Company: ECC-PD
Filing Date: 2025-02-04
Form Type: 40-APP/A
Source: 0001104659-25-008762
Chunk: 22

Company: Eagle Point Credit Co Inc.
Filing Date: 2025-02-04
Form: 40-APP/A
Chunk 22
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 Condition 8(c) or,
where certain additional requirements are met, without Board approval under Condition 8(b).

A Regulated Fund may participate
in a Standard Review Follow-On without obtaining the prior approval of the Required Majority if it is (i) a Pro Rata Follow-On Investment
or (ii) a Non-Negotiated Follow-On Investment.

A “Pro Rata Follow-On Investment” is a Follow-On Investment (i) 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,17immediately preceding the Follow-On Investment, and (ii) in the case of a Regulated Fund, a majority of the Board has
approved the Regulated Fund’s participation in pro rata Follow-On Investments as being in the best interests of the Regulated Fund.
The Regulated Fund’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’s Eligible Directors in
accordance with Condition 8(c).

| 17 | See             
 note 35, below. |

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A “Non-Negotiated Follow-On Investment” 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) in which the only term negotiated by or on behalf of the funds is price and (ii) 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.

The Applicants believe that
these Pro Rata Follow-On Investments 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’s periodic review in accordance with Condition 10.

(b). Enhanced Review Follow-Ons

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 Reg