<SEC-DOCUMENT>0001213900-19-025113.txt : 20191202
<SEC-HEADER>0001213900-19-025113.hdr.sgml : 20191202
<ACCEPTANCE-DATETIME>20191202161522
ACCESSION NUMBER:		0001213900-19-025113
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191202
DATE AS OF CHANGE:		20191202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PROSPECT CAPITAL CORP
		CENTRAL INDEX KEY:			0001287032
		IRS NUMBER:				432048643
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14977
		FILM NUMBER:		191263404

	BUSINESS ADDRESS:	
		STREET 1:		10 EAST 40TH STREET 44TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212-448-0702

	MAIL ADDRESS:	
		STREET 1:		10 EAST 40TH STREET 44TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROSPECT ENERGY CORP
		DATE OF NAME CHANGE:	20040623

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROSPECT STREET ENERGY CORP
		DATE OF NAME CHANGE:	20040414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Priority Income Fund, Inc.
		CENTRAL INDEX KEY:			0001554625
		IRS NUMBER:				460611646
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14977-01
		FILM NUMBER:		191263411

	BUSINESS ADDRESS:	
		STREET 1:		10 EAST 40TH STREET
		STREET 2:		42ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		(212) 448-0702

	MAIL ADDRESS:	
		STREET 1:		10 EAST 40TH STREET
		STREET 2:		42ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Priority Senior Secured Income Fund, Inc.
		DATE OF NAME CHANGE:	20120719

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Prospect Capital Funding LLC
		CENTRAL INDEX KEY:			0001583921
		IRS NUMBER:				261094356
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14977-03
		FILM NUMBER:		191263409

	BUSINESS ADDRESS:	
		STREET 1:		10 EAST 40TH STREET, 44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212-448-0702

	MAIL ADDRESS:	
		STREET 1:		10 EAST 40TH STREET, 44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			National Property REIT Corp.
		CENTRAL INDEX KEY:			0001759276
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14977-04
		FILM NUMBER:		191263408

	BUSINESS ADDRESS:	
		STREET 1:		10 EAST 40TH STREET
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		(646) 536-9876

	MAIL ADDRESS:	
		STREET 1:		10 EAST 40TH STREET
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Prospect Capital Management L.P.
		CENTRAL INDEX KEY:			0001583920
		IRS NUMBER:				113716501
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14977-05
		FILM NUMBER:		191263407

	BUSINESS ADDRESS:	
		STREET 1:		10 EAST 40TH STREET, 42ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212-448-0702

	MAIL ADDRESS:	
		STREET 1:		10 EAST 40TH STREET, 42ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Prospect Capital Management LLC
		DATE OF NAME CHANGE:	20130807

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Priority Senior Secured Income Management, LLC
		CENTRAL INDEX KEY:			0001573830
		IRS NUMBER:				460988306
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14977-06
		FILM NUMBER:		191263406

	BUSINESS ADDRESS:	
		STREET 1:		10 EAST 40TH STREET
		STREET 2:		44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		(212) 448-0702

	MAIL ADDRESS:	
		STREET 1:		10 EAST 40TH STREET
		STREET 2:		44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TP Flexible Income Fund, Inc.
		CENTRAL INDEX KEY:			0001521945
		IRS NUMBER:				452460782
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14977-08
		FILM NUMBER:		191263410

	BUSINESS ADDRESS:	
		STREET 1:		10 EAST 40TH STREET, 42ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212-448-0702

	MAIL ADDRESS:	
		STREET 1:		10 EAST 40TH STREET, 42ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Triton Pacific Investment Corporation, Inc.
		DATE OF NAME CHANGE:	20110607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Triton Pacific Investment Company, Inc.
		DATE OF NAME CHANGE:	20110527

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Prospect Flexible Income Management, LLC
		CENTRAL INDEX KEY:			0001778421
		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:	812-14977-09
		FILM NUMBER:		191263405

	BUSINESS ADDRESS:	
		STREET 1:		10 EAST 40TH STREET
		STREET 2:		42ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		(212) 448-0702

	MAIL ADDRESS:	
		STREET 1:		10 EAST 40TH STREET
		STREET 2:		42ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP/A
<SEQUENCE>1
<FILENAME>f40app082619a3_prospectcap.htm
<DESCRIPTION>AMENDMENT NO. 3 TO 40-APP
<TEXT>
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<P STYLE="margin: 0; text-align: right">No.&nbsp;812-14977</P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

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



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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> THIRD AMENDED AND RESTATED APPLICATION
FOR AN ORDER PURSUANT TO SECTIONS 17(d) AND 57(i) OF THE INVESTMENT COMPANY ACT OF 1940 AND RULE 17d-1 UNDER THE ACT TO PERMIT
CERTAIN JOINT TRANSACTIONS OTHERWISE PROHIBITED BY SECTIONS 17(d) AND 57(a)(4) OF THE ACT AND RULE 17d-l UNDER THE ACT </P>

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

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



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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECT CAPITAL CORPORATION, PRIORITY
INCOME FUND, INC., TP FLEXIBLE INCOME FUND, INC., PROSPECT CAPITAL FUNDING LLC, NATIONAL PROPERTY REIT CORP., PROSPECT CAPITAL
MANAGEMENT L.P., PRIORITY SENIOR SECURED INCOME MANAGEMENT, LLC, PROSPECT FLEXIBLE INCOME MANAGEMENT, LLC </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">10 East 40<SUP>th</SUP>&nbsp;Street, 42<SUP>nd</SUP>&nbsp;Floor<BR>
New York, NY 10016</P>

