Company: ECC-PD
Filing Date: 2025-02-04
Form Type: 40-APP/A
Source: 0001104659-25-008762
Chunk: 20

Company: Eagle Point Credit Co Inc.
Filing Date: 2025-02-04
Form: 40-APP/A
Chunk 20
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stream Fund. The use of Independent Parties for BDC Downstream Funds results in a standard
of approval that the Applicants believe is equally as stringent as the standard of approval that a board of directors would apply. Most
importantly, the 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.

Further, the Applicants believe
that the existence of differing routes of approval between the BDC Downstream Funds and other Regulated Funds would not result in the
Applicants investing through the BDC Downstream Funds in order to avoid obtaining the approval of a Regulated Fund’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’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.

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).

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2. Delayed Settlement

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)