# EDGAR Filing Document

**Accession Number:** 0001604174
**File Stem:** 0001104659-26-065749
**Filing Date:** 2026-5
**Character Count:** 700093
**Document Hash:** d4ea06d56693562f987a7630879902b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-065749.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001104659-26-065749

**CONFORMED SUBMISSION TYPE**: N-2 POSASR

**PUBLIC DOCUMENT COUNT**: 28

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**EFFECTIVENESS DATE**: 20260522

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eagle Point Credit Co Inc.
- **CENTRAL INDEX KEY:** 0001604174

**ORGANIZATION NAME:**
- **EIN:** 465215217
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2 POSASR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22974
- **FILM NUMBER:** 261014294

**BUSINESS ADDRESS:**
- **STREET 1:** 600 STEAMBOAT RD, SUITE 202
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203.862.3150

**MAIL ADDRESS:**
- **STREET 1:** 600 STEAMBOAT RD, SUITE 202
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Eagle Point Credit Co LLC
- **DATE OF NAME CHANGE:** 20140331
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eagle Point Credit Co Inc.
- **CENTRAL INDEX KEY:** 0001604174

**ORGANIZATION NAME:**
- **EIN:** 465215217
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2 POSASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286484
- **FILM NUMBER:** 261014293

**BUSINESS ADDRESS:**
- **STREET 1:** 600 STEAMBOAT RD, SUITE 202
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203.862.3150

**MAIL ADDRESS:**
- **STREET 1:** 600 STEAMBOAT RD, SUITE 202
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Eagle Point Credit Co LLC
- **DATE OF NAME CHANGE:** 20140331

?xml version='1.0' encoding='ASCII'? Eagle Point Credit Co Inc - 1604174 - 2026

**As filed with the U.S. Securities and Exchange Commission on May 22, 2026**

**1933 Act File No. 333-286484 1940 Act File No. 811-22974**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-2**

⌧ **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

◻ **Pre-Effective Amendment No.**

⌧ **Post-Effective Amendment No. 2**

**and**

⌧ **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

⌧ **Amendment No. 52**

**EAGLE POINT CREDIT COMPANY** 

**(Exact name of Registrant as specified in charter)**

**600 Steamboat Road, Suite 202 Greenwich, CT 06830**

(Address of Principal Executive Offices)

**(203) 340-8500**

(Registrant's telephone number, including Area Code)

**Thomas P. Majewski 600 Steamboat Road, Suite 202 Greenwich, CT 06830**

(Name and address of agent for service)

***Copies of Communications to:***

Thomas J. Friedmann

Philip T. Hinkle

Dechert LLP

One International Place, 40<sup>th</sup> Floor

100 Oliver Street

Boston, Massachusetts 02110

(617) 728-7120

**Approximate date of proposed public offering**: From time to time after the effective date of this Registration Statement.

¨ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

⌧ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

⌧ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

x Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

---

| | |
|:---|:---|
| ¨ | Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. |

---

**It is proposed that this filing will become effective (check appropriate box):**

¨ when declared effective pursuant to Section 8(c) of the Securities Act.

**If appropriate, check the following box:**

¨ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

◻ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

◻ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

◻ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: 333-286484

**Check each box that appropriately characterizes the Registrant:**

⌧ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

◻ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

◻ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

⌧ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

⌧ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

◻ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act").

◻ If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

◻ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 2 (this "Amendment") to the Registration Statement on [Form N-2 (File Nos. 333-286484 and 811-22974)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1604174/000110465925034204/tm2511791d1_n2asr.htm) (as amended, the "Registration Statement") of Eagle Point Credit Company Inc. (the "Predecessor") is being filed pursuant to Rule 414(d) under the Securities Act of 1933, as amended (the "Securities Act"). Effective at 12:01 a.m. (Eastern Time) on May 22, 2026, the Predecessor converted from a Delaware corporation to a Delaware statutory trust (the "Conversion"). In connection with and effective upon the Conversion, the Predecessor changed its name to Eagle Point Credit Company (the "Registrant"). The Registrant expressly adopts the Registration Statement, as modified by this Amendment and that certain Post-Effective Amendment No. 1 filed with the Securities and Exchange Commission (the "SEC") on April 18, 2025, as its own registration statement for all purposes of the Securities Act and the Securities Exchange Act of 1934, as amended (the "Exchange Act").

For the purposes of this Amendment and the Registration Statement, (i) as of any time prior to the Conversion, references to the "Company," "we," "us," "our" and similar terms mean Eagle Point Credit Company Inc. and its consolidated subsidiaries and, as of any time after the Conversion, Eagle Point Credit Company and its consolidated subsidiaries and (ii) as of any time prior to the Conversion, references to "stockholders" mean the holders of any common or preferred stock of the Predecessor, and, as of any time after the Conversion, if the context requires, references to "stockholders" are deleted and replaced with "shareholders," which means the holders of common or preferred shares of beneficial interest of the Registrant, and (iii) as of any time prior to the Conversion, references to "common stock" mean the common stock of the Predecessor and references to "preferred stock" mean the preferred stock of the Predecessor and, as of any time after the Conversion, if the context requires, references to "common stock" are deleted and replaced with "common shares of beneficial interest" which mean the common shares of beneficial interest of the Registrant and references to "preferred stock" are deleted and replaced with "preferred shares of beneficial interest" which mean the preferred shares of beneficial interest of the Registrant.

Except as set forth herein, this Amendment does not modify any other part of the Registration Statement and pursuant to Rule 462(e) under the Securities Act, shall become effective immediately upon filing with the SEC. Accordingly, this Amendment consists only of a facing page, this explanatory note and Part C of the Registration Statement. The contents of the Registration Statement are hereby incorporated by reference.

**PART C - OTHER INFORMATION**

**ITEM 25. FINANCIAL STATEMENTS AND EXHIBITS**

*1.* *Financial Statements:* 

The following financial statements of Eagle Point Credit Company (the "Registrant") have been incorporated by reference in Part A of the Registration Statement:

Financial Statements for the Period Ended December 31, 2025 (Audited)

Consolidated Statement of Assets and Liabilities

Consolidated Schedule of Investments

Consolidated Statement of Operations

Consolidated Statement of Comprehensive Income

Consolidated Statements of Changes in Net Assets

Consolidated Statement of Cash Flows

Notes to Consolidated Financial Statements

Consolidated Financial Highlights

Supplemental Information

Report of Independent Registered Public Accounting Firm

*2.* *Exhibits:* 

 

---

| | |
|:---|:---|
| [(a)(1)](https://www.sec.gov/Archives/edgar/data/1604174/000114420414058512/v388836_ex99a2.htm) | [Form of Certificate of Incorporation<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420414058512/v388836_ex99a2.htm) |
| [(a)(2)](https://www.sec.gov/Archives/edgar/data/1604174/000110465924026622/tm246974d1_exa2.htm) | [Certificate of Amendment of Certificate of Incorporation<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465924026622/tm246974d1_exa2.htm) |
| [(a)(3)](tm2615164d1_ex99-xax3.htm) | [Plan of Conversion (filed herewith)](tm2615164d1_ex99-xax3.htm) |
| [(a)(4)](tm2615164d1_ex99-xax4.htm) | [Certificate of Conversion (filed herewith)](tm2615164d1_ex99-xax4.htm) |
| [(a)(5)](tm2615164d1_ex99-xax5.htm) | [Certificate of Trust (filed herewith)](tm2615164d1_ex99-xax5.htm) |
| [(a)(6)](tm2615164d1_ex99-xax6.htm) | [Declaration of Trust (filed herewith)](tm2615164d1_ex99-xax6.htm) |
| [(a)(7)](tm2615164d1_ex99-xax7.htm) | [Supplement to Declaration of Trust for the 6.50% Series C Term Preferred Shares due 2031 (filed herewith)](tm2615164d1_ex99-xax7.htm) |
| [(a)(8)](tm2615164d1_ex99-xax8.htm) | [Supplement to Declaration of Trust for the 6.75% Series D Preferred Shares (filed herewith)](tm2615164d1_ex99-xax8.htm) |
| [(a)(9)](tm2615164d1_ex99-xax9.htm) | [Supplement to Declaration of Trust for the 7.00% Series AA Convertible and Perpetual Preferred Shares (filed herewith)](tm2615164d1_ex99-xax9.htm) |
| [(a)(10)](tm2615164d1_ex99-xax10.htm) | [Supplement to Declaration of Trust for the 7.00% Series AB Convertible and Perpetual Preferred Shares (filed herewith)](tm2615164d1_ex99-xax10.htm) |
| [(b)](tm2615164d1_ex99-xb.htm) | [Bylaws (filed herewith)](tm2615164d1_ex99-xb.htm) |
| (c) | Not applicable |
| [(d)(1)](https://www.sec.gov/Archives/edgar/data/1604174/000114420415069373/v425865_ex99d1.htm) | [Indenture, dated December 4, 2015, by and between the Registrant and American Stock Transfer & Trust Company, LLC, trustee <sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420415069373/v425865_ex99d1.htm) |
| [(d)(2)](tm2615164d1_ex99-xdx2.htm) | [Form of Supplement to Declaration of Trust for Preferred Shares of Beneficial Interest (filed herewith)](tm2615164d1_ex99-xdx2.htm) |
| [(d)(3)](https://www.sec.gov/Archives/edgar/data/1604174/000114420415062883/v423305_ex99-d3.htm) | [Form of Subscription Certificate <sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420415062883/v423305_ex99-d3.htm) |
| [(d)(4)](https://www.sec.gov/Archives/edgar/data/1604174/000110465923069570/tm2233392d5_ex99-d4.htm) | [Form T-1 Statement of Eligibility of American Stock Transfer & Trust Company, LLC, as trustee, with respect to the Form of Indenture <sup>(6)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465923069570/tm2233392d5_ex99-d4.htm) |

---

---

| | |
|:---|:---|
| [(d)(5)](https://www.sec.gov/Archives/edgar/data/1604174/000114420415062883/v423305_ex99-d5.htm) | [Form of Subscription Agent Agreement <sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420415062883/v423305_ex99-d5.htm) |
| [(d)(6)](https://www.sec.gov/Archives/edgar/data/1604174/000114420415069373/v425865_ex99d6.htm) | [First Supplemental Indenture, dated December 4, 2015, by and between the Registrant and American Stock Transfer & Trust Company, LLC, trustee <sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420415069373/v425865_ex99d6.htm) |
| [(d)(7)](https://www.sec.gov/Archives/edgar/data/1604174/000114420417041232/v472645_ex99d7.htm) | [Second Supplemental Indenture, dated August 8, 2017, by and between the Registrant and American Stock Transfer & Trust Company, LLC, trustee <sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420417041232/v472645_ex99d7.htm) |
| [(d)(8)](https://www.sec.gov/Archives/edgar/data/1604174/000110465925034204/tm2511791d1_ex99-xdx8.htm) | [Form T-1 Application to Determine Eligibility of Equiniti Trust Company, LLC as trustee with respect to the Indenture <sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465925034204/tm2511791d1_ex99-xdx8.htm) |
| [(d)(9)](https://www.sec.gov/Archives/edgar/data/1604174/000114420418022033/tv491682_ex99-d9.htm) | [Third Supplemental Indenture, dated April 24, 2018, by and between the Registrant and American Stock Transfer & Trust Company, LLC, trustee <sup>(8)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420418022033/tv491682_ex99-d9.htm) |
| [(d)(10)](https://www.sec.gov/Archives/edgar/data/1604174/000110465921041499/tm2110670d2_ex4-1.htm) | [Fourth Supplemental Indenture, dated March 25, 2021, by and between the Registrant and American Stock Transfer & Trust Company, LLC, as trustee <sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465921041499/tm2110670d2_ex4-1.htm) |
| [(d)(11)](https://www.sec.gov/Archives/edgar/data/1604174/000110465922006890/tm224066d1_ex4-1.htm) | [Fifth Supplemental Indenture, dated January 24, 2022, by and between the Registrant and American Stock Transfer & Trust Company, LLC, as trustee <sup>(10)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465922006890/tm224066d1_ex4-1.htm) |
| [(d)(12)](https://www.sec.gov/Archives/edgar/data/1604174/000110465924127175/tm2430057d1_ex4-1.htm) | [Sixth Supplemental Indenture, dated December 10, 2024, by and between the Registrant and Equiniti Trust Company LLC, as trustee <sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465924127175/tm2430057d1_ex4-1.htm) |
| [(e)(1)](tm2615164d1_ex99-xex1.htm) | [Amended and Restated Dividend Reinvestment Plan for the Registrant's Common Shares of Beneficial Interest (filed herewith)](tm2615164d1_ex99-xex1.htm) |
| [(e)(2)](tm2615164d1_ex99-xex2.htm) | [Amended and Restated Dividend Reinvestment Plan for the Registrant's Convertible and Perpetual Preferred Shares of Beneficial Interest (filed herewith)](tm2615164d1_ex99-xex2.htm) |
| (f) | Not applicable |
| [(g)](https://www.sec.gov/Archives/edgar/data/1604174/000114420417031767/v468274_ex99g.htm) | [Amended and Restated Investment Advisory Agreement, dated May 16, 2017, by and between the Registrant and Eagle Point Credit Management LLC <sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420417031767/v468274_ex99g.htm) |
| [(h)(1)](https://www.sec.gov/Archives/edgar/data/1604174/000114420415062883/v423305_ex99-h1.htm) | [Form of Underwriting Agreement for Equity Securities <sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420415062883/v423305_ex99-h1.htm) |
| [(h)(2)](https://www.sec.gov/Archives/edgar/data/1604174/000114420415062883/v423305_ex99-h2.htm) | [Form of Underwriting Agreement for Debt Securities <sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420415062883/v423305_ex99-h2.htm) |
| [(h)(3)](https://www.sec.gov/Archives/edgar/data/1604174/000110465925034204/tm2511791d1_ex99-xhx3.htm) | [Form of At Market Issuance Dealer Manager Agreement between the Registrant and Eagle Point Securities LLC <sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465925034204/tm2511791d1_ex99-xhx3.htm) |
| [(h)(4)](https://www.sec.gov/Archives/edgar/data/1604174/000110465925034204/tm2511791d1_ex99-xhx4.htm) | [Form of At Market Issuance Sub-Placement Agreement among Eagle Point Securities LLC, B. Riley Securities, Inc. and Lucid Capital Markets, LLC <sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465925034204/tm2511791d1_ex99-xhx4.htm) |
| [(h)(5)](https://www.sec.gov/Archives/edgar/data/1604174/000110465924058794/tm2413414d1_ex99-h4.htm) | [Dealer Manager Agreement, dated March 22, 2024, by and between Registrant and Eagle Point Securities LLC <sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465924058794/tm2413414d1_ex99-h4.htm) |
| (i) | Not applicable |
| [(j)](https://www.sec.gov/Archives/edgar/data/1604174/000114420416118041/v446424_ex99j2.htm) | [Custody Agreement, dated as of July 20, 2016, among the Registrant and Wells Fargo Bank, National Association (assigned to Computershare Trust Company, N.A.) <sup>(15)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420416118041/v446424_ex99j2.htm) |
| [(k)(1)](https://www.sec.gov/Archives/edgar/data/1604174/000114420414036276/v378377_ex99-k1.htm) | [Form of Administration Agreement by and between the Registrant and Eagle Point Administration LLC<sup>(16)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420414036276/v378377_ex99-k1.htm) |
| [(k)(2)](https://www.sec.gov/Archives/edgar/data/1604174/000114420414041788/v383232_ex99-k3.htm) | [Form of License Agreement between the Registrant and Eagle Point Credit Management LLC <sup>(17)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420414041788/v383232_ex99-k3.htm) |
| [(k)(3)](https://www.sec.gov/Archives/edgar/data/1604174/000114420414058512/v388836_ex99k4.htm) | [Form of Transfer Agency and Registrar Services Agreement between the Registrant and Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company, LLC) <sup>(18)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420414058512/v388836_ex99k4.htm) |

---

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| | |
|:---|:---|
| [(k)(4)](https://www.sec.gov/Archives/edgar/data/1604174/000114420415029522/v410177_ex99-k4.htm) | [Services Agreement, dated November 1, 2014 by and among SS&C Technologies, Inc., the Registrant, Eagle Point Administration LLC and Eagle Point Credit Management LLC <sup>(12)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420415029522/v410177_ex99-k4.htm) |
| [(k)(5)](https://www.sec.gov/Archives/edgar/data/1604174/000110465924058794/tm2413414d1_ex99-k5.htm) | [Transfer Agency and Service Agreement between the Registrant and Computershare Trust Company, N.A. and Computershare Inc.<sup>(12)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465924058794/tm2413414d1_ex99-k5.htm) |
| [(l)(1)](tm2615164d1_ex99-xlx1.htm) | [Opinion and Consent of Counsel (filed herewith)](tm2615164d1_ex99-xlx1.htm) |
| (m) | Not applicable |
| [(n)](tm2615164d1_ex99-xn.htm) | [Consent of Independent Registered Public Accounting Firm (filed herewith)](tm2615164d1_ex99-xn.htm) |
| (o) | Not applicable |
| (p) | Not applicable |
| (q) | Not applicable |
| [(r)(1)](https://www.sec.gov/Archives/edgar/data/1604174/000114420414041788/v383232_ex99-r1.htm) | [Code of Ethics of the Registrant <sup>(17)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420414041788/v383232_ex99-r1.htm) |
| [(r)(2)](https://www.sec.gov/Archives/edgar/data/1604174/000114420418003081/tv483706_ex99r2.htm) | [Code of Ethics of Eagle Point Credit Management LLC <sup>(19)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420418003081/tv483706_ex99r2.htm) |
| [(s)(1)](https://www.sec.gov/Archives/edgar/data/1604174/000110465925034204/tm2511791d1_ex99-xs.htm) | [Calculation of Filing Fee Tables<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465925034204/tm2511791d1_ex99-xs.htm) |
| [(s)(2)](https://www.sec.gov/Archives/edgar/data/1604174/000110465925034268/tm2511791d2_exfilingfees.htm) | [Calculation of Filing Fee Tables <sup>(20)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465925034268/tm2511791d2_exfilingfees.htm) |
| [(s)(3)](https://www.sec.gov/Archives/edgar/data/1604174/000110465925036127/tm2512487d1_exfilingfees.htm) | [Calculation of Filing Fee Tables <sup>(21)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465925036127/tm2512487d1_exfilingfees.htm) |
| [(t)(1)](https://www.sec.gov/Archives/edgar/data/1604174/000114420415062883/v423305_ex99-s1.htm) | [Form of Prospectus Supplement for Common Share Offerings <sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420415062883/v423305_ex99-s1.htm) |
| [(t)(2)](https://www.sec.gov/Archives/edgar/data/1604174/000114420415067584/v425401_ex99-s2.htm) | [Form of Prospectus Supplement for Preferred Share Offerings <sup>(22)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420415067584/v425401_ex99-s2.htm) |
| [(t)(3)](https://www.sec.gov/Archives/edgar/data/1604174/000114420415062883/v423305_ex99-s3.htm) | [Form of Prospectus Supplement for Subscription Rights Offerings <sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420415062883/v423305_ex99-s3.htm) |
| [(t)(4)](https://www.sec.gov/Archives/edgar/data/1604174/000114420415067584/v425401_ex99-s4.htm) | [Form of Prospectus Supplement for Debt Securities <sup>(22)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000114420415067584/v425401_ex99-s4.htm) |
| [(t)(5)](https://www.sec.gov/Archives/edgar/data/1604174/000110465925034204/tm2511791d1_ex99-xtx5.htm) | [Power of Attorney <sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1604174/000110465925034204/tm2511791d1_ex99-xtx5.htm) |

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<sup>(1)</sup> Previously filed on September 30, 2014 with Pre-effective Amendment No. 4 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-196590 and 811-22974) and incorporated by reference herein.

<sup>(2)</sup> Previously filed on February 22, 2024, with Post-effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-269139 and 811-22974) and incorporated by reference herein.

<sup>(3)</sup> Previously filed on April 11, 2025 with the Registrant's Registration Statement on Form N-2 (File Nos. 333-286484 and 811-22974) and incorporated by reference herein.

<sup>(4)</sup> Previously filed on December 4, 2015 with Post-effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-205540 and 811-22974) and incorporated by reference herein.

<sup>(5)</sup> Previously filed on November 5, 2015 with Pre-effective Amendment No. 4 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-205540 and 811-22974) and incorporated by reference herein.

<sup>(6)</sup> Previously filed on June 9, 2023 with Pre-effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-269139 and 811-22974) and incorporated by reference herein.

<sup>(7)</sup> Previously filed on August 8, 2017 with Post-effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-218611 and 811-22974) and incorporated by reference herein.

<sup>(8)</sup> Previously filed on April 24, 2018 with Post-effective Amendment No. 5 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-218611 and 811-22974) and incorporated by reference herein.

<sup>(9)</sup> Previously filed on March 25, 2021 with the Registrant's Current Report on Form 8-K and incorporated by reference herein.

<sup>(10)</sup> Previously filed on January 24, 2022 with the Registrant's Current Report on Form 8-K and incorporated by reference herein.

<sup>(11)</sup> Previously filed on December 10, 2024 with the Registrant's Current Report on Form 8-K and incorporated by reference herein.

<sup>(12)</sup> Previously filed on May 12, 2015 with Pre-effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-202914 and 811-22974) and incorporated by reference herein.

<sup>(13)</sup> Previously filed on June 8, 2017 with the Registrant's Registration Statement on Form N-2 (File Nos. 333-218611 and 811-22974) and incorporated by reference herein.

<sup>(14)</sup> Previously filed on May 8, 2024 with Post-effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-269139 and 811-22974) and incorporated by reference herein.

<sup>(15)</sup> Previously filed on August 10, 2016 with Post-effective Amendment No. 5 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-205540 and 811-22974) and incorporated by reference herein.

<sup>(16)</sup> Previously filed on June 6, 2014 with the Registrant's Registration Statement on Form N-2 (File Nos. 333-196590 and 811-22974) and incorporated by reference herein.

<sup>(17)</sup> Previously filed on July 7, 2014 with Pre-effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-196590 and 811-22974) and incorporated by reference herein.

<sup>(18)</sup> Previously filed on September 30, 2014 with Pre-effective Amendment No. 4 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-196590 and 811-22974) and incorporated by reference herein.

<sup>(19)</sup> Previously filed on January 22, 2018 with Post-effective Amendment No. 4 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-218611 and 811-22974) and incorporated by reference herein.

<sup>(20)</sup> Previously filed on April 11, 2025 with the Registrant's Prospectus Supplement filed pursuant to Rule 424(b)(2) and incorporated by reference herein.

<sup>(21)</sup> Previously filed on April 18, 2025 with the Registrant's Prospectus Supplement filed pursuant to Rule 424(b)(2) and incorporated by reference herein.

<sup>(22)</sup> Previously filed on November 23, 2015 with Pre-effective Amendment No. 5 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-205540 and 811-22974) and incorporated by reference herein.

**ITEM 26. MARKETING ARRANGEMENTS**

The information contained under the heading "Plan of Distribution" in the prospectus that forms a part of this Registration Statement is incorporated herein by reference.

**ITEM 27. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION**

---

| | |
|:---|:---|
| SEC registration fee | $___(1) |
| FINRA filing fee | $___(2) |
| NYSE listing fee | $___(2) |
| Rating agency fee | $___(2) |
| Printing and postage | $___(2) |
| Legal fees and expenses | $___(2) |
| Accounting fees and expenses | $___(2) |
| Miscellaneous | $___(2) |
| Total | $___(2) |

---

(1) In accordance with Rules 456(b), 457(r) and 415(a)(6) promulgated under the Securities Act, we are deferring payment of all of the registration fees. Any registration fees will be paid subsequently on a pay-as-you-go basis.

(2) These fees will be calculated based on the securities offered and the number of issuances and accordingly, cannot be estimated at this time. These fees, if any, will be reflected in the applicable prospectus supplement.

**ITEM 28. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL**

Eagle Point Credit Company Sub (Cayman) Ltd., a Cayman Islands exempted company, is a wholly-owned subsidiary of the Registrant and was included in the Registrant's consolidated financial statements as of December 31, 2025.

Eagle Point Credit Company Sub II (Cayman) Ltd., a Cayman Islands exempted company, is a wholly-owned subsidiary of the Registrant and was included in the Registrant's consolidated financial statements as of December 31, 2025.

Eagle Point Credit Company Sub II (US) LLC ("Sub II US"), a Delaware limited liability company, is a wholly-owned subsidiary of the Registrant and was included in the Registrant's consolidated financial statements as of December 31, 2025.

**ITEM 29. NUMBER OF HOLDERS OF SECURITIES**

The following table sets forth the number of record holders of each class of the Registrant's securities as of May 15, 2026 :

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Common shares of beneficial interest, par value $0.001 per share | 16 |
| Series C Term Preferred Shares, par value $0.001 per share | 1 |
| Series D Preferred Shares, par value $0.001 per share | 1 |
| 7.00% Series AA Convertible Perpetual Preferred Shares | 98 |
| 7.00% Series AB Convertible Perpetual Preferred Shares | 4 |
| Unsecured debt | 1 |

---

**ITEM 30. INDEMNIFICATION**

**Directors and Officers**

Reference is made to Article V of the Registrant's Declaration of Trust incorporated herein by reference as Exhibit (a)(6) to this registration statement.

**Adviser and Administrator**

The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, Eagle Point Credit Management LLC (the "Adviser") and its officers, managers, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from the Registrant for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under the Investment Advisory Agreement or otherwise as an investment adviser of the Registrant.

The Administration Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, Eagle Point Administration LLC (the "Administrator") and its officers, managers, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from the Registrant for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Administrator's services under the Administration Agreement or otherwise as administrator for the Registrant.

**Distribution Arrangements**

The At Market Issuance Dealer Manager Agreement provides that the dealer manager agrees to indemnify and hold harmless each of the Registrant and its partners, directors, trustees, managers, members and shareholders (as the case may be), and each officer of the Registrant who signs the Registration Statement and each person, if any, who controls the Registrant within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) and expense whatsoever insofar as such loss, claim, damage, liability or expense arises out of or is based upon untrue statements or omissions or alleged untrue statements or omissions to written information relating to such dealer manager furnished to the Registrant by such dealer manager expressly for use in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment hereof by the Registrant) or in the prospectus (or any supplement thereto) contained in this Registration Statement.

The At Market Issuance Sub-Placement Agent Agreement provides that each sub-placement agent agrees to indemnify and hold harmless each of the Dealer Manager and the Registrant and each of their respective partners, directors, trustees, managers, members and shareholders (as the case may be), and each officer of the Registrant who signs the Registration Statement and each person, if any, who controls the Registrant within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) and expense whatsoever insofar as such loss, claim, damage, liability or expense arises out of or is based upon (i) any material breach of any representation, warranty, covenant or agreement of such sub-placement agent contained in such agreement, (ii) any material violation by such sub-placement agent of any law, rule or regulation (including any rule of any self-regulatory organization), or (iii) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, including any information deemed to be a part thereof pursuant to Rule 430B or Rule 424(b) under the Securities Act, or the Prospectus or any amendment or supplement thereto relating to such sub-placement agent furnished to the Dealer Manager or the Registrant by such sub-placement agent expressly for use in the Registration Statement or Prospectus.

The Dealer Manager Agreement provides that the Dealer Manager will indemnify, defend and hold harmless each of the Registrant and its officers, trustees, directors, employees, members, partners, agents and representatives, and each person, if any, who controls the Registrant within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any losses, claims, damages or liabilities to which any of the aforesaid parties may become subject, under the Securities Act or the Exchange Act, or otherwise, insofar as such losses, claims (including the reasonable cost of investigation), damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty contained in the Dealer Manager Agreement by the Dealer Manager, any material breach of a covenant contained in the Dealer Manager Agreement by the Dealer Manager or any material failure by the Dealer Manager to perform its obligations under the Dealer Manager Agreement, (b) any untrue statement or any alleged untrue statement of a material fact contained (i) in the Registration Statement or any post-effective amendment thereto or in the Prospectus or any supplement thereto or (ii) in any Authorized Sales Materials (as defined in the Dealer Manager Agreement), (c) the omission or alleged omission to state a material fact required to be stated in the Registration Statement or any post-effective amendment thereof or in the Prospectus or any supplement to the Prospectus as necessary to make the statements therein not misleading; provided, however, that in each case described in clauses (b) and (c), to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Registrant by the Dealer Manager specifically for use with reference to the Dealer Manager in the preparation of the Registration Statement or any such post-effective amendments thereof or the Prospectus or any such supplement thereto, (d) any use of sales literature by the Dealer Manager not authorized or approved by the Registrant or any use of "broker-dealer use only" or "advisor use only" materials with members of the public concerning the preferred securities of the Registrant by the Dealer Manager, (e) any untrue statement made by the Dealer Manager or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the preferred securities of the Registrant, (f) any material violation by the Dealer Manager of the Dealer Manager Agreement, (g) any failure by the Dealer Manager to comply with applicable laws governing money laundering abatement and anti-terrorist financing efforts, including applicable FINRA Rules, SEC Rules and the USA PATRIOT Act, or (h) any other failure by the Dealer Manager to comply with applicable FINRA or Commission Rules.

The Dealer Manager Agreement also provides that each Selling Agent thereunder will indemnify, defend and hold harmless the Registrant, the Dealer Manager, each of their respective officers, trustees, directors, employees, members, partners, agents and representatives, and each person, if any, who controls such entity within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act ("Indemnified Parties") from and against any losses, claims, damages or liabilities to which the Registrant, the Dealer Manager, any of their respective Indemnified Parties or any person who signed the Registration Statement, may become subject, under the Securities Act or otherwise, insofar as such losses, claims (including the reasonable cost of investigation), damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty by the Selling Agent, any material breach of a covenant by the Selling Agent or any material failure by the Selling Agent to perform its obligations under the Dealer Manager Agreement or under the Sales Agreement, (b) any untrue statement or alleged untrue statement of a material fact contained (i) in the Registration Statement or any post-effective amendment thereto or the Prospectus or any supplement thereto or (ii) in any Authorized Sales Materials, (c) the omission or alleged omission to state a material fact required to be stated in the Registration Statement or any post-effective amendment thereof or in the Prospectus or any supplement to the Prospectus or necessary to make statements therein not misleading; *provided*, *however*, that in each case described in clauses (b) and (c), to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Registrant or the Dealer Manager by the Selling Agent specifically for use with reference to the Selling Agent in the Registration Statement or any such post-effective amendments thereof or the Prospectus or any such supplement thereto, (d) any use of sales literature by the Selling Agent not authorized or approved by the Registrant or use of "broker-dealer use only" or "advisor use only" materials with members of the public concerning the preferred securities of the Registrant by such Selling Agent or Selling Agent's representatives or agents, (e) any untrue statement made by such Selling Agent or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the preferred securities of the Registrant, (f) any failure by the Selling Agent to comply with Section VII or Section X of the Sales Agreement or any other material violation of the Sales Agreement, (g) any failure of the Selling Agent to comply with applicable laws governing money laundering abatement and anti-terrorist financing efforts, including applicable FINRA Rules, Commission Rules and the USA PATRIOT Act, or (h) any other failure by the Selling Agent to comply with applicable FINRA or Commission Rules or any other applicable Federal or state laws, including its failure to ensure the appropriate FINRA licensing credentials for its representatives.

**ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER**

A description of any other business, profession, vocation or employment of a substantial nature in which the Adviser, and each managing director, director or executive officer of the Adviser, is or has been during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set forth in Part A of this Registration Statement in the sections entitled ***"Management"*** and ***"The Adviser and the Administrator.***" Additional information regarding the Adviser and its officers and directors is set forth in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-77721), under the Investment Advisers Act of 1940, as amended, and is incorporated herein by reference.

**ITEM 32. LOCATION OF ACCOUNTS AND RECORDS**

All accounts, books, and other documents required to be maintained by Section 31(a) of the 1940 Act, and the rules thereunder are maintained at the offices of:

(1) the Registrant, Eagle Point
Credit Company, 600 Steamboat Road, Suite 202, Greenwich, CT 06830;

(2) the Transfer Agent for
the Registrant's common shares of beneficial interest, Series C Term Preferred Shares, and Series D Preferred Shares and the Trustee,
Equiniti Trust Company, LLC, 55 Challenger Road, Ridgefield Park, NJ 07669;

(3) the Transfer Agent for
the Registrant's Series AA Convertible Perpetual Preferred Shares and Series AB Convertible Perpetual Preferred Shares and the
Custodian, Computershare Trust Company, N.A., P.O. Box 43007, Providence, RI 02940-3006; and

(4) the Adviser, Eagle Point
Credit Management LLC, 600 Steamboat Road, Suite 202, Greenwich, CT 06830.

**ITEM 33. MANAGEMENT SERVICES**

Not applicable.

**ITEM 34. UNDERTAKINGS**

1. Not applicable.

2. Not applicable.

3. The Registrant undertakes:

(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

(1) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

(3) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

*Provided, however,* that paragraphs a(1), a(2), and a(3) of this section do not apply if the registration statement is filed pursuant to General Instruction A.2 of this Form and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Securities and Exchange Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(b) that, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

(d) that, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

(1) in reliance on Rule 430B:

A. Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

B. Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. *Provided, however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

(2) each prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933 as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(e) that, for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of securities: The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act of 1933;

(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act of 1933 relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. The Registrant undertakes that:

(a) for the purpose of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act of 1933 shall be deemed to be part of this registration statement as of the time it was declared effective; and

(b) for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

5. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference into the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

6. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

7. The Registrant hereby undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment No. 2 to its Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in the Township of Greenwich, in the State of Connecticut, on the 22<sup>nd</sup> day of May, 2026.

**EAGLE POINT CREDIT COMPANY** 

---

| | |
|:---|:---|
| By: | /s/ Thomas P. Majewski |
|  | Name: Thomas P. Majewski |
|  | Title: Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 2 to its Registration Statement on Form N-2 has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Thomas P. Majewski | Chief Executive Officer and Trustee | May 22, 2026 |
| Thomas P. Majewski | (Principal Executive Officer) |  |
| /s/ Kenneth P. Onorio | Chief Financial Officer | May 22, 2026 |
| Kenneth P. Onorio | (Principal Financial and Accounting Officer) |  |
| /s/ \* | Trustee | May 22, 2026 |
| James R. Matthews |  |  |
| /s/ \* | Trustee | May 22, 2026 |
| Scott W. Appleby |  |  |
| /s/ \* | Trustee | May 22, 2026 |
| Kevin F. McDonald |  |  |
| /s/ \* | Trustee | May 22, 2026 |
| Paul E. Tramontano |  |  |
| /s/ \* | Trustee | May 22, 2026 |
| Jeffrey L. Weiss |  |  |

---

---

| | |
|:---|:---|
| \* By: | /s/ Thomas P. Majewski |
|  | Thomas P. Majewski |
|  | Attorney-in-Fact Pursuant to Power of Attorney |

---

## Ex-99.(A)(3)

**Exhibit 99.(a)(3)**

**<u>PLAN OF CONVERSION</u>**

This is a Plan of Conversion (the "<u>Plan</u>") of Eagle Point Credit Company Inc., a Delaware corporation (the "<u>Corporation</u>").

**<u>I. BACKGROUND</u>**

**A**. The Corporation desires, pursuant to Section 266 of the Delaware General Corporation Law (the "<u>DGCL</u>") and Section 3820 of the Delaware Statutory Trust Act (the "<u>DSTA</u>"), to convert (the "<u>Conversion</u>") from a corporation to a statutory trust organized under the laws of the State of Delaware to be known as "Eagle Point Credit Company" (the "<u>DST</u>").

**B**. The Corporation wishes to set forth the terms and conditions of the Conversion in this Plan.

**<u>II. TERMS</u>**

**A**. <u>Conversion</u>. Subject to the terms and conditions hereof, the Corporation shall be converted from the corporate to a statutory trust structure from and after the Effective Time, as defined below. To effectuate the Conversion, the Corporation shall file a Certificate of Conversion pursuant to Section 266 of the DGCL and Section 3820 of the DSTA, substantially in the form of <u>Exhibit A</u> hereto (the "<u>Certificate of Conversion</u>"), with the Delaware Secretary of State. The DST shall file a Certificate of Trust pursuant to Section 3810 of the DSTA, substantially in the form of <u>Exhibit B</u> hereto, with the Delaware Secretary of State. The Conversion shall become effective as of the date and time set forth in the Certificate of Conversion and Certificate of Trust filed with the Delaware Secretary of State (the "<u>Effective Time</u>").

**B**. <u>Continuation</u>. In accordance with the terms of Section 266 of the DGCL and Section 3820(f) of the DSTA, from and after the Effective Time, the Conversion shall be deemed to constitute a continuation of the existence of the Corporation in the form of a DST governed for all purposes by the laws of the State of Delaware.

**C**. <u>Approval of Conversion</u>. The Conversion and this Plan have been authorized and approved by the Board of Directors of the Corporation at a meeting of the Board of Directors of the Corporation and by the stockholders of the Corporation at a special meeting of stockholders, in accordance with the laws of the State of Delaware.

**D**. <u>Certificate of Trust</u>. At the Effective Time, the Certificate of Trust, in substantially the form attached to this Plan as <u>Exhibit B,</u> shall be the Certificate of Trust of the DST, until thereafter amended as provided therein and by applicable law.

**E**. <u>Declaration of Trust</u>. At the Effective Time, the Declaration of Trust, in substantially the form attached to this Plan as <u>Exhibit C</u> (the "<u>Declaration of Trust</u>"), shall be the Declaration of Trust of the DST, unless and until the same shall be amended or repealed in accordance with the provisions thereof and by applicable law.

**F**. <u>Board of Trustees; Officers of the DST</u>. The Board of Trustees of the DST immediately after the Effective Time shall be the same as the Board of Directors of the Corporation. The officers of the DST immediately after the Effective Time shall be the same as the officers of the Corporation.

**G**. <u>Conversion of Stock</u>. At the Effective Time, by virtue of the Conversion and without any action on the part of any holder thereof, each then issued and outstanding (a) share of common stock of the Corporation shall be surrendered and converted into a proportionate common share of beneficial interest of the DST; and (b) share of preferred stock of the Corporation shall be surrendered and converted into a proportionate and corresponding preferred share of beneficial interest of the DST. Any shares of the capital stock of the Corporation held in the treasury of the Corporation shall be canceled and extinguished without any conversion thereof.

**H**. <u>Assets, Rights and Liabilities of the Corporation</u>. At and after the Effective Time: (a) the DST shall succeed to and possess, by virtue of the Conversion and without further act or deed, all of the estate, rights, privileges, powers and franchises, both public and private, and all of the property, real, personal, and mixed, of the Corporation; (b) all debts due to the Corporation of whatever account shall be vested in the DST; (c) all claims, demands, property, rights, (including, without limitation, contract rights), privileges, powers and franchises (including, without limitation, all licenses, registrations and approvals of any governmental authority or self-regulatory organization to the extent the same may be transferred in accordance with the terms of their issuance) and every other interest of the Corporation shall be as effectively the property of the DST as they were of the Corporation prior to the Effective Time; (d) the title to any real estate vested by deed or otherwise in the Corporation shall not revert or be in any way impaired by reason of the Conversion, but shall be vested in the DST; (e) all rights of creditors and all liens upon any property of the Corporation shall be preserved unimpaired, limited in lien to the property affected by such lien as of the Effective Time; (f) all debts, liabilities and obligations of the Corporation shall thenceforth attach to the DST and may be enforced against it to the same extent as if such debts, liabilities and duties had been incurred or contracted by it; (g) any action or proceeding by or against the Corporation may be continued by or against the DST as if the Conversion had not occurred; and (h) the DST shall be deemed, pursuant to Section 3820(c) of the DSTA, to have commenced on the date the Corporation was formed.

**I**. <u>Filings</u>. The officers of the Corporation shall execute and file, or cause to be executed and filed such additional documents, and shall take, or cause to be taken, such further actions, as they may deem necessary or advisable to effectuate the intent and purposes of the Plan, including, without limitation, any and all filings or recordings required by Delaware law or as may be required by the Internal Revenue Code of 1986, as amended.

**J**. <u>Termination</u>. This Plan may be terminated and the Conversion abandoned by action of the Board of Directors of the Corporation at any time prior to the Effective Time

IN WITNESS WHEREOF, this Plan has been executed as of the 20<sup>th</sup> day of May, 2026.

---

| | |
|:---|:---|
| Eagle Point Credit Company Inc. | Eagle Point Credit Company Inc. |
| /s/ Kenneth P. Onorio | /s/ Kenneth P. Onorio |
| Name: | Kenneth P. Onorio |
| Title: | Chief Financial Officer |

---

**Exhibit A**

[Certificate of Conversion]

STATE OF DELAWARE

CERTIFICATE OF CONVERSION

FROM A CORPORATION TO A

STATUTORY TRUST PURSUANT TO

SECTION 3820 OF THE DELAWARE

STATUTORY TRUST CODE

1.) The jurisdiction where the Corporation first formed is Delaware.

2.) The jurisdiction immediately prior to filing this Certificate is Delaware.

3.) The date the Corporation first formed is March 24, 2014.

4.) The name of the Corporation immediately prior to filing this Certificate is Eagle Point Credit Company Inc.

5.) The name of the Statutory Trust as set forth in the Certificate of Trust is Eagle Point Credit Company.

6.) This Certificate of Conversion shall become effective on May 22, 2026 at 12:01 a.m. Eastern Standard Time.

IN WITNESS WHEREOF, the undersigned has executed this Certificate on the 20<sup>th</sup> day of May, 2026.

By:   By:   <br> Name: Scott W. Appleby, not in his individual capacity but as Trustee Name: Jeffrey L. Weiss, not in his individual capacity but as Trustee

By:   By:   <br> Name: Kevin F. McDonald, not in his individual capacity but as Trustee Name: Thomas P. Majewski, not in his individual capacity but as Trustee

By:   By:   <br> Name: Paul E. Tramontano, not in his individual capacity but as Trustee Name: James R. Matthews, not in his individual capacity but as Trustee

**Exhibit B**

[Certificate of Trust]

**CERTIFICATE OF TRUST**

**of**

**Eagle Point Credit Company**

(a Delaware Statutory Trust)

This Certificate of Trust of Eagle Point Credit Company (the "Trust"), dated as of May 20, 2026, is being duly executed and filed on behalf of the Trust by the undersigned, as the Trustees, for the purpose of organizing a statutory trust pursuant to the Delaware Statutory Trust Act (12 Del. Code §3801 et seq.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **NAME.** The name of the statutory trust formed by this Certificate of Trust is Eagle Point Credit Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **REGISTERED OFFICE AND REGISTERED AGENT.** The business address of the registered office of the Trust in the State of Delaware is and the name of the Trust's registered agent at such address is Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **EFFECTIVE DATE.** This Certificate shall be effective on May 22, 2026 at 12:01 a.m. Eastern Standard Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **REGISTERED INVESTMENT COMPANY.** The Trust will be a registered investment company under the Investment Company Act of 1940, as amended, upon the effective date and time of this Certificate.

**IN WITNESS WHEREOF,** the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Scott W. Appleby, not in his individual<br> capacity but as Trustee | &nbsp;&nbsp;Jeffrey L. Weiss, not in his individual<br> capacity but as Trustee |
| &nbsp;&nbsp;Kevin F. McDonald, not in his individual<br> capacity but as Trustee | &nbsp;&nbsp;Thomas P. Majewski, not in his individual<br> capacity but as Trustee |
| &nbsp;&nbsp;Paul E. Tramontano, not in his individual<br> capacity but as Trustee | &nbsp;&nbsp;James R. Matthews, not in his individual<br> capacity but as Trustee |

---

**Exhibit C**

[Declaration of Trust]

**EAGLE POINT CREDIT COMPANY**

**DECLARATION OF TRUST**

**Dated as of May 22, 2026**

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I | THE TRUST | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. | &nbsp;&nbsp;&nbsp;Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;Trust Purpose | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. | &nbsp;&nbsp;&nbsp;Definitions | 2 |
| ARTICLE II | TRUSTEES | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. | &nbsp;&nbsp;&nbsp;Number | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. | &nbsp;&nbsp;&nbsp;Term and Election | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. | &nbsp;&nbsp;&nbsp;Resignation and Removal | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. | &nbsp;&nbsp;&nbsp;Vacancies | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. | &nbsp;&nbsp;&nbsp;Meetings | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. | &nbsp;&nbsp;&nbsp;Trustee Action by Written Consent | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. | &nbsp;&nbsp;&nbsp;Officers | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. | &nbsp;&nbsp;&nbsp;Chair | 6 |
| ARTICLE III | POWERS AND DUTIES OF TRUSTEES | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. | &nbsp;&nbsp;&nbsp;General | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. | &nbsp;&nbsp;&nbsp;Investments | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. | &nbsp;&nbsp;&nbsp;Issuance and Repurchase of Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. | &nbsp;&nbsp;&nbsp;Borrow Money or Utilize Leverage | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. | &nbsp;&nbsp;&nbsp;Delegation; Committees | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. | &nbsp;&nbsp;&nbsp;Collection and Payment | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. | &nbsp;&nbsp;&nbsp;Expenses | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. | &nbsp;&nbsp;&nbsp;Bylaws | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. | &nbsp;&nbsp;&nbsp;Miscellaneous Powers | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. | &nbsp;&nbsp;&nbsp;Further Powers | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. | &nbsp;&nbsp;&nbsp;Sole Discretion; Good Faith | 8 |
| ARTICLE IV | ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. | &nbsp;&nbsp;&nbsp;Advisory and Management Arrangements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. | &nbsp;&nbsp;&nbsp;Distribution Arrangements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. | &nbsp;&nbsp;&nbsp;Parties to Contract | 9 |

---

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE V | LIMITATIONS OF LIABILITY AND INDEMNIFICATION | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. | &nbsp;&nbsp;&nbsp;No Personal Liability of Shareholders, Trustees, etc. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. | &nbsp;&nbsp;&nbsp;Mandatory Indemnification | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. | &nbsp;&nbsp;&nbsp;No Bond Required of Trustees | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. | &nbsp;&nbsp;&nbsp;No Duty of Investigation; No Notice in Trust Instruments, etc. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. | &nbsp;&nbsp;&nbsp;Reliance on Experts, etc. | 10 |
| ARTICLE VI | SHARES OF BENEFICIAL INTEREST | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. | &nbsp;&nbsp;&nbsp;Beneficial Interest | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. | &nbsp;&nbsp;&nbsp;Other Securities | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. | &nbsp;&nbsp;&nbsp;Rights of Shareholders | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. | &nbsp;&nbsp;&nbsp;Exchange Privilege | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. | &nbsp;&nbsp;&nbsp;Trust Only | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. | &nbsp;&nbsp;&nbsp;Issuance of Shares | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. | &nbsp;&nbsp;&nbsp;Register of Shares | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. | &nbsp;&nbsp;&nbsp;Transfer Agent and Registrar | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. | &nbsp;&nbsp;&nbsp;Transfer of Shares | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. | &nbsp;&nbsp;&nbsp;Notices | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11. | &nbsp;&nbsp;&nbsp;Derivative Actions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;Assent to Agreement | 13 |
| ARTICLE VII | DETERMINATION OF NET ASSET VALUE | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. | &nbsp;&nbsp;&nbsp;Net Asset Value | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. | &nbsp;&nbsp;&nbsp;Distributions to Shareholders | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. | &nbsp;&nbsp;&nbsp;Power to Modify Foregoing Procedures | 14 |
| ARTICLE VIII | CUSTODIANS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. | &nbsp;&nbsp;&nbsp;Appointment and Duties | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. | &nbsp;&nbsp;&nbsp;Central Certificate System | 15 |
| ARTICLE IX | REPURCHASES OF SHARES | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. | &nbsp;&nbsp;&nbsp;Repurchase of Shares | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. | &nbsp;&nbsp;&nbsp;Disclosure of Holding | 15 |
| ARTICLE X | SHAREHOLDERS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. | &nbsp;&nbsp;&nbsp;Meetings of Shareholders | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. | &nbsp;&nbsp;&nbsp;Voting | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. | &nbsp;&nbsp;&nbsp;Notice of Meeting and Record Date | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. | &nbsp;&nbsp;&nbsp;Quorum and Required Vote | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. | &nbsp;&nbsp;&nbsp;Proxies, etc. | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. | &nbsp;&nbsp;&nbsp;Reports | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. | &nbsp;&nbsp;&nbsp;Inspection of Records | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8. | &nbsp;&nbsp;&nbsp;Delivery by Electronic Transmission or Otherwise | 17 |

---

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| | | |
|:---|:---|:---|
| ARTICLE XI | DURATION; TERMINATION OF TRUST; AMENDMENT; ETC. | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. | &nbsp;&nbsp;&nbsp;Duration | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. | &nbsp;&nbsp;&nbsp;Termination | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. | &nbsp;&nbsp;&nbsp;Amendment Procedure | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. | &nbsp;&nbsp;&nbsp;Subsidiaries | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. | &nbsp;&nbsp;&nbsp;Extraordinary Transactions and Actions | 18.0 |
| ARTICLE XII | MISCELLANEOUS | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. | &nbsp;&nbsp;&nbsp;Filing | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. | &nbsp;&nbsp;&nbsp;Resident Agent | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. | &nbsp;&nbsp;&nbsp;Governing Law | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. | &nbsp;&nbsp;&nbsp;Exclusive Delaware Jurisdiction | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5. | &nbsp;&nbsp;&nbsp;Counterparts | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6. | &nbsp;&nbsp;&nbsp;Reliance by Third Parties | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7. | &nbsp;&nbsp;&nbsp;Provisions in Conflict with Law or Regulation | 21.0 |

---

**EAGLE POINT CREDIT COMPANY**

**<u>DECLARATION OF TRUST</u>**

DECLARATION OF TRUST ("Declaration") made as of the 22<sup>nd</sup> day of May, 2026, by the Trustees hereunder, and by the Shareholders as hereinafter provided.