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

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





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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>All Communications, Notices and Orders
to:</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Sean Dailey<BR>
Prospect Capital Corporation<BR> 10 East 40<SUP>th</SUP>&nbsp;Street, 42<SUP>nd</SUP>&nbsp;Floor<BR> New York, NY 10016<BR> Attention:
Sean Dailey<BR> (646) 380-1716</P>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Anne G. Oberndorf, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Eversheds Sutherland (US) LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">700 Sixth Street, NW, Suite 700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, DC 20001</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(202) 383-0100</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> December 2, 2019 </P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prospect Capital Corporation and its related
entities, identified in section I.B. below, hereby request an order (the&nbsp;<B><I>&ldquo;Order&rdquo;</I></B>) pursuant to Sections
17(d) and 57(i) of the Investment Company Act of 1940 (the &ldquo;<B><I>Act</I></B>&rdquo;)<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>&nbsp;and
Rule 17d-1 thereunder<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>&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 &ldquo;<B><I>Commission</I></B>&rdquo;) under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In particular, the relief requested in
this application (the &ldquo;<B><I>Application</I></B>&rdquo;) 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 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 &ldquo;Conditions&rdquo;).
The Order sought by this Application would supersede the order, dated February 20, 2014, issued by the Commission to Prospect
Capital Corporation, et al. under Section 17(d) and 57(i) of the Act and Rule 17d-1 under the Act permitting certain joint transactions
otherwise prohibited by Sections 17(d) and 57(a)(4) of the Act and Rule 17d-1 under the Act (the &ldquo;<B><I>Prior Order</I></B>&rdquo;)<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>,
with the result that no person will continue to rely on the Prior Order if the Order is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Prospect Capital Corporation (&ldquo;<B><I>PSEC</I></B>&rdquo;),
                                         an externally-managed, non-diversified, closed-end management investment company that
                                         has elected to be regulated as a BDC (defined below) under the Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Priority Income Fund, Inc. (&ldquo;<B><I>PRIS</I></B>&rdquo;),
                                         an externally-managed, closed-end investment company that has registered as an investment
                                         company under the Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>TP Flexible Income Fund, Inc. (&ldquo;<B><I>FLEX</I></B>&rdquo;),
                                         an externally-managed, non-diversified, closed-end management investment company that
                                         has elected to be regulated as a BDC under the Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Prospect Capital Funding LLC (&ldquo;<B><I>PSEC
                                         SPV Sub</I></B>&rdquo;<B>),</B> a Wholly-Owned Investment Sub (as defined below) of PSEC;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>National Property REIT Corp. (&ldquo;<B><I>PSEC
                                         REIT Sub</I></B>&rdquo;), a Wholly-Owned Investment Sub of PSEC;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Prospect Capital Management L.P. (&ldquo;<B><I>PCM</I></B>&rdquo;),
                                         a limited partnership that serves as the investment adviser for PSEC, on behalf of itself
                                         and its successors;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Priority Senior Secured Income Management, LLC
                                         (&ldquo;<B><I>PRISM</I></B>&rdquo;), a limited liability company that serves as the investment
                                         adviser for PRIS, on behalf of itself and its successors; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Prospect Flexible Income Management, LLC (&ldquo;<B><I>PFIM</I></B>,&rdquo;
                                         and together with PCM and PRISM, the &ldquo;<B><I>Existing Advisers,</I></B>&rdquo; and
                                         collectively with PSEC, PRIS, FLEX, PSEC SPV Sub and PSEC REIT Sub, the &ldquo;<B><I>Applicants</I></B>&rdquo;),
                                         a limited liability company that serves as the investment adviser for FLEX, on behalf
                                         of itself and its successors.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>Unless otherwise indicated, all section references herein are to the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2
</SUP></FONT>Unless otherwise indicated, all rule references herein are to rules under the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3
</SUP></FONT>Prospect Capital Corporation, et al. (File No.&nbsp;812-14199) Investment Company Act Rel. Nos. 30855 (January 13,
2014) (notice) and 30909 (February 10, 2014) (order).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4
</SUP></FONT>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: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> <B><I>&ldquo;Adviser&rdquo;</I></B>&nbsp;means
the Existing Advisers and any Future Adviser (defined below). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> &ldquo;<B><I>Affiliated Fund</I></B>&rdquo;
means any Prospect Proprietary Account (defined below) and any entity (a) whose investment adviser (and sub-adviser(s), if any)
are Advisers, (b) 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 3a-7 under the Act and (c) that is not a BDC Downstream Fund, and (d) that intends to participate
in the Co-Investment Program. There currently are no existing Affiliated Funds. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>BDC</I></B>&rdquo; means
a business development company under the Act.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &ldquo;<B><I>BDC Downstream Fund</I></B>&rdquo;
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 3(c)(1) or 3(c)(7) of the Act, (iv)&nbsp;whose investment
adviser (and sub-adviser, if any) is an Adviser, (v)&nbsp;that is not a Wholly-Owned Investment Sub and (vi) that intends to participate
in the Co-Investment Program. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Board</I></B><I>&rdquo;</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&ldquo;Board-Established Criteria&rdquo;</I></B>&nbsp;means
criteria that the Board of a Regulated Fund may establish from time to time to describe the characteristics of Potential Co-Investment
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&rsquo;s Objectives and Strategies (defined below). If no Board-Established Criteria
are in effect, then the Regulated Fund&rsquo;s Adviser will be notified of all Potential Co-Investment Transactions that fall
within the Regulated Fund&rsquo;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&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Close Affiliate</I></B>&rdquo;
means the Advisers, the Regulated Funds, the Affiliated Funds and any other person described in Section&nbsp;57(b) (after giving
effect to Rule 57b-1) 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 2(a)(3)(D).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Co-Investment&nbsp;Program</I></B>&rdquo;&nbsp;means
the proposed&nbsp;co-investment&nbsp;program&nbsp;that 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&ndash;1 by&nbsp;(a)&nbsp;co-investing&nbsp;with each other in securities issued by issuers in private placement
transactions in which an Adviser negotiates terms in addition to price;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT>&nbsp;and
(b)&nbsp;making&nbsp;Follow-On&nbsp;Investments (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5
</SUP></FONT>Section&nbsp;2(a)(48) defines a BDC to be any closed-end investment company that operates for the purpose of making
investments in securities described in Section&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6
</SUP></FONT>The term &ldquo;private placement transactions&rdquo; means transactions in which the offer and sale of securities
by the issuer are exempt from registration under the Securities Act of 1933 (the &ldquo;<B><I>Securities Act</I></B>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Co-Investment Transaction</I></B>&rdquo;
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&ldquo;Disposition&rdquo;&nbsp;</I></B>means
the sale, exchange or other disposition of an interest in a security of an issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Eligible Directors</I></B>&rdquo;
means, with respect to a Regulated Fund and a Potential Co-Investment Transaction, the members of the Regulated Fund&rsquo;s Board
eligible to vote on that Potential Co-Investment 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Follow-On Investment</I></B>&rdquo;
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Future Adviser</I></B>&rdquo;
means any future investment adviser that (i)&nbsp;controls, is controlled by, or is under common control with PCM, (ii)&nbsp;(a)
is registered as an investment adviser under the Advisers Act 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, PCM, and (iii)&nbsp;is
not a Regulated Fund or a subsidiary of a Regulated Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> &ldquo;<B><I>Future Regulated Fund</I></B>&rdquo;
means a closed-end 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 sub-adviser, if any) is an Adviser, and (c) that intends to participate in the Co-Investment
Program. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Independent Director</I></B>&rdquo;
means a member of the Board of any relevant entity who is not an &ldquo;interested person&rdquo; as defined in Section&nbsp;2(a)(19)
of the Act. No Independent Director of a Regulated Fund (including any non-interested member of an Independent Party) will have
a financial interest in any Co-Investment Transaction, other than indirectly through share ownership in one of the Regulated Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Independent Party</I></B>&rdquo;
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>JT No-Action Letters</I></B>&rdquo;
means&nbsp;<U>SMC Capital, Inc.</U>, SEC No-Action Letter (pub. avail. Sept. 5, 1995) and&nbsp;<U>Massachusetts Mutual Life Insurance
Company</U>, SEC No-Action Letter (pub. avail. June&nbsp;7, 2000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Objectives and Strategies</I></B>&rdquo;
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 N-2, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Prospect Proprietary Account</I></B>&rdquo;
means any Adviser in a principal capacity, and any direct or indirect, wholly- or majority-owned subsidiary of an Adviser that,
from time to time, may hold various financial assets in a principal capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Potential Co-Investment Transaction</I></B>&rdquo;
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&ldquo;<B><I>Pre-Boarding
Investments</I></B>&rdquo; 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 any&nbsp;Co-Investment&nbsp;Transaction:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">i.)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">in
                                         transactions in which the only term negotiated by or on behalf of such funds was price
                                         in reliance on one of the JT&nbsp;No-Action&nbsp;Letters; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR>
    <TD STYLE="width: 0.25in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">ii.)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">in transactions occurring
    at least 90 days apart and without coordination between the Regulated Fund and any Affiliated Fund or other Regulated Fund.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&ldquo;Regulated Funds</I></B>&rdquo;
means PSEC, PRIS, and FLEX and the Future Regulated Funds and the BDC Downstream Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Related Party</I></B>&rdquo;
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Remote Affiliate</I></B>&rdquo;
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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Required Majority</I></B>&rdquo;
means a required majority, as defined in Section&nbsp;57(o) of the Act.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>SBIC Subsidiary</I></B>&rdquo;
means a Wholly-Owned Investment Sub that is licensed by the Small Business Administration (the &ldquo;<B><I>SBA</I></B>&rdquo;)
to operate under the Small Business Investment Act of 1958, as amended, (the &ldquo;<B><I>SBA Act</I></B>&rdquo;) as a small business
investment company (an &ldquo;<B><I>SBIC</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B><I>Tradable Security</I></B>&rdquo;
means a security that meets the following criteria at the time of Disposition:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: left">it trades on a national securities
                                         exchange or designated offshore securities market as defined in rule 902(b) under the
                                         Securities Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: left">it is
                                         not subject to restrictive agreements with the issuer or other security holders; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 18.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>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.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in">&ldquo;<B><I>Wholly-Owned Investment Sub</I></B>&rdquo;
