Company: ECC-PD
Filing Date: 2025-02-04
Form Type: 40-APP/A
Source: 0001104659-25-008762
Chunk: 37

Company: Eagle Point Credit Co Inc.
Filing Date: 2025-02-04
Form: 40-APP/A
Chunk 37
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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. The 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.

The 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.

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 “Holders”) own in the aggregate more than 25 percent of the outstanding voting shares of a Regulated Fund
(the “Shares”), then the Holders will vote such Shares as required under Condition 15; provided however, that
Condition 15 will not apply to a Regulated Fund during any time which the Holders in the aggregate own 100% of the Shares of such Regulated
Fund.

In sum, the 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 17(d) or Section 57(a)(4) and
the Rules under the Act. As a result, the 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.

V. CONDITIONS

The Applicants agree that
any Order granting the requested relief shall be subject to the following Conditions:

1. Identification and Referral of Potential Co-Investment Transactions

(a). The Advisers 29will 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