Company: ECC-PD
Filing Date: 2025-02-04
Form Type: 40-APP/A
Source: 0001104659-25-008762
Chunk: 27

Company: Eagle Point Credit Co Inc.
Filing Date: 2025-02-04
Form: 40-APP/A
Chunk 27
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 a BDC, or (b) solely because that person 
 is, within the meaning of Section 2(a)(3)(C) or (D), an affiliated person of a person described in (a) above.                         |

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Section 2(a)(3)(C) defines
an “affiliated person” of another person to include any person directly or indirectly controlling, controlled by, or under
common control with, such other person. Section 2(a)(3)(D) defines “any officer, director, partner, copartner, or employee”
of an affiliated person as an affiliated person. Section 2(a)(9) defines “control” as the power to exercise a controlling
influence over the management or policies of a company, unless such power is solely the result of an official position with that company.
Under Section 2(a)(9) a person who beneficially owns, either directly or through one or more controlled companies, more than
25% of the voting securities of a company is presumed to control such company. The Commission and its staff have indicated on a number
of occasions their belief that an investment adviser that provides discretionary investment management services to a fund and that sponsored,
selected the initial directors, and provides administrative or other non-advisory services to the fund, controls such fund, absent compelling
evidence to the contrary.22

2. Rule 17d-1

Rule 17d-1 generally
prohibits an affiliated person (as defined in Section 2(a)(3)), or an affiliated person of such affiliated person, of a registered
investment company acting as principal, from effecting any transaction in which the registered investment company, or a company controlled
by such registered company, is a joint or a joint and several participant, in contravention of such rules as the Commission may
prescribe for the purpose of limiting or preventing participation by the registered investment company on a basis different from or less
advantageous than that of such first or second tier affiliate. Rule 17d-1 generally prohibits participation by a registered investment
company and an affiliated person (as defined in Section 2(a)(3)) or principal underwriter for that investment company, or an affiliated
person of such affiliated person or principal underwriter, in any “joint enterprise or other joint arrangement or profit-sharing
plan,” as defined in the rule, without prior approval by the Commission by order upon application.

Rule 17d-1 was