means an entity (i) that is a wholly-owned subsidiary<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8 </SUP></FONT>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&rsquo;s Board has the sole authority to make all determinations with respect to
the entity&rsquo;s participation under the Conditions to this application; and (iv) <FONT STYLE="background-color: white">(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 (&ldquo;<B><I>REIT</I></B>&rdquo;) within the meaning of Section&nbsp;856 of the Internal Revenue
Code (&ldquo;<B><I>Code</I></B>&rdquo;) because substantially all of its assets would consist of real properties.&nbsp;</FONT>Each
of PSEC SPV Sub and PSEC REIT Sub is a Wholly-Owned Investment Sub of PSEC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7
</SUP></FONT>In the case of a Regulated Fund that is a registered closed-end 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>8
</SUP></FONT>A<FONT STYLE="background-color: white">&nbsp;&ldquo;wholly-owned subsidiary&rdquo; 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.</FOnt></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;<U>Prospect Capital Corporation </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">PSEC is an externally-managed, non-diversified,
closed-end management investment company incorporated in Maryland. PSEC has elected to be regulated as a BDC under the Act, has
qualified and elected to be treated as a regulated investment company (&ldquo;<B><I>RIC</I></B>&rdquo;) under Subchapter M of
the Code, and intends to continue to qualify as a regulated investment company in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">PSEC&rsquo;s Objectives and Strategies
are to generate both current income and long-term capital appreciation through debt and equity investments. PSEC invests primarily
in senior and subordinated debt and equity of private companies in need of capital for acquisitions, divestitures, growth, development,
recapitalizations and other purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">PSEC&rsquo;s business and affairs are
managed under the direction of a Board, which currently consists of five members, three of whom are Independent Directors. The
Company&rsquo;s Board has delegated daily management and investment authority to PCM pursuant to an investment advisory and management
agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">PSEC SPV Sub is a Wholly-Owned Investment
Sub of PSEC, whose sole business purpose is to hold one or more investments on behalf of PSEC. PSEC SPV Sub is a separate and
distinct legal entity. PSEC SPV Sub is exempt from registration under Section&nbsp;3(c)(7)&nbsp;of the Act.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">PSEC
REIT Sub, a Maryland corporation, is a Wholly-Owned Investment Sub of PSEC</FONT> and a qualified REIT <FONT STYLE="background-color: white">within
the meaning of Section&nbsp;856 of the Code</FONT>. PSEC REIT Sub is held for purposes of investing, operating, financing, leasing,
managing and selling a portfolio of real estate assets. <FONT STYLE="background-color: white">PSEC REIT Sub is not registered
under the Act.&nbsp;PSEC REIT Sub does not meet the definition of investment company under the Act because substantially all of
its assets consist of real properties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B.&nbsp;<U>Priority Income Fund, Inc.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">PRIS is an externally-managed, non-diversified,
closed-end management investment company incorporated in Maryland that has registered as an investment company under the Act,
has qualified and elected to be treated as a RIC under Subchapter M of the Code, and intends to continue to qualify as a RIC in
the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">PRIS&rsquo;s Objectives and Strategies
are&nbsp;to generate current income and, as a secondary objective, long-term capital appreciation. PRIS seeks to achieve its investment
objective by investing, under normal circumstances, at least 80% of its total assets, or net assets plus borrowings, in senior
secured loans made to companies whose debt is rated below investment grade or, in limited circumstances, unrated, which PRIS collectively
refers to as &ldquo;Senior Secured Loans,&rdquo; with an emphasis on current income.&nbsp; PRIS has a five-member Board, of which
three members are Independent Directors.&nbsp;PRIS&rsquo;s Board has delegated daily management and investment authority to PRISM
pursuant to an investment advisory and management agreement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C.&nbsp;<U>TP Flexible Income Fund, Inc.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">FLEX is an externally-managed, non-diversified,
closed-end management investment company incorporated in Maryland. FLEX has elected to be regulated as a BDC under the Act, has
qualified and elected to be treated as a RIC under Subchapter M of the Code, and intends to continue to qualify as a RIC in the
future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">FLEX&rsquo;s Objectives and Strategies
are to generate current income and, as a secondary objective, capital appreciation by targeting investment opportunities with
favorable risk-adjusted returns. FLEX intends to meet its investment objective by primarily lending to and investing in the debt
of privately-owned U.S. middle market companies, which FLEX defines as companies with annual revenue between $50 million and $2.5
billion. FLEX expects that at least 70% of its portfolio of investments will consist primarily of syndicated senior secured first
lien loans, syndicated senior secured second lien loans, and to a lesser extent, subordinated debt.&nbsp; FLEX has a five-member
Board, of which three members are Independent Directors.&nbsp;FLEX&rsquo;s Board has delegated daily management and investment
authority to PFIM pursuant to an investment advisory and management agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">D.&nbsp;<U>Prospect Capital Management L.P.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">PCM is organized as a limited partnership
under the laws of the state of Delaware. PCM is led by John F. Barry III and M. Grier Eliasek. Mr. Barry is the Chairman and Chief
Executive Officer of PSEC and controls PCM. PCM has registered with the Commission pursuant to Section 203 of the Advisers Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E.&nbsp;<U>Priority Senior Secured Income Management, LLC</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> PRISM is organized as a limited liability
company under the laws of the state of Delaware.&nbsp;PRISM is owned 50% by PCM, and 50% by Stratera Holdings, a national sponsor
of alternative investment products designed for the individual and institutional investor. PRISM is controlled by PCM. PRISM has
registered with the Commission pursuant to Section 203 of the Advisers Act. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F. <U>Prospect Flexible Income Management, LLC</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">PFIM is organized as a limited liability
company under the laws of the state of Delaware. PFIM is controlled by PCM. PFIM has registered with the Commission pursuant to
Section 203 of the Advisers Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">G. <U>The Prospect Proprietary Accounts</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Prospect Proprietary Accounts will
hold various financial assets in a principal capacity. The Existing Advisers each have various business lines that they may operate
through wholly- or majority-owned subsidiaries. Currently, there are no subsidiaries of the Existing Advisers that exist and currently
intend to participate in the Co-Investment Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Applicants respectfully request an
Order of the Commission under Sections 17(d) and 57(i) and Rule 17d-1 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 Co-Investment Transactions with each other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Regulated Funds and the Affiliated
Funds seek relief to enter into Co-Investment Transactions because such Co-Investment 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
Co-Investment 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Applicants include multiple Advisers
that are <FONT STYLE="background-color: white">under common control. </FONT>The Advisers manage numerous funds with a variety
of mandates and aggregate assets of $6.2 billion as of September 30, 2019. These clients currently include a BDC that is regulated
under the Act and investment companies that are registered 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 BDCs and registered investment companies,
the Act. </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>The
                                         Investment Process</U></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The investment process consists of three
stages: (i)&nbsp;the identification and consideration of investment opportunities (including follow-on investment opportunities);
(ii)&nbsp;order placement and allocation; and (iii)&nbsp;consideration by each applicable Regulated Fund&rsquo;s Board when a
Potential Co-Investment Transaction is being considered by one or more Regulated Funds, as provided by the Order.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Identification
                                         and Consideration of Investment Opportunities</U></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Opportunities for Potential Co-Investment
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
Co-Investment 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&rsquo;s investment committee to make its independent determination and recommendations under Conditions 1, 2(a),
6, 7, 8 and 9 (as applicable).<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT> 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 Co-Investment 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&rsquo;s then-current circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Applicants 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&rsquo; allocation policies and procedures
are structured so that the relevant investment advisory personnel for each Regulated Fund will be promptly notified of all Potential
Co-Investment 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 sub-adviser to the Regulated Fund or Affiliated Funds.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Order
                                         Placement and Allocation</U></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>General</U>. If the Adviser to a Regulated
Fund deems the Regulated Fund&rsquo;s participation in any Potential Co-Investment Transaction to be appropriate, it will formulate
a recommendation regarding the proposed order amount for the Regulated Fund.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9
</SUP></FONT>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&rsquo; 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&rsquo; participation in the relevant investment committee&rsquo;s meetings. The allocation memorandum
for each Potential Co-Investment Transaction will document the recommendations by the investment committee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>Allocation Procedure</U>. For each Regulated
Fund and Affiliated Fund whose Adviser recommends participating in a Potential Co-Investment Transaction, such Adviser&rsquo;s
investment committee will approve an investment amount to be allocated to each Regulated Fund and/or Affiliated Fund participating
in the Potential Co-Investment Transaction. Prior to the External Submission (as defined below), each proposed order amount may
be reviewed and adjusted, in accordance with the applicable Adviser&rsquo;s written allocation policies and procedures, by the
applicable Adviser&rsquo;s investment committee.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT>
The order of a Regulated Fund or Affiliated Fund resulting from this process is referred to as its &ldquo;<B><I>Internal Order</I></B>&rdquo;.
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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the aggregate Internal Orders for a
Potential Co-Investment 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 &ldquo;<B><I>External Submission</I></B>&rdquo;),
then each Internal Order will be fulfilled as placed. If, on the other hand, the aggregate Internal Orders for a Potential Co-Investment
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.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>11
</SUP></FONT>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&rsquo; or the Affiliated Funds&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>Compliance</U>. Applicants represent
that the Advisers&rsquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD><U>Approval of Potential Co-Investment Transactions</U></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A Regulated Fund will enter into a Potential
Co-Investment Transaction with one or more other Regulated Funds and/or Affiliated Funds only if, prior to the Regulated Fund&rsquo;s
participation in the Potential Co-Investment Transaction, the Required Majority approves it in accordance with the Conditions
of this Order.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 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 Co-Investment Transactions, including transactions that could present a
conflict of interest.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10
</SUP></FONT>The reason for any such adjustment to a proposed order amount will be documented in writing and preserved in the
