Company: ECC-PD
Filing Date: 2025-02-04
Form Type: 40-APP/A
Source: 0001104659-25-008762
Chunk: 26

Company: Eagle Point Credit Co Inc.
Filing Date: 2025-02-04
Form: 40-APP/A
Chunk 26
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B. Applicable Law

1. Section 17(d) and Section 57(a)(4)

Section 17(d) of
the Act generally prohibits an affiliated person (as defined in Section 2(a)(3) of the Act), 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 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 other participant.

Similarly, with regard to
BDCs, Section 57(a)(4) prohibits certain persons specified in Section 57(b) from participating in a joint transaction
with the BDC, or a company controlled by the BDC, in contravention of rules as prescribed by the Commission. In particular, Section 57(a)(4) applies
to:

| · | Any                                                                                              
 director, officer, employee, or member of an advisory board of a BDC or any person (other        
 than the BDC itself) who is an affiliated person of the forgoing pursuant to Section 2(a)(3)(C); 
 or                                                                                               |

| · | Any                                                                                                       
 investment adviser or promoter of, general partner in, principal underwriter for, or person               
 directly or indirectly either controlling, controlled by, or under common control with, a                 
 BDC (except the BDC itself and any person who, if it were not directly or indirectly controlled           
 by the BDC, would not be directly or indirectly under the control of a person who controls                
 the BDC);21 or                                                                                            
 any person who is an affiliated person of any of the forgoing within the meaning of Section 2(a)(3)(C) or 
 (D).                                                                                                      |

Pursuant to the foregoing
application of Section 57(a)(4), BDC Downstream Funds on the one hand and other Regulated Funds and Affiliated Funds on the other,
may not co-invest absent an exemptive order because the BDC Downstream Funds are controlled by a BDC and the Affiliated Funds and other
Regulated Funds are included in Section 57(b).

| 21 | Also excluded from this category by Rule 57b-1 is any person who would                                                                
 otherwise be included (a) solely because that person is directly or indirectly controlled by