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

Company: Eagle Point Credit Co Inc.
Filing Date: 2025-02-04
Form: 40-APP/A
Chunk 25
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positions 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.                                                                    |
| 20 | However, with respect to an issuer, if a Regulated Fund’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.                                                                                                                               |

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5. Use of Wholly-Owned Investment Subs

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 57(a)(4) and Rule 17d-1. The 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’s participation in any such transaction be treated, for purposes of the Order, as though the parent Regulated Fund
were participating directly.

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’s investments while, in the latter case, the Independent Party makes such
determinations.