records of each Adviser.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11
</SUP></FONT>The Advisers will maintain records of all proposed order amounts, Internal Orders and External Submissions in conjunction
with Potential Co-Investment Transactions. Each applicable Adviser will provide the Eligible Directors with information concerning
the Affiliated Funds&rsquo; and Regulated Funds&rsquo; order sizes to assist the Eligible Directors with their review of the applicable
Regulated Fund&rsquo;s investments for compliance with the Conditions.</P>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A Regulated Fund may participate in Pro
Rata Dispositions (defined below) and Pro Rata Follow-On 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;<U>Delayed Settlement</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All Regulated Funds and Affiliated Funds
participating in a Co-Investment 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 Co-Investment 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.&nbsp;<U>Permitted Follow-On Investments and Approval of
Follow-On Investments</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From time to time the Regulated Funds
and Affiliated Funds may have opportunities to make Follow-On 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,
Follow-On 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Order would divide Follow-On Investments
into two categories depending on whether the Regulated Funds and Affiliated Funds holding investments in the issuer previously
participated in a Co-Investment Transaction with respect to the issuer and continue to hold any securities acquired in a Co-Investment
Transaction for that issuer. If such Regulated Funds and Affiliated Funds have previously participated in a Co-Investment Transaction
with respect to the issuer, then the terms and approval of the Follow-On Investment would be subject to the process discussed
in Section III.A.3.a. below and governed by Condition 8. These Follow-On Investments are referred to as &ldquo;Standard Review
Follow-Ons.&rdquo; If such Regulated Funds and Affiliated Funds have not previously participated in a Co-Investment Transaction
with respect to the issuer, then the terms and approval of the Follow-On Investment would be subject to the &ldquo;onboarding
process&rdquo; discussed in Section III.A.3.b. below and governed by Condition 9. These Follow-On Investments are referred to
as &ldquo;Enhanced Review Follow-Ons.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;<U>Standard Review Follow-Ons</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A Regulated Fund may invest in Standard
Review Follow-Ons 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(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A Regulated Fund may participate in a
Standard Review Follow-On without obtaining the prior approval of the Required Majority if it is (i)&nbsp;a Pro Rata Follow-On
Investment or (ii)&nbsp;a Non-Negotiated Follow-On Investment.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;<B><I>Pro Rata Follow-On Investment</I></B>&rdquo;
is a Follow-On 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,<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>12</SUP></FONT>&nbsp;immediately
preceding the Follow-On Investment, and (ii)&nbsp;in the case of a Regulated Fund, a majority of the Board has approved the Regulated
Fund&rsquo;s participation in the pro rata Follow-On Investments as being in the best interests of the Regulated Fund. The Regulated
Fund&rsquo;s Board may refuse to approve, or at any time rescind, suspend or qualify, their approval of Pro Rata Follow-On Investments,
in which case all subsequent Follow-On Investments will be submitted to the Regulated Fund&rsquo;s Eligible Directors in accordance
with Condition&nbsp;8(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;<B><I>Non-Negotiated Follow-On
Investment</I></B>&rdquo; is a Follow-On 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 No-Action Letters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Applicants believe that these Pro Rata
and Non-Negotiated Follow-On 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 Follow-On Investments and Non-Negotiated Follow-On Investments
remain subject to the Board&rsquo;s periodic review in accordance with Condition&nbsp;10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;<U>Enhanced Review Follow-Ons</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">One or more Regulated Funds and/or one
or more Affiliated Funds holding Pre-Boarding Investments may have the opportunity to make a Follow-On Investment that is a Potential
Co-Investment Transaction in an issuer with respect to which they have not previously participated in a Co-Investment Transaction.
In these cases, the Regulated Funds and Affiliated Funds may rely on the Order to make such Follow-On Investment subject to the
requirements of Condition 9. These enhanced review requirements constitute an &ldquo;onboarding process&rdquo; whereby Regulated
Funds and Affiliated Funds may utilize the Order to participate in Co-Investment Transactions even though they already hold Pre-Boarding
Investments. For a given issuer, the participating Regulated Funds and Affiliated Funds need to comply with these requirements
only for the first Co-Investment Transaction. Subsequent Co-Investment Transactions with respect to the issuer will be governed
by Condition 8 under the standard review process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.&nbsp;<U>Dispositions</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 17d-1 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 Co-Investment Transaction with respect to the issuer and continue to hold any securities acquired in a Co-Investment Transaction
for such issuer, then the terms and approval of the Disposition (hereinafter referred to as &ldquo;Standard Review Dispositions&rdquo;)
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 Co-Investment Transaction with respect to the issuer, then the
terms and approval of the Disposition (hereinafter referred to as &ldquo;Enhanced Review Dispositions&rdquo;) would be subject
to the same &ldquo;onboarding process&rdquo; discussed in Section III.A.4.b. below, and governed by Condition 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 18.75pt">(a)&nbsp;<U>Standard Review Dispositions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 18.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1.5pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12
</SUP></FONT><I>See</I>&nbsp;note 27, below. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;<B><I>Pro Rata Disposition</I></B>&rdquo;
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;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13
</SUP></FONT>and (ii)&nbsp;in the case of a Regulated Fund, a majority of the Board has approved the Regulated Fund&rsquo;s participation
in pro rata Dispositions as being in the best interests of the Regulated Fund. The Regulated Fund&rsquo;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&rsquo;s Eligible Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>14</SUP></FONT>&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&rsquo;s periodic review
in accordance with Condition 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 18.75pt">(b)&nbsp;<U>Enhanced Review Dispositions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 18.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">One or more Regulated Funds and one or
more Affiliated Funds that have not previously participated in a Co-Investment Transaction with respect to an issuer may have
the opportunity to make a Disposition of Pre-Boarding Investments in a Potential Co-Investment 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 Co-Investment Transaction, which may be an Enhanced Review Follow-On or an
Enhanced Review Disposition.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>15</SUP></FONT>&nbsp;Subsequent Co-Investment
Transactions with respect to the issuer will be governed by Condition 6 or 8 under the standard review process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.&nbsp;<U>Use of Wholly-Owned Investment Subs</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 Co-Investment 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 17d-1. Applicants request that each Wholly-Owned Investment Sub be permitted
to participate in Co-Investment Transactions in lieu of the applicable parent Regulated Fund that owns it and that the Wholly-Owned
Investment Sub&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1.5pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13
</SUP></FONT><I>See</I>&nbsp;note 25, below. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14
</SUP></FONT>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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15
</SUP></FONT>However, with respect to an issuer, if a Regulated Fund&rsquo;s first Co-Investment 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 Follow-On in such issuer, the Eligible Directors must review the proposed
Follow-On 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 Pre-Boarding 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 Co-Investment Transaction been an Enhanced Review
Follow-On.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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&rsquo;s investments while, in the latter case, the Independent Party makes
such determinations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;<U>Section&nbsp;17(d) and Section 57(a)(4)</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: left">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</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: left">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);<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>16</SUP></FONT>&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).</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 co-invest 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section&nbsp;2(a)(3)(C) defines an &ldquo;affiliated
person&rdquo; of another person to include any person directly or indirectly controlling, controlled by, or under common control
with, such other person.&nbsp;Section 2(a)(3)(D) defines &ldquo;any officer, director, partner, copartner, or employee&rdquo;
of an affiliated person as an affiliated person.&nbsp;Section 2(a)(9) defines &ldquo;control&rdquo; as the power to exercise a
controlling influence over the management or policies of a company, unless such power is solely the result of an official position
with that company. Under Section&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 non-advisory services
to the fund, controls such fund, absent compelling evidence to the contrary.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>17</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16
</SUP></FONT>Also excluded from this category by Rule 57b-1 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>17
</SUP></FONT><U>See</U>,&nbsp;<U>e.g.</U>, SEC Rel. No. IC-4697 (Sept. 8, 1966) (&ldquo;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.&rdquo;); Lazard Freres Asset Management,
SEC No-Action Letter (pub. avail. Jan.&nbsp;10, 1997) (&ldquo;While, in some circumstances, the nature of an advisory relationship
may give an adviser control over its client&rsquo;s management or policies, whether an investment company and another entity are
under common control is a factual question&hellip;&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;<U>Rule 17d-1</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Rule 17d-1 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 17d-1 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 &ldquo;joint enterprise or other joint arrangement
or profit-sharing plan,&rdquo; as defined in the rule, without prior approval by the Commission by order upon application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Rule 17d-1 was promulgated by the Commission
pursuant to Section&nbsp;17(d) and made applicable to persons subject to Sections&nbsp;57(a) and (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&rsquo;s rules under Section&nbsp;17(d) applicable to registered closed-end 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 17d-1 applies to persons subject to the prohibitions of Section&nbsp;57(a) or (d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Applicants seek relief pursuant to Rule
17d-1, which permits the Commission to authorize joint transactions upon application. In passing upon applications filed pursuant
to Rule 17d-1, the Commission is directed by Rule 17d-1(b) to consider whether the participation of a registered investment company
or controlled company thereof in the joint enterprise or joint arrangement under scrutiny is consistent with provisions, policies
and purposes of the Act and the extent to which such participation is on a basis different from or less advantageous than that
of other participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Commission has stated that Section&nbsp;17(d),
upon which Rule 17d-1 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.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>18</SUP></FONT>&nbsp;The
Court of Appeals for the Second Circuit has enunciated a like rationale for the purpose behind Section&nbsp;17(d): &ldquo;The
objective of [Section] 17(d)&hellip;is to prevent&hellip;injuring the interest of stockholders of registered investment companies
by causing the company to participate on a basis different from or less advantageous than that of such other participants.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>19</SUP></FONT>&nbsp;Furthermore,
Congress acknowledged that the protective system established by the enactment of Section&nbsp;57 is &ldquo;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.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>20</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP></SUP></FONT>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 17d-1 and Section&nbsp;57(i) would be met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18