WHEREAS, the Trust was organized as Eagle Point Credit Company LLC, a Delaware limited liability company, on March 24, 2014, and converted to Eagle Point Credit Company Inc., a Delaware corporation, on October 6, 2014;

WHEREAS, pursuant to Section 3820 of the Delaware Statutory Trust Act, Eagle Point Credit Company Inc., a Delaware corporation, (the "Corporation") was converted into the Trust (the "Conversion");

WHEREAS, in connection with the Conversion all of the outstanding stock of the Corporation was converted into shares of the Trust;

WHEREAS, the Trust has been formed to carry on business as set forth more particularly hereinafter;

WHEREAS, the Trust is authorized to issue an unlimited number of its Shares all in accordance with the provisions hereinafter set forth;

WHEREAS, each Trustee has agreed to manage all property coming into his or her hands as a Trustee of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and

WHEREAS, the parties hereto intend that the Trust shall constitute a statutory trust under the Delaware Statutory Trust Act and that this Declaration and the Bylaws shall constitute the governing instrument of the Trust.

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and other assets which they may from time to time acquire in any manner as a Trustee hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the Shareholders from time to time of Shares as hereinafter set forth.

ARTICLE I<br> <u>THE TRUST</u>

1.1. <u>Name</u>. This Trust shall be known as the "Eagle Point Credit Company" and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine. Any name change shall become effective upon the execution by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Delaware Statutory Trust Act. Any such instrument shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration.

1.2. <u>Trust Purpose</u>. The purpose of the Trust is to conduct, operate and carry on the business of a closed-end management investment company registered under the 1940 Act. In furtherance of the foregoing, it shall be the purpose of the Trust to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a closed-end management investment company registered under the 1940 Act and which may be engaged in or carried on by a trust organized under the Delaware Statutory Trust Act, and in connection therewith the Trust shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust.

1.3. <u>Definitions</u>. As used in this Declaration, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The "<u>1940 Act</u>" refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The terms "<u>Affiliated Person</u>," "<u>Assignment</u>," "<u>Interested Person</u>" and "<u>Principal Underwriter</u>" shall have the meanings given them in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Bylaws</u>" shall mean the Bylaws of the Trust, as amended from time to time by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Commission</u>" shall mean the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Contested Election" for purposes of Section 10.4 shall mean any election of Trustees in which the number of persons nominated for election as Trustees by Shares entitled to vote for such Trustees in accordance with the requirements of the Declaration of Trust and the Bylaws exceeds the number of Trustees to be elected by Shares entitled to vote for such Trustees, with the determination that any election of Trustees is a Contested Election to be made by the Secretary or other officer of the Trust prior to the time the Trust mails its definitive proxy statement in connection with such election of Trustees. If, prior to the time the Trust mails its definitive proxy statement in connection with such election of Trustees, one or more persons nominated for election as a Trustee by Shares entitled to vote for such Trustee are withdrawn such that the number of persons nominated for election as Trustees by Shares entitled to vote for such Trustees no longer exceeds the number of Trustees to be elected by Shares entitled to vote for such Trustees, such election shall not be considered a Contested Election. The determination of whether an election is a Contested Election shall be made on a proposal-by-proposal basis, and it is expressly acknowledged that, in the event different classes or series of Shares are entitled to vote for different Trustees, a Contested Election may occur for some Trustee seats but not others at the same meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Continuing Trustees</u>" shall mean trustees who either (i) have been members of the Board of Trustees for a period of at least thirty-six months (or since the commencement of the Fund's operations, if less than 36 months) or (ii) were nominated to serve as members of the Board of Trustees by a majority of the Continuing Trustees then members of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Declaration</u>" shall mean this Declaration of Trust, as amended, supplemented or amended and restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Delaware General Corporation Law</u>" means the Delaware General Corporation Law, 8 <u>Del</u>. <u>C</u>. § 100, <u>et</u>. <u>seq</u>., as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Delaware Statutory Trust Act</u>" shall mean the provisions of the Delaware Statutory Trust Act, 12 <u>Del</u>. <u>C</u>. § 3801, <u>et</u>. <u>seq</u>., as such Act may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Fiscal Year</u>" means each period commencing on January 1 of each year and ending on December 31 of the following year (or on the date of a final distribution made in accordance with Section 11.2 of this Declaration), unless the Trustees designate another fiscal year for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Conversion Date</u>" shall mean May 22, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Fundamental Policies</u>" shall mean the investment policies and restrictions as set forth from time to time in any Registration Statement of the Trust filed with the Commission and designated as fundamental policies therein, as they may be amended from time to time in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Majority Shareholder Vote</u>" shall mean "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Trust voted on any matter to be voted on by the Shareholders with all shares entitled to vote voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Person</u>" shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Prospectus</u>" shall mean the Prospectus of the Trust, if any, as in effect from time to time under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Shareholders</u>" shall mean as of any particular time the holders of record of outstanding Shares at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Shares</u>" shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Trust</u>" shall mean the statutory trust governed by this Declaration and the Bylaws, as amended from time to time, inclusive of each such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Trust Property</u>" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Trustees</u>" shall mean the signatory to this Declaration, so long as he shall continue in office in accordance with the terms hereof, and all other persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.

ARTICLE II<br> <u>TRUSTEES</u>

2.1. <u>Number</u>. As of the date hereof, the number of Trustees shall be six (6) and such Trustees shall be the signatories hereto. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office, or by a resolution approved at a duly constituted meeting, provided that the number of Trustees shall be no less than one (1) and no more than nine (9). No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his or her term. Trustees need not own Shares and may succeed themselves in office. The term of any Trustee standing for re-election who fails to receive sufficient votes to be elected to office due to a lack of quorum or a failure of such Trustee or any successor Trustee to such Trustee to receive the required Shareholder vote shall hold-over as Trustee for the subsequent three (3) year term and until a successor Trustee to such Trustee is duly elected and shall have qualified; provided that, the hold-over term may be reduced to a two (2) year term or one (1) year term at any time and for any reason by the Board of Trustees (not including the hold-over Trustee for purposes of such vote or consent of the Board of Trustees).

2.2. <u>Term and Election</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Trust is not required to hold annual Shareholder meetings by the 1940 Act or any other applicable law, rule or regulation, the term of office of a Trustee shall continue until death, resignation or removal of a Trustee. Subject to the provisions of the 1940 Act, the Trustees at any time may appoint individuals to fill vacancies on the Board of Trustees. Each Trustee elected shall hold office until his or her successor shall have been duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, this Section 2.2(b) shall only apply if and to the extent that the Trust is required to hold annual Shareholder meetings by the 1940 Act or any other applicable law, rule or regulation. If the Trust is required to hold annual meetings of Shareholders pursuant to any applicable law, rule or regulation: the Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III, as nearly equal in number as possible, and the term of office of Trustees of one class shall expire at each annual meeting of Shareholders, and in all cases as to each Trustee such term shall extend until his or her successor shall be elected and shall qualify or until his or her earlier resignation, removal from office, death or incapacity, except as may be provided in a resolution or resolutions of the Board of Trustees providing for any series of preferred shares with respect to any Trustees elected (or to be elected) by the holders of such series and except as otherwise required by applicable law. The Trustees serve in the classes set forth below:

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| | | |
|:---|:---|:---|
| **Trustee** | **Class** | **Expiration of Term** |
| Scott W. Appleby | II | 2027 |
| Kevin F. McDonald | I | 2026 |
| Paul E. Tramontano | III | 2028 |
| Jeffrey L. Weiss | II | 2027 |
| Thomas P. Majewski | I | 2026 |
| James R. Matthews | III | 2028 |

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Class I Trustees shall serve for a term expiring at the first annual meeting of shareholders following the Conversion Date, Class II Trustees shall initially serve for a term expiring at the second annual meeting of shareholders following the Conversion Date, and Class III Trustees shall initially serve for a term expiring at the third annual meeting of shareholders following the Conversion Date. At each annual meeting of shareholders commencing with the first annual meeting of shareholders following the Conversion Date, the Trustees of the class to be elected at each annual meeting of shareholders shall be elected for a three-year term. If the total number of such Trustees is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of Trustees in each class as nearly equal as possible, and any such additional Trustees of any class elected to fill a newly created Trusteeship resulting from an increase in such class shall hold office for a term that shall coincide with the remaining term of that class, but in no case shall a decrease in the total number of Trustees remove or shorten the term of any incumbent Trustee.

2.3. <u>Resignation and Removal</u>. Any of the Trustees may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chair (if any), the Chief Executive Officer, or the Secretary and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.1 hereof) for cause only, and not without cause, and only by action taken by seventy-five percent (75%) of the remaining Trustees (or in the case of the removal of a Trustee that is not an "interested person" as defined in the 1940 Act seventy-five percent (75%) of the remaining Trustees that are not "interested persons" as defined in the 1940 Act) or by the holders of at least two-thirds of the Shares then entitled to vote in an election of such Trustee. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his or her resignation or removal, or any right to damages on account of a removal.

2.5. <u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, or the Chief Executive Officer, the Secretary or any three Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the Bylaws or by resolution or consent of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally or via electronic transmission not less than 24 hours, or in writing not less than 72 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be a majority of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees.

Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent of all of the members.

With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.

All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting except as otherwise may be provided by law.

2.6. <u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing or by electronic transmission and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

2.7. <u>Officers</u>. The Trustees shall elect a Principal Executive Officer, a Chief Executive Officer, a Secretary, a Chief Financial Officer and a Principal Financial Officer and may also elect such other officers or assistant officers as may be elected or authorized by the Trustees. Officers shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chair, if any, or Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. The Chief Executive Officer, Secretary and Chief Financial Officer may, but need not, be a Trustee. Except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the 1940 Act (collectively, the "federal securities laws"), all officers shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws shall control.

2.8. <u>Chair</u>. The Trustees may designate a Chair and a Vice Chair of the Board of Trustees, who shall have such powers and duties as determined by the Board of Trustees from time to time.

ARTICLE III<br> <u>POWERS AND DUTIES OF TRUSTEES</u>

3.1. <u>General</u>. The Trustees shall manage or direct the management of the Trust Property and the business of the Trust with such powers of delegation as may be permitted by this Declaration. Except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the federal securities laws, the Trustees shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws shall control. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Trust. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court.

3.2. <u>Investments</u>. The Trustees shall have power, subject to the Fundamental Policies in effect from time to time with respect to the Trust, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) manage, conduct, operate and carry on the business of an investment company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, enter into, become obligated with respect to, hold, pledge, sell, assign, transfer, exchange, lend, borrow, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences of indebtedness of any Person and any other rights, interests, instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

3.3. <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to cause the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Trust voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Trust whether capital or surplus or otherwise. Subject to the further provisions of this Article III, any restriction set forth in the Bylaws and any applicable requirements of the 1940 Act or any applicable exemptive relief issued by the Commission, the Trustees shall have full power and authority, in their sole discretion, and without obtaining any authorization or vote of the Shareholders of any class of Shares of the Trust (each, a "Class") to: (i) divide the beneficial interest in each Class into Shares as the Trustees shall determine; (ii) establish, designate, redesignate, classify, reclassify and change in any manner any Class and fix such preferences, voting powers, rights, duties and privileges and business purpose of each Class as the Trustees may from time to time determine, which preferences, voting powers, rights, duties and privileges may be different from any existing Class; provided, however, that the Trustees may not reclassify or change outstanding Shares in a manner materially adverse to Shareholders of such Shares, without obtaining the authorization or vote of the Class of Shareholders that would be materially adversely affected; (iii) divide or combine the Shares of any Class into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares of such Class in the assets held with respect to that Class; (iv) change the name of any Class; (v) dissolve and terminate any one or more Classes; and (vi) take such other action with respect to the Classes as the Trustees may deem desirable.

3.4. <u>Borrow Money or Utilize Leverage</u>. Subject to the Fundamental Policies in effect from time to time with respect to the Trust, the Trustees shall have the power to cause the Trust to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other Person, firm, association or corporation.

3.5. <u>Delegation; Committees</u>. The Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things, including any matters set forth in this Declaration, and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.

3.6. <u>Collection and Payment</u>. The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.

3.7. <u>Expenses</u>. The Trustees shall have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

3.8. <u>Bylaws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal Bylaws for the conduct of the business of the Trust.

3.9. <u>Miscellaneous Powers</u>. Without limiting the general or further powers of the Trustees, they shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other Person as the Trustees may see fit to such extent as the Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; and (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept on behalf of the Trust.

3.10. <u>Further Powers</u>. The Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. The interpretations of this Declaration and the Bylaws by the Trustees and any actions taken pursuant thereto shall be conclusive and binding on all Shareholders. The Trustees will not be required to obtain any court order to deal with the Trust Property.

3.11. <u>Sole Discretion; Good Faith</u>. Notwithstanding any other provision of this Declaration or otherwise applicable law, whenever in this Declaration the Trustees are permitted or required to make a decision, except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the federal securities laws: (i) in their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; or (ii) in their "good faith" or under another express standard, the Trustees shall act under such express standard and shall not be subject to any other or different standard.

ARTICLE IV<br> <u>ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS</u>

4.1. <u>Advisory and Management Arrangements</u>. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory, administrative and management services with respect to the Trust as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to time adopt) to exercise any of the powers of the Trustees, including to effect investment transactions with respect to the assets on behalf of the Trust to the full extent of the power of the Trustees to effect such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be deemed to have been authorized by all of the Trustees.

4.2. <u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters and/or selling agents to sell Shares and other securities of the Trust. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article IV or the Bylaws; and such contract may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with Persons who are not registered securities dealers to further the purposes of the distribution or repurchase of the securities of the Trust.

4.3. <u>Parties to Contract</u>. Any contract of the character described in Sections 4.1 and 4.2 of this Article IV or in Article VIII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder, or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the Bylaws. The same Person may be the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article VIII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.3.

ARTICLE V<br> <u>LIMITATIONS OF LIABILITY AND INDEMNIFICATION</u>

5.1. <u>No Personal Liability of Shareholders, Trustees, etc.</u> No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

5.2. <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law but subject to the limitations expressly provided in this Declaration, the Trust hereby agrees to indemnify and hold harmless each person who at any time serves as a Trustee or officer of the Trust (each such person being an "indemnitee") against any and all, losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all threatened, pending or completed, claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, and whether formal or informal and including appeals, in which any indemnitee may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of his having acted in any such capacity, except however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position. Notwithstanding the foregoing, with respect to any claim, demand, action, suit or other proceeding (or part thereof) commenced by any indemnitee, indemnification shall be mandatory only if the commencement of such claim, demand, action, suit or other proceeding (or part thereof) by such indemnitee was authorized by a majority of the Trustees in their sole discretion or was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither Interested Persons of the Trust nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, and without requiring a preliminary determination of the ultimate entitlement to indemnification, the Trust shall make advance payments (which shall be unsecured and interest free) in connection with expenses (including legal fees and expenses) incurred by any indemnitee in appearing at, participating in or defending any claim, demand, action, suit or proceeding with respect to which indemnification might be sought hereunder if the Trust receives a written undertaking by the indemnitee to repay the Trust such amounts if it ultimately shall be determined that the indemnitee is not entitled to indemnification as authorized by this Section 5.2. The Trust shall have no obligation to advance any amounts in connection with any claim, demand, action, suit or other proceeding (or part thereof) commenced by an indemnitee unless such commencement was (1) authorized by a majority of the Trustees in their sole discretion or (2) instituted by the indemnitee to enforce his or her rights to indemnification hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights accruing to any indemnitee under these provisions shall not exclude or restrict any other right (including any right of indemnification or advancement) which any indemnitee or any other person may have or hereafter acquire under this Declaration, the Bylaws of the Trust, any statute, agreement, vote of Shareholders or Trustees who are not Interested Persons or any other right to which he or she may be lawfully entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.

5.3. <u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.

5.4. <u>No Duty of Investigation; No Notice in Trust Instruments, etc.</u> No purchaser, lender, transfer agent or other Person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

5.5. <u>Reliance on Experts, etc.</u> Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon reports made to the Trust by any of the Trust's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee. The appointment, designation or identification of a Trustee as a Chair, or a member or chair of a committee of the Trustees, as an expert on any topic or in any area (including an audit committee financial expert), or the lead independent Trustee, or any other special appointment, designation or identification of a Trustee, shall not impose on that person any standard of care or liability that is greater than that imposed on that person as a Trustee in the absence of such appointment, designation or identification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall be held to a higher standard of care by virtue thereof.

ARTICLE VI<br> <u>SHARES OF BENEFICIAL INTEREST</u>

6.1. <u>Beneficial Interest</u>. The beneficial interest in the Trust shall be divided into an unlimited number of transferable shares of beneficial interest. Such Shares of beneficial interest shall have no par value unless the Trustees otherwise determine. Shares may be issued in different classes and/or series of beneficial interests. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend or distribution in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.

6.2. <u>Other Securities</u>. The Trustees may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and cause the Trust to issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred shares, debt securities or other senior securities. The Trustees are also authorized to take such actions and retain such any person as they see fit to offer and sell such securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and privileges of any such preferred shares under this Declaration. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of this Declaration with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. Except as contemplated by the immediately preceding sentence, this Declaration shall control as to the Trust generally and the rights, powers, preferences and privileges of the other Shareholders of the Trust. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.

6.3. <u>Rights of Shareholders</u>. The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trustees on behalf of the Trust, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or, subject to the right of the Trustees to charge certain expenses directly to Shareholders, assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, redemption or conversion rights.

6.4. <u>Exchange Privilege</u>. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders of any Class shall have the right to exchange such Shares for Shares of one or more other Classes.

6.5. <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association. Ownership of Shares shall not make any Shareholder a third-party beneficiary of any contract entered into by the Trust.

6.6. <u>Issuance of Shares</u>. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares including preferred shares that may have been established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time, without a vote of the Shareholders, divide, reclassify or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or 1/1,000ths of a Share or multiples thereof as the Trustees may determine.

6.7. <u>Register of Shares</u>. A register shall be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such register shall be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him as herein provided, until he has given his address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefore and rules and regulations as to their use.

6.8. <u>Transfer Agent and Registrar</u>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

6.9. <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and contractual restrictions) as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Each Shareholder will indemnify and hold harmless the Trust, the Trustees and any Affiliated Person of the Trust or the Trustees against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which these Persons may become subject by reason of or arising from (1) any transfer made by the Shareholder in violation of this Section 6.9 and (2) any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with the transfer.

Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

6.10. <u>Notices</u>. Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register of the Trust.

6.11. <u>Derivative Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust. No Shareholder may maintain a derivative action on behalf of the Trust unless holders of at least fifty percent (50%) of the outstanding Shares join in the bringing of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if, and only if, a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. For purposes of this Section 6.11, the Trustees may designate a committee of one or more Trustees to consider a Shareholder demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Section 6.11 shall not apply to any claims brought under federal securities law, or the rules and regulations thereunder.

6.12. <u>Assent to Agreement</u>. Every Shareholder, by virtue of having acquired a Share, shall be held to have expressly assented to, and agreed to be bound by, the terms hereof. The death, incapacity, dissolution, termination, or bankruptcy of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to rights of said deceased, incapacitated, dissolved, terminated or bankrupt Shareholder.

ARTICLE VII<br> <u>DETERMINATION OF NET ASSET VALUE</u>

7.1. <u>Net Asset Value</u>. The net asset value of each outstanding Share shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the Trustees and shall be as set forth in the Registration Statement or as may otherwise be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees and shall be as generally set forth in the Registration Statement or as may otherwise be determined by the Trustees.

7.2. <u>Distributions to Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may from time to time distribute ratably among the Shareholders of any Class, or any series of any such Class, in accordance with the number of outstanding full and fractional Shares of such Class or any series of such Class, such proportion of the net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust or any assets thereof) or Shares of any Class or series or any combination thereof, and the Trustees may distribute ratably among the Shareholders of any Class of shares or series of any such Class, in accordance with the number of outstanding full and fractional Shares of such Class or any series of such Class, additional Shares of any Class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions pursuant to this Section 7.2 may be among the Shareholders of record of the applicable Class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.

7.3. <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article VII, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the net asset value of the Trust's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the Code, the 1940 Act, any securities exchange or association registered under the Securities Exchange Act of 1934, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

ARTICLE VIII<br> <u>CUSTODIANS</u>

8.1. <u>Appointment and Duties</u>. The Trustees shall at all times employ a custodian or custodians, meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws of the Trust and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to hold the securities owned by the Trust and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to receive any receipt for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if authorized to do so by the Trustees, to compute the net income or net asset value of the Trust; all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

8.2. <u>Central Certificate System</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular Class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.

ARTICLE IX<br> <u>REPURCHASES OF SHARES</u>

9.1. <u>Repurchase of Shares</u>. Except as otherwise provided by the Trustees, no Shareholder or other Person holding Shares will have the right to withdraw or tender Shares to the Trust for repurchase. The Trustees may, from time to time, in their complete and exclusive discretion and on terms and conditions as they may determine, cause the Trust to repurchase Shares in accordance with written tenders. In determining whether to cause the Trust to repurchase Shares, pursuant to written tenders, the Trustees may consider such factors as the Trustees deem appropriate at such time. Additionally, the Trust shall offer to repurchase Shares from time to time as may be required by applicable law and/or specified in the Registration Statement.

9.2. <u>Disclosure of Holding</u>. The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

ARTICLE X<br> <u>SHAREHOLDERS</u>

10.1. <u>Meetings of Shareholders</u>. The Trust is not required to hold annual Shareholder meetings unless required by the 1940 Act or any other applicable law, rule or regulation. A special meeting of Shareholders may be called at any time by a majority of the Trustees or the Chief Executive Officer. Except as required by federal law, including the 1940 Act, Shareholders shall not be entitled to call meetings of the Shareholders. To the extent required by federal law, including the 1940 Act, meetings of the Shareholders of the Trust shall be called by the Secretary of the Trust upon the written request of the Shareholders owning the requisite percentage amount of the outstanding Shares entitled to vote. Any shareholder meeting, including a special meeting, shall be held within or without the State of Delaware on such day and at such time as the Trustees shall designate or may be held virtually. Special meetings of Shareholders shall be held, notice of such meetings shall be delivered and waiver of notice shall occur according to the provisions of the Trust's Bylaws. Any action that may be taken at a meeting of Shareholders may be taken without a meeting according to the procedures set forth in the Bylaws or in this Declaration. In the event of a Shareholder meeting requested by Shareholders of the Trust, the Secretary shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting (including the Trust's proxy materials). The Secretary shall not be required to call a special meeting upon Shareholder request, and such meeting shall not be held, unless the Secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the meeting.

10.2. <u>Voting</u>. Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by the 1940 Act, this Declaration or resolution of the Trustees. This Declaration expressly provides that no matter for which voting, consent or other approval is required by the Delaware Statutory Trust Act in the absence of the contrary provision in the Declaration shall require any vote. For the avoidance of doubt, the Shareholders shall not have power to vote on an advisory or "precatory" proposal unless the Trustees determine that such vote is necessary or desirable, even if the implementation of the course of action recommended by such proposal would require a vote of Shareholders. Except as otherwise provided herein, any matter required to be submitted to Shareholders and affecting one or more Classes or series of shares shall require approval by the required vote of all the affected Classes and series of shares voting together as a single Class; provided, however, that as to any matter with respect to which a separate vote of any Class or series of shares is required by the 1940 Act, such requirement as to a separate vote by that Class or series of shares shall apply in addition to a vote of all the affected Classes and series voting together as a single Class. Shareholders of a particular Class or series of shares shall not be entitled to vote on any matter that affects only one or more other Classes or series of shares. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election or removal of Trustees.

10.3. <u>Notice of Meeting and Record Date</u>. Special meetings of Shareholders shall be held, notice of such meetings shall be delivered, and waiver of notice shall occur according to the provisions of the Trust's Bylaws, including via electronic transmission to a Shareholder at his or her address as it is registered with the Trust. Any action that may be taken at a meeting of Shareholders may be taken without a meeting according to the procedures set forth in the Bylaws or in this Declaration. For purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than one hundred and twenty (120) days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes. Any meeting of Shareholders, whether or not a quorum is present, may be adjourned for any lawful purpose by the Chair, the Trustees (or their designees) or a majority of the votes properly cast upon the question of adjourning a meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than one hundred and twenty (120) days after the record date. No notice of adjournment of a meeting to another time or place need be given to Shareholders if such time and place are announced at the meeting at which the adjournment is taken or notice is given to persons present at the meeting. For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than one hundred and twenty (120) days nor less than 10 days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes.

10.4. <u>Quorum and Required Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided from time to time in the Bylaws, the presence in person or by proxy of Shares entitled to cast a majority of the votes entitled to be cast shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any provision of applicable law, this Declaration or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, and (ii) where a separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a majority of the Shares of such class or series of Shares present in person or represented by proxy at the meeting shall be the act of Shareholders of such class or series with respect to such matter. Notwithstanding the foregoing, (i) with respect to an election of Trustees other than a Contested Election, the affirmative vote of a plurality of all votes cast with respect to such matter at a meeting of Shareholders shall be required to elect a Trustee and (ii) with respect to a Contested Election, the affirmative vote of a majority of the Shares outstanding and entitled to vote with respect to such matter at a meeting of Shareholders shall be required to elect a Trustee, in each case at any meeting at which a quorum is present.

10.5. <u>Proxies, etc.</u> At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed or authorized proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed or authorized by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

10.6. <u>Reports</u>. The Trustees shall as long as the Trust continues operations cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income and undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent public accountant on such financial statements. The Trustees shall, as long as the Trust continues operations, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the period from the beginning of the current fiscal year to the end of such period.

10.7. <u>Inspection of Records</u>. No Shareholder shall have any right to inspect any account, book or document of the Trust except as conferred by the Trustees or as otherwise required by law.

10.8. <u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law.

ARTICLE XI<br> <u>DURATION; TERMINATION OF TRUST; AMENDMENT; ETC.</u>

11.1. <u>Duration</u>. Subject to possible termination in accordance with the provisions of Section 11.2 hereof, the Trust created hereby shall have perpetual existence.

11.2. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may be dissolved only upon approval of not less than a majority of the Trustees. Upon the dissolution of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall carry on no business except for the purpose of winding up its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business; provided that any sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition of all or substantially all the Trust Property of the Trust shall require approval of the principal terms of the transaction and the nature and amount of the consideration by Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After paying or adequately providing for the payment of all claims and obligations of the Trust in accordance with Section 3808 of the Delaware Statutory Trust Act, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the winding up and liquidation of the Trust, including the distribution to the Shareholders of any assets of the Trust, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.

11.3. <u>Amendment Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in subsection (b) of this Section 11.3, the Trustees may, without Shareholder vote, amend or otherwise supplement this Declaration. Shareholders shall have the right to vote: (i) on any amendment which would eliminate their right to vote granted in this Declaration, (ii) on any amendment to this Section 11.3(a), (iii) on any amendment that would adversely affect the powers, preferences or special rights of the Shares as determined by the Trustees in good faith, (iv) any amendment to Section 2.2(b) to declassify the Board of Trustees and (v) on any amendment submitted to them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An amendment duly adopted by the requisite vote of the Board of Trustees and, if required, the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification in recordable form signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated by the Board of Trustees.

11.4. <u>Subsidiaries</u>. Without approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, limited liability companies, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest and to sell, convey, and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

11.5 <u>Extraordinary Transactions and Actions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in paragraph (b) of this Section 11.5 the affirmative vote or consent of at least seventy-five percent (75%) of the Trustees of the Trust and at least seventy-five percent (75%) of the Shares outstanding and entitled to vote thereon shall be necessary to authorize any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The merger, conversion, consolidation, or share exchange or sale of exchange of all or substantially all of the assets of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Shareholder proposal as to specific investment decisions made or to be made with respect to the assets of the Trust or a series or class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any amendment to Section 2.2(b) to declassify the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in paragraph (a) of this Section 11.5, so long as each action is approved by both a majority of the entire Board of Trustees and seventy-five percent (75%) of the Continuing Trustees, and so long as all other conditions and requirements, if any, provided for in the Bylaws and applicable law have been satisfied, then no vote or consent of the Shares outstanding shall be required to approve any of the actions listed in paragraph (a)(i) of this Section 11.5 unless otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amendment to this Declaration to make Shares of the Trust "redeemable securities" and any other proposal to convert the Trust from a "closed-end company" to an "open-end company" (as defined in the 1940 Act) each must be approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter upon.

ARTICLE XII<br> <u>MISCELLANEOUS</u>

12.1. <u>Filing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee or Secretary of the Trust stating that such action was duly taken in a manner provided herein and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements thereto.

12.2. <u>Resident Agent</u>. The Trust shall maintain a resident agent in the State of Delaware, which agent shall initially be Corporation Service Company. The Trustees may designate a successor resident agent, provided, however, that such appointment shall not become effective until written notice thereof and any required filing is delivered to the office of the Secretary of the State.

12.3. <u>Governing Law</u>. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Declaration, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Delaware Statutory Trust Act and the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a) the provisions of Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Statutory Trust Act) pertaining to trusts which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration. The Trust shall be of the type commonly called a "statutory trust", and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Statutory Trust Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

12.4. <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer and each Person legally or beneficially owning a Share or an interest in a Share (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Act, (i) irrevocably agrees that, except for any claims, suits, actions or proceedings arising under federal securities laws, any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Delaware Statutory Trust Act, this Declaration or the Bylaws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or (D) any provision of the Delaware Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Act, the Declaration or the Bylaws relating in any way to the Trust (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably agrees that any claims, suits, actions or proceedings arising under the federal securities laws shall be exclusively brought in the federal district courts of the United States of America, (iii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iv) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (v) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. Notwithstanding anything to the contrary in this Section 12.4, the Trust may, at its sole discretion, select and/or consent to an alternative forum for any claims, suits, actions or proceedings relating in any way to the Trust.

12.5. <u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

12.6. <u>Reliance by Third Parties</u>. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any Bylaws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.

12.7. <u>Provisions in Conflict with Law or Regulation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, if applicable, with the regulated investment company provisions of the Code (if applicable) or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

[*Remainder of page intentionally left blank*]

IN WITNESS WHEREOF, the undersigned have caused this Declaration to be executed as of the day and year first above written.

---

| | |
|:---|:---|
| By: |  |
|  | Scott W. Appleby |
|  | Trustee |
| By: |  |
|  | Kevin F. McDonald |
|  | Trustee |
| By: |  |
|  | Paul E. Tramontano |
|  | Trustee |
| By: |  |
|  | Jeffrey L. Weiss |
|  | Trustee |
| By: |  |
|  | Thomas P. Majewski |
|  | Trustee |
| By: |  |
|  | James R. Matthews |
|  | Trustee |

---

## Ex-99.(A)(4)

**Exhibit 99.(a)(4)**

STATE OF DELAWARE

CERTIFICATE OF CONVERSION

FROM A CORPORATION TO A

STATUTORY TRUST PURSUANT TO

SECTION 3820 OF THE DELAWARE

STATUTORY TRUST CODE

1.) The jurisdiction where the Corporation first formed is Delaware.

2.) The jurisdiction immediately prior to filing this Certificate is Delaware.

3.) The date the Corporation first formed is March 24, 2014.

4.) The name of the Corporation immediately prior to filing this Certificate is Eagle Point Credit Company Inc.

5.) The name of the Statutory Trust as set forth in the Certificate of Trust is Eagle Point Credit Company.

6.) This Certificate of Conversion shall become effective on May 22, 2026 at 12:01 a.m. Eastern Standard Time.

IN WITNESS WHEREOF, the undersigned has executed this Certificate on the 20<sup>th</sup> day of May, 2026.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Scott W. Appleby | By: | /s/ Jeffrey L. Weiss |
| Name: Scott W. Appleby, not in his individual capacity but as Trustee | Name: Scott W. Appleby, not in his individual capacity but as Trustee | Name: Jeffrey L. Weiss, not in his individual capacity but as Trustee | Name: Jeffrey L. Weiss, not in his individual capacity but as Trustee |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Kevin F. McDonald | By: | /s/ Thomas P. Majewski |
| Name: Kevin F. McDonald, not in his individual capacity but as Trustee | Name: Kevin F. McDonald, not in his individual capacity but as Trustee | Name: Thomas P. Majewski, not in his individual capacity but as Trustee | Name: Thomas P. Majewski, not in his individual capacity but as Trustee |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Paul E. Tramontano | By: | /s/ James R. Matthews |
| Name: Paul E. Tramontano, not in his individual capacity but as Trustee | Name: Paul E. Tramontano, not in his individual capacity but as Trustee | Name: James R. Matthews, not in his individual capacity but as Trustee | Name: James R. Matthews, not in his individual capacity but as Trustee |

---

## Ex-99.(A)(5)

**Exhibit 99.(a)(5)**

**CERTIFICATE OF TRUST**

**of**

**Eagle Point Credit Company**

(a Delaware Statutory Trust)

This Certificate of Trust of Eagle Point Credit Company (the "Trust"), dated as of May 20, 2026, is being duly executed and filed on behalf of the Trust by the undersigned, as the Trustees, for the purpose of organizing a statutory trust pursuant to the Delaware Statutory Trust Act (12 Del. Code §3801 et seq.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **NAME.** The name of the statutory trust formed by this Certificate of Trust is Eagle Point Credit Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **REGISTERED OFFICE AND REGISTERED AGENT.** The business address of the registered office of the Trust in the State of Delaware is and the name of the Trust's registered agent at such address is Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **EFFECTIVE DATE.** This Certificate shall be effective on May 22, 2026 at 12:01 a.m. Eastern Standard Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **REGISTERED INVESTMENT COMPANY.** The Trust will be a registered investment company under the Investment Company Act of 1940, as amended, upon the effective date and time of this Certificate.

**IN WITNESS WHEREOF,** the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

---

| | |
|:---|:---|
| /s/ Scott W. Appleby | /s/ Jeffrey L. Weiss |
| Scott W. Appleby, not in his individual<br> capacity but as Trustee | Jeffrey L. Weiss, not in his individual<br> capacity but as Trustee |
| /s/ Kevin F. McDonald | /s/ Thomas P. Majewski |
| Kevin F. McDonald, not in his individual<br> capacity but as Trustee | Thomas P. Majewski, not in his individual<br> capacity but as Trustee |
| /s/ Paul E. Tramontano | /s/ James R. Matthews |
| Paul E. Tramontano, not in his individual<br> capacity but as Trustee | James R. Matthews, not in his individual<br> capacity but as Trustee |

---

## Ex-99.(A)(6)

**Exhibit 99.(a)(6)**

**EAGLE POINT CREDIT COMPANY**

**DECLARATION OF TRUST**

**Dated as of May 22, 2026**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I | THE TRUST |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. | Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. | Trust Purpose | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. | Definitions | 2 |
| ARTICLE II | TRUSTEES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. | Number | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. | Term and Election | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. | Resignation and Removal | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. | Vacancies | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. | Meetings | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. | Trustee Action by Written Consent | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. | Officers | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. | Chair | 6 |
| ARTICLE III | POWERS AND DUTIES OF TRUSTEES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. | General | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. | Investments | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. | Issuance and Repurchase of Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. | Borrow Money or Utilize Leverage | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. | Delegation; Committees | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. | Collection and Payment | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. | Expenses | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. | Bylaws | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. | Miscellaneous Powers | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. | Further Powers | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. | Sole Discretion; Good Faith | 8 |
| ARTICLE IV | ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. | Advisory and Management Arrangements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. | Distribution Arrangements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. | Parties to Contract | 9 |

---

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE V | LIMITATIONS OF LIABILITY AND INDEMNIFICATION |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. | No Personal Liability of Shareholders, Trustees, etc. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. | Mandatory Indemnification | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. | No Bond Required of Trustees | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. | No Duty of Investigation; No Notice in Trust Instruments, etc. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. | Reliance on Experts, etc. | 11 |
| ARTICLE VI | SHARES OF BENEFICIAL INTEREST  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. | Beneficial Interest | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. | Other Securities | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. | Rights of Shareholders | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. | Exchange Privilege | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. | Trust Only | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. | Issuance of Shares | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. | Register of Shares | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. | Transfer Agent and Registrar | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. | Transfer of Shares | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. | Notices | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11. | Derivative Actions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | Assent to Agreement | 13 |
| ARTICLE VII | DETERMINATION OF NET ASSET VALUE |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. | Net Asset Value | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. | Distributions to Shareholders | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. | Power to Modify Foregoing Procedures | 14 |
| ARTICLE VIII | CUSTODIANS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. | Appointment and Duties | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. | Central Certificate System | 15 |
| ARTICLE IX | REPURCHASES OF SHARES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. | Repurchase of Shares | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. | Disclosure of Holding | 15 |
| ARTICLE X | SHAREHOLDERS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. | Meetings of Shareholders | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. | Voting | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. | Notice of Meeting and Record Date | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. | Quorum and Required Vote | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. | Proxies, etc. | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. | Reports | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. | Inspection of Records | 17 |

---

ii

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8. | Delivery by Electronic Transmission or Otherwise | 17.0 |
| ARTICLE XI | DURATION; TERMINATION OF TRUST; AMENDMENT; ETC. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. | Duration | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. | Termination | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. | Amendment Procedure | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. | Subsidiaries | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. | Extraordinary Transactions and Actions | 19.0 |
| ARTICLE XII | MISCELLANEOUS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. | Filing | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. | Resident Agent | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. | Governing Law | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. | Exclusive Delaware Jurisdiction | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5. | Counterparts | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6. | Reliance by Third Parties | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7. | Provisions in Conflict with Law or Regulation | 21.0 |

---

iii

**EAGLE POINT CREDIT COMPANY**

**<u>DECLARATION OF TRUST</u>**

DECLARATION OF TRUST ("Declaration") made as of the 22<sup>nd</sup> day of May, 2026, by the Trustees hereunder, and by the Shareholders as hereinafter provided.

WHEREAS, the Trust was organized as Eagle Point Credit Company LLC, a Delaware limited liability company, on March 24, 2014, and converted to Eagle Point Credit Company Inc., a Delaware corporation, on October 6, 2014;

WHEREAS, pursuant to Section 3820 of the Delaware Statutory Trust Act, Eagle Point Credit Company Inc., a Delaware corporation, (the "Corporation") was converted into the Trust (the "Conversion");

WHEREAS, in connection with the Conversion all of the outstanding stock of the Corporation was converted into shares of the Trust;

WHEREAS, the Trust has been formed to carry on business as set forth more particularly hereinafter;

WHEREAS, the Trust is authorized to issue an unlimited number of its Shares all in accordance with the provisions hereinafter set forth;

WHEREAS, each Trustee has agreed to manage all property coming into his or her hands as a Trustee of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and

WHEREAS, the parties hereto intend that the Trust shall constitute a statutory trust under the Delaware Statutory Trust Act and that this Declaration and the Bylaws shall constitute the governing instrument of the Trust.

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and other assets which they may from time to time acquire in any manner as a Trustee hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the Shareholders from time to time of Shares as hereinafter set forth.

ARTICLE I<br> <u>THE TRUST</u>

1.1. <u>Name</u>. This Trust shall be known as the "Eagle Point Credit Company" and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine. Any name change shall become effective upon the execution by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Delaware Statutory Trust Act. Any such instrument shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration.

1.2. <u>Trust Purpose</u>. The purpose of the Trust is to conduct, operate and carry on the business of a closed-end management investment company registered under the 1940 Act. In furtherance of the foregoing, it shall be the purpose of the Trust to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a closed-end management investment company registered under the 1940 Act and which may be engaged in or carried on by a trust organized under the Delaware Statutory Trust Act, and in connection therewith the Trust shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust.

1.3. <u>Definitions</u>. As used in this Declaration, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The "<u>1940 Act</u>" refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The terms "<u>Affiliated Person</u>," "<u>Assignment</u>," "<u>Interested Person</u>" and "<u>Principal Underwriter</u>" shall have the meanings given them in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Bylaws</u>" shall mean the Bylaws of the Trust, as amended from time to time by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Commission</u>" shall mean the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Contested Election" for purposes of Section 10.4 shall mean any election of Trustees in which the number of persons nominated for election as Trustees by Shares entitled to vote for such Trustees in accordance with the requirements of the Declaration of Trust and the Bylaws exceeds the number of Trustees to be elected by Shares entitled to vote for such Trustees, with the determination that any election of Trustees is a Contested Election to be made by the Secretary or other officer of the Trust prior to the time the Trust mails its definitive proxy statement in connection with such election of Trustees. If, prior to the time the Trust mails its definitive proxy statement in connection with such election of Trustees, one or more persons nominated for election as a Trustee by Shares entitled to vote for such Trustee are withdrawn such that the number of persons nominated for election as Trustees by Shares entitled to vote for such Trustees no longer exceeds the number of Trustees to be elected by Shares entitled to vote for such Trustees, such election shall not be considered a Contested Election. The determination of whether an election is a Contested Election shall be made on a proposal-by-proposal basis, and it is expressly acknowledged that, in the event different classes or series of Shares are entitled to vote for different Trustees, a Contested Election may occur for some Trustee seats but not others at the same meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Continuing Trustees</u>" shall mean trustees who either (i) have been members of the Board of Trustees for a period of at least thirty-six months (or since the commencement of the Fund's operations, if less than 36 months) or (ii) were nominated to serve as members of the Board of Trustees by a majority of the Continuing Trustees then members of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Declaration</u>" shall mean this Declaration of Trust, as amended, supplemented or amended and restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Delaware General Corporation Law</u>" means the Delaware General Corporation Law, 8 <u>Del</u>. <u>C</u>. § 100, <u>et</u>. <u>seq</u>., as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Delaware Statutory Trust Act</u>" shall mean the provisions of the Delaware Statutory Trust Act, 12 <u>Del</u>. <u>C</u>. § 3801, <u>et</u>. <u>seq</u>., as such Act may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Fiscal Year</u>" means each period commencing on January 1 of each year and ending on December 31 of the following year (or on the date of a final distribution made in accordance with Section 11.2 of this Declaration), unless the Trustees designate another fiscal year for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Conversion Date</u>" shall mean May 22, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Fundamental Policies</u>" shall mean the investment policies and restrictions as set forth from time to time in any Registration Statement of the Trust filed with the Commission and designated as fundamental policies therein, as they may be amended from time to time in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Majority Shareholder Vote</u>" shall mean "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Trust voted on any matter to be voted on by the Shareholders with all shares entitled to vote voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Person</u>" shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Prospectus</u>" shall mean the Prospectus of the Trust, if any, as in effect from time to time under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Shareholders</u>" shall mean as of any particular time the holders of record of outstanding Shares at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Shares</u>" shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Trust</u>" shall mean the statutory trust governed by this Declaration and the Bylaws, as amended from time to time, inclusive of each such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Trust Property</u>" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Trustees</u>" shall mean the signatory to this Declaration, so long as he shall continue in office in accordance with the terms hereof, and all other persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.

ARTICLE II<br> <u>TRUSTEES</u>

2.1. <u>Number</u>. As of the date hereof, the number of Trustees shall be six (6) and such Trustees shall be the signatories hereto. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office, or by a resolution approved at a duly constituted meeting, provided that the number of Trustees shall be no less than one (1) and no more than nine (9). No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his or her term. Trustees need not own Shares and may succeed themselves in office. The term of any Trustee standing for re-election who fails to receive sufficient votes to be elected to office due to a lack of quorum or a failure of such Trustee or any successor Trustee to such Trustee to receive the required Shareholder vote shall hold-over as Trustee for the subsequent three (3) year term and until a successor Trustee to such Trustee is duly elected and shall have qualified; provided that, the hold-over term may be reduced to a two (2) year term or one (1) year term at any time and for any reason by the Board of Trustees (not including the hold-over Trustee for purposes of such vote or consent of the Board of Trustees).

2.2. <u>Term and Election</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Trust is not required to hold annual Shareholder meetings by the 1940 Act or any other applicable law, rule or regulation, the term of office of a Trustee shall continue until death, resignation or removal of a Trustee. Subject to the provisions of the 1940 Act, the Trustees at any time may appoint individuals to fill vacancies on the Board of Trustees. Each Trustee elected shall hold office until his or her successor shall have been duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, this Section 2.2(b) shall only apply if and to the extent that the Trust is required to hold annual Shareholder meetings by the 1940 Act or any other applicable law, rule or regulation. If the Trust is required to hold annual meetings of Shareholders pursuant to any applicable law, rule or regulation: the Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III, as nearly equal in number as possible, and the term of office of Trustees of one class shall expire at each annual meeting of Shareholders, and in all cases as to each Trustee such term shall extend until his or her successor shall be elected and shall qualify or until his or her earlier resignation, removal from office, death or incapacity, except as may be provided in a resolution or resolutions of the Board of Trustees providing for any series of preferred shares with respect to any Trustees elected (or to be elected) by the holders of such series and except as otherwise required by applicable law. The Trustees serve in the classes set forth below:

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| | |
|:---|:---|
| **Trustee** | &nbsp;&nbsp;**Expiration of <br> Term** |
| Scott W. Appleby &nbsp;&nbsp;II | &nbsp;&nbsp;2027 |
| Kevin F. McDonald &nbsp;&nbsp;I | &nbsp;&nbsp;2026 |
| Paul E. Tramontano &nbsp;&nbsp;III | &nbsp;&nbsp;2028 |
| Jeffrey L. Weiss &nbsp;&nbsp;II | &nbsp;&nbsp;2027 |
| Thomas P. Majewski &nbsp;&nbsp;I | &nbsp;&nbsp;2026 |
| James R. Matthews &nbsp;&nbsp;III | &nbsp;&nbsp;2028 |

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Class I Trustees shall serve for a term expiring at the first annual meeting of shareholders following the Conversion Date, Class II Trustees shall initially serve for a term expiring at the second annual meeting of shareholders following the Conversion Date, and Class III Trustees shall initially serve for a term expiring at the third annual meeting of shareholders following the Conversion Date. At each annual meeting of shareholders commencing with the first annual meeting of shareholders following the Conversion Date, the Trustees of the class to be elected at each annual meeting of shareholders shall be elected for a three-year term. If the total number of such Trustees is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of Trustees in each class as nearly equal as possible, and any such additional Trustees of any class elected to fill a newly created Trusteeship resulting from an increase in such class shall hold office for a term that shall coincide with the remaining term of that class, but in no case shall a decrease in the total number of Trustees remove or shorten the term of any incumbent Trustee.

2.3. <u>Resignation and Removal</u>. Any of the Trustees may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chair (if any), the Chief Executive Officer, or the Secretary and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.1 hereof) for cause only, and not without cause, and only by action taken by seventy-five percent (75%) of the remaining Trustees (or in the case of the removal of a Trustee that is not an "interested person" as defined in the 1940 Act seventy-five percent (75%) of the remaining Trustees that are not "interested persons" as defined in the 1940 Act) or by the holders of at least two-thirds of the Shares then entitled to vote in an election of such Trustee. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his or her resignation or removal, or any right to damages on account of a removal.

2.5. <u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, or the Chief Executive Officer, the Secretary or any three Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the Bylaws or by resolution or consent of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally or via electronic transmission not less than 24 hours, or in writing not less than 72 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be a majority of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees.

Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent of all of the members.

With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.

All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting except as otherwise may be provided by law.

2.6. <u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing or by electronic transmission and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

2.7. <u>Officers</u>. The Trustees shall elect a Principal Executive Officer, a Chief Executive Officer, a Secretary, a Chief Financial Officer and a Principal Financial Officer and may also elect such other officers or assistant officers as may be elected or authorized by the Trustees. Officers shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chair, if any, or Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. The Chief Executive Officer, Secretary and Chief Financial Officer may, but need not, be a Trustee. Except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the 1940 Act (collectively, the "federal securities laws"), all officers shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws shall control.

2.8. <u>Chair</u>. The Trustees may designate a Chair and a Vice Chair of the Board of Trustees, who shall have such powers and duties as determined by the Board of Trustees from time to time.

ARTICLE III<br> <u>POWERS AND DUTIES OF TRUSTEES</u>

3.1. <u>General</u>. The Trustees shall manage or direct the management of the Trust Property and the business of the Trust with such powers of delegation as may be permitted by this Declaration. Except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the federal securities laws, the Trustees shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws shall control. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Trust. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court.

3.2. <u>Investments</u>. The Trustees shall have power, subject to the Fundamental Policies in effect from time to time with respect to the Trust, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) manage, conduct, operate and carry on the business of an investment company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, enter into, become obligated with respect to, hold, pledge, sell, assign, transfer, exchange, lend, borrow, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences of indebtedness of any Person and any other rights, interests, instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

3.3. <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to cause the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Trust voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Trust whether capital or surplus or otherwise. Subject to the further provisions of this Article III, any restriction set forth in the Bylaws and any applicable requirements of the 1940 Act or any applicable exemptive relief issued by the Commission, the Trustees shall have full power and authority, in their sole discretion, and without obtaining any authorization or vote of the Shareholders of any class of Shares of the Trust (each, a "Class") to: (i) divide the beneficial interest in each Class into Shares as the Trustees shall determine; (ii) establish, designate, redesignate, classify, reclassify and change in any manner any Class and fix such preferences, voting powers, rights, duties and privileges and business purpose of each Class as the Trustees may from time to time determine, which preferences, voting powers, rights, duties and privileges may be different from any existing Class; provided, however, that the Trustees may not reclassify or change outstanding Shares in a manner materially adverse to Shareholders of such Shares, without obtaining the authorization or vote of the Class of Shareholders that would be materially adversely affected; (iii) divide or combine the Shares of any Class into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares of such Class in the assets held with respect to that Class; (iv) change the name of any Class; (v) dissolve and terminate any one or more Classes; and (vi) take such other action with respect to the Classes as the Trustees may deem desirable.

3.4. <u>Borrow Money or Utilize Leverage</u>. Subject to the Fundamental Policies in effect from time to time with respect to the Trust, the Trustees shall have the power to cause the Trust to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other Person, firm, association or corporation.

3.5. <u>Delegation; Committees</u>. The Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things, including any matters set forth in this Declaration, and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.

3.6. <u>Collection and Payment</u>. The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.

3.7. <u>Expenses</u>. The Trustees shall have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

3.8. <u>Bylaws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal Bylaws for the conduct of the business of the Trust.

