Company: ECC-PD
Filing Date: 2025-02-04
Form Type: 40-APP/A
Source: 0001104659-25-008762
Chunk: 31

Company: Eagle Point Credit Co Inc.
Filing Date: 2025-02-04
Form: 40-APP/A
Chunk 31
---
ulated Funds) in a manner described by Section 17(d) or Section 57(b) and also
prohibited from participating in the Co-Investment Program.

Further, because the BDC
Downstream Funds and Wholly-Owned Investment Subs are or will be controlled by the Regulated Funds, the BDC Downstream Funds and Wholly-Owned
Investment Subs are subject to Section 57(a)(4) (or Section 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 17d-1, and therefore would
be prohibited from participating in Co-Investment Transactions without the Order.

<div align='center'>19</div>

D. Precedents

The Commission has issued
numerous exemptive orders under the Act permitting registered investment companies and BDCs to co-invest with affiliated persons.26Although the various precedents involved somewhat different formulae, the Commission has accepted, as a basis for relief
from the prohibitions on joint transactions, use of allocation and approval procedures to protect the interests of investors in the BDCs
and registered investment companies. The relief requested in this Application with respect to Follow-On Investments is consistent with
the temporary relief granted by the Commission on April 8, 2020.27The 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.

The Commission also has issued
orders extending co-investment relief to proprietary accounts.28

| 26 | See, e.g.,                                                                                           
 Thirdline Real Estate Income Fund, et al. (File No. 812-15540) Investment Company                    
 Act Rel. Nos. 35424 (December 18, 2024) (notice) and 35449 (January 14, 2025) (order); MidCap        
 Financial Investment Corporation, et al. (File No. 812-15538) Investment Company Act                 
 Rel. Nos. 35423 (December 18, 2024) (notice) and 35448 (January 14, 2025) (order); Morgan            
 Stanley Direct Lending Fund, et al. (File No. 812-15543) Investment Company Act Rel.                 
 Nos. 35425 (December 19, 2024) (notice) and 35446 (January 14,