</SUP></FONT><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>&nbsp;et seq.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19
</SUP></FONT><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>20
</SUP></FONT>H.Rep. No.&nbsp;96-1341, 96th Cong., 2d Sess. 45 (1980)&nbsp;<I>reprinted in</I>&nbsp;1980 U.S.C.C.A.N. 4827.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C.&nbsp;<U>Need for Relief</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Co-Investment Transactions are prohibited
by Rule 17d-1 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 17d-1, Section 17(d) and/or Section 57(b), as modified by Rule 57b-1 thereunder, as applicable, vis-&agrave;-vis each
participating Regulated Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Each of the participating Regulated
Funds and Affiliated Funds may be deemed to be affiliated persons vis-&agrave;-vis a Regulated Fund within the meaning of Section&nbsp;2(a)(3)
by reason of common control because (i) an Adviser, that is either PCM or an entity that controls, is controlled by, or under
common control with PCM, will be the investment adviser (and sub-adviser, if any) to each of the Regulated Funds and the Affiliated
Funds; (ii) PCM is the Adviser to, and may be deemed to control, PSEC; PRISM is the Adviser to, and may be deemed to control,
PRIS; PFIM is the Adviser to, and may be deemed to control, FLEX; and an Adviser will be the investment adviser and sub-adviser
to, and may be deemed to control, any Future Regulated Fund; (iii) each BDC Downstream Fund will be deemed to be controlled by
its BDC parent and/or its BDC parent&rsquo;s Adviser; and (iv) 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) (or Section&nbsp;17(d) in the case of Regulated Funds that are registered under the Act) and therefore would
be prohibited by Section&nbsp;57(a)(4) (or Section&nbsp;17(d) in the case of Regulated Funds that are registered under the Act)
and Rule&nbsp;17d-1&nbsp;from participating in&nbsp;Co-Investment&nbsp;Transactions without the Order. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 Rule&nbsp;17d-1,&nbsp;and therefore would
be prohibited from participating in&nbsp;Co-Investment&nbsp;Transactions without the Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, because the Prospect Proprietary
Accounts will be controlled by an Adviser and, therefore, may be under common control with PSEC, PRIS, FLEX, the Advisers, and
any Future Regulated Funds, the Prospect 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 17(d) or 57(b) and also prohibited from participating
in the Co-Investment Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The Commission has issued numerous
exemptive orders under the Act permitting registered investment companies and BDCs to co-invest with affiliated persons, including
precedents involving proprietary accounts.<SUP>21</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>21
</SUP></FONT><I>See, e.g.,<FONT STYLE="background-color: white">&nbsp;</FONT></I><FONT STYLE="background-color: white"><U>New
Mountain Finance Corporation, et al.</U>, (File No. 812-15030) Release No. IC-33624 (September 12, 2019) (notice), Release No.
IC-33656 (October 8, 2019) (order), </FONT><U>John Hancock GA Mortgage Trust, et al</U>. (File No. 812-14917) Release No. IC-33493
(May 28, 2019) (notice), Release No. IC- 33518 (June 25, 2019) (order), <U>BlackRock Capital Investment Corporation, et al</U>.
(File No. 812-14955) Release No. IC-33480 (May 21, 2019) (notice), Release No. IC- 33515 (June 20, 2019) (order), <U>Nuveen Churchill
BDC LLC, et al</U>. (File No. 812-14898) Release No. IC-33475 (May 15, 2019) (notice), Release No. IC-33503 (June 7, 2019) (order),
<FONT STYLE="background-color: white"><U>Pharos Capital BDC, Inc., et al.</U>, et al. (File&nbsp;No.&nbsp;812-14891)&nbsp;Release
No.&nbsp;IC-33372&nbsp;(February 8, 2019) (notice), Release No.&nbsp;IC-33394&nbsp;(March 11, 2019) (order),<I>&nbsp;</I><U>Stellus
Capital Investment Corporation</U>, et al. (File&nbsp;No.&nbsp;812-14855)&nbsp;Release No.&nbsp;IC-33289&nbsp;(November 6, 2018)
(notice), Release No.&nbsp;IC-33316&nbsp;(December 4, 2018) (order),</FONT> <U>THL Credit, Inc., et al.</U> (File No. 812-14807)
Investment Company Act Rel. Nos. 33213 (August 24, 2018) (notice) and 33239 (September 19, 2018) (order); <FONT STYLE="background-color: white"><U>AB
Private Credit Investors Corp., et al.</U> (File No. 812-14925) Investment Company Act Rel. Nos. 33152 (July 9, 2018) (notice)
and 33191 (August 6, 2018) (order); <U>Blackstone / GSO Floating Rate Enhanced Income Fund, et al.</U> (File No. 812-14835) Investment
Company Act Rel. Nos. 33149 (July 6, 2018) (notice) and 33186 (July 31,2018); </FONT><U>Benefit Street Partners BDC, Inc., et
al.</U> (File No. 812-14601) Investment Company Act Rel. Nos. 33068 (April 6, 2018) (notice) and 33090 (May 1, 2018) (order);
<U>Triloma EIG Energy Income Fund, et al.</U> (File No. 812-14848) Investment Company Act Rel. Nos. 33047 (March 14, 2018) (notice)
and 33070 (April 10, 2018) (order); <U>Corporate Capital Trust, Inc., et al.</U> (File No. 812-14882) Investment Company Act Rel.
Nos. 33043 (March 8, 2018) (notice) and 33064 (April 3, 2018) (order); <U>Alcentra Capital Corporation, et al.</U> (File No. 812-14760)
Investment Company Act Rel. Nos. 33038 (February 28, 2018) (notice) and 33059 (March 27, 2018) (order); <U>TriplePoint Venture
Growth BDC Corp., et al.</U> (File No. 812-14773) Investment Company Act Rel. Nos. 33037 (February 28, 2018) (notice) and 33060
(March 28, 2018) (order); <U>Bain Capital Specialty Finance, Inc., et al.</U> (File No. 812-14766) Investment Company Act Rel.
Nos. 33031 (February 23, 2018) (notice) and 33051 (March 22, 2018) (order). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IV.</B>&nbsp;<B><U>STATEMENT IN SUPPORT OF RELIEF REQUESTED</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with Rule 17d-1 (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 Co-Investment 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As required by Rule 17d-1(b), the Conditions
ensure that the terms on which Co-Investment 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 Co-Investment 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 17d-1 should not prevent BDCs and registered closed-end investment
companies from making investments that are in the best interests of their shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Regulated Fund and its shareholders
will benefit from the ability to participate in Co-Investment 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 Co-Investment 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B.&nbsp;<U>Protective Representations and Conditions</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Conditions ensure that the proposed
Co-Investment Transactions are consistent with the protection of each Regulated Fund&rsquo;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 Co-Investment 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 Co-Investment 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Applicants believe that participation
by the Regulated Funds in Pro Rata Follow-On 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 23c-2, which relates to the redemption by a closed-end investment company of less than all of
a class of its securities, indicating the general fairness and lack of overreaching that such approach provides.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Applicants also believe that the participation
by the Regulated Funds in Non-Negotiated Follow-On 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 &ldquo;<B><I>Holders</I></B>&rdquo;) own in the aggregate more than 25 percent of the outstanding voting shares of a Regulated
Fund (the &ldquo;<B><I>Shares</I></B>&rdquo;), then the Holders will vote such Shares as required under Condition 15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Applicants believe that this condition
will ensure that the Independent Directors will act independently in evaluating Co-Investment 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In sum, Applicants believe that the Conditions
would ensure that each Regulated Fund that participates in any type of Co-Investment 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 Co-Investment
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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicants agree that any Order granting the requested relief
shall be subject to the following Conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;<U>Identification and Referral of Potential Co-Investment
Transactions</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a) The Advisers will establish, maintain
and implement policies and procedures reasonably designed to ensure that each Adviser is promptly notified of all Potential Co-Investment
Transactions that fall within the then-current Objectives and Strategies and Board-Established Criteria of any Regulated Fund
the Adviser manages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> (b) When an Adviser to a Regulated
Fund is notified of a Potential Co-Investment 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&rsquo;s then-current circumstances. </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;<U>Board Approvals of Co-Investment Transactions</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a) If the Adviser deems a Regulated Fund&rsquo;s
participation in any Potential Co-Investment Transaction to be appropriate for the Regulated Fund, it will then determine an appropriate
level of investment for the Regulated Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b) If the aggregate amount recommended
by the Advisers to be invested in the Potential Co-Investment 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&rsquo; and Regulated Funds&rsquo; order sizes to assist the Eligible Directors with their review of the applicable Regulated
Fund&rsquo;s investments for compliance with these Conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(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
Co-Investment 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 Co-Investment Transaction with one or more other Regulated Funds or Affiliated Funds only if, prior to the Regulated
Fund&rsquo;s participation in the Potential Co-Investment Transaction, a Required Majority concludes that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(ii) the transaction is consistent
with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.55pt; text-indent: 0.25in">(A) the interests of the Regulated
Fund&rsquo;s equity holders; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.55pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.55pt; text-indent: 0.25in">(B) the Regulated Fund&rsquo;s
then-current Objectives and Strategies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.55pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.55pt; text-indent: 0.25in">(A) the settlement date for
another Regulated Fund or an Affiliated Fund in a Co-Investment 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.55pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.55pt; text-indent: 0.25in">(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&rsquo;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&rsquo;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&rsquo;s investment; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.55pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.55pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.55pt; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in"> (iv) the proposed investment
by the Regulated Fund will not involve compensation, remuneration or a direct or indirect<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>22</SUP></FONT>&nbsp;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 Co-Investment 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 Co-Investment Transaction, or (D)&nbsp;in the case of fees or other compensation described in Condition
2(c)(iii)(B)(z). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.&nbsp;<U>Right to Decline</U>. Each Regulated Fund has the
right to decline to participate in any Potential Co-Investment Transaction or to invest less than the amount proposed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> 4.&nbsp;<U>General Limitation</U>. Except for Follow-On
Investments made in accordance with Conditions 8 and 9 below,<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>23</SUP></FONT>&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.&nbsp;<U>Same Terms and Conditions</U><I>.&nbsp;</I>A Regulated
Fund will not participate in any Potential Co-Investment 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&rsquo;s board of directors, the right to have an observer on the board of directors
or similar rights to participate in the governance or management of the portfolio company will not be interpreted so as to violate
this Condition 5, if Condition 2(c)(iii)(B) is met.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.&nbsp;<U>Standard Review Dispositions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;<I>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 Co-Investment Transaction with respect to the issuer, then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in"> (i) the Adviser to such
Regulated Fund or Affiliated Fund<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>24</SUP></FONT> 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;<I>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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1.5pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>22
</SUP></FONT>For example, procuring the Regulated Fund&rsquo;s investment in a Potential Co-Investment Transaction to permit an