3.9. <u>Miscellaneous Powers</u>. Without limiting the general or further powers of the Trustees, they shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other Person as the Trustees may see fit to such extent as the Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; and (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept on behalf of the Trust.

3.10. <u>Further Powers</u>. The Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. The interpretations of this Declaration and the Bylaws by the Trustees and any actions taken pursuant thereto shall be conclusive and binding on all Shareholders. The Trustees will not be required to obtain any court order to deal with the Trust Property.

3.11. <u>Sole Discretion; Good Faith</u>. Notwithstanding any other provision of this Declaration or otherwise applicable law, whenever in this Declaration the Trustees are permitted or required to make a decision, except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the federal securities laws: (i) in their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; or (ii) in their "good faith" or under another express standard, the Trustees shall act under such express standard and shall not be subject to any other or different standard.

ARTICLE IV<br> <u>ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS</u>

4.1. <u>Advisory and Management Arrangements</u>. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory, administrative and management services with respect to the Trust as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to time adopt) to exercise any of the powers of the Trustees, including to effect investment transactions with respect to the assets on behalf of the Trust to the full extent of the power of the Trustees to effect such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be deemed to have been authorized by all of the Trustees.

4.2. <u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters and/or selling agents to sell Shares and other securities of the Trust. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article IV or the Bylaws; and such contract may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with Persons who are not registered securities dealers to further the purposes of the distribution or repurchase of the securities of the Trust.

4.3. <u>Parties to Contract</u>. Any contract of the character described in Sections 4.1 and 4.2 of this Article IV or in Article VIII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder, or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the Bylaws. The same Person may be the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article VIII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.3.

ARTICLE V<br> <u>LIMITATIONS OF LIABILITY AND INDEMNIFICATION</u>

5.1. <u>No Personal Liability of Shareholders, Trustees, etc.</u> No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

5.2. <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law but subject to the limitations expressly provided in this Declaration, the Trust hereby agrees to indemnify and hold harmless each person who at any time serves as a Trustee or officer of the Trust (each such person being an "indemnitee") against any and all, losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all threatened, pending or completed, claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, and whether formal or informal and including appeals, in which any indemnitee may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of his having acted in any such capacity, except however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position. Notwithstanding the foregoing, with respect to any claim, demand, action, suit or other proceeding (or part thereof) commenced by any indemnitee, indemnification shall be mandatory only if the commencement of such claim, demand, action, suit or other proceeding (or part thereof) by such indemnitee was authorized by a majority of the Trustees in their sole discretion or was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither Interested Persons of the Trust nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, and without requiring a preliminary determination of the ultimate entitlement to indemnification, the Trust shall make advance payments (which shall be unsecured and interest free) in connection with expenses (including legal fees and expenses) incurred by any indemnitee in appearing at, participating in or defending any claim, demand, action, suit or proceeding with respect to which indemnification might be sought hereunder if the Trust receives a written undertaking by the indemnitee to repay the Trust such amounts if it ultimately shall be determined that the indemnitee is not entitled to indemnification as authorized by this Section 5.2. The Trust shall have no obligation to advance any amounts in connection with any claim, demand, action, suit or other proceeding (or part thereof) commenced by an indemnitee unless such commencement was (1) authorized by a majority of the Trustees in their sole discretion or (2) instituted by the indemnitee to enforce his or her rights to indemnification hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights accruing to any indemnitee under these provisions shall not exclude or restrict any other right (including any right of indemnification or advancement) which any indemnitee or any other person may have or hereafter acquire under this Declaration, the Bylaws of the Trust, any statute, agreement, vote of Shareholders or Trustees who are not Interested Persons or any other right to which he or she may be lawfully entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.

5.3. <u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.

5.4. <u>No Duty of Investigation; No Notice in Trust Instruments, etc.</u> No purchaser, lender, transfer agent or other Person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

5.5. <u>Reliance on Experts, etc.</u> Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon reports made to the Trust by any of the Trust's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee. The appointment, designation or identification of a Trustee as a Chair, or a member or chair of a committee of the Trustees, as an expert on any topic or in any area (including an audit committee financial expert), or the lead independent Trustee, or any other special appointment, designation or identification of a Trustee, shall not impose on that person any standard of care or liability that is greater than that imposed on that person as a Trustee in the absence of such appointment, designation or identification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall be held to a higher standard of care by virtue thereof.

ARTICLE VI<br> <u>SHARES OF BENEFICIAL INTEREST</u>

6.1. <u>Beneficial Interest</u>. The beneficial interest in the Trust shall be divided into an unlimited number of transferable shares of beneficial interest. Such Shares of beneficial interest shall have no par value unless the Trustees otherwise determine. Shares may be issued in different classes and/or series of beneficial interests. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend or distribution in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.

6.2. <u>Other Securities</u>. The Trustees may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and cause the Trust to issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred shares, debt securities or other senior securities. The Trustees are also authorized to take such actions and retain such any person as they see fit to offer and sell such securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and privileges of any such preferred shares under this Declaration. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of this Declaration with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. Except as contemplated by the immediately preceding sentence, this Declaration shall control as to the Trust generally and the rights, powers, preferences and privileges of the other Shareholders of the Trust. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.

6.3. <u>Rights of Shareholders</u>. The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trustees on behalf of the Trust, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or, subject to the right of the Trustees to charge certain expenses directly to Shareholders, assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, redemption or conversion rights.

6.4. <u>Exchange Privilege</u>. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders of any Class shall have the right to exchange such Shares for Shares of one or more other Classes.

6.5. <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association. Ownership of Shares shall not make any Shareholder a third-party beneficiary of any contract entered into by the Trust.

6.6. <u>Issuance of Shares</u>. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares including preferred shares that may have been established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time, without a vote of the Shareholders, divide, reclassify or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or 1/1,000ths of a Share or multiples thereof as the Trustees may determine.

6.7. <u>Register of Shares</u>. A register shall be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such register shall be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him as herein provided, until he has given his address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefore and rules and regulations as to their use.

6.8. <u>Transfer Agent and Registrar</u>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

6.9. <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and contractual restrictions) as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Each Shareholder will indemnify and hold harmless the Trust, the Trustees and any Affiliated Person of the Trust or the Trustees against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which these Persons may become subject by reason of or arising from (1) any transfer made by the Shareholder in violation of this Section 6.9 and (2) any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with the transfer.

Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

6.10. <u>Notices</u>. Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register of the Trust.

6.11. <u>Derivative Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust. No Shareholder may maintain a derivative action on behalf of the Trust unless holders of at least fifty percent (50%) of the outstanding Shares join in the bringing of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if, and only if, a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. For purposes of this Section 6.11, the Trustees may designate a committee of one or more Trustees to consider a Shareholder demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Section 6.11 shall not apply to any claims brought under federal securities law, or the rules and regulations thereunder.

6.12. <u>Assent to Agreement</u>. Every Shareholder, by virtue of having acquired a Share, shall be held to have expressly assented to, and agreed to be bound by, the terms hereof. The death, incapacity, dissolution, termination, or bankruptcy of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to rights of said deceased, incapacitated, dissolved, terminated or bankrupt Shareholder.

ARTICLE VII<br> <u>DETERMINATION OF NET ASSET VALUE</u>

7.1. <u>Net Asset Value</u>. The net asset value of each outstanding Share shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the Trustees and shall be as set forth in the Registration Statement or as may otherwise be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees and shall be as generally set forth in the Registration Statement or as may otherwise be determined by the Trustees.

7.2. <u>Distributions to Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may from time to time distribute ratably among the Shareholders of any Class, or any series of any such Class, in accordance with the number of outstanding full and fractional Shares of such Class or any series of such Class, such proportion of the net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust or any assets thereof) or Shares of any Class or series or any combination thereof, and the Trustees may distribute ratably among the Shareholders of any Class of shares or series of any such Class, in accordance with the number of outstanding full and fractional Shares of such Class or any series of such Class, additional Shares of any Class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions pursuant to this Section 7.2 may be among the Shareholders of record of the applicable Class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.

7.3. <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article VII, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the net asset value of the Trust's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the Code, the 1940 Act, any securities exchange or association registered under the Securities Exchange Act of 1934, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

ARTICLE VIII<br> <u>CUSTODIANS</u>

8.1. <u>Appointment and Duties</u>. The Trustees shall at all times employ a custodian or custodians, meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws of the Trust and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to hold the securities owned by the Trust and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to receive any receipt for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if authorized to do so by the Trustees, to compute the net income or net asset value of the Trust; all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

8.2. <u>Central Certificate System</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular Class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.

ARTICLE IX<br> <u>REPURCHASES OF SHARES</u>

9.1. <u>Repurchase of Shares</u>. Except as otherwise provided by the Trustees, no Shareholder or other Person holding Shares will have the right to withdraw or tender Shares to the Trust for repurchase. The Trustees may, from time to time, in their complete and exclusive discretion and on terms and conditions as they may determine, cause the Trust to repurchase Shares in accordance with written tenders. In determining whether to cause the Trust to repurchase Shares, pursuant to written tenders, the Trustees may consider such factors as the Trustees deem appropriate at such time. Additionally, the Trust shall offer to repurchase Shares from time to time as may be required by applicable law and/or specified in the Registration Statement.

9.2. <u>Disclosure of Holding</u>. The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

ARTICLE X<br> <u>SHAREHOLDERS</u>

10.1. <u>Meetings of Shareholders</u>. The Trust is not required to hold annual Shareholder meetings unless required by the 1940 Act or any other applicable law, rule or regulation. A special meeting of Shareholders may be called at any time by a majority of the Trustees or the Chief Executive Officer. Except as required by federal law, including the 1940 Act, Shareholders shall not be entitled to call meetings of the Shareholders. To the extent required by federal law, including the 1940 Act, meetings of the Shareholders of the Trust shall be called by the Secretary of the Trust upon the written request of the Shareholders owning the requisite percentage amount of the outstanding Shares entitled to vote. Any shareholder meeting, including a special meeting, shall be held within or without the State of Delaware on such day and at such time as the Trustees shall designate or may be held virtually. Special meetings of Shareholders shall be held, notice of such meetings shall be delivered and waiver of notice shall occur according to the provisions of the Trust's Bylaws. Any action that may be taken at a meeting of Shareholders may be taken without a meeting according to the procedures set forth in the Bylaws or in this Declaration. In the event of a Shareholder meeting requested by Shareholders of the Trust, the Secretary shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting (including the Trust's proxy materials). The Secretary shall not be required to call a special meeting upon Shareholder request, and such meeting shall not be held, unless the Secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the meeting.

10.2. <u>Voting</u>. Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by the 1940 Act, this Declaration or resolution of the Trustees. This Declaration expressly provides that no matter for which voting, consent or other approval is required by the Delaware Statutory Trust Act in the absence of the contrary provision in the Declaration shall require any vote. For the avoidance of doubt, the Shareholders shall not have power to vote on an advisory or "precatory" proposal unless the Trustees determine that such vote is necessary or desirable, even if the implementation of the course of action recommended by such proposal would require a vote of Shareholders. Except as otherwise provided herein, any matter required to be submitted to Shareholders and affecting one or more Classes or series of shares shall require approval by the required vote of all the affected Classes and series of shares voting together as a single Class; provided, however, that as to any matter with respect to which a separate vote of any Class or series of shares is required by the 1940 Act, such requirement as to a separate vote by that Class or series of shares shall apply in addition to a vote of all the affected Classes and series voting together as a single Class. Shareholders of a particular Class or series of shares shall not be entitled to vote on any matter that affects only one or more other Classes or series of shares. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election or removal of Trustees.

10.3. <u>Notice of Meeting and Record Date</u>. Special meetings of Shareholders shall be held, notice of such meetings shall be delivered, and waiver of notice shall occur according to the provisions of the Trust's Bylaws, including via electronic transmission to a Shareholder at his or her address as it is registered with the Trust. Any action that may be taken at a meeting of Shareholders may be taken without a meeting according to the procedures set forth in the Bylaws or in this Declaration. For purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than one hundred and twenty (120) days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes. Any meeting of Shareholders, whether or not a quorum is present, may be adjourned for any lawful purpose by the Chair, the Trustees (or their designees) or a majority of the votes properly cast upon the question of adjourning a meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than one hundred and twenty (120) days after the record date. No notice of adjournment of a meeting to another time or place need be given to Shareholders if such time and place are announced at the meeting at which the adjournment is taken or notice is given to persons present at the meeting. For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than one hundred and twenty (120) days nor less than 10 days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes.

10.4. <u>Quorum and Required Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided from time to time in the Bylaws, the presence in person or by proxy of Shares entitled to cast a majority of the votes entitled to be cast shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any provision of applicable law, this Declaration or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, and (ii) where a separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a majority of the Shares of such class or series of Shares present in person or represented by proxy at the meeting shall be the act of Shareholders of such class or series with respect to such matter. Notwithstanding the foregoing, (i) with respect to an election of Trustees other than a Contested Election, the affirmative vote of a plurality of all votes cast with respect to such matter at a meeting of Shareholders shall be required to elect a Trustee and (ii) with respect to a Contested Election, the affirmative vote of a majority of the Shares outstanding and entitled to vote with respect to such matter at a meeting of Shareholders shall be required to elect a Trustee, in each case at any meeting at which a quorum is present.

10.5. <u>Proxies, etc.</u> At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed or authorized proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed or authorized by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

10.6. <u>Reports</u>. The Trustees shall as long as the Trust continues operations cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income and undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent public accountant on such financial statements. The Trustees shall, as long as the Trust continues operations, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the period from the beginning of the current fiscal year to the end of such period.

10.7. <u>Inspection of Records</u>. No Shareholder shall have any right to inspect any account, book or document of the Trust except as conferred by the Trustees or as otherwise required by law.

10.8. <u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law.

ARTICLE XI<br> <u>DURATION; TERMINATION OF TRUST; AMENDMENT; ETC.</u>

11.1. <u>Duration</u>. Subject to possible termination in accordance with the provisions of Section 11.2 hereof, the Trust created hereby shall have perpetual existence.

11.2. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may be dissolved only upon approval of not less than a majority of the Trustees. Upon the dissolution of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall carry on no business except for the purpose of winding up its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business; provided that any sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition of all or substantially all the Trust Property of the Trust shall require approval of the principal terms of the transaction and the nature and amount of the consideration by Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After paying or adequately providing for the payment of all claims and obligations of the Trust in accordance with Section 3808 of the Delaware Statutory Trust Act, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the winding up and liquidation of the Trust, including the distribution to the Shareholders of any assets of the Trust, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.

11.3. <u>Amendment Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in subsection (b) of this Section 11.3, the Trustees may, without Shareholder vote, amend or otherwise supplement this Declaration. Shareholders shall have the right to vote: (i) on any amendment which would eliminate their right to vote granted in this Declaration, (ii) on any amendment to this Section 11.3(a), (iii) on any amendment that would adversely affect the powers, preferences or special rights of the Shares as determined by the Trustees in good faith, (iv) any amendment to Section 2.2(b) to declassify the Board of Trustees and (v) on any amendment submitted to them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An amendment duly adopted by the requisite vote of the Board of Trustees and, if required, the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification in recordable form signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated by the Board of Trustees.

11.4. <u>Subsidiaries</u>. Without approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, limited liability companies, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest and to sell, convey, and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

11.5 <u>Extraordinary Transactions and Actions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in paragraph (b) of this Section 11.5 the affirmative vote or consent of at least seventy-five percent (75%) of the Trustees of the Trust and at least seventy-five percent (75%) of the Shares outstanding and entitled to vote thereon shall be necessary to authorize any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The merger, conversion, consolidation, or share exchange or sale of exchange of all or substantially all of the assets of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Shareholder proposal as to specific investment decisions made or to be made with respect to the assets of the Trust or a series or class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any amendment to Section 2.2(b) to declassify the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in paragraph (a) of this Section 11.5, so long as each action is approved by both a majority of the entire Board of Trustees and seventy-five percent (75%) of the Continuing Trustees, and so long as all other conditions and requirements, if any, provided for in the Bylaws and applicable law have been satisfied, then no vote or consent of the Shares outstanding shall be required to approve any of the actions listed in paragraph (a)(i) of this Section 11.5 unless otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amendment to this Declaration to make Shares of the Trust "redeemable securities" and any other proposal to convert the Trust from a "closed-end company" to an "open-end company" (as defined in the 1940 Act) each must be approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter upon.

ARTICLE XII<br> <u>MISCELLANEOUS</u>

12.1. <u>Filing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee or Secretary of the Trust stating that such action was duly taken in a manner provided herein and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements thereto.

12.2. <u>Resident Agent</u>. The Trust shall maintain a resident agent in the State of Delaware, which agent shall initially be Corporation Service Company. The Trustees may designate a successor resident agent, provided, however, that such appointment shall not become effective until written notice thereof and any required filing is delivered to the office of the Secretary of the State.

12.3. <u>Governing Law</u>. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Declaration, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Delaware Statutory Trust Act and the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a) the provisions of Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Statutory Trust Act) pertaining to trusts which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration. The Trust shall be of the type commonly called a "statutory trust", and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Statutory Trust Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

12.4. <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer and each Person legally or beneficially owning a Share or an interest in a Share (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Act, (i) irrevocably agrees that, except for any claims, suits, actions or proceedings arising under federal securities laws, any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Delaware Statutory Trust Act, this Declaration or the Bylaws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or (D) any provision of the Delaware Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Act, the Declaration or the Bylaws relating in any way to the Trust (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably agrees that any claims, suits, actions or proceedings arising under the federal securities laws shall be exclusively brought in the federal district courts of the United States of America, (iii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iv) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (v) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. Notwithstanding anything to the contrary in this Section 12.4, the Trust may, at its sole discretion, select and/or consent to an alternative forum for any claims, suits, actions or proceedings relating in any way to the Trust.

12.5. <u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

12.6. <u>Reliance by Third Parties</u>. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any Bylaws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.

12.7. <u>Provisions in Conflict with Law or Regulation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, if applicable, with the regulated investment company provisions of the Code (if applicable) or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

[*Remainder of page intentionally left blank*]

IN WITNESS WHEREOF, the undersigned have caused this Declaration to be executed as of the day and year first above written.

---

| | |
|:---|:---|
| By: | /s/ Scott W. Appleby |
|  | Scott W. Appleby |
|  | Trustee |
| By: | /s/ Kevin F. McDonald |
|  | Kevin F. McDonald |
|  | Trustee |
| By: | /s/ Paul E. Tramontano |
|  | Paul E. Tramontano |
|  | Trustee |
| By: | /s/ Jeffrey L. Weiss |
|  | Jeffrey L. Weiss |
|  | Trustee |
| By: | /s/ Thomas P. Majewski |
|  | Thomas P. Majewski |
|  | Trustee |
| By: | /s/ James R. Matthews |
|  | James R. Matthews |
|  | Trustee |

---

## Ex-99.(A)(7)

**Exhibit 99.(a)(7)**

**<u>SUPPLEMENT TO THE<br> DECLARATION OF TRUST<br> OF<br> EAGLE POINT CREDIT COMPANY<br> RELATING TO<br> 6.50% SERIES C TERM PREFERRED SHARES DUE 2031</u>**

Supplement to Declaration of Trust (the "<u>Supplement</u>") made as of May 22, 2026 by the Trustees hereunder

**WHEREAS**, the Eagle Point Credit Company, a Delaware statutory trust (the "Fund"), was organized as Eagle Point Credit Company LLC, a Delaware limited liability company, on March 24, 2014 and converted to Eagle Point Credit Company Inc., a Delaware corporation, on October 6, 2014;

**WHEREAS**, pursuant to Section 3820 of the Delaware Statutory Trust Act, Eagle Point Credit Company Inc., a Delaware corporation, (the "Corporation") was converted into the Fund (the "Conversion");

**WHEREAS**, in connection with the Conversion all of the outstanding stock of the Corporation was converted into shares of the Fund;

**WHEREAS,** the Trustees of the Fund may authorize and issue preferred shares of the Fund having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit under Sections 6.1 and 6.2 of the Fund's Declaration of Trust made as of May 22, 2026 (the "Original Declaration of Trust," as restated, amended or supplemented from time to time, together with this Supplement is referred to herein as the "Declaration of Trust") without the approval of any holders of shares of beneficial interests in the Fund; and

**WHEREAS**, the Trustees have made this Supplement to the Original Declaration of Trust to establish the terms, rights, preferences, privileges, limitations and restrictions of the 6.50% Series C Term Preferred Shares due 2031 of the Fund.

**NOW, THEREFORE**, the Trustees hereby supplement the Original Declaration of Trust to authorize the issuance by the Fund of its 6.50% Series C Term Preferred Shares due 2031 as follows:

**ARTICLE I<br> NUMBER OF SHARES; RANKING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. A series of unlimited preferred shares of beneficial interest, par value $0.001 per share, authorized by the Original Declaration of Trust are hereby designated as the 6.50% Series C Term Preferred Shares due 2031 (the "<u>Series C Term Preferred Shares</u>"). Each Series C Term Preferred Shares shall have such preferences, voting powers, restrictions, limitations as to dividends and distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth in the Original Declaration of Trust, as are set forth in this Supplement. The Series C Term Preferred Shares shall constitute a separate series of Shares (as defined below) and each Series C Term Preferred Share shall be identical. No fractional Series C Term Preferred Share shall be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Series C Term Preferred Shares shall rank on parity with (i) any other series of preferred shares, whether now or hereafter issued by the Fund and (ii) any other preferred shares of beneficial interest hereafter authorized and issued by the Fund of a class having priority over any other class as to distribution of assets or payments of dividends (collectively with the Series C Term Preferred Shares, the "<u>Preferred Shares</u>") as to the payment of dividends and as to the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. The Series C Term Preferred Shares shall have preference with respect to the payment of dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund over the common shares of beneficial interest (the "<u>Common Shares</u>" and, together with the Preferred Shares, the "<u>Shares</u>"), of the Fund as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. No individual, partnership, trust, corporation, limited liability company, unincorporated association, joint venture or other entity, or government or any agency or political subdivision thereof (each, a "<u>Person</u>") in whose name the Series C Term Preferred Shares or any other security issued by the Fund is registered in the registration books of the Fund maintained by Equiniti Trust Company, LLC and its successors, or any other redemption and paying agent appointed by the Fund with respect to the Series C Term Preferred Shares (the "<u>Redemption and Paying Agent</u>") or otherwise (such Person, a "<u>Holder</u>"), shall have, solely by reason of being such a Holder, any preemptive or other right to acquire, purchase or subscribe for any Series C Term Preferred Shares, other Preferred Shares, Common Shares or other securities of the Fund that it may hereafter issue or sell.

**ARTICLE II<br> DIVIDENDS AND DISTRIBUTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Holders of Series C Term Preferred Shares shall be entitled to receive, when, as and if declared by, or under authority granted by, the Board of Trustees of the Fund (the "<u>Board of Trustees</u>"), out of funds legally available therefor and in preference to dividends and distributions on the Common Shares, cumulative cash dividends and distributions on each share of Series C Term Preferred Shares, calculated separately for each Dividend Period (as defined below) at, as of any date, 6.50% per annum (the "<u>Fixed Dividend Rate</u>") as adjusted, if a Default Period (as defined below) shall be in existence on such date, in accordance with the provisions of <u>Section 2.8</u> (the "<u>Dividend Rate</u>") in effect from time to time for the Series C Term Preferred Shares during such Dividend Period, computed on the basis of a 360-day year consisting of twelve 30-day months, on an amount equal to $25.00 (the "<u>Liquidation Preference</u>") for each Series C Term Preferred Share, and no more. In the case of each Series C Term Preferred Share issued on June 16, 2021 (the "<u>Date of Original Issue</u>"), dividends and distributions on such Series C Term Preferred Shares shall accumulate from the Date of Original Issue. In the case of a Series C Term Preferred Share issued on a date subsequent to the Date of Original Issue, (a) if such share is issued before the Record Date (as defined below) for the Dividend Period in which such share is issued, dividends and distributions on such Series C Term Preferred Share shall accumulate from the first day of such Dividend Period and (b) if such share is issued after the Record Date for the Dividend Period in which such share is issued, dividends and distributions on such Series C Term Preferred Share shall accumulate from the first day of the Dividend Period immediately following the issuance of such share. Dividends and distributions on all Series C Term Preferred Shares shall be payable monthly in arrears as provided in <u>Section 2.2</u>. The amount of dividends payable on the Series C Term Preferred Shares on any date prior to the end of a Dividend Period, and for the initial Dividend Period, will be computed on the basis of actual days elapsed over a 30-day month.

"<u>Dividend Period</u>" means, with respect to each Series C Term Preferred Share then Outstanding (as defined below), in the case of the first Dividend Period, the period beginning on and including the Date of Original Issue and ending on, but excluding July 31, 2021 and, for each subsequent Dividend Period, the period beginning on and including the last Dividend Payment Date (as defined below) and ending on, but excluding, the next Dividend Payment Date or the stated maturity date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Declaration and Payment; Dividends in Arrears</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dividends on the Series C Term Preferred Shares with respect to any Dividend Period shall be declared to the Holders of record of such shares as their names shall appear on the registration books of the Fund at the close of business on the applicable record date, which shall be such date designated by the Board of Trustees that is not more than twenty (20) nor less than seven (7) calendar days prior to the Dividend Payment Date with respect to such Dividend Period (each, a "<u>Record Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dividends declared pursuant to <u>Section 2.1</u> shall be paid on the last day of every calendar month, beginning July 31, 2021 (each, a "<u>Dividend Payment Date</u>") to the Holders of Series C Term Preferred Shares as their names appear on the registration books of the Fund at the close of business on the applicable record date for such dividend; <u>provided</u>, <u>however</u>, that dividends with respect to the first Dividend Period of the Series C Term Preferred Shares will be paid on July 31, 2021 to Holders of record of such Series C Term Preferred Shares as their names appear on the registration books of the Fund at the close of business on July 12, 2021. If a Dividend Payment Date falls on a non-Business Day (as defined below), the applicable dividend payment will be made on the next Business Day and no additional dividend payment will accrue as a result of such delayed payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dividends in arrears on Series C Term Preferred Shares for any past Dividend Period may be declared and paid at any time, without reference to any regular Dividend Payment Date, to the Holders of such shares as their names appear on the registration books of the Fund on the applicable Record Date. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments on Series C Term Preferred Shares which may be in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. No full dividends and distributions shall be declared or paid on the Series C Term Preferred Shares for any Dividend Period or part thereof unless full cumulative dividends and distributions due through the most recent Dividend Payment Dates therefor for all Outstanding Preferred Shares have been or contemporaneously are declared and paid through the most recent Dividend Payment Dates therefor. If full cumulative dividends and distributions due have not been declared and paid on all Outstanding Preferred Shares, any dividends and distributions being declared and paid on the Series C Term Preferred Shares will be declared and paid as nearly pro rata as possible in proportion to the respective amounts of dividends and distributions accumulated but unpaid on each such series of Preferred Shares on the relevant dividend payment date for such series. No Holders of Series C Term Preferred Shares shall be entitled to any dividends and distributions, whether payable in cash, property or shares, in excess of full cumulative dividends and distributions as provided in this <u>Section 2.3</u> on the Series C Term Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. For so long as any Series C Term Preferred Shares are Outstanding, the Fund shall not: (x) declare any dividend or other distribution (other than a dividend or distribution paid in Common Shares) in respect of the Common Shares, (y) call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares, or (z) pay any proceeds of the liquidation of the Fund in respect of the Common Shares, unless, in each case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately thereafter, the Fund shall have "asset coverage," as defined for purposes of Section 18(h) of the Investment Company Act of 1940, as amended, or any successor statute (the "<u>1940 Act</u>"), of at least 200% with respect to all Outstanding senior securities which are shares of the Fund, including all Outstanding Series C Term Preferred Shares (or such other percentage as may in the future be specified in the 1940 Act or by rule, regulation or order of the Securities and Exchange Commission (the "<u>SEC</u>") as the minimum asset coverage for senior securities which are shares of a closed-end registered investment company), after deducting the amount of such dividend or distribution or redemption or purchase price or liquidation proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all cumulative dividends and distributions on all Preferred Shares due on or prior to the date of the applicable dividend, distribution, redemption, purchase or acquisition shall have been either (i) declared and paid or (ii) declared and Deposit Securities (as defined below) or sufficient funds (in accordance with the terms of such Preferred Shares) for the payment thereof shall have been deposited irrevocably with the paying agent for such Preferred Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Fund shall have deposited Deposit Securities pursuant to and in accordance with the requirements of <u>Section 5.4</u> hereof with respect to Outstanding Series C Term Preferred Shares to be redeemed pursuant to <u>Section 5.1</u> or <u>Section 5.2</u> hereof for which a Notice of Redemption (as defined below) shall have been given or shall have been required to be given in accordance with the terms hereof on or prior to the date of the applicable dividend, distribution, redemption, purchase or acquisition.

"<u>Outstanding</u>" means, as of any date with respect to a series of Preferred Shares, the number of shares of such series of Preferred Shares theretofore issued by the Fund except (without duplication): (A) any shares of the applicable series of Preferred Shares theretofore cancelled or redeemed or delivered to the Redemption and Paying Agent for cancellation or redemption in accordance with the terms hereof; (B) any shares of the applicable series of Preferred Shares as to which the Fund shall have given a Notice of Redemption and irrevocably deposited with the Redemption and Paying Agent sufficient Deposit Securities to redeem such shares in accordance with <u>ARTICLE V</u> hereof; and (C) any shares of the applicable series of Preferred Shares as to which the Fund shall be the Holder or the beneficial owner.

"<u>Deposit Securities</u>" means, as of any date, any U.S. dollar-denominated security or other investment of a type described below that either (i) is a demand obligation payable to the holder thereof on any Business Day or (ii) has a maturity date, mandatory redemption date or mandatory payment date, on its face or at the option of the holder, preceding the relevant Redemption Date (as defined below), Dividend Payment Date or other payment date in respect of which such security or other investment has been deposited or set aside as a Deposit Security: (A) cash or any cash equivalent; (B) any U.S. Government Obligation (as defined below); (C) any Short-Term Money Market Instrument (as defined below); (D) any investment in any money market fund registered under the 1940 Act that qualifies under Rule 2a-7 under the 1940 Act, or similar investment vehicle described in Rule 12d1-1(b)(2) under the 1940 Act, that invests principally in Short-Term Money Market Instruments or U.S. Government Obligations or any combination thereof; or (E) any letter of credit from a bank or other financial institution that has a credit rating from at least one nationally recognized statistical rating organization that is the highest applicable rating generally ascribed by such rating agency to bank deposits or short-term debt of similar banks or other financial institutions as of June 15, 2021 (or such rating's future equivalent).

"<u>Short-Term Money Market Instruments</u>" means the following types of instruments if, on the date of purchase or other acquisition thereof by the Fund, the remaining term to maturity thereof is not in excess of 180 days: (i) commercial paper rated A-1, if such commercial paper matures within 30 days, or A-1+, if such commercial paper matures in over 30 days; (ii) demand or time deposits in, and bankers' acceptances and certificates of deposit of (A) a depository institution or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia or (B) a U.S. branch office or agency of a foreign depository institution (provided that such branch office or agency is subject to banking regulation under the laws of the United States, any state thereof or the District of Columbia); and (iii) overnight funds.

"<u>U.S. Government Obligations</u>" means direct obligations of the United States or of its agencies or instrumentalities that are entitled to the full faith and credit of the United States and that, other than U.S. treasury bills, provide for the periodic payment of interest and the full payment of principal at maturity or call for redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. Any dividend payment made on Series C Term Preferred Shares shall first be credited against the dividends and distributions accumulated with respect to the earliest Dividend Period for which dividends and distributions have not been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. Not later than 12:00 noon, New York City time, on a Dividend Payment Date, the Fund shall deposit with the Redemption and Paying Agent Deposit Securities having an aggregate Market Value (as defined below) on such date sufficient to pay the dividends and distributions that are payable on such Dividend Payment Date. The Fund may direct the Redemption and Paying Agent with respect to the investment or reinvestment of any such Deposit Securities prior to the Dividend Payment Date, <u>provided</u>, that such investment consists exclusively of Deposit Securities and <u>provided</u>, <u>further</u>, that the proceeds of any such investment will be available as same day funds at the opening of business on such Dividend Payment Date.

"<u>Market Value</u>" of any asset means, for securities for which market quotations are readily available, the market value thereof determined by an independent third-party pricing service designated from time to time by the Board of Trustees. Market Value of any asset shall include any interest accrued thereon. The pricing service values portfolio securities at the mean between the quoted bid and asked price or the yield equivalent when quotations are readily available. Securities for which quotations are not readily available are valued at fair value as determined by the pricing service using methods that include consideration of: yields or prices of securities of comparable quality, type of issue, coupon, maturity and rating; indications as to value from dealers; and general market conditions. The pricing service may employ electronic data processing techniques or a matrix system, or both, to determine recommended valuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. All Deposit Securities paid to the Redemption and Paying Agent for the payment of dividends payable on the Series C Term Preferred Shares shall be held in trust for the payment of such dividends by the Redemption and Paying Agent for the benefit of the Holders entitled to the payment of such dividends pursuant to <u>Section 2.2</u>. Any moneys paid to the Redemption and Paying Agent in accordance with the foregoing but not applied by the Redemption and Paying Agent to the payment of dividends, including interest earned on such moneys while so held, will, to the extent permitted by law, be repaid to the Fund as soon as possible after the date on which such moneys were to have been so applied, upon request of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. <u>Dividend Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Dividend Rate on the Series C Term Preferred Shares shall be adjusted, for any calendar day, to the Fixed Dividend Rate plus two percent (2%) per annum (the "<u>Default Rate</u>") in the following circumstances. Subject to the cure provisions below, a "<u>Default Period</u>" with respect to the Series C Term Preferred Shares shall commence on any date the Fund fails to deposit with the Redemption and Paying Agent by 12:00 noon, New York City time, on (A) a Dividend Payment Date, Deposit Securities that will provide funds available to the Redemption and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend payable on such Dividend Payment Date (a "<u>Dividend Default</u>") or (B) an applicable Redemption Date, Deposit Securities that will provide funds available to the Redemption and Paying Agent on such Redemption Date sufficient to pay the full amount of the Liquidation Preference for the Series C Term Preferred Shares, plus an amount equal to all unpaid dividends and distributions on such shares accumulated to (but excluding) the date fixed for such distribution or payment on such shares (whether or not earned or declared by the Fund, but excluding interest thereon) (such amount, the "<u>Redemption Price</u>"), payable in respect of such series on such Redemption Date (a "<u>Redemption Default</u>" and together with a Dividend Default, hereinafter referred to as "<u>Default</u>"). Subject to the cure provisions of <u>Section 2.8(b)</u> below, a Default Period with respect to a Default on the Series C Term Preferred Shares shall end on the calendar day on which the New York Stock Exchange is open for trading (each such day, a "<u>Business Da</u>y") on which, by 12:00 noon, New York City time, an amount equal to all unpaid dividends and any unpaid Redemption Price shall have been deposited irrevocably in trust in same-day funds with the Redemption and Paying Agent. The Dividend Rate on the Series C Term Preferred Shares for each calendar day during the Default Period will be equal to the Default Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default Period for the Series C Term Preferred Shares with respect to any Default on the Series C Term Preferred Shares shall be deemed to commence if the amount of any dividend or any Redemption Price due in respect of the Series C Term Preferred Shares (if such Default is not solely due to the willful failure of the Fund) is deposited irrevocably in trust, in same-day funds, with the Redemption and Paying Agent by 12:00 noon, New York City time, on a Business Day that is not later than three (3) Business Days after the applicable Dividend Payment Date or Redemption Date with respect to which such Default occurred, together with an amount equal to the Default Rate applied to the amount and period of such non-payment based on the actual number of calendar days comprising such period divided by three hundred and sixty (360).

**ARTICLE III**

**LIQUIDATION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. In the event of any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the Holders of Series C Term Preferred Shares shall be entitled to receive out of the assets of the Fund available for distribution to shareholders, after satisfying claims of creditors but before any distribution or payment shall be made in respect of the Common Shares, a liquidation distribution of the Redemption Price, and such Holders shall be entitled to no further participation in any distribution or payment in connection with any such liquidation, dissolution or winding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. If, upon any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the assets of the Fund available for distribution among the Holders of all Outstanding Series C Term Preferred Shares and any other Outstanding Preferred Shares shall be insufficient to permit the payment in full to such Holders of the Redemption Price as provided in <u>Section 3.1</u> above and the amounts due upon liquidation with respect to such other Preferred Shares, then such available assets shall be distributed among the Holders of such Series C Term Preferred Shares and such other Preferred Shares ratably in proportion to the respective preferential liquidation amounts to which they are entitled. In connection with any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, unless and until the Redemption Price, as provided in <u>Section 3.1</u> above has been paid in full to the Holders of such shares, no dividends, distributions or other payments will be made on, and no redemption, purchase or other acquisition by the Fund will be made by the Fund in respect of, Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Neither the sale of all or substantially all of the property or business of the Fund, nor the merger, consolidation or reorganization of the Fund into or with any other business or statutory trust, corporation or other entity, nor the merger, consolidation or reorganization of any other business or statutory trust, corporation or other entity into or with the Fund shall be a dissolution, liquidation or winding up, whether voluntary or involuntary, for the purpose of this <u>ARTICLE III</u>.

**ARTICLE IV**

**ASSET COVERAGE TEST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Asset Covera</u>g<u>e Requirement</u>. For so long as any Series C Term Preferred Shares are Outstanding, the Fund shall have "asset coverage" of a class of senior security which are stock, as defined for purposes of Section 18(h) of the 1940 Act as in effect on the date hereof ("<u>Asset Covera</u>ge"), of at least 200% as of the close of business on the last Business Day of any of the three month periods ending March 31, June 30, September 30 or December 31 of each year (each, a "<u>Calendar Quarter</u>"). If the Fund shall fail to maintain such Asset Coverage as of any time as of which such compliance is required to be determined as aforesaid, the provisions of <u>Section 5.2(a)</u> shall be applicable, which provisions shall constitute the sole remedy for the Fund's failure to comply with the provisions of this <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Calculation of Asset Coverage</u>. For purposes of determining whether the requirements of <u>Section 4.1</u> are satisfied, (i) no Series C Term Preferred Shares or other Preferred Shares shall be deemed to be Outstanding for purposes of any computation required by <u>Section 4.1</u> if, prior to or concurrently with such determination, either (x) sufficient Deposit Securities or other sufficient funds (in accordance with the terms of the Series C Term Preferred Shares or other Preferred Shares) to pay the full Redemption Price for the Series C Term Preferred Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been deposited in trust with the paying agent for the Series C Term Preferred Shares or other Preferred Shares and the requisite notice of redemption for the Series C Term Preferred Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been given or (y) sufficient Deposit Securities or other sufficient funds (in accordance with the terms of the Series C Term Preferred Shares or other Preferred Shares) to pay the full Redemption Price for the Series C Term Preferred Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been segregated by a bank, as defined in Section 2(a)(5) of the 1940 Act, that has the qualifications prescribed in Section 26(a)(1) of the 1940 Act, or such other entity as shall be then providing custodian services to the Fund as permitted by the 1940 Act or any rule, regulation, or order thereunder (the "<u>Custodian</u>," which shall include any similarly qualified sub-custodian duly appointed by the Custodian) and the Fund from the assets of the Fund, by means of appropriate identification on the Custodian's books and records or otherwise in accordance with the Custodian's normal procedures, and (ii) the Deposit Securities or other sufficient funds that shall have been deposited with the applicable paying agent and/or segregated by the Custodian, as applicable, as provided in clause (i) of this sentence shall not be included as assets of the Fund for purposes of such computation.

**ARTICLE V<br> REDEMPTION**

Shares of Series C Term Preferred Shares shall be subject to redemption by the Fund as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Term Redemption</u>. The Fund shall redeem all Series C Term Preferred Shares on June 30, 2031 (the "<u>Term Redemption Date</u>") at a price per share equal to the Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Asset Coverage Mandatory Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Fund fails to comply with the Asset Coverage requirement as provided in <u>Section 4.1</u> as of the last Business Day of any Calendar Quarter and such failure is not cured as of the date that is thirty (30) calendar days following the date of filing of the Fund's Annual Report on Form N-CSR, Semiannual Report on Form N-CSRS or Reports on Form N-PORT, as applicable (each, an "<u>SEC Report</u>") with the SEC with respect to such Calendar Quarter (such Business Day, the "<u>Asset Coverage Cure Date</u>"), the Fund shall, to the extent permitted by the 1940 Act and Delaware law, by the close of business on such Asset Coverage Cure Date, fix a redemption date and proceed to redeem in accordance with the terms of such Preferred Shares, a sufficient number of Preferred Shares, which at the Fund's sole option (to the extent permitted by the 1940 Act and Delaware law) may include any number or proportion of the Series C Term Preferred Shares, to enable it to meet the requirements of <u>Section 5.2(b)</u>. In the event that any Series C Term Preferred Shares then Outstanding are to be redeemed pursuant to this <u>Section 5.2(a)</u>, the Fund shall redeem such shares at a price per share equal to the Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the redemption date for a redemption contemplated by <u>Section 5.2(a)</u>, the Fund shall redeem, out of funds legally available therefor, (x) such number of Preferred Shares (which may include at the sole option of the Fund any number or proportion of the Series C Term Preferred Shares) that, when combined with any debt securities redeemed for failure to maintain the asset coverage required by the indenture governing such securities, the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, would result in the Fund having Asset Coverage on such Asset Coverage Cure Date of at least 200% (<u>provided</u>, <u>however</u>, that if there is no such minimum number of Series C Term Preferred Shares and other Preferred Shares the redemption or retirement of which would have such result, all Series C Term Preferred Shares and other Preferred Shares then Outstanding shall be redeemed), or (y) if fewer, the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with the Declaration of Trust and applicable law, <u>provided</u>, <u>further</u>, that in connection with redemption for failure to maintain such Asset Coverage requirement, the Fund may at its sole option, but is not required to, redeem a sufficient number of Series C Term Preferred Shares pursuant to this <u>Section 5.2</u> that, when aggregated with other Preferred Shares redeemed by the Fund, would result, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, in the Fund having Asset Coverage on such Asset Coverage Cure Date of up to and including 285%. The Fund shall effect such redemption on the date fixed by the Fund therefor, which date shall not be later than ninety (90) calendar days after such Asset Coverage Cure Date, except that if the Fund does not have funds legally available for the redemption of all of the required number of Series C Term Preferred Shares and other Preferred Shares which have been designated to be redeemed or the Fund otherwise is unable to effect such redemption on or prior to ninety (90) calendar days after such Asset Coverage Cure Date, the Fund shall redeem those Series C Term Preferred Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date on which it is able to effect such redemption. If fewer than all of the Outstanding Series C Term Preferred Shares are to be redeemed pursuant to this <u>Section 5.2</u>, the number of Series C Term Preferred Shares to be redeemed shall be redeemed (A) pro rata among the Outstanding Series C Term Preferred Shares or (B) by lot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Optional Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 5.3(b)</u>, on any Business Day following the expiration of the "<u>No-Call Period</u>," which is the period beginning on the Date of Original of Issue and ending at the close of business on June 16, 2024, the Fund may redeem in whole or in part from time to time the Outstanding Series C Term Preferred Shares at a price per share equal to the Redemption Price (any such Business Day referred to in this sentence, an "<u>Optional Redemption Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If fewer than all of the Outstanding Series C Term Preferred Shares are to be redeemed pursuant to <u>Section 5.3(a)</u>, the Series C Term Preferred Shares to be redeemed shall be selected either (A) pro rata or (B) by lot. Subject to the provisions of this Supplement and applicable law, the Board of Trustees will have the full power and authority to prescribe the terms and conditions upon which Series C Term Preferred Shares will be redeemed pursuant to this <u>Section 5.3</u> from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund may not on any date deliver a Notice of Redemption pursuant to <u>Section 5.4</u> in respect of a redemption contemplated to be effected pursuant to this <u>Section 5.3</u> unless on such date the Fund has available Deposit Securities for the Optional Redemption Date contemplated by such Notice of Redemption having a Market Value not less than the amount due to Holders of Series C Term Preferred Shares by reason of the redemption of such Series C Term Preferred Shares on such Optional Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Procedures for Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Fund shall determine or be required to redeem, in whole or in part, Series C Term Preferred Shares pursuant to <u>Section 5.1</u>, <u>Section 5.2</u>, or <u>Section 5.3</u>, the Fund shall deliver a notice of redemption (the "<u>Notice of Redemption</u>"), by overnight delivery, by first class mail, postage prepaid or by Electronic Means (as defined below) to Holders thereof, or request the Redemption and Paying Agent, on behalf of the Fund, to promptly do so by overnight delivery, by first class mail, postage prepaid or by Electronic Means. A Notice of Redemption shall be provided not less than thirty (30) nor more than sixty (60) calendar days prior to the date fixed for redemption in such Notice of Redemption (the "<u>Redemption Date</u>"). Each such Notice of Redemption shall state: (A) the Redemption Date; (B) the number of Series C Term Preferred Shares to be redeemed; (C) the CUSIP number for Series C Term Preferred Shares; (D) the applicable Redemption Price on a per share basis; (E) that dividends on the Series C Term Preferred Shares to be redeemed will cease to accumulate from and after such Redemption Date; and (F) the provision(s) of this Supplement under which such redemption is made. If fewer than all Series C Term Preferred Shares held by any Holder are to be redeemed, the Notice of Redemption delivered to such Holder shall also specify the number of Series C Term Preferred Shares to be redeemed from such Holder or the method of determining such number. The Fund may provide in any Notice of Redemption relating to a redemption contemplated to be effected pursuant to this Supplement that such redemption is subject to one or more conditions precedent and that the Fund shall not be required to effect such redemption unless each such condition has been satisfied at the time or times and in the manner specified in such Notice of Redemption. No defect in the Notice of Redemption or delivery thereof shall affect the validity of redemption proceedings, except as required by applicable law.

"<u>Electronic Means</u>" means e-mail transmission, facsimile transmission or other similar electronic means of communication providing evidence of transmission (but excluding online communications systems covered by a separate agreement) acceptable to the sending party and the receiving party, in any case if operative as between any two parties, or, if not operative, by telephone (promptly confirmed by any other method set forth in this definition), which, in the case of notices to the Redemption and Paying Agent and the Custodian, shall be sent by such means to each of its representatives set forth in (i) the Redemption and Paying Agent Agreement, or other similarly titled agreement, by and among the Redemption and Paying Agent for the Series C Term Preferred Shares and the Fund and (ii) the Custodian Agreement by and among the Custodian and the Fund with respect to the Series C Term Preferred Shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Fund shall give a Notice of Redemption, then at any time from and after the giving of such Notice of Redemption and prior to 12:00 noon, New York City time, on the Redemption Date (so long as any conditions precedent to such redemption have been met or waived by the Fund), the Fund shall (A) deposit with the Redemption and Paying Agent Deposit Securities having an aggregate Market Value on the date thereof no less than the Redemption Price of the Series C Term Preferred Shares to be redeemed on the Redemption Date and (B) give the Redemption and Paying Agent irrevocable instructions and authority to pay the applicable Redemption Price to the Holders of the Series C Term Preferred Shares called for redemption on the Redemption Date. The Fund may direct the Redemption and Paying Agent with respect to the investment of any Deposit Securities consisting of cash so deposited prior to the Redemption Date, <u>provided</u>, that the proceeds of any such investment shall be available at the opening of business on the Redemption Date as same day funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the date of the deposit of such Deposit Securities, which in the case of term redemption pursuant to <u>Section 5.1</u>, shall be no later than fifteen (15) calendar days prior to the Term Redemption Date, all rights of the Holders of the Series C Term Preferred Shares so called for redemption shall cease and terminate except the right of the Holders thereof to receive the Redemption Price thereof and such Series C Term Preferred Shares shall no longer be deemed Outstanding for any purpose whatsoever (other than (A) the transfer thereof prior to the applicable Redemption Date and (B) the accumulation of dividends thereon in accordance with the terms hereof up to (but excluding) the applicable Redemption Date, which accumulated dividends, unless previously or contemporaneously declared and paid as contemplated by <u>Section 5.4(d)</u> below, shall be payable only as part of the applicable Redemption Price on the Redemption Date). The Fund shall be entitled to receive, promptly after the Redemption Date, any Deposit Securities in excess of the aggregate Redemption Price of the Series C Term Preferred Shares called for redemption on the Redemption Date. Any Deposit Securities so deposited that are unclaimed at the end of ninety (90) calendar days from the Redemption Date shall, to the extent permitted by law, be repaid to the Fund, after which the Holders of the Series C Term Preferred Shares so called for redemption shall look only to the Fund for payment of the Redemption Price thereof. The Fund shall be entitled to receive, from time to time after the Term Redemption Date, any interest on the Deposit Securities so deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the other provisions of this <u>ARTICLE V</u>, except as otherwise required by law, the Fund shall not redeem any Series C Term Preferred Shares unless all accumulated and unpaid dividends and distributions on all Outstanding Series C Term Preferred Shares and other series of Preferred Shares ranking on a parity with the Series C Term Preferred Shares with respect to dividends and distributions for all applicable past Dividend Periods (whether or not earned or declared by the Fund) (x) shall have been or are contemporaneously paid or (y) shall have been or are contemporaneously declared and Deposit Securities or sufficient funds (in accordance with the terms of such Preferred Shares) for the payment of such dividends and distributions shall have been or are contemporaneously deposited with the Redemption and Paying Agent or other applicable paying agent for such Preferred Shares in accordance with the terms of such Preferred Shares, provided, however, that the foregoing shall not prevent the purchase or acquisition of Outstanding Series C Term Preferred Shares pursuant to an otherwise lawful purchase or exchange offer made on the same terms to Holders of all Outstanding Series C Term Preferred Shares and any other series of Preferred Shares for which all accumulated and unpaid dividends and distributions have not been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that any redemption for which Notice of Redemption has been provided is not made by reason of the absence of legally available funds therefor in accordance with the Declaration of Trust and applicable law, such redemption shall be made as soon as practicable to the extent such funds become available. No Redemption Default shall be deemed to have occurred if the Fund shall fail to deposit in trust with the Redemption and Paying Agent the Redemption Price with respect to any shares where (1) the Notice of Redemption relating to such redemption provided that such redemption was subject to one or more conditions precedent and (2) any such condition precedent shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption. Notwithstanding the fact that a Notice of Redemption has been provided with respect to any Series C Term Preferred Shares, dividends may be declared and paid on the Series C Term Preferred Shares in accordance with their terms if Deposit Securities for the payment of the Redemption Price of such Series C Term Preferred Shares shall not have been deposited in trust with the Redemption and Paying Agent for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Redemption Date After Record Date and Before Dividend Payment Date</u>. Notwithstanding <u>Section 5.1</u>, <u>Section 5.2</u>, and <u>Section 5.3</u>, if any Redemption Date occurs after the applicable Record Date for a dividend, but on or prior to the related Dividend Payment Date, the dividend payable on such Dividend Payment Date in respect of such Series C Term Preferred Shares shall be payable on such Dividend Payment Date to the Holders of record of such Series C Term Preferred Shares at the close of business on the applicable Record Date, and shall not be payable as part of the Redemption Price for such Series C Term Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <u>Redemption and Paying Agent as Trustee of Redemption Payments by Fund</u>. All Deposit Securities transferred to the Redemption and Paying Agent for payment of the Redemption Price of the Series C Term Preferred Shares called for redemption shall be held in trust by the Redemption and Paying Agent for the benefit of Holders of Series C Term Preferred Shares so to be redeemed until paid to such Holders in accordance with the terms hereof or returned to the Fund in accordance with the provisions of <u>Section 5.4(c)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>Compliance with Applicable Law</u>. In effecting any redemption pursuant to this <u>ARTICLE V</u>, the Fund shall use its best efforts to comply with all applicable conditions precedent to effecting such redemption under the 1940 Act and any applicable Delaware law, but shall effect no redemption except in accordance with the 1940 Act and any applicable Delaware law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. <u>Modification of Redemption Procedures</u>. Notwithstanding the foregoing provisions of this <u>ARTICLE V</u>, the Fund may, in its sole discretion and without a shareholder vote, modify the procedures set forth above with respect to notification of redemption for the Series C Term Preferred Shares, <u>provided</u>, that such modification does not materially and adversely affect the Holders of the Series C Term Preferred Shares or cause the Fund to violate any applicable law, rule or regulation; and <u>provided</u>, <u>further</u>, that no such modification shall in any way alter the rights or obligations of the Redemption and Paying Agent without its prior consent.

