="center">A-4 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XXIV DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ D&#233;agl&#225;n &#211; Dubhda</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: D&#233;agl&#225;n &#211; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HARVEST CLO XXV DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ D&#233;agl&#225;n &#211; Dubhda</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: D&#233;agl&#225;n &#211; Dubhda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">INVESTCORP EUROPEAN LOAN COMPANY DAC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Peter Goody</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CM INVESTMENT PARTNERS LLC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael Mauer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Michael Mauer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</TD></TR>
</TABLE></DIV> <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:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">INVESTCORP CREDIT MANAGEMENT US LLC</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Patrick Maloney</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Patrick Maloney</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;General Counsel</TD></TR>
</TABLE></DIV> <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:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">INVESTCORP CREDIT MANAGEMENT EU LIMITED</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:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Peter Goody</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Peter Goody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Director</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:12pt; font-family:Times New Roman" ALIGN="center">A-5 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Existing Affiliated Fund is advised by the Adviser(s) noted below. </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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The following investment vehicles are managed by ICMUS. Each entity is a Cayman Island limited company and each
would be an investment company but for the exclusion from the definition of investment company provided by Section&nbsp;3(c)(7) of the Act: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jamestown CLO II Ltd. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jamestown CLO IV Ltd. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jamestown CLO V Ltd. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jamestown CLO <FONT STYLE="white-space:nowrap">VI-R</FONT> Ltd. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jamestown CLO VII Ltd. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jamestown CLO IX Ltd. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jamestown CLO X Ltd. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jamestown CLO XI Ltd. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jamestown CLO XII Ltd. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jamestown CLO XIV Ltd. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jamestown CLO XV Ltd. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The following investment vehicles are managed by ICMEU. Each entity would be an investment company but for the
exclusion from the definition of investment company provided by Section&nbsp;3(c)(7) of the Act. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mount Row (Levered) Credit Ltd, which is an Irish company limited by shares and a wholly-owned subsidiary of
ICM Investment Fund plc, an Irish investment company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mount Row Credit II Ltd, which is an Irish company limited by shares and a wholly-owned subsidiary of ICM
Investment Fund plc, an Irish investment company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO VII DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO VIII DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO IX DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO X DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XI DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XII DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XIV DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XV DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XVI DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(l)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XVII DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(m)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XVIII DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(n)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XIX DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(o)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XX DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(p)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XXI DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(q)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XXII DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(r)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XXIII DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(s)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XXIV DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(t)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harvest CLO XXV DAC, an Irish designated activity company </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(u)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Investcorp European Loan Company DAC, an Irish designated activity company </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The following investment vehicles are jointly managed by ICMUS and ICMEU. Each entity would be an investment
company but for the exclusion from the definition of investment company provided by Section&nbsp;3(c)(7) of the Act: </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ICM Global Floating Rate Income Ltd, which is an Irish company limited by shares and a wholly-owned subsidiary
of ICM International Master Fund ICAV, an Irish collective asset-management vehicle </P></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:12pt; font-family:Times New Roman" ALIGN="center">B-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit C </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Resolutions of the Board of Directors of </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INVESTCORP CREDIT MANAGEMENT BDC, INC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Board of Directors (the &#147;<U>Board</U>&#148;) believes it is in the best interests of
Investcorp Credit Management BDC, Inc. (the &#147;<U>Company</U>&#148;) to file an application with the SEC for an order pursuant to Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &#147;<U>1940 Act</U>&#148;) and
Rule 17d&#150;1 promulgated thereunder (the &#147;<U>Application</U>&#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 Section&nbsp;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:9%; text-indent:7%; font-size:10pt; 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:9%; text-indent:7%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE, BE IT RESOLVED</B>, that the President, Chief Executive Officer, Chief Financial Officer,
Secretary and Executive Vice President of the Company (each an &#147;<U>Authorized Officer</U>&#148; and, collectively, the &#147;<U>Authorized Officers</U>&#148;) be, and they hereby are, authorized, empowered and directed, in the name and on
behalf of the Company, to prepare or cause to be prepared, executed, delivered and filed with the SEC the Application, and to do or cause to be done such other acts or things and execute such other documents, including amendments to the Application,
as they deem necessary or desirable, with the advice of counsel, to cause the Application to conform to comments received from the Staff of the SEC and otherwise deemed necessary or advisable, including changes that may be required 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:9%; text-indent:7%; font-size:10pt; 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 the Company, to perform or cause to be performed all of the agreements and obligations of the Company in connection with the foregoing resolutions and to consummate
the transactions contemplated thereby, 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 or cause to be incurred and paid 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; font-size:10pt; font-family:Times New Roman">(Adopted on September&nbsp;17, 2020) </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">C-1 </P>

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