affiliate to complete or obtain better terms in a separate transaction would constitute an indirect financial benefit. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>23
</SUP></FONT>This exception applies only to Follow-On Investments by a Regulated Fund in issuers in which that Regulated Fund
already holds investments. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>24
</SUP></FONT>Any Prospect Proprietary Account that is not advised by an Adviser is itself deemed to be an Adviser for purposes
of Conditions 6(a)(i), 7(a)(i), 8(a)(i) and 9(a)(i). </P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;<I>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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in"> (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;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>25</SUP></FONT>&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp;<I>Standard Board Approval</I>.
In all other cases, the Adviser will provide its written recommendation as to the Regulated Fund&rsquo;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&rsquo;s best interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.&nbsp;<U>Enhanced Review Dispositions</U><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;<I>General</I>. If any Regulated
Fund or Affiliated Fund elects to sell, exchange or otherwise dispose of a Pre-Boarding Investment in a Potential Co-Investment
Transaction and the Regulated Funds and Affiliated Funds have not previously participated in a Co-Investment Transaction with
respect to the issuer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;<I>Enhanced Board Approval</I>.
The Adviser will provide its written recommendation as to the Regulated Fund&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(i) the Disposition complies
with Condition 2(c)(i), (ii), (iii)(A), and (iv); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(ii) the making and holding
of the Pre-Boarding Investments were not prohibited by Section&nbsp;57 or Rule 17d-1, as applicable, and records the basis for
the finding in the Board minutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;<I>Additional Requirements:</I>&nbsp;The
Disposition may only be completed in reliance on the Order if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(i)&nbsp;<I>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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(ii)&nbsp;<I>Original Investments</I>.
All of the Affiliated Funds&rsquo; and Regulated Funds&rsquo; investments in the issuer are Pre-Boarding Investments;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1.5pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>25
</SUP></FONT>In the case of any Disposition, proportionality will be measured by each participating Regulated Fund&rsquo;s and
Affiliated Fund&rsquo;s outstanding investment in the security in question immediately preceding the Disposition. </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(iii)&nbsp;<I>Advice of counsel</I>.
Independent counsel to the Board advises that the making and holding of the investments in the Pre-Boarding Investments were not
prohibited by Section&nbsp;57 (as modified by Rule 57b-1) or Rule 17d-1, as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in"> (iv)&nbsp;<I>Multiple Classes
of Securities.&nbsp;</I>All Regulated Funds and Affiliated Funds that hold Pre-Boarding Investments in the issuer immediately
before the time of completion of the Co-Investment 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&rsquo;s or Affiliated Fund&rsquo;s holding of a different class
of securities (including for this purpose a security with a different maturity date) is immaterial<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>26</SUP></FONT>&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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(v)&nbsp;<I>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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.&nbsp;<U>Standard Review Follow-Ons</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;<I>General</I>. If any Regulated
Fund or Affiliated Fund desires to make a Follow-On Investment in an issuer and the Regulated Funds and Affiliated Funds holding
investments in the issuer previously participated in a Co-Investment Transaction with respect to the issuer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;<I>No Board Approval Required</I>.
A Regulated Fund may participate in the Follow-On Investment without obtaining prior approval of the Required Majority if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in"> (i) (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,<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>27</SUP></FONT>&nbsp;immediately
preceding the Follow-On 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 Follow-On Investments on a pro rata basis (as described in greater detail in
this Application); or </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1.5pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>26
</SUP></FONT>In determining whether a holding is &ldquo;immaterial&rdquo; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>27
</SUP></FONT>To the extent that a Follow-On 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&rsquo;s
and Affiliated Fund&rsquo;s outstanding investment in the security in question immediately preceding the Follow-On Investment
using the most recent available valuation thereof. To the extent that a Follow-On 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&rsquo;s and Affiliated Fund&rsquo;s outstanding investment
in the issuer immediately preceding the Follow-On Investment using the most recent available valuation thereof. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(ii) it is a Non-Negotiated
Follow-On Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;<I>Standard Board Approval</I>.
In all other cases, the Adviser will provide its written recommendation as to the Regulated Fund&rsquo;s participation to the
Eligible Directors and the Regulated Fund will participate in such Follow-On Investment solely to the extent that a Required Majority
makes the determinations set forth in Condition 2(c). If the only previous Co-Investment Transaction with respect to the issuer
was an Enhanced Review Disposition the Eligible Directors must complete this review of the proposed Follow-On Investment both
on a stand-alone basis and together with the Pre-Boarding Investments in relation to the total economic exposure and other terms
of the investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp;<I>Allocation</I>. If, with respect
to any such Follow-On Investment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(i) the amount of the opportunity
proposed to be made available to any Regulated Fund is not based on the Regulated Funds&rsquo; and the Affiliated Funds&rsquo;
outstanding investments in the issuer or the security at issue, as appropriate, immediately preceding the Follow-On Investment;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(ii) the aggregate amount recommended
by the Advisers to be invested in the Follow-On Investment by the participating Regulated Funds and any participating Affiliated
Funds, collectively, exceeds the amount of the investment opportunity,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e)&nbsp;<I>Other Conditions</I>. The
acquisition of Follow-On Investments as permitted by this Condition will be considered a Co-Investment Transaction for all purposes
and subject to the other Conditions set forth in this application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.&nbsp;<U>Enhanced Review Follow-Ons</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;<I>General</I>. If any Regulated
Fund or Affiliated Fund desires to make a Follow-On Investment in an issuer that is a Potential Co-Investment Transaction and
the Regulated Funds and Affiliated Funds holding investments in the issuer have not previously participated in a Co-Investment
Transaction with respect to the issuer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;<I>Enhanced Board Approval</I>.
The Adviser will provide its written recommendation as to the Regulated Fund&rsquo;s participation to the Eligible Directors,
and the Regulated Fund will participate in such Follow-On Investment solely to the extent that a Required Majority reviews the
proposed Follow-On Investment both on a stand-alone basis and together with the Pre-Boarding Investments in relation to the total
economic exposure and other terms and makes the determinations set forth in Condition 2(c). In addition, the Follow-On 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 Pre-Boarding Investments were not prohibited by Section&nbsp;57 (as modified by&nbsp;Rule&nbsp;57b-1)&nbsp;or
Rule 17d-1, as applicable. The basis for the Board&rsquo;s findings will be recorded in its minutes.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;<I>Additional Requirements</I>.
The Follow-On Investment may only be completed in reliance on the Order if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(i)&nbsp;<I>Original Investments</I>.
All of the Affiliated Funds&rsquo; and Regulated Funds&rsquo; investments in the issuer are Pre-Boarding Investments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(ii)&nbsp;<I>Advice of counsel</I>.
Independent counsel to the Board advises that the making and holding of the investments in the Pre-Boarding Investments were not
prohibited by Section&nbsp;57 (as modified by Rule 57b-1) or Rule 17d-1, as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(iii)&nbsp;<I>Multiple Classes
of Securities</I>. All Regulated Funds and Affiliated Funds that hold Pre-Boarding Investments in the issuer immediately before
the time of completion of the Co-Investment 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&rsquo;s or Affiliated Fund&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(iv)&nbsp;<I>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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp;<I>Allocation</I>. If, with respect
to any such Follow-On Investment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(i) the amount of the opportunity
proposed to be made available to any Regulated Fund is not based on the Regulated Funds&rsquo; and the Affiliated Funds&rsquo;
outstanding investments in the issuer or the security at issue, as appropriate, immediately preceding the Follow-On Investment;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">(ii) the aggregate amount recommended
by the Advisers to be invested in the Follow-On Investment by the participating Regulated Funds and any participating Affiliated
Funds, collectively, exceeds the amount of the investment opportunity,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e)&nbsp;<I>Other Conditions</I>. The
acquisition of Follow-On Investments as permitted by this Condition will be considered a Co-Investment Transaction for all purposes
and subject to the other Conditions set forth in this application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.&nbsp;<U>Board Reporting, Compliance and Annual Re-Approval</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(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 Co-Investment 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&rsquo;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 Follow-On 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 Co-Investment Transactions and Co-Investment 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 Co-Investment Transactions and Co-Investment 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b) All information presented to the Regulated
Fund&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c) Each Regulated Fund&rsquo;s chief
compliance officer, as defined in rule&nbsp;38a-1(a)(4), will prepare an annual report for its Board each year that evaluates
(and documents the basis of that evaluation) the Regulated Fund&rsquo;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d) The Independent Directors (including
the non-interested members of each Independent Party) will consider at least annually whether continued participation in new and
existing Co-Investment Transactions is in the Regulated Fund&rsquo;s best interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11.&nbsp;<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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12.&nbsp;<U>Director Independence</U>. No Independent Director
(including the non-interested members of any Independent Party) of a Regulated Fund will also be a director, general partner,
managing member or principal, or otherwise be an &ldquo;affiliated person&rdquo; (as defined in the Act) of any Affiliated Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13.&nbsp;<U>Expenses</U>. The expenses, if any, associated
with acquiring, holding or disposing of any securities acquired in a Co-Investment Transaction (including, without limitation,
the expenses of the distribution of any such securities registered for sale under the Securities Act) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> 14.&nbsp;<U>Transaction Fees</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>28</SUP></FONT>&nbsp;Any
transaction fee (including break-up, 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 Co-Investment 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 Co-Investment 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 Co-Investment 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.&nbsp;<U>Independence</U>. If the Holders own in the aggregate
more than 25 percent of the Shares of a Regulated Fund, then the Holders will vote such Shares as directed by an independent third
party when voting on (1) the election of directors; (2) the removal of one or more directors; or (3) any other matter under either
the Act or applicable State law affecting the Board&rsquo;s composition, size or manner of election.</P>