**ARTICLE VI<br> VOTING RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>One Vote Per Series C Term Preferred Share</u>. Except as otherwise provided in the Declaration of Trust or as otherwise required by applicable law, (i) each Holder of Series C Term Preferred Shares shall be entitled to one vote for each share of Series C Term Preferred Share held by such Holder on each matter submitted to a vote of shareholders of the Fund, and (ii) the Holders of Outstanding Preferred Shares, including Outstanding Series C Term Preferred Shares, and holders of outstanding Common Shares shall vote together as a single class; <u>provided</u>, <u>however</u>, that the Holders of Outstanding Preferred Shares, including Outstanding Series C Term Preferred Shares, shall be entitled, as a class, to the exclusion of the Holders of all other securities and classes of Shares of the Fund, to elect two Trustees of the Fund at all times. Subject to <u>Section 6.2</u>, the Holders of outstanding Common Shares and Preferred Shares, including Series C Term Preferred Shares, voting together as a single class, shall elect the balance of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Voting For Additional Trustees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Voting Period*. During any period in which any one or more of the conditions described in clauses (A) or (B) of this <u>Section 6.2(a)</u> shall exist (such period being referred to herein as a "<u>Voting Period</u>"), the number of Trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two Trustees elected exclusively by the Holders of Preferred Shares, including Series C Term Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including Series C Term Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of Shares of the Fund), to elect such smallest number of additional Trustees, together with the two Trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if, at the close of business on any dividend payment date for any Outstanding Preferred Shares including any Outstanding Series C Term Preferred Shares, accumulated dividends (whether or not earned or declared) on such Outstanding Preferred Shares equal to at least two (2) full years' dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Redemption and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at any time Holders of Preferred Shares are otherwise entitled under the applicable provisions of the 1940 Act to elect a majority of the Board of Trustees.

Upon the termination of a Voting Period, the voting rights described in this <u>Section 6.2(a)</u> shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this <u>Section 6.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice of Special Meeting*. As soon as practicable after the accrual of any right of the Holders of Preferred Shares to elect additional Trustees as described in <u>Section 6.2(a)</u>, the Fund shall call a special meeting of such Holders and notify the Redemption and Paying Agent and/or such other Person as is specified in the terms of such Preferred Shares to receive notice (i) by mailing or delivery by Electronic Means or (ii) in such other manner and by such other means as are specified in the terms of such Preferred Shares, a notice of such special meeting to such Holders, such meeting to be held not less than ten (10) nor more than thirty (30) calendar days after the date of the delivery by Electronic Means or mailing of such notice. If the Fund fails to call such a special meeting, it may be called at the expense of the Fund by any such Holder on like notice. The record date for determining the Holders of Preferred Shares entitled to notice of and to vote at such special meeting shall be the close of business on the Business Day preceding the calendar day on which such notice is mailed. At any such special meeting and at each meeting of Holders of Preferred Shares held during a Voting Period at which Trustees are to be elected, such Holders, voting together as a class (to the exclusion of the Holders of all other securities and classes of Shares of the Fund), shall be entitled to elect the number of Trustees prescribed in <u>Section 6.2(a)</u> on a one-vote-per-share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Terms of Office of Existing Trustees*. The terms of office of the incumbent Trustees of the Fund at the time of a special meeting of Holders of the Preferred Shares to elect additional Trustees in accordance with <u>Section 6.2(a)</u> shall not be affected by the election at such meeting by the Holders of Series C Term Preferred Shares and such other Holders of Preferred Shares of the number of Trustees that they are entitled to elect, and the Trustees so elected by the Holders of Series C Term Preferred Shares and such other Holders of Preferred Shares, together with the two (2) Trustees elected by the Holders of Preferred Shares in accordance with <u>Section 6.1</u> hereof and the remaining Trustees elected by the Holders of Common Shares and Preferred Shares, shall constitute the duly elected Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Terms of Office of Certain Trustees to Terminate Upon Termination of Voting Period*. Simultaneously with the termination of a Voting Period, the terms of office of the additional Trustees elected by the Holders of the Preferred Shares pursuant to <u>Section 6.2(a)</u> shall terminate, the remaining Trustees shall constitute the Trustees of the Fund and the voting rights of the Holders of Preferred Shares to elect additional Trustees pursuant to <u>Section 6.2(a)</u> shall cease, subject to the provisions of the last sentence of <u>Section 6.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Holders of Series C Term Preferred Shares to Vote on Certain Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Certain Amendments Requiring Approval of Preferred Shares*. Except as otherwise permitted by the terms of this Supplement, (1) so long as any Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least two-thirds of the Preferred Shares Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration of Trust or this Supplement (or any other document governing the rights of the Preferred Shares or the Holders thereof as may be required by the rules of any applicable securities exchange), whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power of such Preferred Shares or the Holders thereof and (2) so long as any Series C Term Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least two-thirds of the Series C Term Preferred Shares Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration of Trust or this Supplement (or any other document governing the rights of the Series C Term Preferred Shares or the Holders thereof as may be required by the rules of any applicable securities exchange), whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power of such Series C Term Preferred Shares or the Holders thereof differently than any other series of Preferred Shares; <u>provided</u>, <u>however</u>, that for purposes of this <u>Section 6.3(a)</u>, (i) a change in the capitalization of the Fund in accordance with <u>Section 7.1</u> hereof shall not be considered to materially and adversely affect the rights and preferences of the Preferred Shares, including the Series C Term Preferred Shares, and (ii) a division of Preferred Shares, including the Series C Term Preferred Shares, shall be deemed to affect such preferences, rights or powers only if the terms of such division materially and adversely affect the Holders of the shares. For purposes of the foregoing, no matter shall be deemed to adversely affect any preference, right or power of a share of Preferred Shares or any series thereof, or the Holder of any such share unless such matter (x) alters or abolishes any preferential right of such share of Preferred Shares, or (y) creates, alters or abolishes any right in respect of redemption of such share (other than as a result of a division of a share of Preferred Shares). So long as any Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of at least sixty-seven percent (67%) of the Holders of the Preferred Shares Outstanding at the time, voting as a separate class, file a voluntary application for relief under federal bankruptcy law or any similar application under state law for so long as the Fund is solvent and does not foresee becoming insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Certain Amendments Requiring Approval of Series C Term Preferred Shares*. The Fund cannot effect any amendment, alteration or repeal of the obligation to redeem all of the Series C Term Preferred Shares on June 30, 2031 without the prior unanimous consent of the Holders of Series C Term Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *1940 Act Matters*. Unless a higher percentage is provided for in the Declaration of Trust, the affirmative vote of the Holders of at least "a majority of the outstanding Preferred Shares," including Series C Term Preferred Shares Outstanding at the time, voting as a separate class, shall be required (A) to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares or (B) any action requiring a vote of Holders of the Fund's securities pursuant to Section 13(a) of the 1940 Act. For purposes of the foregoing, the vote of a "majority of the outstanding Preferred Shares" means the vote at an annual or special meeting duly called of (i) sixty-seven percent (67%) or more of such shares present at a meeting, if the Holders of more than fifty percent (50%) of such shares are present or represented by proxy at such meeting, or (ii) more than fifty percent (50%) of such shares, whichever is less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Voting Rights Set Forth Herein Are Sole Voting Rights</u>. Unless otherwise required by law or the Declaration of Trust, the Holders of Series C Term Preferred Shares shall not have any relative rights or preferences or other special rights with respect to voting other than those specifically set forth in this <u>ARTICLE VI</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>No Cumulative Voting</u>. The Holders of Series C Term Preferred Shares shall have no rights to cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Voting for Trustees Sole Remedy for Fund's Failure to Declare or Pay Dividends</u>. In the event that the Fund fails to declare or pay any dividends on Series C Term Preferred Shares on the Dividend Payment Date therefor, the exclusive remedy of the Holders of the Series C Term Preferred Shares shall be the right to vote for Trustees pursuant to the provisions of this <u>ARTICLE VI</u>. Nothing in this <u>Section 6.6</u> shall be deemed to affect the obligation of the Fund to accumulate and, if permitted by applicable law and the Declaration of Trust, pay dividends at the Default Rate in the circumstances contemplated by <u>Section 2.8</u> hereof.

**ARTICLE VII<br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Issuance of Additional Preferred Shares</u>. So long as any Series C Term Preferred Shares are Outstanding, the Fund may, without the vote or consent of the Holders thereof, (a) authorize, establish and create and issue and sell shares of one or more series of a class of senior securities of the Fund representing shares under Section 18 of the 1940 Act, ranking on a parity with the Series C Term Preferred Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to then Outstanding Series C Term Preferred Shares, and (b) authorize, issue and sell additional shares of any such series then Outstanding or so established and created, including additional Series C Term Preferred Shares, in each case in accordance with applicable law, <u>provided</u> that the Fund shall, immediately after giving effect to the issuance of such additional Preferred Shares and to its receipt and application of the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have Asset Coverage (calculated in the same manner as is contemplated by <u>Section 4.2</u> hereof) of at least 200%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Status of Redeemed or Repurchased Series C Term Preferred Shares</u>. Series C Term Preferred Shares that at any time have been redeemed or purchased by the Fund shall, after such redemption or purchase, have the status of authorized but unissued Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Registered Name</u>. Prior to the commencement of a Voting Period, (i) all Series C Term Preferred Shares Outstanding from time to time shall be registered in the name of the Depository Trust Company and its successors and assigns, or any other securities depository selected by the Fund that agrees to follow the procedures required to be followed by such securities depository as set forth in this Supplement with respect to the Series C Term Preferred Shares (the "<u>Securities Depository</u>") or its nominee and (ii) no registration of transfer of such Series C Term Preferred Shares shall be made on the books of the Fund to any Person other than the Securities Depository or its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Notice</u>. All notices or communications hereunder, unless otherwise specified in this Supplement, shall be sufficiently given if in writing and delivered in person, by Electronic Means or by overnight mail or delivery or mailed by first-class mail, postage prepaid. Notices delivered pursuant to this <u>Section 7.4</u> shall be deemed given on the date received or, if mailed by first class mail, on the date five (5) calendar days after which such notice is mailed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. <u>Termination</u>. In the event that no Series C Term Preferred Shares are Outstanding, all rights and preferences of the Series C Term Preferred Shares established and designated hereunder shall cease and terminate, and all obligations of the Fund under this Supplement with respect to such Series C Term Preferred Shares shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. <u>Amendment</u>. The Board of Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise provided by this Supplement or required by applicable law) amend this Supplement so as to reflect any amendments to the terms applicable to the Series C Term Preferred Shares, including an increase in the number of authorized Series C Term Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. <u>Actions on Other than Business Days</u>. Unless otherwise provided herein, if the date for making any payment, performing any act or exercising any right, in each case as provided for in this Supplement, is not a Business Day, such payment shall be made, act performed or right exercised on the next succeeding Business Day, with the same force and effect as if made or done on the nominal date provided therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue for the period between such nominal date and the date of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. <u>Modification</u>. The Board of Trustees, without the vote of the Holders of Series C Term Preferred Shares, may interpret, supplement or amend the provisions of this Supplement to supply any omission, resolve any inconsistency or ambiguity or to cure, correct or supplement any defective or inconsistent provision, including any provision that becomes defective after the date hereof because of impossibility of performance or any provision that is inconsistent with any provision of any other Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9. <u>Information Rights</u>. During any period in which the Fund is not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and any Series C Term Preferred Shares are Outstanding, the Fund will provide Holders of Series C Term Preferred Shares, without cost, copies of SEC Reports that the Fund would have been required to file pursuant to Section 13 or 15(d) of the Exchange Act if the Fund was subject to such provisions or, alternatively, the Fund will voluntarily file SEC Reports as if the Fund was subject to Section 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10. <u>No Additional Rights</u>. Unless otherwise required by law or the Declaration of Trust, the Holders of Series C Term Preferred Shares shall not have any relative rights or preferences or other special rights other than those specifically set forth in this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11. <u>Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The headings preceding the text of the Articles and Sections included in this Supplement are for convenience only and shall not be deemed part of this Supplement or be given any effect in interpreting this Supplement. The use of the masculine, feminine or neuter gender or the singular or plural form of words herein shall not limit any provision of this Supplement. The use of the terms "including" or "include" shall in all cases herein mean "including, without limitation" or "include, without limitation," respectively. Reference to any Person includes such Person's successors and assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reference to any agreement (including this Supplement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified, replaced or re-enacted, in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder. Underscored references to Articles and Sections shall refer to those portions of this Supplement. The use of the terms "hereunder," "hereof," "hereto" and words of similar import shall refer to this Supplement as a whole and not to any particular Article, Section or clause of this Supplement.

*[Signature Page Follows]*

IN WITNESS WHEREOF, the Fund has caused this Supplement to be duly executed by its duly authorized officer as of this 22<sup>nd</sup> day of May, 2026.

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| | |
|:---|:---|
| **EAGLE POINT CREDIT COMPANY** | **EAGLE POINT CREDIT COMPANY** |
| By: | /s/ Kenneth P. Onorio |
| Name: | Kenneth P. Onorio |
| Title: | Chief Financial Officer |

---

## Ex-99.(A)(8)

**Exhibit 99.(a)(8)** 

**<u>SUPPLEMENT TO THE</u>**

**<u>DECLARATION OF TRUST<br> OF<br> EAGLE POINT CREDIT COMPANY</u>**

**<u>RELATING TO<br> 6.75% SERIES D PREFERRED SHARES</u>**

Supplement to Declaration of Trust (this "Supplement") made as of May 22, 2026 by the Trustees hereunder

**WHEREAS**, the Eagle Point Credit Company, a Delaware statutory trust (the "Fund"), was organized as Eagle Point Credit Company LLC, a Delaware limited liability company, on March 24, 2014 and converted to Eagle Point Credit Company Inc., a Delaware corporation, on October 6, 2014;

**WHEREAS**, pursuant to Section 3820 of the Delaware Statutory Trust Act, Eagle Point Credit Company Inc., a Delaware corporation, (the "Corporation") was converted into the Fund (the "Conversion");

**WHEREAS**, in connection with the Conversion all of the outstanding stock of the Corporation was converted into shares of the Fund;

**WHEREAS,** the Trustees of the Fund may authorize and issue preferred shares of the Fund having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit under Sections 6.1 and 6.2 of the Fund's Declaration of Trust made as of May 22, 2026 (the "Original Declaration of Trust," as restated, amended or supplemented from time to time, together with this Supplement is referred to herein as the "Declaration of Trust") without the approval of any holders of shares of beneficial interests in the Fund; and

**WHEREAS**, the Trustees have made this Supplement to the Original Declaration of Trust to establish the terms, rights, preferences, privileges, limitations and restrictions of the 6.75% Series D Term Preferred Shares of the Fund.

**NOW, THEREFORE**, the Trustees hereby supplement the Original Declaration of Trust to authorize the issuance by the Fund of its 6.75% Series D Preferred Shares as follows:

**ARTICLE I<br> NUMBER OF SHARES; RANKING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. A series of unlimited preferred shares of beneficial interest, par value $0.001 per share, authorized by the Original Declaration of Trust are hereby designated as the 6.75% Series D Preferred Shares (the "Series D Preferred Shares"). Each Series D Preferred Share shall have such preferences, voting powers, restrictions, limitations as to dividends and distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth in the Original Declaration of Trust, as are set forth in this Supplement. The Series D Preferred Shares shall constitute a separate series of Shares (as defined below) and each Series D Preferred Share shall be identical. No fractional Series D Preferred Share shall be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Series D Preferred Shares shall rank on parity with any other series of preferred shares, whether now or hereafter issued by the Fund and any other preferred shares of beneficial interest hereafter authorized and issued by the Fund of a class having priority over any other class as to distribution of assets or payments of dividends (collectively with the Series D Preferred Shares, the "<u>Preferred Shares</u>") as to the payment of dividends and as to the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. The Series D Preferred Shares shall have preference with respect to the payment of dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund over the common shares of beneficial interest (the "<u>Common Shares</u>" and, together with the Preferred Shares, the "<u>Shares</u>"), of the Fund as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. No individual, partnership, trust, corporation, limited liability company, unincorporated association, joint venture or other entity, or government or any agency or political subdivision thereof (each, a "<u>Person</u>") in whose name the Series D Preferred Shares or any other security issued by the Fund is registered in the registration books of the Fund maintained by Equiniti Trust Company, LLC and its successors, or any other redemption and paying agent appointed by the Fund with respect to the Series D Preferred Shares (the "<u>Redemption and Paying Agent</u>") or otherwise (such Person, a "<u>Holder</u>"), shall have, solely by reason of being such a Holder, any preemptive or other right to acquire, purchase or subscribe for any Series D Preferred Shares, Preferred Shares, Common Shares or other securities of the Fund that it may hereafter issue or sell.

**ARTICLE II<br> DIVIDENDS AND DISTRIBUTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Holders of Series D Preferred Shares shall be entitled to receive, when, as and if declared by, or under authority granted by, the Board of Trustees of the Fund the ("Board of Trustees"), out of funds legally available therefor and in preference to dividends and distributions on the Common Shares, cumulative cash dividends and distributions on each Series D Preferred Share, calculated separately for each Dividend Period (as defined below) at, as of any date, 6.75% per annum (the "<u>Fixed Dividend Rate</u>") as adjusted, if a Default Period (as defined below) shall be in existence on such date, in accordance with the provisions of <u>Section 2.8</u> (the "<u>Dividend Rate</u>") in effect from time to time for the Series D Preferred Shares during such Dividend Period, computed on the basis of a 360-day year consisting of twelve 30-day months, on an amount equal to $25.00 (the "<u>Liquidation Preference</u>") for each Series D Preferred Share, and no more. In the case of each Series D Preferred Share issued on November 29, 2021 (the "<u>Date of Original Issue</u>"), dividends and distributions on such Series D Preferred Shares shall accumulate from the Date of Original Issue. In the case of a Series D Preferred Share issued on a date subsequent to the Date of Original Issue, (a) if such share is issued before the Record Date (as defined below) for the Dividend Period in which such share is issued, dividends and distributions on such Series D Preferred Share shall accumulate from the first day of such Dividend Period and (b) if such share is issued after the Record Date for the Dividend Period in which such share is issued, dividends and distributions on such Series D Preferred Share shall accumulate from the first day of the Dividend Period immediately following the issuance of such share. Dividends and distributions on all Series D Preferred Shares shall be payable monthly in arrears as provided in <u>Section 2.2</u>. The amount of dividends payable on the Series D Preferred Shares on any date prior to the end of a Dividend Period, and for the initial Dividend Period, will be computed on the basis of actual days elapsed over a 30-day month.

"<u>Dividend Period</u>" means, with respect to each Series D Preferred Shares then Outstanding (as defined below), in the case of the first Dividend Period, the period beginning on and including the Date of Original Issue and ending on, but excluding December 31, 2021 and, for each subsequent Dividend Period, the period beginning on and including the last Dividend Payment Date (as defined below) and ending on, but excluding, the next Dividend Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Declaration and Payment; Dividends in Arrears</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dividends on the Series D Preferred Shares with respect to any Dividend Period shall be declared to the Holders of record of such shares as their names shall appear on the registration books of the Fund at the close of business on the applicable record date, which shall be such date designated by the Board of Trustees that is not more than twenty (20) nor less than seven (7) calendar days prior to the Dividend Payment Date with respect to such Dividend Period (each, a "<u>Record Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dividends declared pursuant to <u>Section 2.1</u> shall be paid on the last business day of every calendar month, beginning December 31, 2021 (each, a "<u>Dividend Payment Date</u>") to the Holders of Series D Preferred Shares as their names appear on the registration books of the Fund at the close of business on the applicable Record Date for such dividend; <u>provided</u>, <u>however</u>, that dividends with respect to the first Dividend Period of the Series D Preferred Shares will be paid on December 31, 2021 to Holders of record of such Series D Preferred Shares as their names appear on the registration books of the Fund at the close of business on December 13, 2021. If a Dividend Payment Date falls on a non-Business Day (as defined below), the applicable dividend payment will be made on the next Business Day and no additional dividend payment will accrue as a result of such delayed payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dividends in arrears on Series D Preferred Shares for any past Dividend Period may be declared and paid at any time, without reference to any regular Dividend Payment Date, to the Holders of such shares as their names appear on the registration books of the Fund on the applicable Record Date. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments on Series D Preferred Shares which may be in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. No full dividends and distributions shall be declared or paid on the Series D Preferred Shares for any Dividend Period or part thereof unless full cumulative dividends and distributions due through the most recent Dividend Payment Dates therefor for all Outstanding Preferred Shares have been or contemporaneously are declared and paid through the most recent Dividend Payment Dates therefor. If full cumulative dividends and distributions due have not been declared and paid on all Outstanding Preferred Shares, any dividends and distributions being declared and paid on the Series D Preferred Shares will be declared and paid as nearly pro rata as possible in proportion to the respective amounts of dividends and distributions accumulated but unpaid on each such series of Preferred Shares on the relevant dividend payment date for such series. No Holders of Series D Preferred Shares shall be entitled to any dividends and distributions, whether payable in cash, property or shares, in excess of full cumulative dividends and distributions as provided in this <u>Section 2.3</u> on the Series D Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. For so long as any Series D Preferred Shares are Outstanding, the Fund shall not: (x) declare any dividend or other distribution (other than a dividend or distribution paid in Common Shares) in respect of the Common Shares, (y) call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares, or (z) pay any proceeds of the liquidation of the Fund in respect of the Common Shares, unless, in each case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately thereafter, the Fund shall have "asset coverage," as defined for purposes of Section 18(h) of the Investment Company Act of 1940, as amended, or any successor statute (the "<u>1940 Act</u>"), of at least 200% with respect to all Outstanding senior securities which are shares of the Fund, including all Outstanding Series D Preferred Shares (or such other percentage as may in the future be specified in the 1940 Act or by rule, regulation or order of the Securities and Exchange Commission (the "<u>SEC</u>") as the minimum asset coverage for senior securities which are shares of a closed-end registered investment company), after deducting the amount of such dividend or distribution or redemption or purchase price or liquidation proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all cumulative dividends and distributions on all Preferred Shares due on or prior to the date of the applicable dividend, distribution, redemption, purchase or acquisition shall have been either (i) declared and paid or (ii) declared and Deposit Securities (as defined below) or sufficient funds (in accordance with the terms of such Preferred Shares) for the payment thereof shall have been deposited irrevocably with the paying agent for such Preferred Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Fund shall have deposited Deposit Securities pursuant to and in accordance with the requirements of <u>Section 5.4</u> hereof with respect to Outstanding Series D Preferred Shares to be redeemed pursuant to <u>Section 5.1</u> or <u>Section 5.2</u> hereof for which a Notice of Redemption (as defined below) shall have been given or shall have been required to be given in accordance with the terms hereof on or prior to the date of the applicable dividend, distribution, redemption, purchase or acquisition.

"<u>Outstanding</u>" means, as of any date with respect to a series of Preferred Shares, the number of such Preferred Shares theretofore issued by the Fund except (without duplication): (A) any applicable series of Preferred Shares theretofore cancelled or redeemed or delivered to the Redemption and Paying Agent for cancellation or redemption in accordance with the terms hereof; (B) any of the applicable series of Preferred Shares as to which the Fund shall have given a Notice of Redemption and irrevocably deposited with the Redemption and Paying Agent sufficient Deposit Securities to redeem such shares in accordance with <u>ARTICLE V</u> hereof; and (C) any of the applicable series of Preferred Shares as to which the Fund shall be the Holder or the beneficial owner.

"<u>Deposit Securities</u>" means, as of any date, any U.S. dollar-denominated security or other investment of a type described below that either (i) is a demand obligation payable to the holder thereof on any Business Day or (ii) has a maturity date, mandatory redemption date or mandatory payment date, on its face or at the option of the holder, preceding the relevant Redemption Date (as defined below), Dividend Payment Date or other payment date in respect of which such security or other investment has been deposited or set aside as a Deposit Security: (A) cash or any cash equivalent; (B) any U.S. Government Obligation (as defined below); (C) any Short-Term Money Market Instrument (as defined below); (D) any investment in any money market fund registered under the 1940 Act that qualifies under Rule 2a-7 under the 1940 Act, or similar investment vehicle described in Rule 12d1-1(b)(2) under the 1940 Act, that invests principally in Short-Term Money Market Instruments or U.S. Government Obligations or any combination thereof; or (E) any letter of credit from a bank or other financial institution that has a credit rating from at least one nationally recognized statistical rating organization that is the highest applicable rating generally ascribed by such rating agency to bank deposits or short-term debt of similar banks or other financial institutions as of the date of November 24, 2021 (or such rating's future equivalent).

"<u>Short-Term Money Market Instruments</u>" means the following types of instruments if, on the date of purchase or other acquisition thereof by the Fund, the remaining term to maturity thereof is not in excess of 180 days: (i) commercial paper rated A-1, if such commercial paper matures within 30 days, or A-1+, if such commercial paper matures in over 30 days; (ii) demand or time deposits in, and bankers' acceptances and certificates of deposit of (A) a depository institution or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia or (B) a U.S. branch office or agency of a foreign depository institution (provided that such branch office or agency is subject to banking regulation under the laws of the United States, any state thereof or the District of Columbia); and (iii) overnight funds.

"<u>U.S. Government Obligations</u>" means direct obligations of the United States or of its agencies or instrumentalities that are entitled to the full faith and credit of the United States and that, other than U.S. treasury bills, provide for the periodic payment of interest and the full payment of principal at maturity or call for redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. Any dividend payment made on Series D Preferred Shares shall first be credited against the dividends and distributions accumulated with respect to the earliest Dividend Period for which dividends and distributions have not been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. Not later than 12:00 noon, New York City time, on a Dividend Payment Date, the Fund shall deposit with the Redemption and Paying Agent Deposit Securities having an aggregate Market Value (as defined below) on such date sufficient to pay the dividends and distributions that are payable on such Dividend Payment Date. The Fund may direct the Redemption and Paying Agent with respect to the investment or reinvestment of any such Deposit Securities prior to the Dividend Payment Date, <u>provided</u>, that such investment consists exclusively of Deposit Securities and <u>provided</u>, <u>further</u>, that the proceeds of any such investment will be available as same day funds at the opening of business on such Dividend Payment Date.

"<u>Market Value</u>" of any asset means, for securities for which market quotations are readily available, the market value thereof determined by an independent third-party pricing service designated from time to time by the Board of Trustees. Market Value of any asset shall include any interest accrued thereon. The pricing service values portfolio securities at the mean between the quoted bid and asked price or the yield equivalent when quotations are readily available. Securities for which quotations are not readily available are valued at fair value as determined by the pricing service using methods that include consideration of: yields or prices of securities of comparable quality, type of issue, coupon, maturity and rating, indications as to value from dealers and general market conditions. The pricing service may employ electronic data processing techniques or a matrix system, or both, to determine recommended valuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. All Deposit Securities paid to the Redemption and Paying Agent for the payment of dividends payable on the Series D Preferred Shares shall be held in trust for the payment of such dividends by the Redemption and Paying Agent for the benefit of the Holders entitled to the payment of such dividends pursuant to <u>Section 2.2</u>. Any moneys paid to the Redemption and Paying Agent in accordance with the foregoing but not applied by the Redemption and Paying Agent to the payment of dividends, including interest earned on such moneys while so held, will, to the extent permitted by law, be repaid to the Fund as soon as possible after the date on which such moneys were to have been so applied, upon request of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. <u>Dividend Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Dividend Rate on the Series D Preferred Shares shall be adjusted, for any calendar day, to the Fixed Dividend Rate plus two percent (2%) per annum (the "<u>Default Rate</u>") in the following circumstances. Subject to the cure provisions below, a "<u>Default Period</u>" with respect to the Series D Preferred Shares shall commence on any date the Fund fails to deposit with the Redemption and Paying Agent by 12:00 noon, New York City time, on (A) a Dividend Payment Date, Deposit Securities that will provide funds available to the Redemption and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend payable on such Dividend Payment Date (a "<u>Dividend Default</u>") or (B) an applicable Redemption Date, Deposit Securities that will provide funds available to the Redemption and Paying Agent on such Redemption Date sufficient to pay the full amount of the Liquidation Preference for the Series D Preferred Shares, plus an amount equal to all unpaid dividends and distributions on such shares accumulated to (but excluding) the date fixed for such distribution or payment on such shares (whether or not earned or declared by the Fund, but excluding interest thereon) (such amount, the "<u>Redemption Price</u>"), payable in respect of such series on such Redemption Date (a "<u>Redemption Default</u>" and together with a Dividend Default, hereinafter referred to as "<u>Default</u>"). Subject to the cure provisions of <u>Section 2.8(b)</u> below, a Default Period with respect to a Default on the Series D Preferred Shares shall end on the calendar day on which the New York Stock Exchange is open for trading (each such day, a "<u>Business Day</u>") on which, by 12:00 noon, New York City time, an amount equal to all unpaid dividends and any unpaid Redemption Price shall have been deposited irrevocably in trust in same-day funds with the Redemption and Paying Agent. The Dividend Rate on the Series D Preferred Shares for each calendar day during the Default Period will be equal to the Default Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default Period for the Series D Preferred Shares with respect to any Default on the Series D Preferred Shares shall be deemed to commence if the amount of any dividend or any Redemption Price due in respect of the Series D Preferred Shares (if such Default is not solely due to the willful failure of the Fund) is deposited irrevocably in trust, in same-day funds, with the Redemption and Paying Agent by 12:00 noon, New York City time, on a Business Day that is not later than three (3) Business Days after the applicable Dividend Payment Date or Redemption Date with respect to which such Default occurred, together with an amount equal to the Default Rate applied to the amount and period of such non-payment based on the actual number of calendar days comprising such period divided by three hundred and sixty (360).

**ARTICLE III<br> LIQUIDATION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. In the event of any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the Holders of Series D Preferred Shares shall be entitled to receive out of the assets of the Fund available for distribution to shareholders, after satisfying claims of creditors but before any distribution or payment shall be made in respect of the Common Shares, a liquidation distribution of the Redemption Price, and such Holders shall be entitled to no further participation in any distribution or payment in connection with any such liquidation, dissolution or winding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. If, upon any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the assets of the Fund available for distribution among the Holders of all Outstanding Series D Preferred Shares and any other Outstanding Preferred Shares shall be insufficient to permit the payment in full to such Holders of the Redemption Price as provided in <u>Section 3.1</u> above and the amounts due upon liquidation with respect to such other Preferred Shares, then such available assets shall be distributed among the Holders of such Series D Preferred Shares and such other Preferred Shares ratably in proportion to the respective preferential liquidation amounts to which they are entitled. In connection with any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, unless and until the Redemption Price, as provided in <u>Section 3.1</u> above has been paid in full to the Holders of such shares, no dividends, distributions or other payments will be made on, and no redemption, purchase or other acquisition by the Fund will be made by the Fund in respect of, the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Neither the sale of all or substantially all of the property or business of the Fund, nor the merger, consolidation or reorganization of the Fund into or with any other business or statutory trust, corporation or other entity, nor the merger, consolidation or reorganization of any other business or statutory trust, corporation or other entity into or with the Fund shall be a dissolution, liquidation or winding up, whether voluntary or involuntary, for the purpose of this <u>ARTICLE III</u>.

**ARTICLE IV<br> ASSET COVERAGE TEST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Asset Coverage Requirement</u>. For so long as any Series D Preferred Shares are Outstanding, the Fund shall have "asset coverage" of a class of senior security which is stock, as defined for purposes of Section 18(h) of the 1940 Act as in effect on the date hereof ("<u>Asset Coverage</u>"), of at least 200% as of the close of business on the last Business Day of any of the three month periods ending March 31, June 30, September 30 or December 31 of each year (each, a "<u>Calendar Quarter</u>"). If the Fund shall fail to maintain such Asset Coverage as of any time as of which such compliance is required to be determined as aforesaid, the provisions of <u>Section 5.2(a)</u> shall be applicable, which provisions shall constitute the sole remedy for the Fund's failure to comply with the provisions of this <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Calculation of Asset Coverage</u>. For purposes of determining whether the requirements of <u>Section 4.1</u> are satisfied, (i) no Series D Preferred Shares or other Preferred Shares shall be deemed to be Outstanding for purposes of any computation required by <u>Section 4.1</u> if, prior to or concurrently with such determination, either (x) sufficient Deposit Securities or other sufficient funds (in accordance with the terms of the Series D Preferred Shares or other Preferred Shares) to pay the full Redemption Price for the Series D Preferred Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been deposited in trust with the paying agent for the Series D Preferred Shares or other Preferred Shares and the requisite notice of redemption for the Series D Preferred Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been given or (y) sufficient Deposit Securities or other sufficient funds (in accordance with the terms of the Series D Preferred Shares or other Preferred Shares) to pay the full Redemption Price for the Series D Preferred Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been segregated by a bank, as defined in Section 2(a)(5) of the 1940 Act, that has the qualifications prescribed in Section 26(a)(1) of the 1940 Act, or such other entity as shall be then providing custodian services to the Fund as permitted by the 1940 Act or any rule, regulation, or order thereunder (the "<u>Custodian</u>," which shall include any similarly qualified sub-custodian duly appointed by the Custodian) and the Fund from the assets of the Fund, by means of appropriate identification on the Custodian's books and records or otherwise in accordance with the Custodian's normal procedures, and (ii) the Deposit Securities or other sufficient funds that shall have been deposited with the applicable paying agent and/or segregated by the Custodian, as applicable, as provided in clause (i) of this sentence shall not be included as assets of the Fund for purposes of such computation.

**ARTICLE V<br> REDEMPTION**

Shares of Series D Preferred Shares shall be subject to redemption by the Fund as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Asset Coverage Mandatory Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Fund fails to comply with the Asset Coverage requirement as provided in <u>Section 4.1</u> as of the last Business Day of any Calendar Quarter and such failure is not cured as of the date that is thirty (30) calendar days following the date of filing of the Fund's Annual Report on Form N-CSR, Semiannual Report on Form N-CSRS or Reports on Form N-PORT, as applicable (each, an "<u>SEC Report</u>") with the SEC with respect to such Calendar Quarter (such Business Day, the "<u>Asset Coverage Cure Date</u>"), the Fund shall, to the extent permitted by the 1940 Act and Delaware law, by the close of business on such Asset Coverage Cure Date, fix a redemption date and proceed to redeem in accordance with the terms of such Preferred Shares, a sufficient number of Preferred Shares, which at the Fund's sole option (to the extent permitted by the 1940 Act and Delaware law) may include any number or proportion of the Series D Preferred Shares, to enable it to meet the requirements of <u>Section 5.2(b)</u>. In the event that any Series D Preferred Shares then Outstanding are to be redeemed pursuant to this <u>Section 5.2(a)</u>, the Fund shall redeem such shares at a price per share equal to the Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the redemption date for a redemption contemplated by <u>Section 5.2(a)</u>, the Fund shall redeem, out of funds legally available therefor, (x) such number of Preferred Shares (which may include at the sole option of the Fund any number or proportion of the Series D Preferred Shares) that, when combined with any debt securities redeemed for failure to maintain the asset coverage required by the indenture governing such securities, the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, would result in the Fund having Asset Coverage on such Asset Coverage Cure Date of at least 200% (<u>provided</u>, <u>however</u>, that if there is no such minimum number of Series D Preferred Shares and other Preferred Shares the redemption or retirement of which would have such result, all Series D Preferred Shares and other Preferred Shares then Outstanding shall be redeemed), or (y) if fewer, the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with the Declaration of Trust and applicable law, <u>provided</u>, <u>further</u>, that in connection with redemption for failure to maintain such Asset Coverage requirement, the Fund may at its sole option, but is not required to, redeem a sufficient number of Series D Preferred Shares pursuant to this <u>Section 5.2</u> that, when aggregated with other Preferred Shares redeemed by the Fund, would result, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, in the Fund having Asset Coverage on such Asset Coverage Cure Date of up to and including 285%. The Fund shall effect such redemption on the date fixed by the Fund therefor, which date shall not be later than ninety (90) calendar days after such Asset Coverage Cure Date, except that if the Fund does not have funds legally available for the redemption of all of the required number of Series D Preferred Shares and other Preferred Shares which have been designated to be redeemed or the Fund otherwise is unable to effect such redemption on or prior to ninety (90) calendar days after such Asset Coverage Cure Date, the Fund shall redeem those Series D Preferred Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date on which it is able to effect such redemption. If fewer than all of the Outstanding Series D Preferred Shares are to be redeemed pursuant to this <u>Section 5.2</u>, the number of Series D Preferred Shares to be redeemed shall be redeemed (A) pro rata among the Outstanding Series D Preferred Shares or (B) by lot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Optional Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 5.3(b)</u>, on any Business Day following the expiration of the "<u>No-Call Period</u>," which is the period beginning on the Date of Original Issue and ending at the close of business on November 29, 2026, the Fund may redeem in whole or in part from time to time the Outstanding Series D Preferred Shares at a price per share equal to the Redemption Price (any such Business Day referred to in this sentence, an "<u>Optional Redemption Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If fewer than all of the Outstanding Series D Preferred Shares are to be redeemed pursuant to <u>Section 5.3(a)</u>, the Series D Preferred Shares to be redeemed shall be selected either (A) pro rata or (B) by lot. Subject to the provisions of this Supplement and applicable law, the Board of Trustees will have the full power and authority to prescribe the terms and conditions upon which Series D Preferred Shares will be redeemed pursuant to this <u>Section 5.3</u> from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund may not on any date deliver a Notice of Redemption pursuant to <u>Section 5.4</u> in respect of a redemption contemplated to be effected pursuant to this <u>Section 5.3</u> unless on such date the Fund has available Deposit Securities for the Optional Redemption Date contemplated by such Notice of Redemption having a Market Value not less than the amount due to Holders of Series D Preferred Shares by reason of the redemption of such Series D Preferred Shares on such Optional Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Procedures for Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Fund shall determine or be required to redeem, in whole or in part, Series D Preferred Shares pursuant to <u>Section 5.1</u>, <u>Section 5.2</u>, or <u>Section 5.3</u>, the Fund shall deliver a notice of redemption (the "<u>Notice of Redemption</u>"), by overnight delivery, by first class mail, postage prepaid or by Electronic Means (as defined below) to Holders thereof, or request the Redemption and Paying Agent, on behalf of the Fund, to promptly do so by overnight delivery, by first class mail, postage prepaid or by Electronic Means. A Notice of Redemption shall be provided not less than thirty (30) nor more than sixty (60) calendar days prior to the date fixed for redemption in such Notice of Redemption (the "<u>Redemption Date</u>"). Each such Notice of Redemption shall state: (A) the Redemption Date; (B) the number of Series D Preferred Shares to be redeemed; (C) the CUSIP number for Series D Preferred Shares; (D) the applicable Redemption Price on a per share basis; (E) that dividends on the Series D Preferred Shares to be redeemed will cease to accumulate from and after such Redemption Date; and (F) the provision(s) of this Supplement under which such redemption is made. If fewer than all Series D Preferred Shares held by any Holder are to be redeemed, the Notice of Redemption delivered to such Holder shall also specify the number of Series D Preferred Shares to be redeemed from such Holder or the method of determining such number. The Fund may provide in any Notice of Redemption relating to a redemption contemplated to be effected pursuant to this Supplement that such redemption is subject to one or more conditions precedent and that the Fund shall not be required to effect such redemption unless each such condition has been satisfied at the time or times and in the manner specified in such Notice of Redemption. No defect in the Notice of Redemption or delivery thereof shall affect the validity of redemption proceedings, except as required by applicable law.

"<u>Electronic Means</u>" means e-mail transmission, facsimile transmission or other similar electronic means of communication providing evidence of transmission (but excluding online communications systems covered by a separate agreement) acceptable to the sending party and the receiving party, in any case if operative as between any two parties, or, if not operative, by telephone (promptly confirmed by any other method set forth in this definition), which, in the case of notices to the Redemption and Paying Agent and the Custodian, shall be sent by such means to each of its representatives set forth in (i) the Redemption and Paying Agent Agreement, or other similarly titled agreement, by and among the Redemption and Paying Agent for the Series D Preferred Shares and the Fund and (ii) the Custodian Agreement by and among the Custodian and the Fund with respect to the Series D Preferred Shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Fund shall give a Notice of Redemption, then at any time from and after the giving of such Notice of Redemption and prior to 12:00 noon, New York City time, on the Redemption Date (so long as any conditions precedent to such redemption have been met or waived by the Fund), the Fund shall (A) deposit with the Redemption and Paying Agent Deposit Securities having an aggregate Market Value on the date thereof no less than the Redemption Price of the Series D Preferred Shares to be redeemed on the Redemption Date and (B) give the Redemption and Paying Agent irrevocable instructions and authority to pay the applicable Redemption Price to the Holders of the Series D Preferred Shares called for redemption on the Redemption Date. The Fund may direct the Redemption and Paying Agent with respect to the investment of any Deposit Securities consisting of cash so deposited prior to the Redemption Date, <u>provided</u>, that the proceeds of any such investment shall be available at the opening of business on the Redemption Date as same day funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the date of the deposit of such Deposit Securities, all rights of the Holders of the Series D Preferred Shares so called for redemption shall cease and terminate except the right of the Holders thereof to receive the Redemption Price thereof and such Series D Preferred Shares shall no longer be deemed Outstanding for any purpose whatsoever (other than (A) the transfer thereof prior to the applicable Redemption Date and (B) the accumulation of dividends thereon in accordance with the terms hereof up to (but excluding) the applicable Redemption Date, which accumulated dividends, unless previously or contemporaneously declared and paid as contemplated by <u>Section 5.4(d)</u> below, shall be payable only as part of the applicable Redemption Price on the Redemption Date). The Fund shall be entitled to receive, promptly after the Redemption Date, any Deposit Securities in excess of the aggregate Redemption Price of the Series D Preferred Shares called for redemption on the Redemption Date. Any Deposit Securities so deposited that are unclaimed at the end of ninety (90) calendar days from the Redemption Date shall, to the extent permitted by law, be repaid to the Fund, after which the Holders of the Series D Preferred Shares so called for redemption shall look only to the Fund for payment of the Redemption Price thereof. The Fund shall be entitled to receive, from time to time after the Redemption Date, any interest on the Deposit Securities so deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the other provisions of this <u>ARTICLE V</u>, except as otherwise required by law, the Fund shall not redeem any Series D Preferred Shares unless all accumulated and unpaid dividends and distributions on all Outstanding Series D Preferred Shares and other series of Preferred Shares ranking on a parity with the Series D Preferred Shares with respect to dividends and distributions for all applicable past Dividend Periods (whether or not earned or declared by the Fund) (x) shall have been or are contemporaneously paid or (y) shall have been or are contemporaneously declared and Deposit Securities or sufficient funds (in accordance with the terms of such Preferred Shares) for the payment of such dividends and distributions shall have been or are contemporaneously deposited with the Redemption and Paying Agent or other applicable paying agent for such Preferred Shares in accordance with the terms of such Preferred Shares, <u>provided</u>, <u>however</u>, that the foregoing shall not prevent the purchase or acquisition of Outstanding Series D Preferred Shares pursuant to an otherwise lawful purchase or exchange offer made on the same terms to Holders of all Outstanding Series D Preferred Shares and any other series of Preferred Shares for which all accumulated and unpaid dividends and distributions have not been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that any redemption for which Notice of Redemption has been provided is not made by reason of the absence of legally available funds therefor in accordance with the Declaration of Trust and applicable law, such redemption shall be made as soon as practicable to the extent such funds become available. No Redemption Default shall be deemed to have occurred if the Fund shall fail to deposit in trust with the Redemption and Paying Agent the Redemption Price with respect to any shares where (1) the Notice of Redemption relating to such redemption provided that such redemption was subject to one or more conditions precedent and (2) any such condition precedent shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption. Notwithstanding the fact that a Notice of Redemption has been provided with respect to any Series D Preferred Shares, dividends may be declared and paid on the Series D Preferred Shares in accordance with their terms if Deposit Securities for the payment of the Redemption Price of such Series D Preferred Shares shall not have been deposited in trust with the Redemption and Paying Agent for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Redemption Date After Record Date and Before Dividend Payment Date</u>. Notwithstanding <u>Section 5.1</u>, <u>Section 5.2</u>, and <u>Section 5.3</u>, if any Redemption Date occurs after the applicable Record Date for a dividend, but on or prior to the related Dividend Payment Date, the dividend payable on such Dividend Payment Date in respect of such Series D Preferred Shares shall be payable on such Dividend Payment Date to the Holders of record of such Series D Preferred Shares at the close of business on the applicable Record Date, and shall not be payable as part of the Redemption Price for such Series D Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <u>Redemption and Paying Agent as Trustee of Redemption Payments by Fund</u>. All Deposit Securities transferred to the Redemption and Paying Agent for payment of the Redemption Price of the Series D Preferred Shares called for redemption shall be held in trust by the Redemption and Paying Agent for the benefit of Holders of Series D Preferred Shares so to be redeemed until paid to such Holders in accordance with the terms hereof or returned to the Fund in accordance with the provisions of <u>Section 5.4(c)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>Compliance with Applicable Law</u>. In effecting any redemption pursuant to this <u>ARTICLE V</u>, the Fund shall use its best efforts to comply with all applicable conditions precedent to effecting such redemption under the 1940 Act and any applicable Delaware law, but shall effect no redemption except in accordance with the 1940 Act and any applicable Delaware law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. <u>Modification of Redemption Procedures</u>. Notwithstanding the foregoing provisions of this <u>ARTICLE V</u>, the Fund may, in its sole discretion and without a shareholder vote, modify the procedures set forth above with respect to notification of redemption for Series D Preferred Shares, <u>provided</u>, that such modification does not materially and adversely affect the Holders of Series D Preferred Shares or cause the Fund to violate any applicable law, rule or regulation; and <u>provided</u>, <u>further</u>, that no such modification shall in any way alter the rights or obligations of the Redemption and Paying Agent without its prior consent.

**ARTICLE VI<br> VOTING RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>One Vote Per Series D Preferred</u> Share. Except as otherwise provided in the Declaration of Trust or as otherwise required by applicable law, (i) each Holder of Series D Preferred Shares shall be entitled to one vote for each Series D Preferred Share held by such Holder on each matter submitted to a vote of shareholders of the Fund, and (ii) the Holders of Outstanding Preferred Shares, including Outstanding Series D Preferred Shares, and holders of outstanding Common Shares shall vote together as a single class; <u>provided</u>, <u>however</u>, that the Holders of Outstanding Preferred Shares, including Outstanding Series D Preferred Shares, shall be entitled, as a class, to the exclusion of the Holders of all other securities and classes of Shares of the Fund, to elect two Trustees of the Fund at all times. Subject to <u>Section 6.2</u>, the Holders of outstanding Common Shares and Preferred Shares, including Series D Preferred Shares, voting together as a single class, shall elect the balance of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Voting For Additional Trustees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Voting Period*. During any period in which any one or more of the conditions described in clauses (i) or (ii) of this <u>Section 6.2(a)</u> shall exist (such period being referred to herein as a "<u>Voting Period</u>"), the number of Trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two Trustees elected exclusively by the Holders of Preferred Shares, including Series D Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including Series D Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of Shares of the Fund), to elect such smallest number of additional Trustees, together with the two Trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:

(i) if, at the close of business on any dividend payment date for any Outstanding Preferred Shares including any Outstanding Series D Preferred Shares, accumulated dividends (whether or not earned or declared) on such Outstanding Preferred Shares equal to at least two (2) full years' dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Redemption and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or

(ii) if at any time Holders of Preferred Shares are otherwise entitled under the applicable provisions of the 1940 Act to elect a majority of the Board of Trustees.

Upon the termination of a Voting Period, the voting rights described in this <u>Section 6.2(a)</u> shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this <u>Section 6.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice of Special Meeting*. As soon as practicable after the accrual of any right of the Holders of Preferred Shares to elect additional Trustees as described in <u>Section 6.2(a)</u>, the Fund shall call a special meeting of such Holders and notify the Redemption and Paying Agent and/or such other Person as is specified in the terms of such Preferred Shares to receive notice (i) by mailing or delivery by Electronic Means or (ii) in such other manner and by such other means as are specified in the terms of such Preferred Shares, a notice of such special meeting to such Holders, such meeting to be held not less than ten (10) nor more than thirty (30) calendar days after the date of the delivery by Electronic Means or mailing of such notice. If the Fund fails to call such a special meeting, it may be called at the expense of the Fund by any such Holder on like notice. The record date for determining the Holders of Preferred Shares entitled to notice of and to vote at such special meeting shall be the close of business on the Business Day preceding the calendar day on which such notice is mailed. At any such special meeting and at each meeting of Holders of Preferred Shares held during a Voting Period at which Trustees are to be elected, such Holders, voting together as a class (to the exclusion of the Holders of all other securities and classes of Shares of the Fund), shall be entitled to elect the number of Trustees prescribed in <u>Section 6.2(a)</u> on a one-vote-per-share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Terms of Office of Existing Trustees*. The terms of office of the incumbent Trustees of the Fund at the time of a special meeting of Holders of the Preferred Shares to elect additional Trustees in accordance with <u>Section 6.2(a)</u> shall not be affected by the election at such meeting by the Holders of Series D Preferred Shares and such other Holders of Preferred Shares of the number of Trustees that they are entitled to elect, and the Trustees so elected by the Holders of Series D Preferred Shares and such other Holders of Preferred Shares, together with the two (2) Trustees elected by the Holders of Preferred Shares in accordance with <u>Section 6.1</u> hereof and the remaining Trustees elected by the Holders of the Common Shares and Preferred Shares, shall constitute the duly elected Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Terms of Office of Certain Trustees to Terminate Upon Termination of Voting Period*. Simultaneously with the termination of a Voting Period, the terms of office of the additional Trustees elected by the Holders of the Preferred Shares pursuant to <u>Section 6.2(a)</u> shall terminate, the remaining Trustees shall constitute the Trustees of the Fund and the voting rights of the Holders of Preferred Shares to elect additional Trustees pursuant to <u>Section 6.2(a)</u> shall cease, subject to the provisions of the last sentence of <u>Section 6.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Holders of Series D Preferred Shares to Vote on Certain Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Certain Amendments Requiring Approval of Preferred Shares*. Except as otherwise permitted by the terms of this Supplement, (1) so long as any Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least two-thirds of the Preferred Shares Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration of Trust or this Supplement (or any other document governing the rights of the Preferred Shares or the Holders thereof as may be required by the rules of any applicable securities exchange), whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power of such Preferred Shares or the Holders thereof and (2) so long as any Series D Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least two-thirds of the Series D Preferred Shares Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration of Trust or this Supplement (or any other document governing the rights of the Series D Preferred Shares or the Holders thereof as may be required by the rules of any applicable securities exchange), whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power of such Series D Preferred Shares or the Holders thereof differently than shares of any other series of Preferred Shares; <u>provided</u>, <u>however</u>, that for purposes of this <u>Section 6.3(a)</u>, (i) a change in the capitalization of the Fund in accordance with <u>Section 7.1</u> hereof shall not be considered to materially and adversely affect the rights and preferences of the Preferred Shares, including the Series D Preferred Shares, and (ii) a division of the Preferred Shares, including the Series D Preferred Shares, shall be deemed to affect such preferences, rights or powers only if the terms of such division materially and adversely affect the Holders of the shares. For purposes of the foregoing, no matter shall be deemed to adversely affect any preference, right or power of Preferred Shares or any series thereof, or the Holder of any such share unless such matter (x) alters or abolishes any preferential right of such Preferred Shares, or (y) creates, alters or abolishes any right in respect of redemption of such share (other than as a result of a division of Preferred Shares). So long as Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of at least sixty-seven percent (67%) of the Holders of the Preferred Shares Outstanding at the time, voting as a separate class, file a voluntary application for relief under federal bankruptcy law or any similar application under state law for so long as the Fund is solvent and does not foresee becoming insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Certain Amendments Requiring Approval of Series D Preferred Shares*. The Fund cannot effect any amendment, alteration or repeal of the obligation to redeem all of the Series D Preferred Shares without the prior unanimous consent of the Holders of Series D Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *1940 Act Matters*. Unless a higher percentage is provided for in the Declaration of Trust, the affirmative vote of the Holders of at least "a majority of the outstanding Preferred Shares," including Series D Preferred Shares Outstanding at the time, voting as a separate class, shall be required (A) to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares or (B) any action requiring a vote of Holders of the Fund's securities pursuant to Section 13(a) of the 1940 Act. For purposes of the foregoing, the vote of a "majority of the outstanding Preferred Shares" means the vote at an annual or special meeting duly called of (i) sixty-seven percent (67%) or more of such shares present at a meeting, if the Holders of more than fifty percent (50%) of such shares are present or represented by proxy at such meeting, or (ii) more than fifty percent (50%) of such shares, whichever is less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Voting Rights Set Forth Herein Are Sole Voting Rights</u>. Unless otherwise required by law or the Declaration of Trust, the Holders of Series D Preferred Shares shall not have any relative rights or preferences or other special rights with respect to voting other than those specifically set forth in this <u>ARTICLE VI</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>No Cumulative Voting</u>. The Holders of Series D Preferred Shares shall have no rights to cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Voting for Trustees Sole Remedy for Fund's Failure to Declare or Pay Dividends</u>. In the event that the Fund fails to declare or pay any dividends on Series D Preferred Shares on the Dividend Payment Date therefor, the exclusive remedy of the Holders of the Series D Preferred Shares shall be the right to vote for Trustees pursuant to the provisions of this <u>ARTICLE VI</u>. Nothing in this <u>Section 6.6</u> shall be deemed to affect the obligation of the Fund to accumulate and, if permitted by applicable law, the Declaration of Trust and this Supplement, pay dividends at the Default Rate in the circumstances contemplated by <u>Section 2.8</u> hereof.

**ARTICLE VII<br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Issuance of Additional Preferred Shares</u>. So long as Series D Preferred Shares are Outstanding, the Fund may, without the vote or consent of the Holders thereof, (a) authorize, establish and create and issue and sell shares of one or more series of a class of senior securities of the Fund representing stock under Section 18 of the 1940 Act, ranking on a parity with the Series D Preferred Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to then Outstanding Series D Preferred Shares, and (b) authorize, issue and sell additional shares of any such series then Outstanding or so established and created, including additional Series D Preferred Shares, in each case in accordance with applicable law, <u>provided</u> that the Fund shall, immediately after giving effect to the issuance of such additional Preferred Shares and to its receipt and application of the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have Asset Coverage (calculated in the same manner as is contemplated by <u>Section 4.2</u> hereof) of at least 200%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Status of Redeemed or Repurchased Series D Preferred Shares</u>. Series D Preferred Shares that at any time have been redeemed or purchased by the Fund shall, after such redemption or purchase, have the status of authorized but unissued Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Registered Name</u>. Prior to the commencement of a Voting Period, (i) all Series D Preferred Shares Outstanding from time to time shall be registered in the name of the Depository Trust Company and its successors and assigns, or any other securities depository selected by the Fund that agrees to follow the procedures required to be followed by such securities depository as set forth in this Supplement with respect to the Series D Preferred Shares (the "<u>Securities Depository</u>") or its nominee and (ii) no registration of transfer of such Series D Preferred Shares shall be made on the books of the Fund to any Person other than the Securities Depository or its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Notice</u>. All notices or communications hereunder, unless otherwise specified in this Supplement, shall be sufficiently given if in writing and delivered in person, by Electronic Means or by overnight mail or delivery or mailed by first-class mail, postage prepaid. Notices delivered pursuant to this <u>Section 7.4</u> shall be deemed given on the date received or, if mailed by first class mail, on the date five (5) calendar days after which such notice is mailed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. <u>Termination</u>. In the event that no Series D Preferred Shares are Outstanding, all rights and preferences of the Series D Preferred Shares established and designated hereunder shall cease and terminate, and all obligations of the Fund under this Supplement with respect to such Series D Preferred Shares shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. <u>Amendment</u>. The Board of Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise provided by this Supplement or required by applicable law) amend this Supplement so as to reflect any amendments to the terms applicable to the Series D Preferred Shares, including an increase in the number of authorized Series D Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. <u>Actions on Other than Business Days</u>. Unless otherwise provided herein, if the date for making any payment, performing any act or exercising any right, in each case as provided for in this Supplement, is not a Business Day, such payment shall be made, act performed or right exercised on the next succeeding Business Day, with the same force and effect as if made or done on the nominal date provided therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue for the period between such nominal date and the date of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. <u>Modification</u>. The Board of Trustees, without the vote of the Holders of Series D Preferred Shares, may interpret, supplement or amend the provisions of this Supplement to supply any omission, resolve any inconsistency or ambiguity or to cure, correct or supplement any defective or inconsistent provision, including any provision that becomes defective after the date hereof because of impossibility of performance or any provision that is inconsistent with any provision of any other Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9. <u>Information Rights</u>. During any period in which the Fund is not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and any Series D Preferred Shares are Outstanding, the Fund will provide Holders of Series D Preferred Shares, without cost, copies of SEC Reports that the Fund would have been required to file pursuant to Section 13 or 15(d) of the Exchange Act if the Fund was subject to such provisions or, alternatively, the Fund will voluntarily file SEC Reports as if the Fund was subject to Section 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10. <u>No Additional Rights</u>. Unless otherwise required by law or the Declaration of Trust, the Holders of Series D Preferred Shares shall not have any relative rights or preferences or other special rights other than those specifically set forth in this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11. <u>Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The headings preceding the text of the Articles and Sections included in this Supplement are for convenience only and shall not be deemed part of this Supplement or be given any effect in interpreting this Supplement. The use of the masculine, feminine or neuter gender or the singular or plural form of words herein shall not limit any provision of this Supplement. The use of the terms "including" or "include" shall in all cases herein mean "including, without limitation" or "include, without limitation," respectively. Reference to any Person includes such Person's successors and assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reference to any agreement (including this Supplement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified, replaced or re-enacted, in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder. Underscored references to Articles and Sections shall refer to those portions of this Supplement. The use of the terms "hereunder," "hereof," "hereto" and words of similar import shall refer to this Supplement as a whole and not to any particular Article, Section or clause of this Supplement.

*[Signature Page Follows]*

IN WITNESS WHEREOF, the Fund has caused this Supplement to be duly executed by its duly authorized officer as of this 22<sup>nd</sup> day of May, 2026.

---

| | |
|:---|:---|
| **EAGLE POINT CREDIT COMPANY** | **EAGLE POINT CREDIT COMPANY** |
| By: | /s/ Kenneth P. Onorio |
| Name: | Kenneth P. Onorio |
| Title: | Chief Financial Officer |

---

## Ex-99.(A)(9)

**Exhibit 99.(a)(9)**

**<u>SUPPLEMENT TO THE</u>**

**<u>DECLARATION OF TRUST<br> OF</u>**

**<u>EAGLE POINT CREDIT COMPANY</u>**

**<u>RELATING TO<br> 7.00% SERIES AA CONVERTIBLE AND PERPETUAL PREFERRED SHARES</u>**

Supplement to the Declaration of Trust (this "Supplement") made as of May 22, 2026 by the Trustees hereunder

**WHEREAS**, the Eagle Point Credit Company, a Delaware statutory trust (the "Fund"), was organized as Eagle Point Credit Company LLC, a Delaware limited liability company, on March 24, 2014 and converted to Eagle Point Credit Company Inc., a Delaware corporation, on October 6, 2014;

**WHEREAS**, pursuant to Section 3820 of the Delaware Statutory Trust Act, Eagle Point Credit Company Inc., a Delaware corporation, (the "Corporation") was converted into the Fund (the "Conversion");

**WHEREAS**, in connection with the Conversion all of the outstanding stock of the Corporation was converted into shares of the Fund;

**WHEREAS,** the Trustees of the Fund may authorize and issue preferred shares of the Fund having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit under Sections 6.1 and 6.2 of the Fund's Declaration of Trust made as of May 22, 2026 (the "Original Declaration of Trust," as restated, amended or supplemented from time to time, together with this Supplement is referred to herein as the "Declaration of Trust") without the approval of any holders of shares of beneficial interests in the Fund; and

**WHEREAS,** the Trustees have made this Supplement to the Original Declaration of Trust to establish the terms, rights, preferences, privileges, limitations and restrictions of the 7.00% Series AA Convertible and Perpetual Preferred Shares of the Fund.

**NOW, THEREFORE,** the Trustees hereby supplement the Original Declaration of Trust to authorize the issuance by the Fund of its 7.00% Series AA Convertible and Perpetual Preferred Shares as follows:

**ARTICLE I<br> NUMBER OF SHARES; RANKING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. A series of unlimited preferred shares of beneficial interest, authorized by the Original Declaration of Trust, are hereby designated as the 7.00% Series AA Convertible and Perpetual Preferred Shares (the "Series AA Preferred Shares"). Each Series AA Preferred Share shall have such preferences, voting powers, restrictions, limitations as to dividends and distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth in the Original Declaration of Trust, as are set forth in this Supplement. The Series AA Preferred Shares shall constitute a separate series of Shares (as defined below) and each of the Series AA Preferred Shares shall be identical. No fractional Series AA Preferred Shares shall be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Series AA Preferred Shares shall rank on parity with (i) any other series of preferred shares, whether now or hereafter issued by the Fund and (ii) any other preferred shares of beneficial interest hereafter authorized and issued by the Fund of a class having priority over any other class as to distribution of assets or payments of dividends (collectively with the Series AA Preferred Shares, the "<u>Preferred Shares</u>") as to the payment of dividends and as to the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. Series AA Preferred Shares shall have preference with respect to the payment of dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund over the common shares of beneficial interest (the "<u>Common Shares</u>" and, together with the Preferred Shares, the "<u>Shares</u>"), of the Fund as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. No individual, partnership, trust, corporation, limited liability company, unincorporated association, joint venture or other entity, or government or any agency or political subdivision thereof (each, a "<u>Person</u>") in whose name the Series AA Preferred Shares or any other security issued by the Fund is registered in the registration books of the Fund maintained by the Fund's transfer agent, or any other conversion and paying agent appointed by the Fund with respect to the Series AA Preferred Shares (the "<u>Conversion and Paying Agent</u>") or otherwise (such Person, a "<u>Holder</u>"), shall have, solely by reason of being such a Holder, any preemptive or other right to acquire, purchase or subscribe for any Series AA Preferred Shares, other Preferred Shares, Common Shares or other securities of the Fund that it may hereafter issue or sell.

**ARTICLE II<br> DIVIDENDS AND DISTRIBUTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Holders of Series AA Preferred Shares shall be entitled to receive, when, as and if declared by, or under authority granted by, the Board of Trustees of the Fund (the "Board of Trustees"), out of funds legally available therefor and in preference to dividends and distributions on the Common Shares, cumulative cash dividends and distributions on each Series AA Preferred Share, calculated separately for each Dividend Period (as defined below) at, as of any date, 7.00% per annum (the "<u>Dividend Rate</u>"), computed on the basis of a 360-day year consisting of twelve 30-day months, on an amount equal to $25.00 (the "<u>Liquidation Preference</u>") for each Series AA Preferred Share, and no more, payable in cash or in additional Series AA Preferred Shares pursuant to the terms of any dividend reinvestment plan adopted by the Fund. For each Series AA Preferred Share, (a) if such share is issued before the Record Date (as defined below) for the Dividend Period in which such share is issued, dividends and distributions on such Series AA Preferred Shares shall accumulate from the first day of such Dividend Period and (b) if such share is issued after the Record Date for the Dividend Period in which such share is issued, dividends and distributions on such Series AA Preferred Shares shall accumulate from the date of issuance of such share. Dividends on all Series AA Preferred Shares shall be payable monthly in arrears as provided in <u>Section 2.2</u>. The amount of dividends payable on the Series AA Preferred Shares will be computed on the basis of actual days elapsed over a 30-day month.

"<u>Dividend Period</u>" means, with respect to each Series AA Preferred Share then Outstanding (as defined below), in the case of the first Dividend Period, the period beginning on and including the first date on which any Series AA Preferred Shares are issued (the "<u>Date of Original Issue</u>") and ending on, but excluding April 30, 2024 and, for each subsequent Dividend Period, the period beginning on and including the last Dividend Payment Date (as defined below) and ending on, but excluding, the next Dividend Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Declaration and Payment; Dividends in Arrears</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dividends on the Series AA Preferred Shares with respect to any Dividend Period shall be declared to the Holders of record of such shares as their names shall appear on the registration books of the Fund at the close of business on the applicable record date, which shall be such date designated by the Board of Trustees that is not more than twenty (20) nor less than seven (7) calendar days prior to the Dividend Payment Date with respect to such Dividend Period (each, a "<u>Record Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dividends declared pursuant to <u>Section 2.1</u> shall be paid on the last business day of every calendar month (each, a "<u>Dividend Payment Date</u>") to the Holders of Series AA Preferred Shares as their names appear on the registration books of the Fund at the close of business on the applicable Record Date for such dividend. If a Dividend Payment Date falls on a non-Business Day (as defined below), the applicable dividend payment will be made on the next Business Day and no additional dividend payment will accrue as a result of such delayed payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dividends in arrears on Series AA Preferred Shares for any past Dividend Period may be declared and paid at any time, without reference to any regular Dividend Payment Date, to the Holders of such shares as their names appear on the registration books of the Fund on the applicable Record Date. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments on Series AA Preferred Shares which may be in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. No full dividends and distributions shall be declared or paid on the Series AA Preferred Shares for any Dividend Period or part thereof unless full cumulative dividends and distributions due through the most recent Dividend Payment Dates therefor for all Outstanding Preferred Shares have been or contemporaneously are declared and paid through the most recent Dividend Payment Dates therefor. If full cumulative dividends and distributions due have not been declared and paid on all Outstanding Preferred Shares, any dividends and distributions being declared and paid on the Series AA Preferred Shares will be declared and paid as nearly pro rata as possible in proportion to the respective amounts of dividends and distributions accumulated but unpaid on each such series of Preferred Shares on the relevant dividend payment date for such series. No Holders of Series AA Preferred Shares shall be entitled to any dividends and distributions, whether payable in cash, property or shares, in excess of full cumulative dividends and distributions as provided in this <u>Section 2.3</u> on the Series AA Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. For so long as any Series AA Preferred Shares are Outstanding, the Fund shall not: (x) declare any dividend or other distribution (other than a dividend or distribution paid in Common Shares) in respect of the Common Shares, (y) call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares, or (z) pay any proceeds of the liquidation of the Fund in respect of the Common Shares, unless, in each case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately thereafter, the Fund shall have "asset coverage," as defined for purposes of Section 18(h) of the Investment Company Act of 1940, as amended, or any successor statute (the "<u>1940 Act</u>"), of at least 200% with respect to all Outstanding senior securities which are shares of the Fund, including all Outstanding Series AA Preferred Shares (or such other percentage as may in the future be specified in the 1940 Act or by rule, regulation or order of the Securities and Exchange Commission (the "<u>SEC</u>") as the minimum asset coverage for senior securities which are shares of a closed-end registered investment company), after deducting the amount of such dividend or distribution or redemption or purchase price or liquidation proceeds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all cumulative dividends and distributions on all Preferred Shares due on or prior to the date of the applicable dividend, distribution, redemption, purchase or acquisition shall have been declared and paid.

"<u>Outstanding</u>" means, as of any date with respect to a series of Preferred Shares, the number of such series of Preferred Shares theretofore issued by the Fund except (without duplication): (A) any shares of the applicable series of Preferred Shares theretofore cancelled or redeemed or converted or delivered to the Conversion and Paying Agent for cancellation or redemption or conversion in accordance with the terms hereof and (B) any shares of the applicable series of Preferred Shares as to which the Fund shall be the Holder or the beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. Any dividend payment made on Series AA Preferred Shares shall first be credited against the dividends and distributions accumulated with respect to the earliest Dividend Period for which dividends and distributions have not been paid.

**ARTICLE III<br> LIQUIDATION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. In the event of any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the Holders of Series AA Preferred Shares shall be entitled to receive out of the assets of the Fund available for distribution to shareholders, after satisfying claims of creditors but before any distribution or payment shall be made in respect of the Common Shares, a liquidation distribution equal to the Liquidation Preference of such shares plus an amount equal to any accumulated, accrued and unpaid dividends thereon to, but excluding, the date of such liquidation distribution, and such Holders shall be entitled to no further participation in any distribution or payment in connection with any such liquidation, dissolution or winding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. If, upon any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the assets of the Fund available for distribution among the Holders of all Outstanding Series AA Preferred Shares and any other Outstanding Preferred Shares shall be insufficient to permit the payment in full to such Holders of the amount due as provided in <u>Section 3.1</u> above and the amounts due upon liquidation with respect to such other Preferred Shares, then such available assets shall be distributed among the Holders of such Series AA Preferred Shares and such other Preferred Shares ratably in proportion to the respective preferential liquidation amounts to which they are entitled. In connection with any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, unless and until the amount due, as provided in <u>Section 3.1</u> above, has been paid in full to the Holders of such shares, no dividends, distributions or other payments will be made on, and no redemption, purchase or other acquisition by the Fund will be made by the Fund in respect of the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Neither the sale of all or substantially all of the property or business of the Fund, nor the merger, consolidation or reorganization of the Fund into or with any other business or statutory trust, corporation or other entity, nor the merger, consolidation or reorganization of any other business or statutory trust, corporation or other entity into or with the Fund shall be a dissolution, liquidation or winding up, whether voluntary or involuntary, for the purpose of this <u>ARTICLE III</u>.

**ARTICLE IV<br> ASSET COVERAGE TEST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Asset Coverage Requirement</u>. For so long as any Series AA Preferred Shares are Outstanding, the Fund shall have "asset coverage" of a class of senior security which is stock, as defined for purposes of Section 18(h) of the 1940 Act as in effect on the date hereof ("<u>Asset Coverage</u>"), of at least 200% as of the close of business on the last Business Day of any of the three month periods ending March 31, June 30, September 30 or December 31 of each year (each, a "<u>Calendar Quarter</u>"). If the Fund shall fail to maintain such Asset Coverage as of any time as of which such compliance is required to be determined as aforesaid, the provisions <u>Section 6.4(a)</u> shall be applicable, which provisions shall constitute the sole remedy for the Fund's failure to comply with the provisions of this <u>Section 4.1</u>.

**ARTICLE V<br> REDEMPTION**

Shares of Series AA Preferred Shares shall be subject to redemption as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Optional Redemption upon Death or Disability of Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Beginning on the Date of Original Issue and prior to the Listing Deadline Date (as defined below) designated in connection with a Listing Event (as defined below), upon request by the authorized representative of the beneficial owner (or his or her estate) of any Series AA Preferred Shares who is a natural person (including a natural person who beneficially owns Series AA Preferred Shares through an individual retirement account or personal trust), following the death or disability of the beneficial owner of such shares, the Fund will, at its option and subject to the restrictions herein, redeem such shares ("<u>Survivor's Option</u>"); provided that in order to exercise the Survivor's Option, the beneficial owner (or his or her estate) of Series AA Preferred Shares must have held such shares for a minimum of six (6) months. No conversion fee, including the Holder Optional Conversion Fee, will be charged in connection with the redemption of Series AA Preferred Shares upon the death or disability of a beneficial owner pursuant to this <u>Section 5.1</u>. The Survivor's Option shall terminate upon the occurrence of a Listing Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any redemption pursuant to this <u>Section 5.1</u>, the Fund will redeem Series AA Preferred Shares for cash, at a redemption price equal to the Liquidation Preference, plus an amount equal to any accumulated, accrued and unpaid dividends thereon to, but excluding, the date of such redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To be valid, any Survivor's Option must be exercised by or on behalf of the disabled beneficial owner of Series AA Preferred Shares or the person who has authority to act on behalf of the deceased beneficial owner of Series AA Preferred Shares (including, without limitation, the personal executor of the deceased beneficial owner or the surviving joint beneficial owner with the deceased beneficial owner) under the laws of the applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The death or disability of a person holding a beneficial ownership interest in any Series AA Preferred Shares as a joint tenant or tenant by the entirety with another person, or as a tenant in common with the deceased or disabled beneficial owner's spouse, will be deemed the death or disability of a beneficial owner of such shares, and the entirety of the shares so beneficially owned will be eligible for the Survivor's Option. However, the death or disability of a person holding a beneficial ownership interest in any Series AA Preferred Shares as tenant in common with a person other than such deceased beneficial owner's spouse will be deemed the death or disability of a beneficial owner only with respect to such deceased person's interest in such shares, and only a corresponding portion of the shares so beneficially owned will be eligible for the Survivor's Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The death or disability of a person who, during his or her lifetime, was entitled to substantially all of the beneficial ownership interests in any Series AA Preferred Shares will be deemed the death or disability of the beneficial owner of those shares for purposes of any Survivor's Option, regardless of whether that beneficial owner was the registered holder of such shares, if entitlement to those interests can be established to the satisfaction of the Fund. A beneficial ownership interest will be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act, community property or other joint ownership arrangements between a husband and wife. In addition, a beneficial ownership interest will be deemed to exist in custodial and trust arrangements where one person has all of the beneficial ownership interests in the applicable shares during his or her lifetime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to any Series AA Preferred Shares held in "street name" through a DTC Participant for which DTC or its nominee is the record holder of the shares, DTC or its nominee, as record holder of the shares, will be the only entity that can exercise any Survivor's Option for such shares. With respect to any Series AA Preferred Shares held through direct register, the record holder of the shares will be the only entity that can exercise any Survivor's Option for such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To exercise the Survivor's Option for any Series AA Preferred Shares, the authorized representative of the deceased or disabled beneficial owner (or his or her estate) must provide to the Fund or its designee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) appropriate evidence (a) that the deceased or disabled person was the beneficial owner of Series AA Preferred Shares at the time of death or disability and his or her interest in the shares was owned by the deceased or disabled beneficial owner or his or her estate at least six months prior to the exercise of the Survivor's Option (b) that the death or disability of the beneficial owner has occurred (including a certificate of death or disability), (c) of the date of death or disability of the beneficial owner, and (d) that the representative has authority to act on behalf of the beneficial owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a written request to exercise the Survivor's Option signed by the disabled beneficial owner or the authorized representative of the deceased or disabled beneficial owner with the signature guaranteed by a member firm of a registered national securities exchange or of the Financial Industry Regulatory Authority or a commercial bank or trust company having an office or correspondent in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if applicable, a properly executed assignment or endorsement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) tax waivers and any other instruments or documents that the Fund reasonably requires in order to establish the validity of the beneficial ownership of Series AA Preferred Shares and the claimant's entitlement to payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any additional information the Fund reasonably requires to evidence satisfaction of any conditions to the exercise of any Survivor's Option or to document beneficial ownership or authority to exercise the Survivor's Option. In the case of shares held through a broker or nominee, the disabled beneficial owner or authorized representative of the deceased or disabled beneficial owner (or his or her estate) must deliver the foregoing information to the applicable broker or nominee, along with a written instruction to such broker or nominee to exercise the Survivor's option on behalf of the deceased or disabled beneficial owner (or his or her estate). In turn, the broker or other nominee will deliver each of these items to the Fund or other nominee, along with evidence satisfactory to the Fund from the broker or other nominee stating that it represents the deceased or disabled beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund shall not be obligated to redeem any Series AA Preferred Shares pursuant to this <u>Section 5.1</u> to the extent that (i) the Fund does not have sufficient funds available to fund such redemption or (ii) the Fund is restricted by applicable law, including the asset coverage requirements of the 1940 Act applicable to the Fund, or by the terms of any then outstanding senior securities of the Fund from making such redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An otherwise valid election to exercise any Survivor's Option may not be withdrawn. Each election to exercise any Survivor's Option will be accepted in the order that elections are received by the Fund, except for any request the acceptance of which would contravene any of the limitations described in the preceding paragraph. Shares accepted for redemption through the exercise of any Survivor's Option normally will be redeemed monthly. Each tendered share that is not accepted in any calendar year due to the application of any of the limitations described in the preceding paragraph will be deemed to be tendered in the following calendar year in the order in which all such shares were originally tendered. If any shares tendered through a valid exercise of any Survivor's Option are not accepted, the Fund will deliver a notice by first-class mail to the registered holder, at that holder's last known address as indicated in the Fund's shareholder register, that states the reason the shares have not been accepted for redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All other questions regarding the eligibility or validity of any exercise of any Survivor's Option will be determined by the Fund, in its sole discretion, which determination will be final and binding on all parties.

**ARTICLE VI**

**CONVERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Defined Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Conversion Price</u>" means the Current Market Price of the Common Shares; provided, that, for any conversion at the option of the Fund pursuant to <u>Sections 6.3</u> and <u>6.4</u>, if the Fund has not received shareholder approval under by the 1940 Act to issue Common Shares below net asset value, or "<u>NAV</u>," in connection with such conversion, as necessary with respect to such conversion, the "<u>Conversion Price</u>" means the net asset value per each of the Common Shares at the close of business on the business day immediately preceding the Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Current Market Price</u>" per each of the Common Shares, as of any date of determination, means the arithmetic average of the daily volume weighted average price, or "<u>VWAP</u>," per each of the Common Shares over each of the five consecutive trading days ending on the Holder Conversion Exercise Date (as defined below) or the Issuer Conversion Exercise Date (as defined below), as the case may be; provided however, if as of any date of determination the Common Shares is not listed or quoted on a national securities exchange or automated quotation system, the Current Market Price shall be determined based on the last quoted bid price for the Common Shares in the over-the-counter market as reported by OTC Markets Group Inc. or any similar organization, or, if that bid price is not available, the market price of the Common Shares on that date as determined by an independent financial advisor retained by the Fund for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Issuance Reference Date</u>" means, with respect to any of the Series AA Preferred Shares, the date on which such share was originally issued; provided that from time to time the Board of Trustees may, without approval of holders of Series AA Preferred Shares, designate a different date as the Issuance Reference Date, provided that such date is not later than the date on which such Series AA Preferred Share was originally issued and not earlier than six months prior to the date on which such Series AA Preferred Share was originally issued. The Board of Trustees may cause the Fund to conduct a mandatory tender, exchange, conversion or other reorganization solely for the purpose of designating a different Issuance Reference Date as permitted hereby, which conversion, combination, exchange or reorganization shall not be deemed to materially and adversely affect the rights, preferences or privileges of Series AA Preferred Shares, notwithstanding that in connection with any such conversion, combination, exchange or reorganization holders may receive cash in lieu of fractional shares, and which conversion, combination, exchange or reorganization shall be effective at such time as approved by the Board of Trustees. Series AA Preferred Shares issued pursuant to a dividend reinvestment plan adopted by the Fund shall, in accordance with the terms of such dividend reinvestment plan, be of the same series and be deemed to have the Issuance Reference Date based on the Issuance Reference Date of the Series AA Preferred Shares for which the dividend was declared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Holder Optional Conversion.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time prior to the listing of the Series AA Preferred Shares on a national securities exchange (which may not occur and is subject to the Board's discretion) (a "<u>Listing Event</u>"), a holder of Series AA Preferred Shares may require the Fund to convert such Series AA Preferred Shares pursuant to this <u>Section 6.2</u> (a "<u>Holder Optional Conversion</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A holder of Series AA Preferred Shares may exercise a Holder Optional Conversion only by delivering to the Fund or its designee at any time a written notice to convert stating that the holder elects to convert all or a stated number of their Series AA Preferred Shares (a "<u>Holder Conversion Notice</u>"), subject to any early conversion fee (the "<u>Holder Optional Conversion Fee</u>") as provided in <u>Section 6.2(j)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Holder Conversion Notice will be effective as of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the 15th calendar day of the month (provided that if such day is not a Business Day, the Business Day immediately following the 15th calendar day of the month); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the last Business Day of the month;

whichever occurs first after a Holder Conversion Notice is duly received by the Fund or its designee (each such date, a "<u>Holder Conversion Deadline</u>"). Any Holder Conversion Notice received after 5:00 p.m. (Eastern time) on a Holder Conversion Deadline will be effective as of the next Holder Conversion Deadline; provided that in connection with a Listing Event, no Holder Conversion Deadline shall occur after the 30<sup>th</sup> calendar day prior the Listing Date (the "<u>Listing Deadline Date</u>") designated in a Listing Notice (as defined below) (unless the Listing Notice is revoked pursuant to <u>Section 6.5</u> in which case Holder Conversion Deadline shall recommence), and any Holder Conversion Notice received after 5:00 p.m. (Eastern time) on the final Holder Conversion Deadline before the Listing Deadline Date will be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For all Series AA Preferred Shares duly submitted for conversion pursuant to a Holder Optional Conversion on or before a Holder Conversion Deadline, the Fund shall determine the Settlement Amount (as defined below) on any business day after such Holder Conversion Deadline but before the next Holder Conversion Deadline (such date, the "<u>Holder Conversion Exercise Date</u>") that the Fund selects in its sole discretion. The "<u>Settlement Amount</u>" means (A) the Liquidation Preference, plus (B) unpaid dividends accrued to, but not including, the Holder Conversion Exercise Date, minus (C) the Holder Optional Conversion Fee applicable on the respective Holder Conversion Deadline, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund or its designee may, in its sole discretion, allow a holder to revoke their Holder Conversion Notice pursuant to notice of revocation delivered to the Fund or its designee at any time prior to 5:00 p.m. (Eastern time) on the Business Day immediately preceding the Holder Conversion Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund shall settle any Holder Optional Conversion by any of the following methods, which it may determine in its sole discretion at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund will deliver a number of Common Shares calculated using a conversion rate (the "<u>HOC Rate</u>") equal to (1) the Settlement Amount, divided by (2) the Conversion Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund will deliver the Settlement Amount in cash; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any combination of <u>Section 6.2(f)(i)</u> and <u>6.2(f)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund shall issue and deliver, or cause to be issued and delivered, to the holder of Series AA Preferred Shares converted pursuant to the Holder Optional Conversion the number of duly authorized and issued, fully paid and nonassessable Common Shares to which the holder of Series AA Preferred Shares so converted shall be entitled, and/or pay an amount of cash to which the holder of Series AA Preferred Shares is entitled, pursuant to this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Series AA Preferred Shares for which a Holder Conversion Notice has been delivered shall not be subject to any conversion by the Fund pursuant to Section 6.3 or redemption pursuant to Article V occurring after the effective Holder Conversion Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The right of holders of Series AA Preferred Shares to exercise the Holder Optional Conversion shall terminate in connection with a Listing Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The "<u>Holder Optional Conversion Fee</u>" applicable with respect to a Series AA Preferred Share shall be, beginning from the Issuance Reference Date of such share, eight (8) percent of the maximum public offering price disclosed for such share in the prospectus supplement pursuant to which such share was sold prior to the first anniversary of the Issuance Reference Date of such share, six (6) percent of the maximum public offering price disclosed for such share in the prospectus supplement pursuant to which such share was sold on or after the first anniversary but prior to the second anniversary of the Issuance Reference Date of such share, five (5) percent of the maximum public offering price disclosed for such share in the prospectus supplement pursuant to which such share was sold on or after the second anniversary but prior to the third anniversary of the Issuance Reference Date of such share, four (4) percent of such the maximum public offering price disclosed for such share in the prospectus supplement pursuant to which such share was sold on or after the third anniversary but prior to the fourth anniversary of the Issuance Reference Date of such share, and zero (0) percent of the maximum public offering price disclosed for such share in the prospectus supplement pursuant to which such share was sold on or after the fourth anniversary of the Issuance Reference Date of such share. The Fund, in its sole discretion, may waive the Holder Conversion Fee with respect to any conversion of Series AA Preferred Shares by giving public announcement of the terms and duration of such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Issuer Optional Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After the second anniversary of the Issuance Reference Date of a Series AA Preferred Share, or the Date of Original Issue following a Listing Event, the Fund may cause Series AA Preferred Shares (the "<u>Issuer Conversion Eligible Shares</u>") to be converted in whole or in part into Common Shares; provided that upon a determination by the Board of Trustees, in its sole discretion, that the conversion of Series AA Preferred Shares that are not Issuer Conversion Eligible Shares is necessary to comply with the asset coverage requirements of the 1940 Act applicable to the Fund, to cause the Fund to maintain the Fund's status as a "regulated investment company" under Subchapter M of the Code, to maintain or enhance one or more of the Fund's credit ratings, to help comply with regulatory or other obligations applicable to the Fund, to achieve a strategic transaction, or to improve the liquidity position of the Fund (each, a "<u>Permitted Purpose</u>"), the Board of Trustees, including a majority of the independent Trustees, may, in its sole discretion, cause the Fund to cause shares that are not Issuer Conversion Eligible Shares to be converted in whole or in part into Common Shares. In the case of any conversion of shares that are not Issuer Conversion Eligible Shares pursuant to this Section 6.3(a), the Fund shall cause the conversion of the minimum number of outstanding Series AA Preferred Shares necessary to achieve the applicable Permitted Purpose, and, if the conversion of all Issuer Conversion Eligible Shares is insufficient in such respect, the Fund shall cause the conversion of the minimum number of then outstanding shares that are not Issuer Conversion Eligible Shares, together with the conversion of all Issuer Conversion Eligible Shares, necessary to achieve the Permitted Purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time or from time to time, the Fund may cause the Series AA Preferred Shares to be converted pursuant to this Section 6.3 in whole or in part into (x) cash, (y) Common Shares or (z) a combination of cash and Common Shares, in the sole discretion of the Fund. The Fund will settle any conversion pursuant to this Section 6.3 by paying or delivering, as the case may be, (A) a number of Common Shares calculated using a conversion rate equal to (1) the Settlement Amount (excluding, for the avoidance of doubt, any Conversion Fee), minus any portion of the Settlement Amount that the Fund elects to pay in cash, divided by (2) the arithmetic average of the VWAP per common share over each of the five consecutive trading days ending on the date of the Issuer Optional Conversion, or the "IOC Conversion Price," and each of the HOC Conversion Price and the OIC Conversion Price, a "Conversion Price" as of the applicable Issuer Conversion Exercise Date so long as (i) the Conversion Price would not represent a discount to the then-current NAV of a Common Share or (ii) the Fund has or has obtained any required shareholder approval under the 1940 Act to issue the Common Shares below NAV, or (B) if the Conversion Price is at a discount to the then-current NAV per Common Share and the Fund does not have or have not obtained any required shareholder approval under the 1940 Act to issue the Common Shares below NAV, a number of the Common Shares calculated using a conversion rate equal to (1) the Settlement Amount minus any portion of the Settlement Amount that the Fund elect to pay in cash, divided by (2) the NAV per Common Share as of the close of business on the business day immediately preceding the date of conversion and (C) the portion of the Settlement Amount that the Fund elects to pay in cash. In case of any conversion pursuant to this <u>Section 6.3</u> of less than all Series AA Preferred Shares at the time outstanding, the Series AA Preferred Shares to be converted shall be selected pro rata or by lot (subject to the proviso in Section 6.3(a) for conversion of shares that are not Issuer Conversion Eligible Shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The right to convert Series AA Preferred Shares pursuant to this <u>Section 6.3</u> may be exercised by the Fund only by delivering, upon not less than 30 calendar days prior to the date fixed by the Fund for the conversion of Series AA Preferred Shares (the "<u>Issuer Conversion Exercise Date</u>"), a written notice to holders of Series AA Preferred Shares stating that the Fund elects to convert all or a stated number of their Series AA Preferred Shares pursuant to this <u>Section 6.3</u> (each, an "<u>Issuer Conversion Notice</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall issue and deliver, or cause to be issued and delivered, to the holder of Series AA Preferred Shares converted pursuant to this <u>Section 6.3</u> the number of duly authorized and issued, fully paid and nonassessable Common Shares to which the holder of Series AA Preferred Shares so converted shall be entitled, and/or an amount of cash to which the holder of Series AA Preferred Shares is entitled, pursuant to this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any delivery of an Issuer Conversion Notice, holders may continue to exercise the Holder Optional Conversion pursuant to <u>Section 6.2</u> for any Holder Conversion Deadline occurring prior to the Issuer Conversion Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Asset Coverage Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time following the date of issuance of Series AA Preferred Shares, if the Fund fails to comply with the Asset Coverage requirement as provided in <u>Section 4.1</u> as of the last Business Day of any Calendar Quarter and such failure is not cured as of the date that is thirty (30) calendar days following the date of filing of the Fund's Annual Report on Form N-CSR, Semiannual Report on Form N-CSRS or Reports on Form N-PORT, as applicable (each, an "<u>SEC Report</u>") with the SEC with respect to such Calendar Quarter (such Business Day, the "<u>Asset Coverage Cure Date</u>"), the Fund shall, to the extent permitted by the 1940 Act and Delaware law, by the close of business on such Asset Coverage Cure Date, fix a conversion or redemption date and proceed to convert (an "<u>Asset Coverage Conversion</u>") or redeem (an "<u>Asset Coverage Redemption</u>"), as determined by the Fund in its sole discretion, in accordance with the terms of such Preferred Shares, a sufficient number of Preferred Shares, which at the Fund's sole discretion (to the extent permitted by the 1940 Act and Delaware law) may include any number or proportion of Series AA Preferred Shares, to enable it to meet the requirements of <u>Section 6.4(b)</u>. In the event that any Series AA Preferred Shares then Outstanding are to be converted pursuant to this <u>Section 6.4(a)</u>, the Fund shall settle any Asset Coverage Conversion in the same manner as an Issue Optional Conversion as described in <u>Section 6.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the conversion or redemption date for an Asset Coverage Conversion or Asset Coverage Redemption contemplated by <u>Section 6.4(a)</u>, the Fund shall convert or redeem, as applicable, (x) such number of Preferred Shares (which may include at the Fund's discretion any number or proportion of Series AA Preferred Shares) that, when combined with any debt securities redeemed for failure to maintain the asset coverage required by the indenture governing such securities, the conversion of which, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, would result in the Fund having Asset Coverage on such Asset Coverage Cure Date of at least 200% (<u>provided</u>, <u>however</u>, that if there is no such minimum number of Series AA Preferred Shares and other Preferred Shares the conversion or redemption of which would have such result, all Series AA Preferred Shares and other Preferred Shares then Outstanding shall be converted or redeemed, as applicable), or (y) if fewer, the maximum number of Preferred Shares that can be converted or redeemed out of funds expected to be legally available therefor in accordance with the Declaration of Trust and applicable law, <u>provided</u>, <u>further</u>, that in connection with such Asset Coverage Conversion or Asset Coverage Redemption, the Fund may at its sole option, but is not required to, convert a sufficient number of Series AA Preferred Shares pursuant to this <u>Section 6.4</u> that, when aggregated with other Preferred Shares redeemed or converted by the Fund, would result, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, in the Fund having Asset Coverage on such Asset Coverage Cure Date of up to and including 285%. The Fund shall effect such conversion or redemption on the date fixed by the Fund therefor, which date shall not be later than ninety (90) calendar days after such Asset Coverage Cure Date, except that if the Fund does not have funds legally available for the conversion or redemption of all of the required number of Series AA Preferred Shares and other Preferred Shares which have been designated to be redeemed or converted or the Fund otherwise is unable to effect such conversion or redemption on or prior to ninety (90) calendar days after such Asset Coverage Cure Date, the Fund shall convert or redeem those Series AA Preferred Shares and other Preferred Shares which it was unable to convert or redeem on the earliest practicable date on which it is able to effect such conversion or redemption. If fewer than all of the Outstanding Series AA Preferred Shares are to be converted pursuant to this <u>Section 6.4</u>, the number of Series AA Preferred Shares to be converted shall be converted (A) pro rata among the Outstanding Series AA Preferred Shares or (B) by lot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Listing Event</u>. The Fund may, in its sole discretion, cause the Series AA Preferred Shares to be listed for trading on a national stock exchange. In connection with any Listing Event, the Fund shall deliver written notice of the Listing Event (the "<u>Listing Notice</u>") to holders of Series AA Preferred Shares not less than 60 calendar days prior to the date upon which the Series AA Preferred Shares shall be listed on a national stock exchange (the "<u>Listing Date</u>"), specifying the Listing Date, the Listing Deadline Date and the date of the final Holder Conversion Notice Date occurring prior to the Listing Deadline Date. If the Fund shall fail to cause the Series AA Preferred Shares to be listed on national stock exchange within 30 days after the Listing Date set forth in the Listing Notice, the Listing Notice shall be automatically revoked and the Fund shall deliver a new Listing Notice not less than 60 calendar days prior to a newly designated Listing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Effect of Conversion</u>. Any conversion of Series AA Preferred Shares made pursuant to <u>Section 6.2</u>, <u>Section 6.3</u>, or <u>Section 6.4</u> shall be deemed to have been made at the close of business on the applicable Holder Conversion Exercise Date or Issuer Conversion Exercise Date (together, a "<u>Conversion Date</u>"), and the rights of the holder thereof with respect to the Series AA Preferred Shares being converted shall cease, except that the holder thereof shall thereafter have and retain (i) the right to receive cash or Common Shares in respect of the converted Series AA Preferred Shares, including cash in lieu of fractional Common Shares in accordance with <u>Section 6.7</u>, and (ii) the right to vote such Series AA Preferred Shares in connection with any matters submitted to a vote of the shareholders or to receive distributions with respect to such Series AA Preferred Shares, in either case as to which the applicable record date established by the Board of Trustees for determining shareholders entitled to vote on such matter or entitled to receive distributions, as the case may be, shall occur prior to the Conversion Date. The Person(s) entitled to receive the Common Shares upon the conversion of the Series AA Preferred Shares shall be treated for all purposes as having become the record holder of such Common Shares as of the close of business on the Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>No Fractional Shares</u>. No fractional Common Shares shall be issued upon conversion of any Series AA Preferred Shares into Common Shares. In lieu of fractional shares otherwise issuable, each holder will be entitled to receive an amount in cash equal to the fraction of a Common Share multiplied by the Conversion Price applicable to such Conversion Date. In order to determine whether the number of Common Shares to be delivered to a holder upon the conversion of such holder's Series AA Preferred Shares will include a fractional share, such determination shall be based on the aggregate number of Series AA Preferred Shares of such holder that are being converted on any single Conversion Date. Notwithstanding the foregoing, if on any Conversion Date, the Fund is prohibited from making any cash distribution pursuant to the 1940 Act or the terms of the Fund's senior securities then outstanding, no fractional shares will be issued and no cash in lieu of fractional shares will be paid and the amount of Common Shares to be delivered to a holder upon conversion will be rounded down to the nearest whole Common Share.

**ARTICLE VII<br> VOTING RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>One Vote Per Series AA Preferred Share</u>. Except as otherwise provided in the Declaration of Trust or as otherwise required by applicable law, (i) each Holder of Series AA Preferred Shares shall be entitled to one vote for each Series AA Preferred Share held by such Holder on each matter submitted to a vote of shareholders of the Fund, and (ii) the Holders of Outstanding Preferred Shares, including Outstanding Series AA Preferred Shares, and holders of outstanding Common Shares shall vote together as a single class; <u>provided</u>, <u>however</u>, that the Holders of Outstanding Preferred Shares, including Outstanding Series AA Preferred Shares, shall be entitled, as a class, to the exclusion of the Holders of all other securities and classes of the Fund, to elect two Trustees of the Fund at all times. Subject to <u>Section 7.2</u>, the Holders of outstanding Common Shares and Preferred Shares, including Series AA Preferred Shares, voting together as a single class, shall elect the balance of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Voting For Additional Trustees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Voting Period*. During any period in which any one or more of the conditions described in clauses (i) or (ii) of this <u>Section 7.2(a)</u> shall exist (such period being referred to herein as a "<u>Voting Period</u>"), the number of Trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two Trustees elected exclusively by the Holders of Preferred Shares, including Series AA Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including Series AA Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of Shares of the Fund), to elect such smallest number of additional Trustees, together with the two Trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if, at the close of business on any dividend payment date for any Outstanding Preferred Shares including any Outstanding Series AA Preferred Shares, accumulated dividends (whether or not earned or declared) on such Outstanding Preferred Shares equal to at least two (2) full years' dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Conversion and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at any time Holders of Preferred Shares are otherwise entitled under the applicable provisions of the 1940 Act to elect a majority of the Board of Trustees.