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1.5pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>28
</SUP></FONT>Applicants are not requesting and the Commission is not providing any relief for transaction fees received in connection
with any Co-Investment Transaction. </P>



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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Please address all communications concerning
this Application and the Notice and Order to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospect Capital Corporation<BR>
10 East 40<SUP>th</SUP>&nbsp;Street, 42<SUP>nd</SUP>&nbsp;Floor<BR>
New York, NY 10016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(646) 380-1716</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Please address any questions, and a copy
of any communications, concerning this Application, the Notice and Order to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Anne G. Oberndorf, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Eversheds Sutherland (US) LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">700 Sixth Street, NW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, DC 20001</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Applicants desire that the Commission
issue an Order pursuant to Rule 0-5 without conducting a hearing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to Rule 0-2, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The verifications required by Rule 0-2(d)
and the authorizations required by Rule 0-2(c) are attached hereto as Exhibit A and Exhibits B, C, and D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> 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 2<SUP>nd</SUP> day of December, 2019. </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">PROSPECT CAPITAL CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President&nbsp;&amp; Chief Operating Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">PRIORITY INCOME FUND,&nbsp;INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">TP FLEXIBLE INCOME FUND, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">PROSPECT CAPITAL FUNDING LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President, CFO, Assistant Treasurer and Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">NATIONAL PROPERTY REIT CORP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Carlos Tejada</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Carlos Tejada</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">PROSPECT CAPITAL MANAGEMENT L.P.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Authorized Person</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">PRIORITY SENIOR SECURED INCOME MANAGEMENT, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President&nbsp;&amp; Chief Operating Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Prospect Flexible Income Management, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President&nbsp;&amp; Chief Operating Officer</FONT></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit A</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The undersigned states that he has duly executed the attached
Application dated December 2, 2019 for and on behalf of Prospect Capital Corporation, Priority Income Fund, Inc., TP Flexible
Income Fund, Inc., Prospect Capital Funding LLC, National Property REIT Corp., Prospect Capital Management L.P., Priority Senior
Secured Income Management, LLC, and Prospect Flexible Income Management, LLC, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">PROSPECT CAPITAL CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President&nbsp;&amp; Chief Operating Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">PRIORITY INCOME FUND,&nbsp;INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">TP FLEXIBLE INCOME FUND, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">PROSPECT CAPITAL FUNDING LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President, CFO, Assistant Treasurer and Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">NATIONAL PROPERTY REIT CORP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Carlos Tejada</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Carlos Tejada</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">PROSPECT CAPITAL MANAGEMENT L.P.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Authorized Person</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">PRIORITY SENIOR SECURED INCOME MANAGEMENT, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President&nbsp;&amp; Chief Operating Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Prospect Flexible Income Management, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Grier Eliasek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President&nbsp;&amp; Chief Operating Officer</FONT></TD></TR>
</TABLE>