Upon the termination of a Voting Period, the voting rights described in this <u>Section 7.2(a)</u> shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this <u>Section 7.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice of Special Meeting*. As soon as practicable after the accrual of any right of the Holders of Preferred Shares to elect additional Trustees as described in <u>Section 7.2(a)</u>, the Fund shall call a special meeting of such Holders and notify the Conversion and Paying Agent and/or such other Person as is specified in the terms of such Preferred Shares to receive notice (i) by mailing or delivery by Electronic Means or (ii) in such other manner and by such other means as are specified in the terms of such Preferred Shares, a notice of such special meeting to such Holders, such meeting to be held not less than ten (10) nor more than thirty (30) calendar days after the date of the delivery by Electronic Means or mailing of such notice. If the Fund fails to call such a special meeting, it may be called at the expense of the Fund by any such Holder on like notice. The record date for determining the Holders of Preferred Shares entitled to notice of and to vote at such special meeting shall be the close of business on the Business Day preceding the calendar day on which such notice is mailed. At any such special meeting and at each meeting of Holders of Preferred Shares held during a Voting Period at which Trustees are to be elected, such Holders, voting together as a class (to the exclusion of the Holders of all other securities and classes of Shares of the Fund), shall be entitled to elect the number of Trustees prescribed in <u>Section 7.2(a)</u> on a one-vote-per-share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Terms of Office of Existing Trustees*. The terms of office of the incumbent Trustees of the Fund at the time of a special meeting of Holders of Preferred Shares to elect additional Trustees in accordance with <u>Section 7.2(a)</u> shall not be affected by the election at such meeting by the Holders of Series AA Preferred Shares and such other Holders of Preferred Shares of the number of Trustees that they are entitled to elect, and the Trustees so elected by the Holders of Series AA Preferred Shares and such other Holders of Preferred Shares, together with the two (2) Trustees elected by the Holders of Preferred Shares in accordance with <u>Section 7.1</u> hereof and the remaining Trustees elected by the Holders of Common Shares and Preferred Shares, shall constitute the duly elected Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Terms of Office of Certain Trustees to Terminate Upon Termination of Voting Period*. Simultaneously with the termination of a Voting Period, the terms of office of the additional Trustees elected by the Holders of Preferred Shares pursuant to <u>Section 7.2(a)</u> shall terminate, the remaining Trustees shall constitute the Trustees of the Fund and the voting rights of the Holders of Preferred Shares to elect additional Trustees pursuant to <u>Section 7.2(a)</u> shall cease, subject to the provisions of the last sentence of <u>Section 7.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Holders of Series AA Preferred Shares to Vote on Certain Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Certain Amendments Requiring Approval of Preferred Shares*. Except as otherwise permitted by the terms of this Supplement, (1) so long as any Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least two-thirds of Preferred Shares Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration of Trust or this Supplement (or any other document governing the rights of the Preferred Shares or the Holders thereof as may be required by the rules of any applicable securities exchange), whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power of such Preferred Shares or the Holders thereof and (2) so long as any Series AA Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least two-thirds of Series AA Preferred Shares Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration of Trust or this Supplement (or any other document governing the rights of the Series AA Preferred Shares or the Holders thereof as may be required by the rules of any applicable securities exchange), whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power of such Series AA Preferred Shares or the Holders thereof differently than shares of any other series of Preferred Shares; <u>provided</u>, <u>however</u>, that for purposes of this <u>Section 7.3(a)</u>, (i) a change in the capitalization of the Fund in accordance with <u>Section 7.1</u> hereof shall not be considered to materially and adversely affect the rights and preferences of the Preferred Shares, including the Series AA Preferred Shares, and (ii) a division of the Preferred Shares, including the Series AA Preferred Shares, shall be deemed to affect such preferences, rights or powers only if the terms of such division materially and adversely affect the Holders of the shares. For purposes of the foregoing, no matter shall be deemed to adversely affect any preference, right or power of a Preferred Share or any series thereof, or the Holder of any such share unless such matter (x) alters or abolishes any preferential right of such Preferred Share, or (y) creates, alters or abolishes any right in respect of redemption of such share (other than as a result of a division of a Preferred Share). So long as any Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of at least sixty-seven percent (67%) of the Holders of Preferred Shares Outstanding at the time, voting as a separate class, file a voluntary application for relief under federal bankruptcy law or any similar application under state law for so long as the Fund is solvent and does not foresee becoming insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *1940 Act Matters*. Unless a higher percentage is provided for in the Declaration of Trust, the affirmative vote of the Holders of at least "a majority of the outstanding Preferred Shares," including Series AA Preferred Shares Outstanding at the time, voting as a separate class, shall be required (A) to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares or (B) any action requiring a vote of Holders of the Fund's securities pursuant to Section 13(a) of the 1940 Act. For purposes of the foregoing, the vote of a "majority of the outstanding Preferred Shares" means the vote at an annual or special meeting duly called of (i) sixty-seven percent (67%) or more of such shares present at a meeting, if the Holders of more than fifty percent (50%) of such shares are present or represented by proxy at such meeting, or (ii) more than fifty percent (50%) of such shares, whichever is less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Certain Amendments not Requiring Approval*. Notwithstanding the foregoing or anything expressed or implied to the contrary in this Supplement, but subject to applicable law, the Board of Trustees may, without any approval of the holders of Series AA Preferred Shares, amend or supplement this Supplement (i) to supply any omission, or cure, correct or supplement any ambiguous, defective or inconsistent provision hereof, to the extent not adverse to any holder of Series AA Preferred Shares; (ii) to the extent the Board of Trustees deems necessary to conform this Supplement to the requirements of applicable law, including the 1940 Act; (iii) to designate additional series of Preferred Shares (and the terms relating thereto) and/or reallocate shares between series; and (iv) for the purpose of converting, exchanging, reorganizing or combining two or more series of Preferred Shares into a single series of Preferred Shares having materially the same rights, preferences or privileges as set forth herein, including in connection with a Listing Event, and may cause the Fund to conduct a mandatory tender, exchange, conversion, or other reorganization for the purpose of effecting such combination into a single series of Preferred Shares, which conversion, combination, exchange or reorganization shall not be deemed to materially and adversely affect the rights, preferences or privileges of the shares or of one or more series of the Preferred Shares, notwithstanding that in connection with any such conversion, combination, exchange or reorganization holders may receive cash in lieu of fractional shares, and which conversion, combination, exchange or reorganization shall be effective at such time as approved by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Voting Rights Set Forth Herein Are Sole Voting Rights</u>. Unless otherwise required by law or the Declaration of Trust, the Holders of Series AA Preferred Shares shall not have any relative rights or preferences or other special rights with respect to voting other than those specifically set forth in this <u>ARTICLE VII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. <u>No Cumulative Voting</u>. The Holders of Series AA Preferred Shares shall have no rights to cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. <u>Voting for Trustees Sole Remedy for Fund's Failure to Declare or Pay Dividends</u>. In the event that the Fund fails to declare or pay any dividends on Series AA Preferred Shares on the Dividend Payment Date therefor, the exclusive remedy of the Holders of Series AA Preferred Shares shall be the right to vote for Trustees pursuant to the provisions of this <u>ARTICLE VII</u>. Nothing in this <u>Section 7.6</u> shall be deemed to affect the obligation of the Fund to accumulate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. <u>Holders Entitled to Vote</u>. No Series AA Preferred Share held by the Fund shall have any voting rights or be deemed to be Outstanding for voting or for calculating the voting percentage required on any other matter or other purposes.

**ARTICLE VIII<br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Issuance of Additional Preferred Shares</u>. So long as any Series AA Preferred Shares are Outstanding, the Fund may, without the vote or consent of the Holders thereof, (a) authorize, establish and create and issue and sell shares of one or more series of a class of senior securities of the Fund representing stock under Section 18 of the 1940 Act, ranking on a parity with the Series AA Preferred Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to then Outstanding Series AA Preferred Shares, and (b) authorize, issue and sell additional shares of any such series then Outstanding or so established and created, including additional Series AA Preferred Shares, in each case in accordance with applicable law, <u>provided</u> that the Fund shall, immediately after giving effect to the issuance of such additional Preferred Shares and to its receipt and application of the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have Asset Coverage (calculated in the same manner as is contemplated by <u>Section 4.2</u> hereof) of at least 200%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Status of Converted, Redeemed or Repurchased Series AA Preferred Shares</u>. Series AA Preferred Shares that at any time have been converted, redeemed or purchased by the Fund shall, after such conversion, redemption or purchase, have the status of authorized but unissued Shares, without designation as to series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Adjustment for Reorganization Events</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reclassification, statutory exchange, merger, consolidation or other similar business combination of the Fund with or into another person, in each case, pursuant to which the Common Shares is changed or converted into, or exchanged for, cash, securities or other property of the Fund or another person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any sale, transfer, lease or conveyance to another person, in one or a series of related transactions, of all or a majority of the property and assets of the Fund, in each case pursuant to which the Common Shares is converted into cash, securities or other property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any statutory exchange of securities of the Fund with another person (other than in connection with a merger or acquisition) or reclassification, recapitalization or reorganization of the Common Shares into other securities;

(each of which is referred to as a "<u>Reorganization Event</u>"), each reference in this Supplement to Common Shares will, without the consent of the holders and subject to the terms of this Supplement, become a reference to the number, kind and amount of securities, cash and other property (the "<u>Exchange Property</u>") that each of the Common Shares was converted into, or exchanged for, in such Reorganization Event. If the kind or amount of securities, cash and other property receivable upon such Reorganization Event is not the same for each of the Common Shares held immediately prior to such Reorganization Event by a person, then for the purpose of this Section 8.3, each reference to the Common Shares will be deemed to refer to the weighted average of the types and amounts of consideration per share of Common Shares received by the holders of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The above provisions of this Section 8.3 shall similarly apply to successive Reorganization Events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund (or any successor) shall, no less than 10 calendar days prior to the anticipated effective date of any Reorganization Event (or, if such anticipated effective date cannot be reasonably determined 10 calendar days prior to the date thereof, as promptly as reasonably practicable after the Fund (or any successor) has become aware of the anticipated effective date), provide written notice to the holders of Series AA Preferred Shares of such occurrence of such event and of the kind and amount of the cash, securities or other property that constitutes the Exchange Property. Failure to deliver such notice shall not affect the operation of this Section 8.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall not enter into any agreement for a transaction constituting a Reorganization Event unless (i) such agreement provides for or does not interfere with or prevent (as applicable) conversion of Series AA Preferred Shares into the Exchange Property in a manner that is consistent with and gives effect to this Section 8.3, and (ii) to the extent that the Fund is not the surviving corporation in such Reorganization Event or will be dissolved in connection with such Reorganization Event, proper provision shall be made in the agreements governing such Reorganization Event for the conversion of Series AA Preferred Shares into shares of the person surviving such Reorganization Event or such other continuing entity in such Reorganization Event. The Fund (or any successor) shall have the right to settle any conversions of Series AA Preferred Shares in cash, Exchange Property or any combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to any conversion of Series AA Preferred Shares pursuant to this Supplement, the Fund may, as it determines appropriate in its sole discretion, adjust the conversion rate to account for any stock splits, stock combinations or stock dividends the ex-dividend date for which occurs during the period used for calculating the Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Notice</u>. All notices or communications hereunder, unless otherwise specified in this Supplement, shall be sufficiently given if in writing and delivered in person, by Electronic Means or by overnight mail or delivery or mailed by first-class mail, postage prepaid. Notices delivered pursuant to this <u>Section 7.4</u> shall be deemed given on the date received or, if mailed by first class mail, on the date five (5) calendar days after which such notice is mailed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <u>Termination</u>. In the event that no Series AA Preferred Shares are Outstanding, all rights and preferences of Series AA Preferred Shares established and designated hereunder shall cease and terminate, and all obligations of the Fund under this Supplement with respect to such Series AA Preferred Shares shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <u>Amendment</u>. The Board of Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise provided by this Supplement or required by applicable law) amend this Supplement so as to reflect any amendments to the terms applicable to the Series AA Preferred Shares, including an increase in the number of authorized Series AA Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <u>Actions on Other than Business Days</u>. Unless otherwise provided herein, if the date for making any payment, performing any act or exercising any right, in each case as provided for in this Supplement, is not a Business Day, such payment shall be made, act performed or right exercised on the next succeeding Business Day, with the same force and effect as if made or done on the nominal date provided therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue for the period between such nominal date and the date of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. <u>Modification</u>. The Board of Trustees, without the vote of the Holders of Series AA Preferred Shares, may interpret, supplement or amend the provisions of this Supplement to supply any omission, resolve any inconsistency or ambiguity or to cure, correct or supplement any defective or inconsistent provision, including any provision that becomes defective after the date hereof because of impossibility of performance or any provision that is inconsistent with any provision of any other Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. <u>Information Rights</u>. During any period in which the Fund is not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and any Series AA Preferred Shares are Outstanding, the Fund will provide Holders of Series AA Term Preferred Shares, without cost, copies of SEC Reports that the Fund would have been required to file pursuant to Section 13 or 15(d) of the Exchange Act if the Fund was subject to such provisions or, alternatively, the Fund will voluntarily file SEC Reports as if the Fund was subject to Section 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. <u>No Additional Rights</u>. Unless otherwise required by law or the Declaration of Trust, the Holders of Series AA Preferred Shares shall not have any relative rights or preferences or other special rights other than those specifically set forth in this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. <u>Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The headings preceding the text of the Articles and Sections included in this Supplement are for convenience only and shall not be deemed part of this Supplement or be given any effect in interpreting this Supplement. The use of the masculine, feminine or neuter gender or the singular or plural form of words herein shall not limit any provision of this Supplement. The use of the terms "including" or "include" shall in all cases herein mean "including, without limitation" or "include, without limitation," respectively. Reference to any Person includes such Person's successors and assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reference to any agreement (including this Supplement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified, replaced or re-enacted, in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder. Underscored references to Articles and Sections shall refer to those portions of this Supplement. The use of the terms "hereunder," "hereof," "hereto" and words of similar import shall refer to this Supplement as a whole and not to any particular Article, Section or clause of this Supplement.

*[Signature Page Follows]*

IN WITNESS WHEREOF, the Fund has caused this Supplement to be duly executed by its duly authorized officer as of this 22<sup>nd</sup> day of May, 2026.

---

| | |
|:---|:---|
| **EAGLE POINT CREDIT COMPANY** | **EAGLE POINT CREDIT COMPANY** |
| By: | /s/ Kenneth P. Onorio |
| Name: | Kenneth P. Onorio |
| Title: | Chief Financial Officer |

---

## Ex-99.(A)(10)

**Exhibit 99.(a)(10)**

**<u>SUPPLEMENT TO THE</u>**

**<u>DECLARATION OF TRUST<br> OF</u>**

**<u>EAGLE POINT CREDIT COMPANY</u>**

**<u>RELATING TO<br> 7.00% SERIES AB CONVERTIBLE AND PERPETUAL PREFERRED SHARES</u>**

Supplement to the Declaration of Trust (this "Supplement") made as of May 22, 2026 by the Trustees hereunder

**WHEREAS**, the Eagle Point Credit Company, a Delaware statutory trust (the "Fund"), was organized as Eagle Point Credit Company LLC, a Delaware limited liability company, on March 24, 2014 and converted to Eagle Point Credit Company Inc., a Delaware corporation, on October 6, 2014;

**WHEREAS**, pursuant to Section 3820 of the Delaware Statutory Trust Act, Eagle Point Credit Company Inc., a Delaware corporation, (the "Corporation") was converted into the Fund (the "Conversion");

**WHEREAS**, in connection with the Conversion all of the outstanding stock of the Corporation was converted into shares of the Fund;

**WHEREAS,** the Trustees of the Fund may authorize and issue preferred shares of the Fund having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit under Sections 6.1 and 6.2 of the Fund's Declaration of Trust made as of May 22, 2026 (the "Original Declaration of Trust," as restated, amended or supplemented from time to time, together with this Supplement is referred to herein as the "Declaration of Trust") without the approval of any holders of shares of beneficial interests in the Fund; and

**WHEREAS,** the Trustees have made this Supplement to the Original Declaration of Trust to establish the terms, rights, preferences, privileges, limitations and restrictions of the 7.00% Series AB Convertible and Perpetual Preferred Shares of the Fund.

**NOW, THEREFORE,** the Trustees hereby supplement the Original Declaration of Trust to authorize the issuance by the Fund of its 7.00% Series AB Convertible and Perpetual Preferred Shares as follows:

**ARTICLE I<br> NUMBER OF SHARES; RANKING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. A series of unlimited preferred shares of beneficial interest, authorized by the Original Declaration of Trust, are hereby designated as the 7.00% Series AB Convertible and Perpetual Preferred Shares (the "Series AB Preferred Shares"). Each Series AB Preferred Share shall have such preferences, voting powers, restrictions, limitations as to dividends and distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth in the Original Declaration of Trust, as are set forth in this Supplement. The Series AB Preferred Shares shall constitute a separate series of Shares (as defined below) and each of the Series AB Preferred Shares shall be identical. No fractional Series AB Preferred Shares shall be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Series AB Preferred Shares shall rank on parity with (i) any other series of preferred shares, whether now or hereafter issued by the Fund and (ii) any other preferred shares of beneficial interest hereafter authorized and issued by the Fund of a class having priority over any other class as to distribution of assets or payments of dividends (collectively with the Series AB Preferred Shares, the "<u>Preferred Shares</u>") as to the payment of dividends and as to the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. Series AB Preferred Shares shall have preference with respect to the payment of dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund over the common shares of beneficial interest (the "<u>Common Shares</u>" and, together with the Preferred Shares, the "<u>Shares</u>"), of the Fund as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. No individual, partnership, trust, corporation, limited liability company, unincorporated association, joint venture or other entity, or government or any agency or political subdivision thereof (each, a "<u>Person</u>") in whose name the Series AB Preferred Shares or any other security issued by the Fund is registered in the registration books of the Fund maintained by the Fund's transfer agent, or any other conversion and paying agent appointed by the Fund with respect to the Series AB Preferred Shares (the "<u>Conversion and Paying Agent</u>") or otherwise (such Person, a "<u>Holder</u>"), shall have, solely by reason of being such a Holder, any preemptive or other right to acquire, purchase or subscribe for any Series AB Preferred Shares, other Preferred Shares, Common Shares or other securities of the Fund that it may hereafter issue or sell.

**ARTICLE II<br> DIVIDENDS AND DISTRIBUTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Holders of Series AB Preferred Shares shall be entitled to receive, when, as and if declared by, or under authority granted by, the Board of Trustees of the Fund (the "Board of Trustees"), out of funds legally available therefor and in preference to dividends and distributions on the Common Shares, cumulative cash dividends and distributions on each Series AB Preferred Share, calculated separately for each Dividend Period (as defined below) at, as of any date, 7.00% per annum (the "<u>Dividend Rate</u>"), computed on the basis of a 360-day year consisting of twelve 30-day months, on an amount equal to $25.00 (the "<u>Liquidation Preference</u>") for each Series AB Preferred Share, and no more, payable in cash or in additional Series AB Preferred Shares pursuant to the terms of any dividend reinvestment plan adopted by the Fund. For each Series AB Preferred Share, (a) if such share is issued before the Record Date (as defined below) for the Dividend Period in which such share is issued, dividends and distributions on such Series AB Preferred Shares shall accumulate from the first day of such Dividend Period and (b) if such share is issued after the Record Date for the Dividend Period in which such share is issued, dividends and distributions on such Series AB Preferred Shares shall accumulate from the date of issuance of such share. Dividends on all Series AB Preferred Shares shall be payable monthly in arrears as provided in <u>Section 2.2</u>. The amount of dividends payable on the Series AB Preferred Shares will be computed on the basis of actual days elapsed over a 30-day month.

"<u>Dividend Period</u>" means, with respect to each Series AB Preferred Share then Outstanding (as defined below), in the case of the first Dividend Period, the period beginning on and including the first date on which any Series AB Preferred Shares are issued (the "<u>Date of Original Issue</u>") and ending on, but excluding April 30, 2024 and, for each subsequent Dividend Period, the period beginning on and including the last Dividend Payment Date (as defined below) and ending on, but excluding, the next Dividend Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Declaration and Payment; Dividends in Arrears</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dividends on the Series AB Preferred Shares with respect to any Dividend Period shall be declared to the Holders of record of such shares as their names shall appear on the registration books of the Fund at the close of business on the applicable record date, which shall be such date designated by the Board of Trustees that is not more than twenty (20) nor less than seven (7) calendar days prior to the Dividend Payment Date with respect to such Dividend Period (each, a "<u>Record Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dividends declared pursuant to <u>Section 2.1</u> shall be paid on the last business day of every calendar month (each, a "<u>Dividend Payment Date</u>") to the Holders of Series AB Preferred Shares as their names appear on the registration books of the Fund at the close of business on the applicable Record Date for such dividend. If a Dividend Payment Date falls on a non-Business Day (as defined below), the applicable dividend payment will be made on the next Business Day and no additional dividend payment will accrue as a result of such delayed payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dividends in arrears on Series AB Preferred Shares for any past Dividend Period may be declared and paid at any time, without reference to any regular Dividend Payment Date, to the Holders of such shares as their names appear on the registration books of the Fund on the applicable Record Date. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments on Series AB Preferred Shares which may be in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. No full dividends and distributions shall be declared or paid on the Series AB Preferred Shares for any Dividend Period or part thereof unless full cumulative dividends and distributions due through the most recent Dividend Payment Dates therefor for all Outstanding Preferred Shares have been or contemporaneously are declared and paid through the most recent Dividend Payment Dates therefor. If full cumulative dividends and distributions due have not been declared and paid on all Outstanding Preferred Shares, any dividends and distributions being declared and paid on the Series AB Preferred Shares will be declared and paid as nearly pro rata as possible in proportion to the respective amounts of dividends and distributions accumulated but unpaid on each such series of Preferred Shares on the relevant dividend payment date for such series. No Holders of Series AB Preferred Shares shall be entitled to any dividends and distributions, whether payable in cash, property or shares, in excess of full cumulative dividends and distributions as provided in this <u>Section 2.3</u> on the Series AB Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. For so long as any Series AB Preferred Shares are Outstanding, the Fund shall not: (x) declare any dividend or other distribution (other than a dividend or distribution paid in Common Shares) in respect of the Common Shares, (y) call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares, or (z) pay any proceeds of the liquidation of the Fund in respect of the Common Shares, unless, in each case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately thereafter, the Fund shall have "asset coverage," as defined for purposes of Section 18(h) of the Investment Company Act of 1940, as amended, or any successor statute (the "<u>1940 Act</u>"), of at least 200% with respect to all Outstanding senior securities which are shares of the Fund, including all Outstanding Series AB Preferred Shares (or such other percentage as may in the future be specified in the 1940 Act or by rule, regulation or order of the Securities and Exchange Commission (the "<u>SEC</u>") as the minimum asset coverage for senior securities which are shares of a closed-end registered investment company), after deducting the amount of such dividend or distribution or redemption or purchase price or liquidation proceeds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all cumulative dividends and distributions on all Preferred Shares due on or prior to the date of the applicable dividend, distribution, redemption, purchase or acquisition shall have been declared and paid.

"<u>Outstanding</u>" means, as of any date with respect to a series of Preferred Shares, the number of such series of Preferred Shares theretofore issued by the Fund except (without duplication): (A) any shares of the applicable series of Preferred Shares theretofore cancelled or redeemed or converted or delivered to the Conversion and Paying Agent for cancellation or redemption or conversion in accordance with the terms hereof and (B) any shares of the applicable series of Preferred Shares as to which the Fund shall be the Holder or the beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. Any dividend payment made on Series AB Preferred Shares shall first be credited against the dividends and distributions accumulated with respect to the earliest Dividend Period for which dividends and distributions have not been paid.

**ARTICLE III<br> LIQUIDATION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. In the event of any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the Holders of Series AB Preferred Shares shall be entitled to receive out of the assets of the Fund available for distribution to shareholders, after satisfying claims of creditors but before any distribution or payment shall be made in respect of the Common Shares, a liquidation distribution equal to the Liquidation Preference of such shares plus an amount equal to any accumulated, accrued and unpaid dividends thereon to, but excluding, the date of such liquidation distribution, and such Holders shall be entitled to no further participation in any distribution or payment in connection with any such liquidation, dissolution or winding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. If, upon any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the assets of the Fund available for distribution among the Holders of all Outstanding Series AB Preferred Shares and any other Outstanding Preferred Shares shall be insufficient to permit the payment in full to such Holders of the amount due as provided in <u>Section 3.1</u> above and the amounts due upon liquidation with respect to such other Preferred Shares, then such available assets shall be distributed among the Holders of such Series AB Preferred Shares and such other Preferred Shares ratably in proportion to the respective preferential liquidation amounts to which they are entitled. In connection with any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, unless and until the amount due, as provided in <u>Section 3.1</u> above, has been paid in full to the Holders of such shares, no dividends, distributions or other payments will be made on, and no redemption, purchase or other acquisition by the Fund will be made by the Fund in respect of the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Neither the sale of all or substantially all of the property or business of the Fund, nor the merger, consolidation or reorganization of the Fund into or with any other business or statutory trust, corporation or other entity, nor the merger, consolidation or reorganization of any other business or statutory trust, corporation or other entity into or with the Fund shall be a dissolution, liquidation or winding up, whether voluntary or involuntary, for the purpose of this <u>ARTICLE III</u>.

**ARTICLE IV<br> ASSET COVERAGE TEST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Asset Coverage Requirement</u>. For so long as any Series AB Preferred Shares are Outstanding, the Fund shall have "asset coverage" of a class of senior security which is stock, as defined for purposes of Section 18(h) of the 1940 Act as in effect on the date hereof ("<u>Asset Coverage</u>"), of at least 200% as of the close of business on the last Business Day of any of the three month periods ending March 31, June 30, September 30 or December 31 of each year (each, a "<u>Calendar Quarter</u>"). If the Fund shall fail to maintain such Asset Coverage as of any time as of which such compliance is required to be determined as aforesaid, the provisions <u>Section 6.4(a)</u> shall be applicable, which provisions shall constitute the sole remedy for the Fund's failure to comply with the provisions of this <u>Section 4.1</u>.

**ARTICLE V<br> REDEMPTION**

Shares of Series AB Preferred Shares shall be subject to redemption as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Optional Redemption upon Death or Disability of Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Beginning on the Date of Original Issue and prior to the Listing Deadline Date (as defined below) designated in connection with a Listing Event (as defined below), upon request by the authorized representative of the beneficial owner (or his or her estate) of any Series AB Preferred Shares who is a natural person (including a natural person who beneficially owns Series AB Preferred Shares through an individual retirement account or personal trust), following the death or disability of the beneficial owner of such shares, the Fund will, at its option and subject to the restrictions herein, redeem such shares ("<u>Survivor's Option</u>"); provided that in order to exercise the Survivor's Option, the beneficial owner (or his or her estate) of Series AB Preferred Shares must have held such shares for a minimum of six (6) months. No conversion fee will be charged in connection with the redemption of Series AB Preferred Shares upon the death or disability of a beneficial owner pursuant to this <u>Section 5.1</u>. The Survivor's Option shall terminate upon the occurrence of a Listing Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any redemption pursuant to this <u>Section 5.1</u>, the Fund will redeem Series AB Preferred Shares for cash, at a redemption price equal to the Liquidation Preference, plus an amount equal to any accumulated, accrued and unpaid dividends thereon to, but excluding, the date of such redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To be valid, any Survivor's Option must be exercised by or on behalf of the disabled beneficial owner of Series AB Preferred Shares or the person who has authority to act on behalf of the deceased beneficial owner of Series AB Preferred Shares (including, without limitation, the personal executor of the deceased beneficial owner or the surviving joint beneficial owner with the deceased beneficial owner) under the laws of the applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The death or disability of a person holding a beneficial ownership interest in any Series AB Preferred Shares as a joint tenant or tenant by the entirety with another person, or as a tenant in common with the deceased or disabled beneficial owner's spouse, will be deemed the death or disability of a beneficial owner of such shares, and the entirety of the shares so beneficially owned will be eligible for the Survivor's Option. However, the death or disability of a person holding a beneficial ownership interest in any Series AB Preferred Shares as tenant in common with a person other than such deceased beneficial owner's spouse will be deemed the death or disability of a beneficial owner only with respect to such deceased person's interest in such shares, and only a corresponding portion of the shares so beneficially owned will be eligible for the Survivor's Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The death or disability of a person who, during his or her lifetime, was entitled to substantially all of the beneficial ownership interests in any Series AB Preferred Shares will be deemed the death or disability of the beneficial owner of those shares for purposes of any Survivor's Option, regardless of whether that beneficial owner was the registered holder of such shares, if entitlement to those interests can be established to the satisfaction of the Fund. A beneficial ownership interest will be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act, community property or other joint ownership arrangements between a husband and wife. In addition, a beneficial ownership interest will be deemed to exist in custodial and trust arrangements where one person has all of the beneficial ownership interests in the applicable shares during his or her lifetime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to any Series AB Preferred Shares held in "street name" through a DTC Participant for which DTC or its nominee is the record holder of the shares, DTC or its nominee, as record holder of the shares, will be the only entity that can exercise any Survivor's Option for such shares. With respect to any Series AB Preferred Shares held through direct register, the record holder of the shares will be the only entity that can exercise any Survivor's Option for such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To exercise the Survivor's Option for any Series AB Preferred Shares, the authorized representative of the deceased or disabled beneficial owner (or his or her estate) must provide to the Fund or its designee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) appropriate evidence (a) that the deceased or disabled person was the beneficial owner of Series AB Preferred Shares at the time of death or disability and his or her interest in the shares was owned by the deceased or disabled beneficial owner or his or her estate at least six months prior to the exercise of the Survivor's Option (b) that the death or disability of the beneficial owner has occurred (including a certificate of death or disability), (c) of the date of death or disability of the beneficial owner, and (d) that the representative has authority to act on behalf of the beneficial owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a written request to exercise the Survivor's Option signed by the disabled beneficial owner or the authorized representative of the deceased or disabled beneficial owner with the signature guaranteed by a member firm of a registered national securities exchange or of the Financial Industry Regulatory Authority or a commercial bank or trust company having an office or correspondent in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if applicable, a properly executed assignment or endorsement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) tax waivers and any other instruments or documents that the Fund reasonably requires in order to establish the validity of the beneficial ownership of Series AB Preferred Shares and the claimant's entitlement to payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any additional information the Fund reasonably requires to evidence satisfaction of any conditions to the exercise of any Survivor's Option or to document beneficial ownership or authority to exercise the Survivor's Option. In the case of shares held through a broker or nominee, the disabled beneficial owner or authorized representative of the deceased or disabled beneficial owner (or his or her estate) must deliver the foregoing information to the applicable broker or nominee, along with a written instruction to such broker or nominee to exercise the Survivor's option on behalf of the deceased or disabled beneficial owner (or his or her estate). In turn, the broker or other nominee will deliver each of these items to the Fund or other nominee, along with evidence satisfactory to the Fund from the broker or other nominee stating that it represents the deceased or disabled beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund shall not be obligated to redeem any Series AB Preferred Shares pursuant to this <u>Section 5.1</u> to the extent that (i) the Fund does not have sufficient funds available to fund such redemption or (ii) the Fund is restricted by applicable law, including the asset coverage requirements of the 1940 Act applicable to the Fund, or by the terms of any then outstanding senior securities of the Fund from making such redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An otherwise valid election to exercise any Survivor's Option may not be withdrawn. Each election to exercise any Survivor's Option will be accepted in the order that elections are received by the Fund, except for any request the acceptance of which would contravene any of the limitations described in the preceding paragraph. Shares accepted for redemption through the exercise of any Survivor's Option normally will be redeemed monthly. Each tendered share that is not accepted in any calendar year due to the application of any of the limitations described in the preceding paragraph will be deemed to be tendered in the following calendar year in the order in which all such shares were originally tendered. If any shares tendered through a valid exercise of any Survivor's Option are not accepted, the Fund will deliver a notice by first-class mail to the registered holder, at that holder's last known address as indicated in the Fund's shareholder register, that states the reason the shares have not been accepted for redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All other questions regarding the eligibility or validity of any exercise of any Survivor's Option will be determined by the Fund, in its sole discretion, which determination will be final and binding on all parties.

**ARTICLE VI**

**CONVERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Defined Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Conversion Price</u>" means the Current Market Price of the Common Shares; provided, that, for any conversion at the option of the Fund pursuant to <u>Sections 6.3</u> and <u>6.4</u>, if the Fund has not received shareholder approval under by the 1940 Act to issue Common Shares below net asset value, or "<u>NAV</u>," in connection with such conversion, as necessary with respect to such conversion, the "<u>Conversion Price</u>" means the net asset value per each of the Common Shares at the close of business on the business day immediately preceding the Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Current Market Price</u>" per each of the Common Shares, as of any date of determination, means the arithmetic average of the daily volume weighted average price, or "<u>VWAP</u>," per each of the Common Shares over each of the five consecutive trading days ending on the Holder Conversion Exercise Date (as defined below) or the Issuer Conversion Exercise Date (as defined below), as the case may be; provided however, if as of any date of determination the Common Shares is not listed or quoted on a national securities exchange or automated quotation system, the Current Market Price shall be determined based on the last quoted bid price for the Common Shares in the over-the-counter market as reported by OTC Markets Group Inc. or any similar organization, or, if that bid price is not available, the market price of the Common Shares on that date as determined by an independent financial advisor retained by the Fund for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Issuance Reference Date</u>" means, with respect to any of the Series AB Preferred Shares, the date on which such share was originally issued; provided that from time to time the Board of Trustees may, without approval of holders of Series AB Preferred Shares, designate a different date as the Issuance Reference Date, provided that such date is not later than the date on which such Series AB Preferred Share was originally issued and not earlier than six months prior to the date on which such Series AB Preferred Share was originally issued. The Board of Trustees may cause the Fund to conduct a mandatory tender, exchange, conversion or other reorganization solely for the purpose of designating a different Issuance Reference Date as permitted hereby, which conversion, combination, exchange or reorganization shall not be deemed to materially and adversely affect the rights, preferences or privileges of Series AB Preferred Shares, notwithstanding that in connection with any such conversion, combination, exchange or reorganization holders may receive cash in lieu of fractional shares, and which conversion, combination, exchange or reorganization shall be effective at such time as approved by the Board of Trustees. Series AB Preferred Shares issued pursuant to a dividend reinvestment plan adopted by the Fund shall, in accordance with the terms of such dividend reinvestment plan, be of the same series and be deemed to have the Issuance Reference Date based on the Issuance Reference Date of the Series AB Preferred Shares for which the dividend was declared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Holder Optional Conversion.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time prior to the listing of the Series AB Preferred Shares on a national securities exchange (which may not occur and is subject to the Board's discretion) (a "<u>Listing Event</u>"), a holder of Series AB Preferred Shares may require the Fund to convert such Series AB Preferred Shares pursuant to this <u>Section 6.2</u> (a "<u>Holder Optional Conversion</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A holder of Series AB Preferred Shares may exercise a Holder Optional Conversion only by delivering to the Fund or its designee at any time a written notice to convert stating that the holder elects to convert all or a stated number of their Series AB Preferred Shares (a "<u>Holder Conversion Notice</u>"), subject to any early applicable dividend clawback (the "Dividend Clawback") as provided in <u>Section 6.2(j)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Holder Conversion Notice will be effective as of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the 15th calendar day of the month (provided that if such day is not a Business Day, the Business Day immediately following the 15th calendar day of the month); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the last Business Day of the month;

whichever occurs first after a Holder Conversion Notice is duly received by the Fund or its designee (each such date, a "<u>Holder Conversion Deadline</u>"). Any Holder Conversion Notice received after 5:00 p.m. (Eastern time) on a Holder Conversion Deadline will be effective as of the next Holder Conversion Deadline; provided that in connection with a Listing Event, no Holder Conversion Deadline shall occur after the 30<sup>th</sup> calendar day prior the Listing Date (the "<u>Listing Deadline Date</u>") designated in a Listing Notice (as defined below) (unless the Listing Notice is revoked pursuant to <u>Section 6.5</u> in which case Holder Conversion Deadline shall recommence), and any Holder Conversion Notice received after 5:00 p.m. (Eastern time) on the final Holder Conversion Deadline before the Listing Deadline Date will be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For all Series AB Preferred Shares duly submitted for conversion pursuant to a Holder Optional Conversion on or before a Holder Conversion Deadline, the Fund shall determine the Settlement Amount (as defined below) on any business day after such Holder Conversion Deadline but before the next Holder Conversion Deadline (such date, the "<u>Holder Conversion Exercise Date</u>") that the Fund selects in its sole discretion. The "<u>Settlement Amount</u>" means (A) the Liquidation Preference, plus (B) unpaid dividends accrued to, but not including, the Holder Conversion Exercise Date, minus (C) the Dividend Clawback applicable on the respective Holder Conversion Exercise Date, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund or its designee may, in its sole discretion, allow a holder to revoke their Holder Conversion Notice pursuant to notice of revocation delivered to the Fund or its designee at any time prior to 5:00 p.m. (Eastern time) on the Business Day immediately preceding the Holder Conversion Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund shall settle any Holder Optional Conversion by any of the following methods, which it may determine in its sole discretion at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund will deliver a number of Common Shares calculated using a conversion rate (the "<u>HOC Rate</u>") equal to (1) the Settlement Amount, divided by (2) the Conversion Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund will deliver the Settlement Amount in cash; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any combination of <u>Section 6.2(f)(i)</u> and <u>6.2(f)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund shall issue and deliver, or cause to be issued and delivered, to the holder of Series AB Preferred Shares converted pursuant to the Holder Optional Conversion the number of duly authorized and issued, fully paid and nonassessable Common Shares to which the holder of Series AB Preferred Shares so converted shall be entitled, and/or pay an amount of cash to which the holder of Series AB Preferred Shares is entitled, pursuant to this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Series AB Preferred Shares for which a Holder Conversion Notice has been delivered shall not be subject to any conversion by the Fund pursuant to Section 6.3 or redemption pursuant to Article V occurring after the effective Holder Conversion Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The right of holders of Series AB Preferred Shares to exercise the Holder Optional Conversion shall terminate in connection with a Listing Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If a holder of a Series AB Preferred Share exercises a Holder Optional Conversion within the first twelve months following the Issuance Reference Date of such Series AB Preferred Share, the Settlement Amount payable to such holder will be reduced by the aggregate amount of all dividends, whether paid or accrued, on such Series AB Preferred Share in the three full months prior to the Holder Conversion Exercise Date, if any (such aggregate amount, the "Dividend Clawback"). The Corporation, in its sole discretion, may waive the Dividend Clawback with respect to any conversion of Series AB Preferred Shares. If such conversion is to be settled in part or in whole in cash, the Company shall make a public announcement of the terms and duration of such waiver, which shall apply to any holder effecting a Holder Optional Conversion during the pendency of the term of such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Issuer Optional Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After the second anniversary of the Issuance Reference Date of a Series AB Preferred Share, or the Date of Original Issue following a Listing Event, the Fund may cause Series AB Preferred Shares (the "<u>Issuer Conversion Eligible Shares</u>") to be converted in whole or in part into Common Shares; provided that upon a determination by the Board of Trustees, in its sole discretion, that the conversion of Series AB Preferred Shares that are not Issuer Conversion Eligible Shares is necessary to comply with the asset coverage requirements of the 1940 Act applicable to the Fund, to cause the Fund to maintain the Fund's status as a "regulated investment company" under Subchapter M of the Code, to maintain or enhance one or more of the Fund's credit ratings, to help comply with regulatory or other obligations applicable to the Fund, to achieve a strategic transaction, or to improve the liquidity position of the Fund (each, a "<u>Permitted Purpose</u>"), the Board of Trustees, including a majority of the independent Trustees, may, in its sole discretion, cause the Fund to cause shares that are not Issuer Conversion Eligible Shares to be converted in whole or in part into Common Shares. In the case of any conversion of shares that are not Issuer Conversion Eligible Shares pursuant to this Section 6.3(a), the Fund shall cause the conversion of the minimum number of outstanding Series AB Preferred Shares necessary to achieve the applicable Permitted Purpose, and, if the conversion of all Issuer Conversion Eligible Shares is insufficient in such respect, the Fund shall cause the conversion of the minimum number of then outstanding shares that are not Issuer Conversion Eligible Shares, together with the conversion of all Issuer Conversion Eligible Shares, necessary to achieve the Permitted Purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time or from time to time, the Fund may cause the Series AB Preferred Shares to be converted pursuant to this Section 6.3 in whole or in part into (x) cash, (y) Common Shares or (z) a combination of cash and Common Shares, in the sole discretion of the Fund. The Fund will settle any conversion pursuant to this Section 6.3 by paying or delivering, as the case may be, (A) a number of Common Shares calculated using a conversion rate equal to (1) the Settlement Amount (excluding, for the avoidance of doubt, any Conversion Fee), minus any portion of the Settlement Amount that the Fund elects to pay in cash, divided by (2) the arithmetic average of the VWAP per common share over each of the five consecutive trading days ending on the date of the Issuer Optional Conversion, or the "IOC Conversion Price," and each of the HOC Conversion Price and the OIC Conversion Price, a "Conversion Price" as of the applicable Issuer Conversion Exercise Date so long as (i) the Conversion Price would not represent a discount to the then-current NAV of a Common Share or (ii) the Fund has or has obtained any required shareholder approval under the 1940 Act to issue the Common Shares below NAV, or (B) if the Conversion Price is at a discount to the then-current NAV per Common Share and the Fund does not have or have not obtained any required shareholder approval under the 1940 Act to issue the Common Shares below NAV, a number of the Common Shares calculated using a conversion rate equal to (1) the Settlement Amount minus any portion of the Settlement Amount that the Fund elect to pay in cash, divided by (2) the NAV per Common Share as of the close of business on the business day immediately preceding the date of conversion and (C) the portion of the Settlement Amount that the Fund elects to pay in cash. In case of any conversion pursuant to this <u>Section 6.3</u> of less than all Series AB Preferred Shares at the time outstanding, the Series AB Preferred Shares to be converted shall be selected pro rata or by lot (subject to the proviso in Section 6.3(a) for conversion of shares that are not Issuer Conversion Eligible Shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The right to convert Series AB Preferred Shares pursuant to this <u>Section 6.3</u> may be exercised by the Fund only by delivering, upon not less than 30 calendar days prior to the date fixed by the Fund for the conversion of Series AB Preferred Shares (the "<u>Issuer Conversion Exercise Date</u>"), a written notice to holders of Series AB Preferred Shares stating that the Fund elects to convert all or a stated number of their Series AB Preferred Shares pursuant to this <u>Section 6.3</u> (each, an "<u>Issuer Conversion Notice</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall issue and deliver, or cause to be issued and delivered, to the holder of Series AB Preferred Shares converted pursuant to this <u>Section 6.3</u> the number of duly authorized and issued, fully paid and nonassessable Common Shares to which the holder of Series AB Preferred Shares so converted shall be entitled, and/or an amount of cash to which the holder of Series AB Preferred Shares is entitled, pursuant to this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any delivery of an Issuer Conversion Notice, holders may continue to exercise the Holder Optional Conversion pursuant to <u>Section 6.2</u> for any Holder Conversion Deadline occurring prior to the Issuer Conversion Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Asset Coverage Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time following the date of issuance of Series AB Preferred Shares, if the Fund fails to comply with the Asset Coverage requirement as provided in <u>Section 4.1</u> as of the last Business Day of any Calendar Quarter and such failure is not cured as of the date that is thirty (30) calendar days following the date of filing of the Fund's Annual Report on Form N-CSR, Semiannual Report on Form N-CSRS or Reports on Form N-PORT, as applicable (each, an "<u>SEC Report</u>") with the SEC with respect to such Calendar Quarter (such Business Day, the "<u>Asset Coverage Cure Date</u>"), the Fund shall, to the extent permitted by the 1940 Act and Delaware law, by the close of business on such Asset Coverage Cure Date, fix a conversion or redemption date and proceed to convert (an "<u>Asset Coverage Conversion</u>") or redeem (an "<u>Asset Coverage Redemption</u>"), as determined by the Fund in its sole discretion, in accordance with the terms of such Preferred Shares, a sufficient number of Preferred Shares, which at the Fund's sole discretion (to the extent permitted by the 1940 Act and Delaware law) may include any number or proportion of Series AB Preferred Shares, to enable it to meet the requirements of <u>Section 6.4(b)</u>. In the event that any Series AB Preferred Shares then Outstanding are to be converted pursuant to this <u>Section 6.4(a)</u>, the Fund shall settle any Asset Coverage Conversion in the same manner as an Issue Optional Conversion as described in <u>Section 6.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the conversion or redemption date for an Asset Coverage Conversion or Asset Coverage Redemption contemplated by <u>Section 6.4(a)</u>, the Fund shall convert or redeem, as applicable, (x) such number of Preferred Shares (which may include at the Fund's discretion any number or proportion of Series AB Preferred Shares) that, when combined with any debt securities redeemed for failure to maintain the asset coverage required by the indenture governing such securities, the conversion of which, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, would result in the Fund having Asset Coverage on such Asset Coverage Cure Date of at least 200% (<u>provided</u>, <u>however</u>, that if there is no such minimum number of Series AB Preferred Shares and other Preferred Shares the conversion or redemption of which would have such result, all Series AB Preferred Shares and other Preferred Shares then Outstanding shall be converted or redeemed, as applicable), or (y) if fewer, the maximum number of Preferred Shares that can be converted or redeemed out of funds expected to be legally available therefor in accordance with the Declaration of Trust and applicable law, <u>provided</u>, <u>further</u>, that in connection with such Asset Coverage Conversion or Asset Coverage Redemption, the Fund may at its sole option, but is not required to, convert a sufficient number of Series AB Preferred Shares pursuant to this <u>Section 6.4</u> that, when aggregated with other Preferred Shares redeemed or converted by the Fund, would result, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, in the Fund having Asset Coverage on such Asset Coverage Cure Date of up to and including 285%. The Fund shall effect such conversion or redemption on the date fixed by the Fund therefor, which date shall not be later than ninety (90) calendar days after such Asset Coverage Cure Date, except that if the Fund does not have funds legally available for the conversion or redemption of all of the required number of Series AB Preferred Shares and other Preferred Shares which have been designated to be redeemed or converted or the Fund otherwise is unable to effect such conversion or redemption on or prior to ninety (90) calendar days after such Asset Coverage Cure Date, the Fund shall convert or redeem those Series AB Preferred Shares and other Preferred Shares which it was unable to convert or redeem on the earliest practicable date on which it is able to effect such conversion or redemption. If fewer than all of the Outstanding Series AB Preferred Shares are to be converted pursuant to this <u>Section 6.4</u>, the number of Series AB Preferred Shares to be converted shall be converted (A) pro rata among the Outstanding Series AB Preferred Shares or (B) by lot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Listing Event</u>. The Fund may, in its sole discretion, cause the Series AB Preferred Shares to be listed for trading on a national stock exchange. In connection with any Listing Event, the Fund shall deliver written notice of the Listing Event (the "<u>Listing Notice</u>") to holders of Series AB Preferred Shares not less than 60 calendar days prior to the date upon which the Series AB Preferred Shares shall be listed on a national stock exchange (the "<u>Listing Date</u>"), specifying the Listing Date, the Listing Deadline Date and the date of the final Holder Conversion Notice Date occurring prior to the Listing Deadline Date. If the Fund shall fail to cause the Series AB Preferred Shares to be listed on national stock exchange within 30 days after the Listing Date set forth in the Listing Notice, the Listing Notice shall be automatically revoked and the Fund shall deliver a new Listing Notice not less than 60 calendar days prior to a newly designated Listing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Effect of Conversion</u>. Any conversion of Series AB Preferred Shares made pursuant to <u>Section 6.2</u>, <u>Section 6.3</u>, or <u>Section 6.4</u> shall be deemed to have been made at the close of business on the applicable Holder Conversion Exercise Date or Issuer Conversion Exercise Date (together, a "<u>Conversion Date</u>"), and the rights of the holder thereof with respect to the Series AB Preferred Shares being converted shall cease, except that the holder thereof shall thereafter have and retain (i) the right to receive cash or Common Shares in respect of the converted Series AB Preferred Shares, including cash in lieu of fractional Common Shares in accordance with <u>Section 6.7</u>, and (ii) the right to vote such Series AB Preferred Shares in connection with any matters submitted to a vote of the shareholders or to receive distributions with respect to such Series AB Preferred Shares, in either case as to which the applicable record date established by the Board of Trustees for determining shareholders entitled to vote on such matter or entitled to receive distributions, as the case may be, shall occur prior to the Conversion Date. The Person(s) entitled to receive the Common Shares upon the conversion of the Series AB Preferred Shares shall be treated for all purposes as having become the record holder of such Common Shares as of the close of business on the Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>No Fractional Shares</u>. No fractional Common Shares shall be issued upon conversion of any Series AB Preferred Shares into Common Shares. In lieu of fractional shares otherwise issuable, each holder will be entitled to receive an amount in cash equal to the fraction of a Common Share multiplied by the Conversion Price applicable to such Conversion Date. In order to determine whether the number of Common Shares to be delivered to a holder upon the conversion of such holder's Series AB Preferred Shares will include a fractional share, such determination shall be based on the aggregate number of Series AB Preferred Shares of such holder that are being converted on any single Conversion Date. Notwithstanding the foregoing, if on any Conversion Date, the Fund is prohibited from making any cash distribution pursuant to the 1940 Act or the terms of the Fund's senior securities then outstanding, no fractional shares will be issued and no cash in lieu of fractional shares will be paid and the amount of Common Shares to be delivered to a holder upon conversion will be rounded down to the nearest whole Common Share.

**ARTICLE VII<br> VOTING RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>One Vote Per Series AB Preferred Share</u>. Except as otherwise provided in the Declaration of Trust or as otherwise required by applicable law, (i) each Holder of Series AB Preferred Shares shall be entitled to one vote for each Series AB Preferred Share held by such Holder on each matter submitted to a vote of shareholders of the Fund, and (ii) the Holders of Outstanding Preferred Shares, including Outstanding Series AB Preferred Shares, and holders of outstanding Common Shares shall vote together as a single class; <u>provided</u>, <u>however</u>, that the Holders of Outstanding Preferred Shares, including Outstanding Series AB Preferred Shares, shall be entitled, as a class, to the exclusion of the Holders of all other securities and classes of the Fund, to elect two Trustees of the Fund at all times. Subject to <u>Section 7.2</u>, the Holders of outstanding Common Shares and Preferred Shares, including Series AB Preferred Shares, voting together as a single class, shall elect the balance of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Voting For Additional Trustees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Voting Period*. During any period in which any one or more of the conditions described in clauses (i) or (ii) of this <u>Section 7.2(a)</u> shall exist (such period being referred to herein as a "<u>Voting Period</u>"), the number of Trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two Trustees elected exclusively by the Holders of Preferred Shares, including Series AB Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including Series AB Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of Shares of the Fund), to elect such smallest number of additional Trustees, together with the two Trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if, at the close of business on any dividend payment date for any Outstanding Preferred Shares including any Outstanding Series AB Preferred Shares, accumulated dividends (whether or not earned or declared) on such Outstanding Preferred Shares equal to at least two (2) full years' dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Conversion and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at any time Holders of Preferred Shares are otherwise entitled under the applicable provisions of the 1940 Act to elect a majority of the Board of Trustees.