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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Resolutions of the
Board of Directors of</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>WHEREAS</B>, the Board of Directors
(the &ldquo;<U>Board</U>&rdquo;) believes it is in the best interests of Prospect Capital Corporation (the &ldquo;<U>Company</U>&rdquo;)
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 &ldquo;<U>1940 Act</U>&rdquo;) and Rule 17d&ndash;1 promulgated thereunder (the &ldquo;<U>Application</U>&rdquo;),
to authorize the entering into of certain joint transactions and co-investments by the Company with certain entities which may
be deemed to be &ldquo;affiliates&rdquo; of the Company pursuant to the provisions of the 1940 Act, which such joint transactions
and co-investments would otherwise be prohibited by Section 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>WHEREAS</B>, the Board has reviewed
the Application, a copy of which is attached hereto as Exhibit A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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 &ldquo;<U>Authorized Officer</U>&rdquo; and, collectively, the &ldquo;<U>Authorized Officers</U>&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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&rsquo; authority therefore and the authorization, acceptance,
adoption, ratification, approval and confirmation by the Company thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="background-color: white">(Adopted
on November 16, 2018)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit C</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Resolutions of the Board of Directors of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PRIORITY INCOME FUND, INC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>WHEREAS</B>, the Board of Directors
(the &ldquo;<U>Board</U>&rdquo;) believes it is in the best interests of Priority Income Fund, Inc. (the &ldquo;<U>Company</U>&rdquo;)
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 &ldquo;<U>1940 Act</U>&rdquo;) and Rule 17d&ndash;1 promulgated thereunder (the &ldquo;<U>Application</U>&rdquo;),
to authorize the entering into of certain joint transactions and co-investments by the Company with certain entities which may
be deemed to be &ldquo;affiliates&rdquo; of the Company pursuant to the provisions of the 1940 Act, which such joint transactions
and co-investments would otherwise be prohibited by Section 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>WHEREAS</B>, the Board has reviewed
the Application, a copy of which is attached hereto as Exhibit A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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 &ldquo;<U>Authorized Officer</U>&rdquo; and, collectively, the &ldquo;<U>Authorized Officers</U>&rdquo;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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&rsquo; authority therefore and the authorization, acceptance,
adoption, ratification, approval and confirmation by the Company thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="background-color: white">(Adopted
on November 16, 2018)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit D</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Resolutions of the Board of Directors of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TP FLEXIBLE INCOME FUND, INC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>WHEREAS</B>, the Board of Directors
(the &ldquo;<U>Board</U>&rdquo;) believes it is in the best interests of TP Flexible Income Fund, Inc. pursuant to Sections 17(d)
and 57(i) of the Investment Company Act of 1940, as amended (the &ldquo;<U>1940 Act</U>&rdquo;) and Rule 17d&ndash;1 promulgated
thereunder (the &ldquo;<U>Application</U>&rdquo;), to authorize the entering into of certain joint transactions and co-investments
by the Company with certain entities which may be deemed to be &ldquo;affiliates&rdquo; of the Company pursuant to the provisions
of the 1940 Act, which such joint transactions and co-investments would otherwise be prohibited by Section 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>WHEREAS</B>, the Board has reviewed
the Application, a copy of which is attached hereto as Exhibit A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40.5pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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 &ldquo;<U>Authorized Officer</U>&rdquo; and, collectively, the &ldquo;<U>Authorized Officers</U>&rdquo;) 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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&rsquo; authority therefore and the authorization, acceptance,
adoption, ratification, approval and confirmation by the Company thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="background-color: white">(Adopted
on May 30, 2019)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">30</P>

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