Upon the termination of a Voting Period, the voting rights described in this <u>Section 7.2(a)</u> shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this <u>Section 7.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice of Special Meeting*. As soon as practicable after the accrual of any right of the Holders of Preferred Shares to elect additional Trustees as described in <u>Section 7.2(a)</u>, the Fund shall call a special meeting of such Holders and notify the Conversion and Paying Agent and/or such other Person as is specified in the terms of such Preferred Shares to receive notice (i) by mailing or delivery by Electronic Means or (ii) in such other manner and by such other means as are specified in the terms of such Preferred Shares, a notice of such special meeting to such Holders, such meeting to be held not less than ten (10) nor more than thirty (30) calendar days after the date of the delivery by Electronic Means or mailing of such notice. If the Fund fails to call such a special meeting, it may be called at the expense of the Fund by any such Holder on like notice. The record date for determining the Holders of Preferred Shares entitled to notice of and to vote at such special meeting shall be the close of business on the Business Day preceding the calendar day on which such notice is mailed. At any such special meeting and at each meeting of Holders of Preferred Shares held during a Voting Period at which Trustees are to be elected, such Holders, voting together as a class (to the exclusion of the Holders of all other securities and classes of Shares of the Fund), shall be entitled to elect the number of Trustees prescribed in <u>Section 7.2(a)</u> on a one-vote-per-share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Terms of Office of Existing Trustees*. The terms of office of the incumbent Trustees of the Fund at the time of a special meeting of Holders of Preferred Shares to elect additional Trustees in accordance with <u>Section 7.2(a)</u> shall not be affected by the election at such meeting by the Holders of Series AB Preferred Shares and such other Holders of Preferred Shares of the number of Trustees that they are entitled to elect, and the Trustees so elected by the Holders of Series AB Preferred Shares and such other Holders of Preferred Shares, together with the two (2) Trustees elected by the Holders of Preferred Shares in accordance with <u>Section 7.1</u> hereof and the remaining Trustees elected by the Holders of Common Shares and Preferred Shares, shall constitute the duly elected Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Terms of Office of Certain Trustees to Terminate Upon Termination of Voting Period*. Simultaneously with the termination of a Voting Period, the terms of office of the additional Trustees elected by the Holders of Preferred Shares pursuant to <u>Section 7.2(a)</u> shall terminate, the remaining Trustees shall constitute the Trustees of the Fund and the voting rights of the Holders of Preferred Shares to elect additional Trustees pursuant to <u>Section 7.2(a)</u> shall cease, subject to the provisions of the last sentence of <u>Section 7.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Holders of Series AB Preferred Shares to Vote on Certain Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Certain Amendments Requiring Approval of Preferred Shares*. Except as otherwise permitted by the terms of this Supplement, (1) so long as any Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least two-thirds of Preferred Shares Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration of Trust or this Supplement (or any other document governing the rights of the Preferred Shares or the Holders thereof as may be required by the rules of any applicable securities exchange), whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power of such Preferred Shares or the Holders thereof and (2) so long as any Series AB Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least two-thirds of Series AB Preferred Shares Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration of Trust or this Supplement (or any other document governing the rights of the Series AB Preferred Shares or the Holders thereof as may be required by the rules of any applicable securities exchange), whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power of such Series AB Preferred Shares or the Holders thereof differently than shares of any other series of Preferred Shares; <u>provided</u>, <u>however</u>, that for purposes of this <u>Section 7.3(a)</u>, (i) a change in the capitalization of the Fund in accordance with <u>Section 7.1</u> hereof shall not be considered to materially and adversely affect the rights and preferences of the Preferred Shares, including the Series AB Preferred Shares, and (ii) a division of the Preferred Shares, including the Series AB Preferred Shares, shall be deemed to affect such preferences, rights or powers only if the terms of such division materially and adversely affect the Holders of the shares. For purposes of the foregoing, no matter shall be deemed to adversely affect any preference, right or power of a Preferred Share or any series thereof, or the Holder of any such share unless such matter (x) alters or abolishes any preferential right of such Preferred Share, or (y) creates, alters or abolishes any right in respect of redemption of such share (other than as a result of a division of a Preferred Share). So long as any Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of at least sixty-seven percent (67%) of the Holders of Preferred Shares Outstanding at the time, voting as a separate class, file a voluntary application for relief under federal bankruptcy law or any similar application under state law for so long as the Fund is solvent and does not foresee becoming insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *1940 Act Matters*. Unless a higher percentage is provided for in the Declaration of Trust, the affirmative vote of the Holders of at least "a majority of the outstanding Preferred Shares," including Series AB Preferred Shares Outstanding at the time, voting as a separate class, shall be required (A) to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares or (B) any action requiring a vote of Holders of the Fund's securities pursuant to Section 13(a) of the 1940 Act. For purposes of the foregoing, the vote of a "majority of the outstanding Preferred Shares" means the vote at an annual or special meeting duly called of (i) sixty-seven percent (67%) or more of such shares present at a meeting, if the Holders of more than fifty percent (50%) of such shares are present or represented by proxy at such meeting, or (ii) more than fifty percent (50%) of such shares, whichever is less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Certain Amendments not Requiring Approval*. Notwithstanding the foregoing or anything expressed or implied to the contrary in this Supplement, but subject to applicable law, the Board of Trustees may, without any approval of the holders of Series AB Preferred Shares, amend or supplement this Supplement (i) to supply any omission, or cure, correct or supplement any ambiguous, defective or inconsistent provision hereof, to the extent not adverse to any holder of Series AB Preferred Shares; (ii) to the extent the Board of Trustees deems necessary to conform this Supplement to the requirements of applicable law, including the 1940 Act; (iii) to designate additional series of Preferred Shares (and the terms relating thereto) and/or reallocate shares between series; and (iv) for the purpose of converting, exchanging, reorganizing or combining two or more series of Preferred Shares into a single series of Preferred Shares having materially the same rights, preferences or privileges as set forth herein, including in connection with a Listing Event, and may cause the Fund to conduct a mandatory tender, exchange, conversion, or other reorganization for the purpose of effecting such combination into a single series of Preferred Shares, which conversion, combination, exchange or reorganization shall not be deemed to materially and adversely affect the rights, preferences or privileges of the shares or of one or more series of the Preferred Shares, notwithstanding that in connection with any such conversion, combination, exchange or reorganization holders may receive cash in lieu of fractional shares, and which conversion, combination, exchange or reorganization shall be effective at such time as approved by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Voting Rights Set Forth Herein Are Sole Voting Rights</u>. Unless otherwise required by law or the Declaration of Trust, the Holders of Series AB Preferred Shares shall not have any relative rights or preferences or other special rights with respect to voting other than those specifically set forth in this <u>ARTICLE VII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. <u>No Cumulative Voting</u>. The Holders of Series AB Preferred Shares shall have no rights to cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. <u>Voting for Trustees Sole Remedy for Fund's Failure to Declare or Pay Dividends</u>. In the event that the Fund fails to declare or pay any dividends on Series AB Preferred Shares on the Dividend Payment Date therefor, the exclusive remedy of the Holders of Series AB Preferred Shares shall be the right to vote for Trustees pursuant to the provisions of this <u>ARTICLE VII</u>. Nothing in this <u>Section 7.6</u> shall be deemed to affect the obligation of the Fund to accumulate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. <u>Holders Entitled to Vote</u>. No Series AB Preferred Share held by the Fund shall have any voting rights or be deemed to be Outstanding for voting or for calculating the voting percentage required on any other matter or other purposes.

**ARTICLE VIII<br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Issuance of Additional Preferred Shares</u>. So long as any Series AB Preferred Shares are Outstanding, the Fund may, without the vote or consent of the Holders thereof, (a) authorize, establish and create and issue and sell shares of one or more series of a class of senior securities of the Fund representing stock under Section 18 of the 1940 Act, ranking on a parity with the Series AB Preferred Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to then Outstanding Series AB Preferred Shares, and (b) authorize, issue and sell additional shares of any such series then Outstanding or so established and created, including additional Series AB Preferred Shares, in each case in accordance with applicable law, <u>provided</u> that the Fund shall, immediately after giving effect to the issuance of such additional Preferred Shares and to its receipt and application of the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have Asset Coverage (calculated in the same manner as is contemplated by <u>Section 4.2</u> hereof) of at least 200%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Status of Converted, Redeemed or Repurchased Series AB Preferred Shares</u>. Series AB Preferred Shares that at any time have been converted, redeemed or purchased by the Fund shall, after such conversion, redemption or purchase, have the status of authorized but unissued Shares, without designation as to series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Adjustment for Reorganization Events</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reclassification, statutory exchange, merger, consolidation or other similar business combination of the Fund with or into another person, in each case, pursuant to which the Common Shares is changed or converted into, or exchanged for, cash, securities or other property of the Fund or another person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any sale, transfer, lease or conveyance to another person, in one or a series of related transactions, of all or a majority of the property and assets of the Fund, in each case pursuant to which the Common Shares is converted into cash, securities or other property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any statutory exchange of securities of the Fund with another person (other than in connection with a merger or acquisition) or reclassification, recapitalization or reorganization of the Common Shares into other securities;

(each of which is referred to as a "<u>Reorganization Event</u>"), each reference in this Supplement to Common Shares will, without the consent of the holders and subject to the terms of this Supplement, become a reference to the number, kind and amount of securities, cash and other property (the "<u>Exchange Property</u>") that each of the Common Shares was converted into, or exchanged for, in such Reorganization Event. If the kind or amount of securities, cash and other property receivable upon such Reorganization Event is not the same for each of the Common Shares held immediately prior to such Reorganization Event by a person, then for the purpose of this Section 8.3, each reference to the Common Shares will be deemed to refer to the weighted average of the types and amounts of consideration per share of Common Shares received by the holders of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The above provisions of this Section 8.3 shall similarly apply to successive Reorganization Events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund (or any successor) shall, no less than 10 calendar days prior to the anticipated effective date of any Reorganization Event (or, if such anticipated effective date cannot be reasonably determined 10 calendar days prior to the date thereof, as promptly as reasonably practicable after the Fund (or any successor) has become aware of the anticipated effective date), provide written notice to the holders of Series AB Preferred Shares of such occurrence of such event and of the kind and amount of the cash, securities or other property that constitutes the Exchange Property. Failure to deliver such notice shall not affect the operation of this Section 8.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall not enter into any agreement for a transaction constituting a Reorganization Event unless (i) such agreement provides for or does not interfere with or prevent (as applicable) conversion of Series AB Preferred Shares into the Exchange Property in a manner that is consistent with and gives effect to this Section 8.3, and (ii) to the extent that the Fund is not the surviving corporation in such Reorganization Event or will be dissolved in connection with such Reorganization Event, proper provision shall be made in the agreements governing such Reorganization Event for the conversion of Series AB Preferred Shares into shares of the person surviving such Reorganization Event or such other continuing entity in such Reorganization Event. The Fund (or any successor) shall have the right to settle any conversions of Series AB Preferred Shares in cash, Exchange Property or any combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to any conversion of Series AB Preferred Shares pursuant to this Supplement, the Fund may, as it determines appropriate in its sole discretion, adjust the conversion rate to account for any stock splits, stock combinations or stock dividends the ex-dividend date for which occurs during the period used for calculating the Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Notice</u>. All notices or communications hereunder, unless otherwise specified in this Supplement, shall be sufficiently given if in writing and delivered in person, by Electronic Means or by overnight mail or delivery or mailed by first-class mail, postage prepaid. Notices delivered pursuant to this <u>Section 7.4</u> shall be deemed given on the date received or, if mailed by first class mail, on the date five (5) calendar days after which such notice is mailed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <u>Termination</u>. In the event that no Series AB Preferred Shares are Outstanding, all rights and preferences of Series AB Preferred Shares established and designated hereunder shall cease and terminate, and all obligations of the Fund under this Supplement with respect to such Series AB Preferred Shares shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <u>Amendment</u>. The Board of Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise provided by this Supplement or required by applicable law) amend this Supplement so as to reflect any amendments to the terms applicable to the Series AB Preferred Shares, including an increase in the number of authorized Series AB Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <u>Actions on Other than Business Days</u>. Unless otherwise provided herein, if the date for making any payment, performing any act or exercising any right, in each case as provided for in this Supplement, is not a Business Day, such payment shall be made, act performed or right exercised on the next succeeding Business Day, with the same force and effect as if made or done on the nominal date provided therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue for the period between such nominal date and the date of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. <u>Modification</u>. The Board of Trustees, without the vote of the Holders of Series AB Preferred Shares, may interpret, supplement or amend the provisions of this Supplement to supply any omission, resolve any inconsistency or ambiguity or to cure, correct or supplement any defective or inconsistent provision, including any provision that becomes defective after the date hereof because of impossibility of performance or any provision that is inconsistent with any provision of any other Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. <u>Information Rights</u>. During any period in which the Fund is not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and any Series AB Preferred Shares are Outstanding, the Fund will provide Holders of Series AB Term Preferred Shares, without cost, copies of SEC Reports that the Fund would have been required to file pursuant to Section 13 or 15(d) of the Exchange Act if the Fund was subject to such provisions or, alternatively, the Fund will voluntarily file SEC Reports as if the Fund was subject to Section 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. <u>No Additional Rights</u>. Unless otherwise required by law or the Declaration of Trust, the Holders of Series AB Preferred Shares shall not have any relative rights or preferences or other special rights other than those specifically set forth in this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. <u>Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The headings preceding the text of the Articles and Sections included in this Supplement are for convenience only and shall not be deemed part of this Supplement or be given any effect in interpreting this Supplement. The use of the masculine, feminine or neuter gender or the singular or plural form of words herein shall not limit any provision of this Supplement. The use of the terms "including" or "include" shall in all cases herein mean "including, without limitation" or "include, without limitation," respectively. Reference to any Person includes such Person's successors and assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reference to any agreement (including this Supplement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified, replaced or re-enacted, in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder. Underscored references to Articles and Sections shall refer to those portions of this Supplement. The use of the terms "hereunder," "hereof," "hereto" and words of similar import shall refer to this Supplement as a whole and not to any particular Article, Section or clause of this Supplement.

*[Signature Page Follows]*

IN WITNESS WHEREOF, the Fund has caused this Supplement to be duly executed by its duly authorized officer as of this 22<sup>nd</sup> day of May, 2026.

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| | |
|:---|:---|
| **EAGLE POINT CREDIT COMPANY** | **EAGLE POINT CREDIT COMPANY** |
| By: | /s/ Kenneth P. Onorio |
| Name: | Kenneth P. Onorio |
| Title: | Chief Financial Officer |

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## Ex-99.(B)

**Exhibit 99.(b)**

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**EAGLE POINT CREDIT COMPANY**

**BYLAWS**

**Dated as of May 22, 2026**

------

**Table of Contents**

**Page**

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| | | |
|:---|:---|:---|
| ARTICLE I SHAREHOLDER MEETINGS | ARTICLE I SHAREHOLDER MEETINGS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. | Chair | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. | Proxies; Voting | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. | Notice of Meeting and Fixing Record Dates | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. | Inspectors of Election | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. | Records at Shareholder Meetings | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. | Postponement, Adjournment and Change of Place of Meetings | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. | Meetings by Remote Communication | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. | Meeting Proposals | 3 |
| ARTICLE II TRUSTEES | ARTICLE II TRUSTEES | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. | Annual and Regular Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. | Chair; Records | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. | Nominations | 4 |
| ARTICLE III OFFICERS | ARTICLE III OFFICERS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. | Officers of the Trust | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. | Election and Tenure | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. | Removal and Resignation of Officers | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. | Bonds and Surety | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. | Chief Executive Officer and Vice Presidents | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. | Secretary | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. | Chief Financial Officer | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. | Chief Compliance Officer | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. | Other Officers and Duties | 7 |
| ARTICLE IV MISCELLANEOUS | ARTICLE IV MISCELLANEOUS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. | Depositories | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. | Signatures | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. | Seal | 7 |
| ARTICLE V SHARE TRANSFERS | ARTICLE V SHARE TRANSFERS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. | Transfer Agents, Registrars and the Like | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. | Transfer of Shares | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. | Registered Shareholders | 7 |
| ARTICLE VI AMENDMENT OF BYLAWS | ARTICLE VI AMENDMENT OF BYLAWS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. | Amendment and Repeal of Bylaws | 7 |

---

i

**EAGLE POINT CREDIT COMPANY**

**<u>BYLAWS</u>**

These Bylaws are made and adopted pursuant to Section 3.8 of the Declaration of Trust of Eagle Point Credit Company (the "Trust"), dated as of May 22, 2026, as from time to time amended (the "Declaration"). All words and terms capitalized in these Bylaws shall have the meaning or meanings set forth for such words or terms in the Declaration.

**ARTICLE I**

**<u>SHAREHOLDER MEETINGS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Chair</u>. The Chair of the Board of Trustees, if any, shall act as chair at all meetings of the shareholders of the Trust ("Shareholders"); in the Chair's absence, the Trustee or Trustees present at each meeting may elect a temporary chair for the meeting, who may be one of themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Proxies; Voting</u>. Shareholders may vote either in person or by duly executed proxy and each full Share represented at the meeting shall have one vote and each fractional Share shall be entitled to a vote of such fraction, all as provided in Article X of the Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Notice of Meeting and Fixing Record Dates</u>. Notice of all meetings of Shareholders, stating the time, place (including that the meeting will be held by remote communication, as applicable) and purposes of the meeting, shall be sent or otherwise given to each Shareholder of record entitled to vote thereat at its registered address, not less than ten (10) nor more than one hundred and twenty (120) days before the date of the meeting. Business transacted at any special meeting of Shareholders shall be limited to matters relating to the purpose or purposes stated in the notice of meeting. For the purpose of determining the Shareholders who are entitled to notice of or to vote or act at any meeting, including any adjournment thereof, or who are entitled to participate in any dividends, or for any other proper purpose, the Trustees may from time to time, without closing the transfer books, fix a record date in the manner provided in Section 10.3 of the Declaration. If the Trustees do not prior to any meeting of Shareholders so fix a record date or close the transfer books, then the date of mailing of notice of the meeting or the date upon which the dividend resolution is adopted, as the case may be, shall be the record date. Notice of any meeting of Shareholders shall be deemed waived by any Shareholder who attends the meeting in person or by proxy or who before or after the meeting submits a signed waiver of notice that is filed with the records of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Inspectors of Election</u>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment thereof. If Inspectors of Election are not so appointed, the person acting as chair at any meeting of Shareholders may, and on the request of any Shareholder or Shareholder proxy shall, appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three. If appointed at the meeting on the request of one or more Shareholders or proxies, a majority of the Trust's shares of beneficial interest ("Shares") present shall determine whether one or three Inspectors of Election are to be appointed, but failure to allow such determination by the Shareholders shall not affect the validity of the appointment of Inspectors of Election. In case any person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by the Trustees in advance of the convening of the meeting or at the meeting by the person acting as chair. The Inspectors of Election shall determine the number of Shares outstanding, the Shares represented at the meeting and the voting power of each Share, the existence of a quorum, the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions in any way arising in connection with the right to vote, shall count and tabulate all votes or consents, determine the results, and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all. On request of the person acting as chair of the meeting, or of any Shareholder or Shareholder proxy, the Inspectors of Election shall make a report in writing of any challenge or question or matter determined by them and shall execute a certificate of any facts found by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Records at Shareholder Meetings</u>. At each meeting of the Shareholders, there shall be made available for inspection at a convenient time and place during normal business hours, if requested by Shareholders, the minutes of the last previous meeting of Shareholders of the Trust and a list of the Shareholders of the Trust, as of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders shall contain the name and the address of each Shareholder in alphabetical order and the number of Shares owned by such Shareholder. Shareholders shall have such other rights and procedures of inspection of the books and records of the Trust as are granted to stockholders of a Delaware business corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Postponement, Adjournment and Change of Place of Meetings</u>. Prior to the date upon which any meeting of Shareholders is to be held, the Board of Trustees may, in its sole discretion, which may be delegated to the officers of the Trust, postpone or change the place of such meeting (including by specifying that the meeting will be held by remote communication) one or more times for any reason by giving notice to each Shareholder entitled to vote at the meeting so postponed or changed of the place (including that the meeting will be held by remote communication, as applicable), date and hour at which such meeting will be held. Such notice shall be given not fewer than two (2) days before the date of such meeting and otherwise in accordance with Section 1.3. Any Shareholders' meeting may be adjourned by the chair of the meeting one or more times for any reason, including the failure of a quorum to be present at the meeting with respect to any proposal or the failure of any proposal to receive sufficient votes for approval. No Shareholder vote shall be required for any adjournment. A Shareholders' meeting may be adjourned by the chair of the meeting as to one or more proposals regardless of whether action has been taken on other matters. No notice of adjournment of a meeting to another time or place need be given to Shareholders if such time and place are announced at the meeting at which the adjournment is taken or notice is given to persons present at the meeting. Any adjourned meeting may be held at such time and place (including that the meeting will be held by remote communication, as applicable) as determined by the Board of Trustees or by the chair of the meeting or the officers of the Trust or other authorized persons pursuant to delegated authority from the Trustees in the sole discretion of such Trustees, chair, officers or authorized persons and announced at the meeting. Any business that might have been transacted at the original meeting may be transacted at any adjourned meeting. If, after a postponement or adjournment, a new record date is fixed for the postponed or adjourned meeting, the Secretary shall give notice of the postponed or adjourned meeting to Shareholders of record entitled to vote at such meeting. If a quorum is present with respect to any one or more proposals, the chair of the meeting may, but shall not be required to, cause a vote to be taken with respect to any such proposal or proposals which vote can be certified as final and effective notwithstanding the adjournment of the meeting with respect to any other proposal or proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Meetings by Remote Communication</u>. The Trustees may, in their sole discretion, determine that a meeting of Shareholders may be held solely by means of remote communication. If authorized by the Trustees, in their sole discretion, and subject to such guidelines and procedures as the Trustees may adopt, Shareholders and proxyholders not physically present at a meeting of Shareholders may, by means of remote communication: (a) participate in a meeting of Shareholders; and (b) be deemed present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place or solely by means of remote communication, provided that: (i) the Trust shall implement such measures as the Trustees deem to be reasonable (A) to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a Shareholder or proxyholder; and (B) to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the Shareholders; and (ii) if any Shareholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. <u>Meeting Proposals</u>. To be properly brought before an annual meeting (if any) of Shareholder of the Trust, business must be either (i) brought before the annual meeting by or at the direction of the Board of Trustees, (ii) pursuant to the notice of meeting, or (iii) otherwise properly brought before the annual meeting by a Shareholder who is entitled to vote at the meeting and who has complied with the advance notice procedures of these Bylaws. In addition to any other applicable requirements, for business to be properly brought before an annual meeting by a Shareholder, the Shareholder must have given timely notice thereof in writing to the Secretary of the Trust. To be timely, the Shareholder's notice must be delivered by a nationally recognized courier service or mailed by first class U.S. mail, postage or delivery charges prepaid, and received at the principal executive offices of the Trust addressed to the attention of the Secretary of the Trust not less than ninety (90) days nor more than one hundred twenty (120) days in advance of the anniversary of the date the Trust's proxy statement was released to the Shareholders in connection with the previous year's annual meeting of Shareholders; provided, however, that in the event that no annual meeting was held in the previous year or the date of the annual meeting has been changed by more than thirty (30) days from the date contemplated at the time of the previous year's proxy statement, notice by the Shareholder must be received by the Secretary of the Trust not later than the close of business on the later of (x) the ninetieth (90th) day prior to such annual meeting and (y) the seventh (7th) day following the day on which public announcement of the date of such meeting is first made. A Shareholder's notice to the Secretary shall set forth (i) as to each matter the Shareholder proposes to bring before the annual meeting (a) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting and (b) any material interest of the Shareholder in such business, and (ii) as to the Shareholder giving the notice (a) the name and record address of the Shareholder and (b) the class, series and number of shares of beneficially owned by the Shareholder. Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at an annual meeting except in accordance with the procedures set forth in Article I. The presiding officer at an annual meeting shall, if the facts warrant, determine and declare to the annual meeting that business was not properly brought before the annual meeting in accordance with the provisions of this Article I, and, if such officer should so determine, such officer shall so declare to the annual meeting and any such business not properly brought before the meeting shall not be transacted.

**ARTICLE II**

**<u>TRUSTEES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Annual and Regular Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, the Chief Executive Officer, the Secretary or any three Trustees. Regular meetings of the Trustees may be held without call or notice and shall generally be held quarterly. Except as may be required by applicable law, neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Chair; Records</u>. The Chair, if any, shall act as chair at all meetings of the Trustees; in the absence of a Chair, the Trustees present shall elect one Trustee to act as chair of the meeting. The results of all actions taken at a meeting of the Trustees, or by unanimous written consent of the Trustees, shall be recorded by the Secretary or such other person as the Board of Trustees or Secretary may from time to time designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Nominations</u>. Nominations of persons for election to the Board of Trustees at a meeting of Shareholders of the Trust may be made only (i) by or at the direction of the Board of Trustees or (ii) by a Shareholder who is entitled to vote at the meeting and who has complied with the advance notice procedures of these Bylaws. Such nominations by any Shareholder shall be made pursuant to timely notice in writing to the Secretary of the Trust. To be timely, the Shareholder's notice must be delivered by a nationally recognized courier service or mailed by first class United States mail, postage or delivery charges prepaid, and received at the principal executive offices of the Trust addressed to the attention of the Secretary of the Trust not less than ninety (90) days nor more than one hundred twenty (120) days in advance of the anniversary of the date the Trust's proxy statement was released to the Shareholders in connection with the previous year's annual meeting of Shareholders; provided, however, that in the event that no annual meeting was held in the previous year or the date of the annual meeting has been changed by more than thirty (30) days from the date contemplated at the time of the previous year's proxy statement, notice by the Shareholder must be received by the Secretary of the Trust not later than the close of business on the later of (x) the ninetieth (90th) day prior to such annual meeting and (y) the seventh (7th) day following the day on which public announcement of the date of such meeting is first made. Such Shareholder's notice to the Secretary shall set forth (i) as to each person whom the Shareholder proposes to nominate for election or reelection as a Trustee, (a) the name, age, business address and residence address of the person, (b) the principal occupation or employment of the person, (c) the class and number of shares of capital stock of the Trust that are beneficially owned by the person and (d) any other information relating to the person that is required to be disclosed in solicitations for proxies for election of Trustees pursuant to the rules and regulations of the Securities and Exchange Commission under Section 14 of the Securities Exchange Act of 1934, as amended, and (ii) as to the Shareholder giving the notice (a) the name and record address of the Shareholder and (b) the class and number of shares of the Trust that are beneficially owned by the Shareholder. The Trust may require any proposed nominee to furnish such other information as may reasonably be required by the Trust to determine the eligibility of such proposed nominee to serve as a Trustee of the Trust. No person shall be eligible for election as a Trustee of the Trust unless nominated in accordance with the procedures set forth herein. The presiding officer at an annual meeting shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the foregoing procedure, and if he or she should so determine, he or she shall so declare to the meeting and the defective nomination shall be disregarded.

**ARTICLE III**

**<u>OFFICERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Officers of the Trust</u>. The officers of the Trust shall consist of a Principal Executive Officer, a Chief Executive Officer, a Secretary, a Chief Financial Officer, a Principal Accounting Officer, a Chief Operating Officer and a Chief Compliance Officer and may also include such other officers or assistant officers as may be elected or authorized by the Trustees. Any two or more of the offices may be held by the same person, except that the same person may not be both Chief Executive Officer and Secretary. No officer of the Trust need be a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Election and Tenure</u>. At the initial organization meeting, the Trustees shall elect the Principal Executive Officer, Chief Executive Officer, Secretary, Chief Financial Officer, Principal Accounting Officer, Chief Operating Officer and Chief Compliance Officer and such other officers as the Trustees shall deem necessary or appropriate in order to carry out the business of the Trust. Such officers shall serve at the pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Removal and Resignation of Officers</u>. Any officer may be removed at any time, with or without cause, by action of a majority of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chair, if any, Chief Executive Officer or Secretary, and such resignation shall take effect immediately upon receipt by the Chair, if any, Chief Executive Officer or Secretary, or at a later date according to the terms of such notice in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Bonds and Surety</u>. Any officer may be required by the Trustees to be bonded for the faithful performance of such officer's duties in such amount and with such sureties as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Chief Executive Officer and Vice Presidents</u>. The Chief Executive Officer shall be a principal executive officer of the Trust and, subject to the control of the Trustees, shall have general supervision, direction and control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested in the office of Chief Executive Officer of a corporation. Subject to direction of the Trustees, the Chief Executive Officer shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Trust. Unless otherwise directed by the Trustees, the Chief Executive Officer shall have full authority and power, on behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Trust at any meetings of business organizations in which the Trust holds an interest, or to confer such powers upon any other persons, by executing any proxies duly authorizing such persons. The Chief Executive Officer shall have such further authorities and duties as the Trustees shall from time to time determine. In the absence or disability of the Chief Executive Officer, the Vice-Presidents in order of their rank as fixed by the Trustees or, if more than one and not ranked, the Vice-President designated by the Trustees, shall perform all of the duties of the Chief Executive Officer, and when so acting shall have all the powers of and be subject to all of the restrictions upon the Chief Executive Officer. Subject to the direction of the Trustees, and of the Chief Executive Officer, each Vice-President shall have the power in the name and on behalf of the Trust to execute any and all instruments in writing, and, in addition, shall have such other duties and powers as shall be designated from time to time by the Trustees or by the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Secretary</u>. The Secretary shall maintain the minutes of all meetings of, and record all votes of, Shareholders, Trustees and any committee of the Trustees. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary (and any other person so authorized by the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Trust which would be sealed by a Delaware business corporation executing the same or a similar instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall also perform any other duties commonly incident to such office in a Delaware business corporation, and shall have such other authorities and duties as the Trustees shall from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <u>Chief Financial Officer</u>. Except as otherwise directed by the Trustees, the Chief Financial Officer shall be responsible for the general supervision of the monies, funds, securities, notes receivable and other valuable papers and documents of the Trust, and shall have and exercise, under the supervision of the Trustees and the Chief Executive Officer, all powers and duties normally incident to the office in a Delaware business corporation. The Chief Financial Officer may endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Chief Financial Officer shall deposit all funds of the Trust in such depositories as the Trustees shall designate. The Chief Financial Officer shall be responsible for such disbursement of the funds of the Trust as may be ordered by the Trustees or the Chief Executive Officer. The Chief Financial Officer shall keep accurate account of the books of the Trust's transactions which shall be the property of the Trust, and which together with all other property of the Trust in the Chief Financial Officer's possession, shall be subject at all times to the inspection and control of the Trustees. The Chief Financial Officer shall have such other duties and authorities as the Trustees shall from time to time determine. Notwithstanding anything to the contrary herein contained, the Trustees may authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds of any class of securities of the Trust on behalf of such class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <u>Chief Compliance Officer</u>. The Trustees shall designate a Chief Compliance Officer to the extent required by, and consistent with the requirements of, the 1940 Act. The Chief Compliance Officer, subject to the direction of and reporting to the Board of Trustees, shall be responsible for the oversight of the Trust's compliance with the Federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the Chief Compliance Officer must be approved by the Trustees, including a majority of the trustees who are not Interested Persons of the Trust. The Chief Compliance Officer shall perform such executive, supervisory and management functions and duties as the Trustees may assign to him or her from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <u>Other Officers and Duties</u>. The Trustees may elect such other officers and assistant officers as they shall from time to time determine to be necessary or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence of the officer whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of the Trust shall have such other duties and authority as may be conferred upon such person by the Trustees or delegated to such person by the Chief Executive Officer.

**ARTICLE IV**

**<u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Depositories</u>. In accordance with Section 8.1 of the Declaration, the funds of the Trust shall be deposited in such custodians as the Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents (including the adviser, administrator or manager), as the Trustees may from time to time authorize.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Signatures</u>. All contracts and other instruments shall be executed on behalf of the Trust by its properly authorized officers, agent or agents, as provided in the Declaration or these Bylaws or as the Trustees may provide from time to time by resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Seal</u>. The Trust is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the validity, enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered.

**ARTICLE V**

**<u>SHARE TRANSFERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Transfer Agents, Registrars and the Like</u>. As provided in Section 6.8 of the Declaration, the Trustees shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares as the Trustees shall deem necessary or desirable. In addition, the Trustees shall have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated to any of them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Transfer of Shares</u>. The Shares shall be subject to the limitations on transfer as provided in Section 6.9 of the Declaration. The Trust, or its transfer agents, shall be authorized to refuse any transfer unless and until presentation of proper evidence as may be reasonably required to show that the requested transfer is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Registered Shareholders</u>. The Trust may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other person.

**ARTICLE VI**

**<u>AMENDMENT OF BYLAWS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Amendment and Repeal of Bylaws</u>. In accordance with Section 3.8 of the Declaration, the Trustees shall have the exclusive power to amend or repeal these Bylaws or adopt new Bylaws at any time. Action by the Trustees with respect to the Bylaws shall be taken by an affirmative vote of a majority of the Trustees. The Trustees shall in no event adopt Bylaws which are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration.

## Ex-99.(D)(2)

**Exhibit 99.(d)(2)**

**<u>SUPPLEMENT TO THE</u>**

**<u>DECLARATION OF TRUST<br> OF<br> EAGLE POINT CREDIT COMPANY</u>**

**<u>RELATING TO<br> [●]% SERIES [●] PREFERRED SHARES</u>**

Supplement to Declaration of Trust (this "Supplement") made as of [●] by the Trustees hereunder

**WHEREAS**, the Eagle Point Credit Company, a Delaware statutory trust (the "Fund"), was organized as Eagle Point Credit Company LLC, a Delaware limited liability company, on March 24, 2014 and converted to Eagle Point Credit Company Inc., a Delaware corporation, on October 6, 2014;

**WHEREAS**, pursuant to Section 3820 of the Delaware Statutory Trust Act, Eagle Point Credit Company Inc., a Delaware corporation, (the "Corporation") was converted into the Fund (the "Conversion");

**WHEREAS**, in connection with the Conversion all of the outstanding stock of the Corporation was converted into shares of the Fund;

**WHEREAS,** the Trustees of the Fund may authorize and issue preferred shares of the Fund having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit under Sections 6.1 and 6.2 of the Fund's Declaration of Trust made as of May 22, 2026 (the "Original Declaration of Trust," as restated, amended or supplemented from time to time, together with this Supplement is referred to herein as the "Declaration of Trust") without the approval of any holders of shares of beneficial interests in the Fund; and

**WHEREAS**, the Trustees have made this Supplement to the Original Declaration of Trust to establish the terms, rights, preferences, privileges, limitations and restrictions of the [●]% Series [●] Term Preferred Shares of the Fund.

**NOW, THEREFORE**, the Trustees hereby supplement the Original Declaration of Trust to authorize the issuance by the Fund of its [●]% Series [●] Preferred Shares as follows:

**ARTICLE I<br> NUMBER OF SHARES; RANKING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. A series of unlimited preferred shares of beneficial interest, par value $0.001 per share, authorized by the Original Declaration of Trust are hereby designated as the [●]% Series [●] Preferred Shares (the "Series [●] Preferred Shares"). Each Series [●] Preferred Share shall have such preferences, voting powers, restrictions, limitations as to dividends and distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth in the Original Declaration of Trust, as are set forth in this Supplement. The Series [●] Preferred Shares shall constitute a separate series of Shares (as defined below) and each Series [●] Preferred Share shall be identical. No fractional Series [●] Preferred Share shall be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Series [●] Preferred Shares shall rank on parity with any other series of preferred shares, whether now or hereafter issued by the Fund and any other preferred shares of beneficial interest hereafter authorized and issued by the Fund of a class having priority over any other class as to distribution of assets or payments of dividends (collectively with the Series [●] Preferred Shares, the "<u>Preferred Shares</u>") as to the payment of dividends and as to the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. The Series [●] Preferred Shares shall have preference with respect to the payment of dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund over the common shares of beneficial interest (the "<u>Common Shares</u>" and, together with the Preferred Shares, the "<u>Shares</u>"), of the Fund as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. No individual, partnership, trust, corporation, limited liability company, unincorporated association, joint venture or other entity, or government or any agency or political subdivision thereof (each, a "<u>Person</u>") in whose name the Series [●] Preferred Shares or any other security issued by the Fund is registered in the registration books of the Fund maintained by [●] and its successors, or any other redemption and paying agent appointed by the Fund with respect to the Series [●] Preferred Shares (the "<u>Redemption and Paying Agent</u>") or otherwise (such Person, a "<u>Holder</u>"), shall have, solely by reason of being such a Holder, any preemptive or other right to acquire, purchase or subscribe for any Series [●] Preferred Shares, Preferred Shares, Common Shares or other securities of the Fund that it may hereafter issue or sell.

**ARTICLE II<br> DIVIDENDS AND DISTRIBUTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Holders of Series [●] Preferred Shares shall be entitled to receive, when, as and if declared by, or under authority granted by, the Board of Trustees of the Fund the ("Board of Trustees"), out of funds legally available therefor and in preference to dividends and distributions on the Common Shares, cumulative cash dividends and distributions on each Series [●] Preferred Share, calculated separately for each Dividend Period (as defined below) at, as of any date, [●]% per annum (the "<u>Fixed Dividend Rate</u>") as adjusted, if a Default Period (as defined below) shall be in existence on such date, in accordance with the provisions of <u>Section 2.8</u> (the "<u>Dividend Rate</u>") in effect from time to time for the Series [●] Preferred Shares during such Dividend Period, computed on the basis of a 360-day year consisting of twelve 30-day months, on an amount equal to $[●] (the "<u>Liquidation Preference</u>") for each Series [●] Preferred Share, and no more. In the case of each Series [●] Preferred Share issued on [●] (the "<u>Date of Original Issue</u>"), dividends and distributions on such Series [●] Preferred Shares shall accumulate from the Date of Original Issue. In the case of a Series [●] Preferred Share issued on a date subsequent to the Date of Original Issue, (a) if such share is issued before the Record Date (as defined below) for the Dividend Period in which such share is issued, dividends and distributions on such Series [●] Preferred Share shall accumulate from the first day of such Dividend Period and (b) if such share is issued after the Record Date for the Dividend Period in which such share is issued, dividends and distributions on such Series [●] Preferred Share shall accumulate from the first day of the Dividend Period immediately following the issuance of such share. Dividends and distributions on all Series [●] Preferred Shares shall be payable monthly in arrears as provided in <u>Section 2.2</u>. The amount of dividends payable on the Series [●] Preferred Shares on any date prior to the end of a Dividend Period, and for the initial Dividend Period, will be computed on the basis of actual days elapsed over a 30-day month.

"<u>Dividend Period</u>" means, with respect to each Series [●] Preferred Shares then Outstanding (as defined below), in the case of the first Dividend Period, the period beginning on and including the Date of Original Issue and ending on, but excluding [●] and, for each subsequent Dividend Period, the period beginning on and including the last Dividend Payment Date (as defined below) and ending on, but excluding, the next Dividend Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Declaration and Payment; Dividends in Arrears</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dividends on the Series [●] Preferred Shares with respect to any Dividend Period shall be declared to the Holders of record of such shares as their names shall appear on the registration books of the Fund at the close of business on the applicable record date, which shall be such date designated by the Board of Trustees that is not more than twenty (20) nor less than seven (7) calendar days prior to the Dividend Payment Date with respect to such Dividend Period (each, a "<u>Record Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dividends declared pursuant to <u>Section 2.1</u> shall be paid on the last business day of every calendar month, beginning [●] (each, a "<u>Dividend Payment Date</u>") to the Holders of Series [●] Preferred Shares as their names appear on the registration books of the Fund at the close of business on the applicable Record Date for such dividend; <u>provided</u>, <u>however</u>, that dividends with respect to the first Dividend Period of the Series [●] Preferred Shares will be paid on [●] to Holders of record of such Series [●] Preferred Shares as their names appear on the registration books of the Fund at the close of business on [●]. If a Dividend Payment Date falls on a non-Business Day (as defined below), the applicable dividend payment will be made on the next Business Day and no additional dividend payment will accrue as a result of such delayed payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dividends in arrears on Series [●] Preferred Shares for any past Dividend Period may be declared and paid at any time, without reference to any regular Dividend Payment Date, to the Holders of such shares as their names appear on the registration books of the Fund on the applicable Record Date. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments on Series [●] Preferred Shares which may be in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. No full dividends and distributions shall be declared or paid on the Series [●] Preferred Shares for any Dividend Period or part thereof unless full cumulative dividends and distributions due through the most recent Dividend Payment Dates therefor for all Outstanding Preferred Shares have been or contemporaneously are declared and paid through the most recent Dividend Payment Dates therefor. If full cumulative dividends and distributions due have not been declared and paid on all Outstanding Preferred Shares, any dividends and distributions being declared and paid on the Series [●] Preferred Shares will be declared and paid as nearly pro rata as possible in proportion to the respective amounts of dividends and distributions accumulated but unpaid on each such series of Preferred Shares on the relevant dividend payment date for such series. No Holders of Series [●] Preferred Shares shall be entitled to any dividends and distributions, whether payable in cash, property or shares, in excess of full cumulative dividends and distributions as provided in this <u>Section 2.3</u> on the Series [●] Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. For so long as any Series [●] Preferred Shares are Outstanding, the Fund shall not: (x) declare any dividend or other distribution (other than a dividend or distribution paid in Common Shares) in respect of the Common Shares, (y) call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares, or (z) pay any proceeds of the liquidation of the Fund in respect of the Common Shares, unless, in each case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately thereafter, the Fund shall have "asset coverage," as defined for purposes of Section 18(h) of the Investment Company Act of 1940, as amended, or any successor statute (the "<u>1940 Act</u>"), of at least 200% with respect to all Outstanding senior securities which are shares of the Fund, including all Outstanding Series [●] Preferred Shares (or such other percentage as may in the future be specified in the 1940 Act or by rule, regulation or order of the Securities and Exchange Commission (the "<u>SEC</u>") as the minimum asset coverage for senior securities which are shares of a closed-end registered investment company), after deducting the amount of such dividend or distribution or redemption or purchase price or liquidation proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all cumulative dividends and distributions on all Preferred Shares due on or prior to the date of the applicable dividend, distribution, redemption, purchase or acquisition shall have been either (i) declared and paid or (ii) declared and Deposit Securities (as defined below) or sufficient funds (in accordance with the terms of such Preferred Shares) for the payment thereof shall have been deposited irrevocably with the paying agent for such Preferred Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Fund shall have deposited Deposit Securities pursuant to and in accordance with the requirements of <u>Section 5.4</u> hereof with respect to Outstanding Series [●] Preferred Shares to be redeemed pursuant to <u>Section 5.1</u> or <u>Section 5.2</u> hereof for which a Notice of Redemption (as defined below) shall have been given or shall have been required to be given in accordance with the terms hereof on or prior to the date of the applicable dividend, distribution, redemption, purchase or acquisition.

"<u>Outstanding</u>" means, as of any date with respect to a series of Preferred Shares, the number of such Preferred Shares theretofore issued by the Fund except (without duplication): (A) any applicable series of Preferred Shares theretofore cancelled or redeemed or delivered to the Redemption and Paying Agent for cancellation or redemption in accordance with the terms hereof; (B) any of the applicable series of Preferred Shares as to which the Fund shall have given a Notice of Redemption and irrevocably deposited with the Redemption and Paying Agent sufficient Deposit Securities to redeem such shares in accordance with <u>ARTICLE V</u> hereof; and (C) any of the applicable series of Preferred Shares as to which the Fund shall be the Holder or the beneficial owner.

"<u>Deposit Securities</u>" means, as of any date, any U.S. dollar-denominated security or other investment of a type described below that either (i) is a demand obligation payable to the holder thereof on any Business Day or (ii) has a maturity date, mandatory redemption date or mandatory payment date, on its face or at the option of the holder, preceding the relevant Redemption Date (as defined below), Dividend Payment Date or other payment date in respect of which such security or other investment has been deposited or set aside as a Deposit Security: (A) cash or any cash equivalent; (B) any U.S. Government Obligation (as defined below); (C) any Short-Term Money Market Instrument (as defined below); (D) any investment in any money market fund registered under the 1940 Act that qualifies under Rule 2a-7 under the 1940 Act, or similar investment vehicle described in Rule 12d1-1(b)(2) under the 1940 Act, that invests principally in Short-Term Money Market Instruments or U.S. Government Obligations or any combination thereof; or (E) any letter of credit from a bank or other financial institution that has a credit rating from at least one nationally recognized statistical rating organization that is the highest applicable rating generally ascribed by such rating agency to bank deposits or short-term debt of similar banks or other financial institutions as of the date of [●] (or such rating's future equivalent).

"<u>Short-Term Money Market Instruments</u>" means the following types of instruments if, on the date of purchase or other acquisition thereof by the Fund, the remaining term to maturity thereof is not in excess of 180 days: (i) commercial paper rated A-1, if such commercial paper matures within 30 days, or A-1+, if such commercial paper matures in over 30 days; (ii) demand or time deposits in, and bankers' acceptances and certificates of deposit of (A) a depository institution or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia or (B) a U.S. branch office or agency of a foreign depository institution (provided that such branch office or agency is subject to banking regulation under the laws of the United States, any state thereof or the District of Columbia); and (iii) overnight funds.

"<u>U.S. Government Obligations</u>" means direct obligations of the United States or of its agencies or instrumentalities that are entitled to the full faith and credit of the United States and that, other than U.S. treasury bills, provide for the periodic payment of interest and the full payment of principal at maturity or call for redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. Any dividend payment made on Series [●] Preferred Shares shall first be credited against the dividends and distributions accumulated with respect to the earliest Dividend Period for which dividends and distributions have not been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. Not later than 12:00 noon, New York City time, on a Dividend Payment Date, the Fund shall deposit with the Redemption and Paying Agent Deposit Securities having an aggregate Market Value (as defined below) on such date sufficient to pay the dividends and distributions that are payable on such Dividend Payment Date. The Fund may direct the Redemption and Paying Agent with respect to the investment or reinvestment of any such Deposit Securities prior to the Dividend Payment Date, <u>provided</u>, that such investment consists exclusively of Deposit Securities and <u>provided</u>, <u>further</u>, that the proceeds of any such investment will be available as same day funds at the opening of business on such Dividend Payment Date.

"<u>Market Value</u>" of any asset means, for securities for which market quotations are readily available, the market value thereof determined by an independent third-party pricing service designated from time to time by the Board of Trustees. Market Value of any asset shall include any interest accrued thereon. The pricing service values portfolio securities at the mean between the quoted bid and asked price or the yield equivalent when quotations are readily available. Securities for which quotations are not readily available are valued at fair value as determined by the pricing service using methods that include consideration of: yields or prices of securities of comparable quality, type of issue, coupon, maturity and rating, indications as to value from dealers and general market conditions. The pricing service may employ electronic data processing techniques or a matrix system, or both, to determine recommended valuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. All Deposit Securities paid to the Redemption and Paying Agent for the payment of dividends payable on the Series [●] Preferred Shares shall be held in trust for the payment of such dividends by the Redemption and Paying Agent for the benefit of the Holders entitled to the payment of such dividends pursuant to <u>Section 2.2</u>. Any moneys paid to the Redemption and Paying Agent in accordance with the foregoing but not applied by the Redemption and Paying Agent to the payment of dividends, including interest earned on such moneys while so held, will, to the extent permitted by law, be repaid to the Fund as soon as possible after the date on which such moneys were to have been so applied, upon request of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. <u>Dividend Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Dividend Rate on the Series [●] Preferred Shares shall be adjusted, for any calendar day, to the Fixed Dividend Rate plus [●] percent ([●]%) per annum (the "<u>Default Rate</u>") in the following circumstances. Subject to the cure provisions below, a "<u>Default Period</u>" with respect to the Series [●] Preferred Shares shall commence on any date the Fund fails to deposit with the Redemption and Paying Agent by 12:00 noon, New York City time, on (A) a Dividend Payment Date, Deposit Securities that will provide funds available to the Redemption and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend payable on such Dividend Payment Date (a "<u>Dividend Default</u>") or (B) an applicable Redemption Date, Deposit Securities that will provide funds available to the Redemption and Paying Agent on such Redemption Date sufficient to pay the full amount of the Liquidation Preference for the Series [●] Preferred Shares, plus an amount equal to all unpaid dividends and distributions on such shares accumulated to (but excluding) the date fixed for such distribution or payment on such shares (whether or not earned or declared by the Fund, but excluding interest thereon) (such amount, the "<u>Redemption Price</u>"), payable in respect of such series on such Redemption Date (a "<u>Redemption Default</u>" and together with a Dividend Default, hereinafter referred to as "<u>Default</u>"). Subject to the cure provisions of <u>Section 2.8(b)</u> below, a Default Period with respect to a Default on the Series [●] Preferred Shares shall end on the calendar day on which the New York Stock Exchange is open for trading (each such day, a "<u>Business Day</u>") on which, by 12:00 noon, New York City time, an amount equal to all unpaid dividends and any unpaid Redemption Price shall have been deposited irrevocably in trust in same-day funds with the Redemption and Paying Agent. The Dividend Rate on the Series [●] Preferred Shares for each calendar day during the Default Period will be equal to the Default Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default Period for the Series [●] Preferred Shares with respect to any Default on the Series [●] Preferred Shares shall be deemed to commence if the amount of any dividend or any Redemption Price due in respect of the Series [●] Preferred Shares (if such Default is not solely due to the willful failure of the Fund) is deposited irrevocably in trust, in same-day funds, with the Redemption and Paying Agent by 12:00 noon, New York City time, on a Business Day that is not later than three (3) Business Days after the applicable Dividend Payment Date or Redemption Date with respect to which such Default occurred, together with an amount equal to the Default Rate applied to the amount and period of such non-payment based on the actual number of calendar days comprising such period divided by three hundred and sixty (360).

**ARTICLE III<br> LIQUIDATION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. In the event of any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the Holders of Series [●] Preferred Shares shall be entitled to receive out of the assets of the Fund available for distribution to shareholders, after satisfying claims of creditors but before any distribution or payment shall be made in respect of the Common Shares, a liquidation distribution of the Redemption Price, and such Holders shall be entitled to no further participation in any distribution or payment in connection with any such liquidation, dissolution or winding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. If, upon any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the assets of the Fund available for distribution among the Holders of all Outstanding Series [●] Preferred Shares and any other Outstanding Preferred Shares shall be insufficient to permit the payment in full to such Holders of the Redemption Price as provided in <u>Section 3.1</u> above and the amounts due upon liquidation with respect to such other Preferred Shares, then such available assets shall be distributed among the Holders of such Series [●] Preferred Shares and such other Preferred Shares ratably in proportion to the respective preferential liquidation amounts to which they are entitled. In connection with any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, unless and until the Redemption Price, as provided in <u>Section 3.1</u> above has been paid in full to the Holders of such shares, no dividends, distributions or other payments will be made on, and no redemption, purchase or other acquisition by the Fund will be made by the Fund in respect of, the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Neither the sale of all or substantially all of the property or business of the Fund, nor the merger, consolidation or reorganization of the Fund into or with any other business or statutory trust, corporation or other entity, nor the merger, consolidation or reorganization of any other business or statutory trust, corporation or other entity into or with the Fund shall be a dissolution, liquidation or winding up, whether voluntary or involuntary, for the purpose of this <u>ARTICLE III</u>.

**ARTICLE IV<br> ASSET COVERAGE TEST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Asset Coverage Requirement</u>. For so long as any Series [●] Preferred Shares are Outstanding, the Fund shall have "asset coverage" of a class of senior security which is stock, as defined for purposes of Section 18(h) of the 1940 Act as in effect on the date hereof ("<u>Asset Coverage</u>"), of at least 200% as of the close of business on the last Business Day of any of the three month periods ending March 31, June 30, September 30 or December 31 of each year (each, a "<u>Calendar Quarter</u>"). If the Fund shall fail to maintain such Asset Coverage as of any time as of which such compliance is required to be determined as aforesaid, the provisions of <u>Section 5.2(a)</u> shall be applicable, which provisions shall constitute the sole remedy for the Fund's failure to comply with the provisions of this <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Calculation of Asset Coverage</u>. For purposes of determining whether the requirements of <u>Section 4.1</u> are satisfied, (i) no Series [●] Preferred Shares or other Preferred Shares shall be deemed to be Outstanding for purposes of any computation required by <u>Section 4.1</u> if, prior to or concurrently with such determination, either (x) sufficient Deposit Securities or other sufficient funds (in accordance with the terms of the Series [●] Preferred Shares or other Preferred Shares) to pay the full Redemption Price for the Series [●] Preferred Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been deposited in trust with the paying agent for the Series [●] Preferred Shares or other Preferred Shares and the requisite notice of redemption for the Series [●] Preferred Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been given or (y) sufficient Deposit Securities or other sufficient funds (in accordance with the terms of the Series [●] Preferred Shares or other Preferred Shares) to pay the full Redemption Price for the Series [●] Preferred Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been segregated by a bank, as defined in Section 2(a)(5) of the 1940 Act, that has the qualifications prescribed in Section 26(a)(1) of the 1940 Act, or such other entity as shall be then providing custodian services to the Fund as permitted by the 1940 Act or any rule, regulation, or order thereunder (the "<u>Custodian</u>," which shall include any similarly qualified sub-custodian duly appointed by the Custodian) and the Fund from the assets of the Fund, by means of appropriate identification on the Custodian's books and records or otherwise in accordance with the Custodian's normal procedures, and (ii) the Deposit Securities or other sufficient funds that shall have been deposited with the applicable paying agent and/or segregated by the Custodian, as applicable, as provided in clause (i) of this sentence shall not be included as assets of the Fund for purposes of such computation.

**ARTICLE V<br> REDEMPTION**

Shares of Series [●] Preferred Shares shall be subject to redemption by the Fund as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Asset Coverage Mandatory Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Fund fails to comply with the Asset Coverage requirement as provided in <u>Section 4.1</u> as of the last Business Day of any Calendar Quarter and such failure is not cured as of the date that is thirty (30) calendar days following the date of filing of the Fund's Annual Report on Form N-CSR, Semiannual Report on Form N-CSRS or Reports on Form N-PORT, as applicable (each, an "<u>SEC Report</u>") with the SEC with respect to such Calendar Quarter (such Business Day, the "<u>Asset Coverage Cure Date</u>"), the Fund shall, to the extent permitted by the 1940 Act and Delaware law, by the close of business on such Asset Coverage Cure Date, fix a redemption date and proceed to redeem in accordance with the terms of such Preferred Shares, a sufficient number of Preferred Shares, which at the Fund's sole option (to the extent permitted by the 1940 Act and Delaware law) may include any number or proportion of the Series [●] Preferred Shares, to enable it to meet the requirements of <u>Section 5.2(b)</u>. In the event that any Series [●] Preferred Shares then Outstanding are to be redeemed pursuant to this <u>Section 5.2(a)</u>, the Fund shall redeem such shares at a price per share equal to the Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the redemption date for a redemption contemplated by <u>Section 5.2(a)</u>, the Fund shall redeem, out of funds legally available therefor, (x) such number of Preferred Shares (which may include at the sole option of the Fund any number or proportion of the Series [●] Preferred Shares) that, when combined with any debt securities redeemed for failure to maintain the asset coverage required by the indenture governing such securities, the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, would result in the Fund having Asset Coverage on such Asset Coverage Cure Date of at least 200% (<u>provided</u>, <u>however</u>, that if there is no such minimum number of Series [●] Preferred Shares and other Preferred Shares the redemption or retirement of which would have such result, all Series [●] Preferred Shares and other Preferred Shares then Outstanding shall be redeemed), or (y) if fewer, the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with the Declaration of Trust and applicable law, <u>provided</u>, <u>further</u>, that in connection with redemption for failure to maintain such Asset Coverage requirement, the Fund may at its sole option, but is not required to, redeem a sufficient number of Series [●] Preferred Shares pursuant to this <u>Section 5.2</u> that, when aggregated with other Preferred Shares redeemed by the Fund, would result, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, in the Fund having Asset Coverage on such Asset Coverage Cure Date of up to and including [●]%. The Fund shall effect such redemption on the date fixed by the Fund therefor, which date shall not be later than ninety (90) calendar days after such Asset Coverage Cure Date, except that if the Fund does not have funds legally available for the redemption of all of the required number of Series [●] Preferred Shares and other Preferred Shares which have been designated to be redeemed or the Fund otherwise is unable to effect such redemption on or prior to ninety (90) calendar days after such Asset Coverage Cure Date, the Fund shall redeem those Series [●] Preferred Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date on which it is able to effect such redemption. If fewer than all of the Outstanding Series [●] Preferred Shares are to be redeemed pursuant to this <u>Section 5.2</u>, the number of Series [●] Preferred Shares to be redeemed shall be redeemed (A) pro rata among the Outstanding Series [●] Preferred Shares or (B) by lot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Optional Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 5.3(b)</u>, on any Business Day following the expiration of the "<u>No-Call Period</u>," which is the period beginning on the Date of Original Issue and ending at the close of business on [●], the Fund may redeem in whole or in part from time to time the Outstanding Series [●] Preferred Shares at a price per share equal to the Redemption Price (any such Business Day referred to in this sentence, an "<u>Optional Redemption Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If fewer than all of the Outstanding Series [●] Preferred Shares are to be redeemed pursuant to <u>Section 5.3(a)</u>, the Series [●] Preferred Shares to be redeemed shall be selected either (A) pro rata or (B) by lot. Subject to the provisions of this Supplement and applicable law, the Board of Trustees will have the full power and authority to prescribe the terms and conditions upon which Series [●] Preferred Shares will be redeemed pursuant to this <u>Section 5.3</u> from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund may not on any date deliver a Notice of Redemption pursuant to <u>Section 5.4</u> in respect of a redemption contemplated to be effected pursuant to this <u>Section 5.3</u> unless on such date the Fund has available Deposit Securities for the Optional Redemption Date contemplated by such Notice of Redemption having a Market Value not less than the amount due to Holders of Series [●] Preferred Shares by reason of the redemption of such Series [●] Preferred Shares on such Optional Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Procedures for Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Fund shall determine or be required to redeem, in whole or in part, Series [●] Preferred Shares pursuant to <u>Section 5.1</u>, <u>Section 5.2</u>, or <u>Section 5.3</u>, the Fund shall deliver a notice of redemption (the "<u>Notice of Redemption</u>"), by overnight delivery, by first class mail, postage prepaid or by Electronic Means (as defined below) to Holders thereof, or request the Redemption and Paying Agent, on behalf of the Fund, to promptly do so by overnight delivery, by first class mail, postage prepaid or by Electronic Means. A Notice of Redemption shall be provided not less than thirty (30) nor more than sixty (60) calendar days prior to the date fixed for redemption in such Notice of Redemption (the "<u>Redemption Date</u>"). Each such Notice of Redemption shall state: (A) the Redemption Date; (B) the number of Series [●] Preferred Shares to be redeemed; (C) the CUSIP number for Series [●] Preferred Shares; (D) the applicable Redemption Price on a per share basis; (E) that dividends on the Series [●] Preferred Shares to be redeemed will cease to accumulate from and after such Redemption Date; and (F) the provision(s) of this Supplement under which such redemption is made. If fewer than all Series [●] Preferred Shares held by any Holder are to be redeemed, the Notice of Redemption delivered to such Holder shall also specify the number of Series [●] Preferred Shares to be redeemed from such Holder or the method of determining such number. The Fund may provide in any Notice of Redemption relating to a redemption contemplated to be effected pursuant to this Supplement that such redemption is subject to one or more conditions precedent and that the Fund shall not be required to effect such redemption unless each such condition has been satisfied at the time or times and in the manner specified in such Notice of Redemption. No defect in the Notice of Redemption or delivery thereof shall affect the validity of redemption proceedings, except as required by applicable law.

"<u>Electronic Means</u>" means e-mail transmission, facsimile transmission or other similar electronic means of communication providing evidence of transmission (but excluding online communications systems covered by a separate agreement) acceptable to the sending party and the receiving party, in any case if operative as between any two parties, or, if not operative, by telephone (promptly confirmed by any other method set forth in this definition), which, in the case of notices to the Redemption and Paying Agent and the Custodian, shall be sent by such means to each of its representatives set forth in (i) the Redemption and Paying Agent Agreement, or other similarly titled agreement, by and among the Redemption and Paying Agent for the Series [●] Preferred Shares and the Fund and (ii) the Custodian Agreement by and among the Custodian and the Fund with respect to the Series [●] Preferred Shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Fund shall give a Notice of Redemption, then at any time from and after the giving of such Notice of Redemption and prior to 12:00 noon, New York City time, on the Redemption Date (so long as any conditions precedent to such redemption have been met or waived by the Fund), the Fund shall (A) deposit with the Redemption and Paying Agent Deposit Securities having an aggregate Market Value on the date thereof no less than the Redemption Price of the Series [●] Preferred Shares to be redeemed on the Redemption Date and (B) give the Redemption and Paying Agent irrevocable instructions and authority to pay the applicable Redemption Price to the Holders of the Series [●] Preferred Shares called for redemption on the Redemption Date. The Fund may direct the Redemption and Paying Agent with respect to the investment of any Deposit Securities consisting of cash so deposited prior to the Redemption Date, <u>provided</u>, that the proceeds of any such investment shall be available at the opening of business on the Redemption Date as same day funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the date of the deposit of such Deposit Securities, all rights of the Holders of the Series [●] Preferred Shares so called for redemption shall cease and terminate except the right of the Holders thereof to receive the Redemption Price thereof and such Series [●] Preferred Shares shall no longer be deemed Outstanding for any purpose whatsoever (other than (A) the transfer thereof prior to the applicable Redemption Date and (B) the accumulation of dividends thereon in accordance with the terms hereof up to (but excluding) the applicable Redemption Date, which accumulated dividends, unless previously or contemporaneously declared and paid as contemplated by <u>Section 5.4(d)</u> below, shall be payable only as part of the applicable Redemption Price on the Redemption Date). The Fund shall be entitled to receive, promptly after the Redemption Date, any Deposit Securities in excess of the aggregate Redemption Price of the Series [●] Preferred Shares called for redemption on the Redemption Date. Any Deposit Securities so deposited that are unclaimed at the end of ninety (90) calendar days from the Redemption Date shall, to the extent permitted by law, be repaid to the Fund, after which the Holders of the Series [●] Preferred Shares so called for redemption shall look only to the Fund for payment of the Redemption Price thereof. The Fund shall be entitled to receive, from time to time after the Redemption Date, any interest on the Deposit Securities so deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the other provisions of this <u>ARTICLE V</u>, except as otherwise required by law, the Fund shall not redeem any Series [●] Preferred Shares unless all accumulated and unpaid dividends and distributions on all Outstanding Series [●] Preferred Shares and other series of Preferred Shares ranking on a parity with the Series [●] Preferred Shares with respect to dividends and distributions for all applicable past Dividend Periods (whether or not earned or declared by the Fund) (x) shall have been or are contemporaneously paid or (y) shall have been or are contemporaneously declared and Deposit Securities or sufficient funds (in accordance with the terms of such Preferred Shares) for the payment of such dividends and distributions shall have been or are contemporaneously deposited with the Redemption and Paying Agent or other applicable paying agent for such Preferred Shares in accordance with the terms of such Preferred Shares, <u>provided</u>, <u>however</u>, that the foregoing shall not prevent the purchase or acquisition of Outstanding Series [●] Preferred Shares pursuant to an otherwise lawful purchase or exchange offer made on the same terms to Holders of all Outstanding Series [●] Preferred Shares and any other series of Preferred Shares for which all accumulated and unpaid dividends and distributions have not been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that any redemption for which Notice of Redemption has been provided is not made by reason of the absence of legally available funds therefor in accordance with the Declaration of Trust and applicable law, such redemption shall be made as soon as practicable to the extent such funds become available. No Redemption Default shall be deemed to have occurred if the Fund shall fail to deposit in trust with the Redemption and Paying Agent the Redemption Price with respect to any shares where (1) the Notice of Redemption relating to such redemption provided that such redemption was subject to one or more conditions precedent and (2) any such condition precedent shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption. Notwithstanding the fact that a Notice of Redemption has been provided with respect to any Series [●] Preferred Shares, dividends may be declared and paid on the Series [●] Preferred Shares in accordance with their terms if Deposit Securities for the payment of the Redemption Price of such Series [●] Preferred Shares shall not have been deposited in trust with the Redemption and Paying Agent for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Redemption Date After Record Date and Before Dividend Payment Date</u>. Notwithstanding <u>Section 5.1</u>, <u>Section 5.2</u>, and <u>Section 5.3</u>, if any Redemption Date occurs after the applicable Record Date for a dividend, but on or prior to the related Dividend Payment Date, the dividend payable on such Dividend Payment Date in respect of such Series [●] Preferred Shares shall be payable on such Dividend Payment Date to the Holders of record of such Series [●] Preferred Shares at the close of business on the applicable Record Date, and shall not be payable as part of the Redemption Price for such Series [●] Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <u>Redemption and Paying Agent as Trustee of Redemption Payments by Fund</u>. All Deposit Securities transferred to the Redemption and Paying Agent for payment of the Redemption Price of the Series [●] Preferred Shares called for redemption shall be held in trust by the Redemption and Paying Agent for the benefit of Holders of Series [●] Preferred Shares so to be redeemed until paid to such Holders in accordance with the terms hereof or returned to the Fund in accordance with the provisions of <u>Section 5.4(c)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>Compliance with Applicable Law</u>. In effecting any redemption pursuant to this <u>ARTICLE V</u>, the Fund shall use its best efforts to comply with all applicable conditions precedent to effecting such redemption under the 1940 Act and any applicable Delaware law, but shall effect no redemption except in accordance with the 1940 Act and any applicable Delaware law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. <u>Modification of Redemption Procedures</u>. Notwithstanding the foregoing provisions of this <u>ARTICLE V</u>, the Fund may, in its sole discretion and without a shareholder vote, modify the procedures set forth above with respect to notification of redemption for Series [●] Preferred Shares, <u>provided</u>, that such modification does not materially and adversely affect the Holders of Series [●] Preferred Shares or cause the Fund to violate any applicable law, rule or regulation; and <u>provided</u>, <u>further</u>, that no such modification shall in any way alter the rights or obligations of the Redemption and Paying Agent without its prior consent.

**ARTICLE VI<br> VOTING RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>One Vote Per Series [●] Preferred</u> Share. Except as otherwise provided in the Declaration of Trust or as otherwise required by applicable law, (i) each Holder of Series [●] Preferred Shares shall be entitled to one vote for each Series [●] Preferred Share held by such Holder on each matter submitted to a vote of shareholders of the Fund, and (ii) the Holders of Outstanding Preferred Shares, including Outstanding Series [●] Preferred Shares, and holders of outstanding Common Shares shall vote together as a single class; <u>provided</u>, <u>however</u>, that the Holders of Outstanding Preferred Shares, including Outstanding Series [●] Preferred Shares, shall be entitled, as a class, to the exclusion of the Holders of all other securities and classes of Shares of the Fund, to elect two Trustees of the Fund at all times. Subject to <u>Section 6.2</u>, the Holders of outstanding Common Shares and Preferred Shares, including Series [●] Preferred Shares, voting together as a single class, shall elect the balance of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Voting For Additional Trustees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Voting Period*. During any period in which any one or more of the conditions described in clauses (i) or (ii) of this <u>Section 6.2(a)</u> shall exist (such period being referred to herein as a "<u>Voting Period</u>"), the number of Trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two Trustees elected exclusively by the Holders of Preferred Shares, including Series [●] Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including Series [●] Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities and classes of Shares of the Fund), to elect such smallest number of additional Trustees, together with the two Trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:

(i) if, at the close of business on any dividend payment date for any Outstanding Preferred Shares including any Outstanding Series [●] Preferred Shares, accumulated dividends (whether or not earned or declared) on such Outstanding Preferred Shares equal to at least two (2) full years' dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Redemption and Paying Agent or other applicable paying agent for the payment of such accumulated dividends; or

(ii) if at any time Holders of Preferred
 Shares are otherwise entitled under the applicable provisions of the 1940 Act to elect a majority of the Board of Trustees.

Upon the termination of a Voting Period, the voting rights described in this <u>Section 6.2(a)</u> shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon the further occurrence of any of the events described in this <u>Section 6.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice of Special Meeting*. As soon as practicable after the accrual of any right of the Holders of Preferred Shares to elect additional Trustees as described in <u>Section 6.2(a)</u>, the Fund shall call a special meeting of such Holders and notify the Redemption and Paying Agent and/or such other Person as is specified in the terms of such Preferred Shares to receive notice (i) by mailing or delivery by Electronic Means or (ii) in such other manner and by such other means as are specified in the terms of such Preferred Shares, a notice of such special meeting to such Holders, such meeting to be held not less than ten (10) nor more than thirty (30) calendar days after the date of the delivery by Electronic Means or mailing of such notice. If the Fund fails to call such a special meeting, it may be called at the expense of the Fund by any such Holder on like notice. The record date for determining the Holders of Preferred Shares entitled to notice of and to vote at such special meeting shall be the close of business on the Business Day preceding the calendar day on which such notice is mailed. At any such special meeting and at each meeting of Holders of Preferred Shares held during a Voting Period at which Trustees are to be elected, such Holders, voting together as a class (to the exclusion of the Holders of all other securities and classes of Shares of the Fund), shall be entitled to elect the number of Trustees prescribed in <u>Section 6.2(a)</u> on a one-vote-per-share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Terms of Office of Existing Trustees*. The terms of office of the incumbent Trustees of the Fund at the time of a special meeting of Holders of the Preferred Shares to elect additional Trustees in accordance with <u>Section 6.2(a)</u> shall not be affected by the election at such meeting by the Holders of Series [●] Preferred Shares and such other Holders of Preferred Shares of the number of Trustees that they are entitled to elect, and the Trustees so elected by the Holders of Series [●] Preferred Shares and such other Holders of Preferred Shares, together with the two (2) Trustees elected by the Holders of Preferred Shares in accordance with <u>Section 6.1</u> hereof and the remaining Trustees elected by the Holders of the Common Shares and Preferred Shares, shall constitute the duly elected Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Terms of Office of Certain Trustees to Terminate Upon Termination of Voting Period*. Simultaneously with the termination of a Voting Period, the terms of office of the additional Trustees elected by the Holders of the Preferred Shares pursuant to <u>Section 6.2(a)</u> shall terminate, the remaining Trustees shall constitute the Trustees of the Fund and the voting rights of the Holders of Preferred Shares to elect additional Trustees pursuant to <u>Section 6.2(a)</u> shall cease, subject to the provisions of the last sentence of <u>Section 6.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Holders of Series [●] Preferred Shares to Vote on Certain Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Certain Amendments Requiring Approval of Preferred Shares*. Except as otherwise permitted by the terms of this Supplement, (1) so long as any Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least two-thirds of the Preferred Shares Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration of Trust or this Supplement (or any other document governing the rights of the Preferred Shares or the Holders thereof as may be required by the rules of any applicable securities exchange), whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power of such Preferred Shares or the Holders thereof and (2) so long as any Series [●] Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least two-thirds of the Series [●] Preferred Shares Outstanding at the time, voting together as a separate class, amend, alter or repeal the provisions of the Declaration of Trust or this Supplement (or any other document governing the rights of the Series [●] Preferred Shares or the Holders thereof as may be required by the rules of any applicable securities exchange), whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power of such Series [●] Preferred Shares or the Holders thereof differently than shares of any other series of Preferred Shares; <u>provided</u>, <u>however</u>, that for purposes of this <u>Section 6.3(a)</u>, (i) a change in the capitalization of the Fund in accordance with <u>Section 7.1</u> hereof shall not be considered to materially and adversely affect the rights and preferences of the Preferred Shares, including the Series [●] Preferred Shares, and (ii) a division of the Preferred Shares, including the Series [●] Preferred Shares, shall be deemed to affect such preferences, rights or powers only if the terms of such division materially and adversely affect the Holders of the shares. For purposes of the foregoing, no matter shall be deemed to adversely affect any preference, right or power of Preferred Shares or any series thereof, or the Holder of any such share unless such matter (x) alters or abolishes any preferential right of such Preferred Shares, or (y) creates, alters or abolishes any right in respect of redemption of such share (other than as a result of a division of Preferred Shares). So long as Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of at least sixty-seven percent (67%) of the Holders of the Preferred Shares Outstanding at the time, voting as a separate class, file a voluntary application for relief under federal bankruptcy law or any similar application under state law for so long as the Fund is solvent and does not foresee becoming insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Certain Amendments Requiring Approval of Series [●] Preferred Shares*. The Fund cannot effect any amendment, alteration or repeal of the obligation to redeem all of the Series [●] Preferred Shares without the prior unanimous consent of the Holders of Series [●] Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *1940 Act Matters*. Unless a higher percentage is provided for in the Declaration of Trust, the affirmative vote of the Holders of at least "a majority of the outstanding Preferred Shares," including Series [●] Preferred Shares Outstanding at the time, voting as a separate class, shall be required (A) to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares or (B) any action requiring a vote of Holders of the Fund's securities pursuant to Section 13(a) of the 1940 Act. For purposes of the foregoing, the vote of a "majority of the outstanding Preferred Shares" means the vote at an annual or special meeting duly called of (i) sixty-seven percent (67%) or more of such shares present at a meeting, if the Holders of more than fifty percent (50%) of such shares are present or represented by proxy at such meeting, or (ii) more than fifty percent (50%) of such shares, whichever is less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Voting Rights Set Forth Herein Are Sole Voting Rights</u>. Unless otherwise required by law or the Declaration of Trust, the Holders of Series [●] Preferred Shares shall not have any relative rights or preferences or other special rights with respect to voting other than those specifically set forth in this <u>ARTICLE VI</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>No Cumulative Voting</u>. The Holders of Series [●] Preferred Shares shall have no rights to cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Voting for Trustees Sole Remedy for Fund's Failure to Declare or Pay Dividends</u>. In the event that the Fund fails to declare or pay any dividends on Series [●] Preferred Shares on the Dividend Payment Date therefor, the exclusive remedy of the Holders of the Series [●] Preferred Shares shall be the right to vote for Trustees pursuant to the provisions of this <u>ARTICLE VI</u>. Nothing in this <u>Section 6.6</u> shall be deemed to affect the obligation of the Fund to accumulate and, if permitted by applicable law, the Declaration of Trust and this Supplement, pay dividends at the Default Rate in the circumstances contemplated by <u>Section 2.8</u> hereof.

**ARTICLE VII<br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Issuance of Additional Preferred Shares</u>. So long as Series [●] Preferred Shares are Outstanding, the Fund may, without the vote or consent of the Holders thereof, (a) authorize, establish and create and issue and sell shares of one or more series of a class of senior securities of the Fund representing stock under Section 18 of the 1940 Act, ranking on a parity with the Series [●] Preferred Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to then Outstanding Series [●] Preferred Shares, and (b) authorize, issue and sell additional shares of any such series then Outstanding or so established and created, including additional Series [●] Preferred Shares, in each case in accordance with applicable law, <u>provided</u> that the Fund shall, immediately after giving effect to the issuance of such additional Preferred Shares and to its receipt and application of the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have Asset Coverage (calculated in the same manner as is contemplated by <u>Section 4.2</u> hereof) of at least 200%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Status of Redeemed or Repurchased Series [●] Preferred Shares</u>. Series [●] Preferred Shares that at any time have been redeemed or purchased by the Fund shall, after such redemption or purchase, have the status of authorized but unissued Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Registered Name</u>. Prior to the commencement of a Voting Period, (i) all Series [●] Preferred Shares Outstanding from time to time shall be registered in the name of the Depository Trust Company and its successors and assigns, or any other securities depository selected by the Fund that agrees to follow the procedures required to be followed by such securities depository as set forth in this Supplement with respect to the Series [●] Preferred Shares (the "<u>Securities Depository</u>") or its nominee and (ii) no registration of transfer of such Series [●] Preferred Shares shall be made on the books of the Fund to any Person other than the Securities Depository or its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Notice</u>. All notices or communications hereunder, unless otherwise specified in this Supplement, shall be sufficiently given if in writing and delivered in person, by Electronic Means or by overnight mail or delivery or mailed by first-class mail, postage prepaid. Notices delivered pursuant to this <u>Section 7.4</u> shall be deemed given on the date received or, if mailed by first class mail, on the date five (5) calendar days after which such notice is mailed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. <u>Termination</u>. In the event that no Series [●] Preferred Shares are Outstanding, all rights and preferences of the Series [●] Preferred Shares established and designated hereunder shall cease and terminate, and all obligations of the Fund under this Supplement with respect to such Series [●] Preferred Shares shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. <u>Amendment</u>. The Board of Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise provided by this Supplement or required by applicable law) amend this Supplement so as to reflect any amendments to the terms applicable to the Series [●] Preferred Shares, including an increase in the number of authorized Series [●] Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. <u>Actions on Other than Business Days</u>. Unless otherwise provided herein, if the date for making any payment, performing any act or exercising any right, in each case as provided for in this Supplement, is not a Business Day, such payment shall be made, act performed or right exercised on the next succeeding Business Day, with the same force and effect as if made or done on the nominal date provided therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue for the period between such nominal date and the date of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. <u>Modification</u>. The Board of Trustees, without the vote of the Holders of Series [●] Preferred Shares, may interpret, supplement or amend the provisions of this Supplement to supply any omission, resolve any inconsistency or ambiguity or to cure, correct or supplement any defective or inconsistent provision, including any provision that becomes defective after the date hereof because of impossibility of performance or any provision that is inconsistent with any provision of any other Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9. <u>Information Rights</u>. During any period in which the Fund is not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and any Series [●] Preferred Shares are Outstanding, the Fund will provide Holders of Series [●] Preferred Shares, without cost, copies of SEC Reports that the Fund would have been required to file pursuant to Section 13 or 15(d) of the Exchange Act if the Fund was subject to such provisions or, alternatively, the Fund will voluntarily file SEC Reports as if the Fund was subject to Section 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10. <u>No Additional Rights</u>. Unless otherwise required by law or the Declaration of Trust, the Holders of Series [●] Preferred Shares shall not have any relative rights or preferences or other special rights other than those specifically set forth in this Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11. <u>Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The headings preceding the text of the Articles and Sections included in this Supplement are for convenience only and shall not be deemed part of this Supplement or be given any effect in interpreting this Supplement. The use of the masculine, feminine or neuter gender or the singular or plural form of words herein shall not limit any provision of this Supplement. The use of the terms "including" or "include" shall in all cases herein mean "including, without limitation" or "include, without limitation," respectively. Reference to any Person includes such Person's successors and assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reference to any agreement (including this Supplement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified, replaced or re-enacted, in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder. Underscored references to Articles and Sections shall refer to those portions of this Supplement. The use of the terms "hereunder," "hereof," "hereto" and words of similar import shall refer to this Supplement as a whole and not to any particular Article, Section or clause of this Supplement.

*[Signature Page Follows]*

 

IN WITNESS WHEREOF, the Fund has caused this Supplement to be duly executed by its duly authorized officer as of this [●] day of [●].

---

| |
|:---|
| **EAGLE POINT CREDIT COMPANY** |
| By: |
| Name: |
| Title: |

---

## Ex-99.(E)(1)

**Exhibit 99.(e)(1)**

**EAGLE POINT CREDIT COMPANY**

**AMENDED AND RESTATED**

**DIVIDEND REINVESTMENT PLAN**

**<u>Introduction</u>**

Under the Amended and Restated Dividend Reinvestment Plan (the "<u>Plan</u>") for Eagle Point Credit Company (the "<u>Company</u>"), dividends and/or other distributions (collectively, "Distributions") to a holder of the Company's common shares of beneficial interest, $0.001 par value per share (each, a "<u>Share</u>" and, collectively, the "<u>Shares</u>") will automatically be reinvested in additional Shares. Each registered shareholder may elect to have Distributions made in cash (*i.e.*, "opt-out") rather than participate in the Plan. For any registered shareholder that does not so elect (each, a "<u>Participant</u>" and collectively, the "<u>Participants</u>"), Distributions on such shareholder's Shares will be reinvested by Equiniti Trust Company, LLC (the "<u>Plan Agent</u>"), as agent for shareholders in administering the Plan, in additional Shares, as set forth below. Participation in the Plan is completely voluntary, and may be terminated or resumed at any time without penalty by so notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.equiniti.com. If received by the Plan Agent prior to the Distribution record date, such termination or resumption will be effective with respect to any subsequently declared Distribution. Participants who hold their Shares through a broker or other nominee and who wish to elect to receive any Distributions in cash must contact their broker or nominee.

**<u>Plan Details</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. The Plan Agent will open an account for
 each holder of Shares under the Plan in the same name in which such holder of Shares is registered.
 Whenever the Company declares a Distribution payable in cash, non-participants in the Plan
 will receive cash and Participants will receive the equivalent in Shares. The Plan Agent,
 on the Company's behalf, will primarily use newly-issued authorized Shares to implement
 reinvestment of Distributions under the Plan (regardless of whether the outstanding Shares
 are trading at a premium or at a discount to net asset value (" <u>NAV</u> ") per
 Share). However, the Company reserves the right to instruct the Plan Agent to purchase Shares
 on the open market on the New York Stock Exchange or elsewhere ("Open-Market Purchases")
 in connection with the reinvestment of Distributions under the Plan to the extent that the
 Shares are trading at a discount to NAV per Share.

&nbsp;&nbsp;&nbsp;&nbsp;2. The number of Shares to be credited to
 each Participant's account pursuant to the Plan will be determined by dividing the
 aggregate dollar amount of the Distribution by 95% of the closing market price per Share
 on the payment date, provided that if 95% of the closing market price per Share on the payment
 date is below the Company's last determined NAV per Share, then the number of Shares
 to be credited to each Participant's account pursuant to the Plan will be determined
 by dividing the aggregate dollar amount of the Distribution by the lesser of (i) the
 last determined NAV per Share and (ii) the closing market price per Share. In the event
 that the Plan Agent is instructed to implement the reinvestment of Distributions through
 Open-Market Purchases, any Shares so purchased shall be allocated to each Participant based
 upon the average purchase price (excluding any brokerage charges or other fees) of all Shares
 purchased with respect to the Distribution. In any case, the Plan Agent (or Plan Agent's
 broker) will have until the last business day before the next date on which the Shares trade
 on an "ex-dividend" basis or 30 days after the payment date for such Distribution,
 whichever is sooner, to invest the Distribution amount in Shares acquired in Open-Market
 Purchases. To the extent that the Plan Agent is unable to reinvest the full amount of the
 Distribution through Open-Market Purchases, the balance shall be credited to Participants'
 accounts in the form of newly-issued Shares, in accordance with the procedures described
 above. Open-Market Purchases may be made on any securities exchange where Shares are traded,
 in the over-the-counter market or in negotiated transactions, and may be on such terms as
 to price, delivery and otherwise as the Plan Agent shall determine.

The Plan Agent maintains all Participants' accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by Participants for tax records. Shares in the account of each Participant will be held by the Plan Agent on behalf of the Participant in book entry form in the Plan Agent's name or that of the Plan Agent's nominee. Each shareholder proxy will include those Shares purchased or received pursuant to the Plan. The Plan Agent will forward all proxy solicitation materials to Participants and vote proxies for Shares held under the Plan in accordance with the instructions of the Participants.

&nbsp;&nbsp;&nbsp;&nbsp;3. In the case of record shareholders such
 as banks, brokers or other nominees, which hold Shares for others who are the beneficial
 owners, the Plan Agent will administer the Plan on the basis of the number of Shares certified
 from time to time by the record shareholder and held for the account of beneficial owners
 who participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;4. Any Distributions or Shares issued pursuant
 to a split on Shares will be credited to a Participant's account. In the event that
 the Company makes available to its shareholders rights to purchase additional Shares or other
 securities, the Shares held for each Participant under the Plan will be added to other Shares
 held by the Participant in calculating the number of rights to be issued to each Participant.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Plan Agent's fees for the handling
 of the reinvestment of Distributions will be paid by the Company. However, each Participant
 will pay a pro rata portion of brokerage fees incurred in connection with Open Market Purchases
 (as applicable). The automatic reinvestment of Distributions will not relieve Participants
 of any Federal, state or local income tax that may be payable (or required to be withheld)
 on such Distributions. If a Participant elects by telephone, Internet or written notice
 to the Plan Agent to have the Plan Agent sell all or a part of his or her Shares and remit
 the proceeds to the Participant, the Plan Agent is authorized to deduct a $15.00 sales fee
 per trade and a per Share brokerage commission of $0.07 from such proceeds. All per Share
 fees include any applicable brokerage commissions the Plan Agent is required to pay.

&nbsp;&nbsp;&nbsp;&nbsp;6. If a Participant elects by telephone, Internet
 or written notice to the Plan Agent to have the Plan Agent sell all or a part of his or her
 Shares and remit the proceeds to the Participant, the Plan Agent will process all sale instructions
 received no later than five (5) business days after the date on which the order is received.
 Such sale will be made through the Plan Agent's broker on the relevant market and the
 sale price will not be determined until such time as the broker completes the sale. To maximize
 cost savings, the Plan Agent will seek to sell Shares in round lot transactions. For this
 purpose the Plan Agent may combine a Participant's Shares with those of other selling
 Participants. In this case, the proceeds delivered to each Participant shall be based on
 the weighted average sale price obtained by the Plan Agent's broker (net of all applicable
 brokerage fees). The Plan Agent will mail a check to the selling Participant, in an amount
 equal to the applicable sale proceeds, after deducting applicable brokerage fees, on the
 settlement date (which will be two business days after the Shares have been sold). If a Participant
 chooses to sell Shares through its broker, the Participant will need to request that the
 Plan Agent electronically transfer its Shares to the broker.

&nbsp;&nbsp;&nbsp;&nbsp;7. Each Participant may terminate (or resume)
 his or her account under the Plan by so notifying the Plan Agent by telephone, in writing
 or by visiting the Plan Agent's website at www.equiniti.com. Such termination (or resumption)
 will be effective immediately if received by the Plan Agent prior to any Distribution record
 date; otherwise, such termination (or resumption) will be effective on the first trading
 day after the payment date for such Distribution (and thus apply to any subsequent Distributions).
 Upon any withdrawal or termination, the terminating Participant's Shares will be credited
 to such Participant's account and the Plan Agent will cause to be delivered to each
 terminating Participant a statement of holdings indicating the number of whole book-entry
 Shares so credited, and a check for the cash adjustment of any fractional Share at the market
 value per Share as of the close of business on the day the termination is effective less
 any applicable fee. Notwithstanding the foregoing, if the terminating Participant so specifies,
 the Plan Agent will sell the full and fractional Shares and send the proceeds less a $15.00
 sales fee per trade and a per Share brokerage commission of $0.07 to the terminating Participant.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Company reserves the right to amend
 or terminate the Plan upon notice in writing to each Participant at least 30 days prior to
 any record date for the payment of any Distribution by the Company. There is no direct service
 charge to Participants with regard to purchases in the Plan; however, the Company reserves
 the right to amend the Plan to include a service charge payable by the Participants. Notice
 will be sent to Participants of any amendments as soon as practicable after such action by
 the Company.

&nbsp;&nbsp;&nbsp;&nbsp;9. All correspondence from a registered
 owner of Shares concerning the Dividend Reinvestment Plan should be directed to the Plan
 Agent at Equiniti Trust Company, LLC, PO Box 10027, Newark, NJ 07101. Participants who hold
 their Shares through a broker or other nominee should direct correspondence or questions
 concerning the Dividend Reinvestment Plan to their broker or nominee.

## Ex-99.(E)(2)

**Exhibit 99.(e)(2)**

**EAGLE POINT CREDIT COMPANY**

**CONVERTIBLE AND PERPETUAL PREFERRED SHARES**

**AMENDED AND RESTATED DIVIDEND REINVESTMENT PLAN**

**<u>Introduction</u>**

Under the Convertible and Perpetual Preferred Shares Dividend Reinvestment Plan (the "<u>Plan</u>") for Eagle Point Credit Company (the "<u>Company</u>"), dividends and/or distributions to a holder of shares of the Company's 7.00% Series AA Convertible and Perpetual Preferred Shares, $0.001 par value per share, 7.00% Series AB Convertible and Perpetual Preferred Shares, $0.001 par value per share, or any future series of Convertible and Perpetual Preferred Shares (each, a "<u>Share</u>" and, collectively, the "<u>Shares</u>") will automatically be reinvested in additional Shares of the same series as the Shares in respect of which such dividends and/or distributions are being paid. Each registered shareholder may elect to have dividends and distributions distributed in cash (*i.e.*, "opt-out") rather than participate in the Plan. For any registered shareholder that does not so elect (each, a "<u>Participant</u>" and collectively, the "<u>Participants</u>"), dividends and/or distributions on such shareholder's Shares will be reinvested by Computershare Trust Company, N.A., as administrator of the Plan (the "<u>Plan Agent</u>"), and as agent for shareholders in administering the Plan, in additional Shares, as set forth below. Participation in the Plan is completely voluntary, and may be terminated or resumed at any time without penalty by so notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at *www.computershare.com*. If received by the Plan Agent prior to the dividend record date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Participants who hold their Shares through a broker or other nominee and who wish to elect to receive any dividends and distributions in cash must contact their broker or nominee.

**<u>Plan Details</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. The Plan Agent will record Shares held for each Participant under the Plan in the same account which such
holder holds Shares. Whenever the Company declares a dividend or other distribution (together, a " <u>Dividend</u> ") payable
in cash, non-participants in the Plan will receive cash and Participants will receive the equivalent in Shares. The Shares will be acquired
by the Plan Agent for the Participants' accounts through receipt of additional unissued but authorized Shares from the Company (" <u>Newly Issued Shares</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;2. On the payment date for any Dividend, the Plan Agent will invest the Dividend amount in Newly Issued Shares
on behalf of the Participants. The number of Newly Issued Shares to be credited to each Participant's account will be determined
by dividing the dollar amount of the Dividend by $23.75 or 95% of the liquidation preference per Share of $25.00. Shares of Preferred
Shares received through the plan will be of the same preferred series.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Plan Agent maintains all Participants' accounts in the Plan and furnishes written confirmation
of all transactions in the accounts, including information needed by Participants for tax records. Shares in the account of each Participant
will be held in book entry form, and may be held in the Plan Agent's name or the Plan Agent's nominee. Each shareholder proxy
will include those Shares purchased or received pursuant to the Plan. The Plan Agent will forward all proxy solicitation materials to
Participants and Participants shall be entitled to directly vote proxies for Shares held under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;4. In the case of shareholders such as banks, brokers or nominees which hold Shares for others who are the
beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Shares certified from time to time by the record
shareholder and held for the account of beneficial owners who participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;5. Any dividends or split of Shares distributed by the Company on Shares held by the Plan Agent for Participants
will be credited to their accounts. In the event that the Company makes available to its shareholders rights to purchase additional Shares
or other securities, the Shares held for each Participant under the Plan will be added to other Shares held by the Participant in calculating
the number of rights to be issued to each Participant.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Plan Agent's fees for the handling of the reinvestment of dividends and distributions will be
paid by the Company. The automatic reinvestment of Dividends will not relieve Participants of any Federal, state or local income tax that
may be payable (or required to be withheld) on such dividend.

&nbsp;&nbsp;&nbsp;&nbsp;7. Each Participant may terminate his or her account under the Plan by so notifying the Plan Agent by telephone,
in writing or by visiting the Plan Agent's website at *www.computershare.com*. Such termination will be effective immediately
if received by the Plan Agent prior to any dividend or distribution record date; otherwise, such termination or resumption will be effective
on the first trading day after the payment date for such Dividend, with respect to any subsequent Dividend. Upon any withdrawal or termination,
the terminating Participant's Shares will be credited to such Participant's account and the Plan Agent will cause to be delivered
to each terminating Participant a statement of holdings for the appropriate number of the Company's whole book-entry Shares and
a check for the cash adjustment of any fractional Share at the liquidation preference per Share as of the close of business on the day
the termination is effective less any applicable fee.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Company reserves the right to amend or terminate the Plan upon notice in writing to each Participant
at least 30 days prior to any record date for the payment of any dividend or distribution by the Company. There is no direct service charge
to Participants with regard to purchases in the Plan; however, the Company reserves the right to amend the Plan to include a service charge
payable by the Participants. Notice will be sent to Participants of any amendments as soon as practicable after such action by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;9. All correspondence from a registered owner of Shares concerning the Dividend Reinvestment Plan should
be directed to the Plan Agent at Computershare Trust Company, N.A., P.O. Box 43007 Providence, RI 02940-3007; or through the Plan
Agent's website at *www.computershare.com*. Participants who hold their Shares through a broker or other nominee should direct
correspondence or questions concerning the Dividend Reinvestment Plan to their broker or nominee.

&nbsp;&nbsp;&nbsp;&nbsp;10. The Company and the Plan Agent, and any agent of either of them, are not liable for any act done in good
faith or for any omission to act in good faith, including, without limitation, (i) any claim of liability arising out of failure
to terminate a Participant's account upon a Participant's death prior to receipt of notice in writing of such death from a
qualified representative of the deceased, (ii) any claim of liability arising out of the inability to purchase Shares, (iii) the
prices at which Shares are purchased for a Participant's account, (iv) the times when such purchases are made, or (v) any
fluctuations in the market value of the Shares.

You should recognize that neither the Company nor the Plan Agent can assure you of a profit or protect you against a loss on any Shares purchased for your account under the Plan. An investment in the Shares under the Plan is, like any equity investment, subject to investment risk and possible loss of some or all of the principal amount invested.

## Ex-99.(L)(1)

**Exhibit 99.(l)(1)**

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| ![](tm2615164d1_ex99xlx1img001.jpg) | **Dechert LLP**<br> 1900 K Street, N.W.<br> Washington, DC 20006-1110<br> +1 202 261 3300 Main <br> +1 202 261 3333 Fax |

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May 22, 2026

Eagle Point Credit Company<br> 600 Steamboat Road, Suite 202<br> Greenwich, Connecticut 06830

Re: <u>Registration Statement on Form N-2</u>

Ladies and Gentlemen:

We have acted as counsel to Eagle Point Credit Company, a Delaware statutory trust (the "<u>Company</u>"), in connection with the preparation and filing with the U.S. Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of Post-Effective Amendment No. 2 (the "<u>Post-Effective Amendment</u>") to the Company's Registration Statement on Form N-2 (File Nos. 333-286484 and 811-22974) (as amended, the "<u>Registration Statement</u>") originally filed with the Commission by Eagle Point Credit Company, Inc., a Delaware corporation (the "<u>Predecessor Registrant</u>"). The Company became the successor to the Predecessor Registrant on May 22, 2026 in connection with the Predecessor Registrant's conversion from a Delaware corporation to a Delaware statutory trust. In accordance with paragraph (d) of Rule 414 under the Securities Act, the Post-Effective Amendment was filed by the Company, as the successor registrant to the Predecessor Registrant, to expressly adopt the Registration Statement as its own registration statement for all purposes under the Securities Act and under the Securities Exchange Act of 1934, as amended.

This opinion letter is being furnished to the Company in accordance with the requirements of Item 25 of Form N-2 under the Investment Company Act of 1940, as amended, and we express no opinion herein as to any matter other than as to the legality of the Securities.

The Registration Statement, as amended by the Post-Effective Amendment, relates to the registration of the sale from time to time of one or more series of the following securities by the Company (collectively, the "<u>Securities</u>"), and provides that the Securities may be offered separately or together, in separate series, in amounts, at prices and on terms to be set forth in one or more prospectus supplements to the prospectus included in the Registration Statement (each, a "<u>Prospectus Supplement</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company's common shares of beneficial interest, no par
 value (" <u>Common Shares</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's preferred shares of beneficial interest, par
 value $0.001 per share (" <u>Preferred Shares</u> ");

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&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company's subscription rights representing rights to purchase
 Common Shares (" <u>Subscription Rights</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company's debt securities, which may be either senior
 debt securities or subordinated debt securities and either convertible or unconvertible (" <u>Debt Securities</u> "), to be issued pursuant to the indenture dated as of December 4,
 2015 (as the same may be subsequently amended or supplemented from time to time, the " <u>Indenture</u> ")
 between the Company and Equiniti Trust Company, LLC (as successor in interest to American
 Stock Transfer & Trust Company, LLC) (the " <u>Trustee</u> ").

In rendering the opinions expressed below, we have examined and relied on originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Company and others, and such other documents as we have deemed necessary or appropriate as a basis for the opinions set forth below, including the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Certificate of Trust of the Company (the "Certificate
 of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Declaration of Trust of the Company (the "Declaration
 of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Bylaws of the Company (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;(v) the form of certificate evidencing the Subscription Rights;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Dealer Manager Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(viii) the form of Supplement to Declaration of Trust for Preferred Shares
 of Beneficial Interest;

&nbsp;&nbsp;&nbsp;&nbsp;(ix) the form of underwriting agreement for equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;(x) the form of underwriting agreement for debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;(xi) the form of At Market Issuance Dealer Manager Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;(xii) the form of At Market Issuance Sub-Placement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the form of subscription agent agreement for the Subscription
 Rights;

&nbsp;&nbsp;&nbsp;&nbsp;(xiv) a certificate of good standing with respect to the Company issued
 by the Secretary of State of the State of Delaware as of a recent date;

&nbsp;&nbsp;&nbsp;&nbsp;(xv) a certificate from the Secretary of the State of Connecticut as
 to the authorization of the Company to do business in the State of Connecticut; and

&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the resolutions of the board of Directors of the Company (prior
 to the Conversion), relating to, among other things, the authorization and approval of the
 preparation and filing of the Registration Statement.

As to the facts upon which this opinion is based, we have relied, to the extent we deem proper, upon certificates of public officials and certificates and written statements of agents, officers, directors, employees and representatives of the Company without having independently verified such factual matters.

In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as original documents, the conformity to original documents of all documents submitted to us as copies, the legal capacity of natural persons who are signatories to the documents examined by us and the legal power and authority of all persons signing on behalf of the parties to such documents. We have further assumed that there has been no oral modification of, or amendment or supplement (including any express or implied waiver, however arising) to, any of the agreements, documents or instruments used by us to form the basis of the opinion expressed below.

On the basis of the foregoing and subject to the assumptions, qualifications and limitations set forth in this letter, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Common Shares, when (a) duly issued and sold by the Company
 in accordance with the Registration Statement and applicable Prospectus Supplement, upon
 conversion or exchange of Debt Securities or Preferred Shares or upon exercise of Subscription
 Rights as contemplated by the Registration Statement and applicable Prospectus Supplement
 and (b) delivered to the purchaser or purchasers thereof against receipt by the Company
 of such lawful consideration therefor as the Board of Trustees of the Company (the "Board
 of Trustees") (or a duly authorized committee thereof) may lawfully determine, will
 be validly issued, fully paid and nonassessable.

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&nbsp;&nbsp;&nbsp;&nbsp;2. The Preferred Shares, when (a) duly issued and sold in accordance
 with the Registration Statement and applicable Prospectus Supplement or upon conversion or
 exchange of Debt Securities as contemplated by the Registration Statement and applicable
 Prospectus Supplement and (b) delivered to the purchaser or purchasers thereof against
 receipt by the Company of such lawful consideration therefor as the Board of Trustees (or
 a duly authorized committee thereof) may lawfully determine and at a price per share not
 less than the per share par value of the Preferred Shares, will be validly issued, fully
 paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Subscription Rights, when duly issued in accordance with the
 Registration Statement and applicable Prospectus Supplement and the provisions of an applicable
 subscription certificate and any applicable, valid and binding subscription agreement, will
 be validly issued.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Debt Securities, when (a) duly executed by the Company and
 authenticated by the Trustee in accordance with the provisions of the Indenture and (x) issued
 and sold in accordance with the Registration Statement and applicable Prospectus Supplement
 or (y) issued upon exchange or conversion of Preferred Shares as contemplated by the
 Registration Statement and applicable Prospectus Supplement and (b) delivered to the
 purchaser or purchasers thereof against receipt by the Company of such lawful consideration
 therefor as the Board of Trustees (or a duly authorized committee thereof or a duly authorized
 officer of the Company) may lawfully determine, will be valid and binding obligations of
 the Company enforceable against the Company in accordance with their respective terms.

The opinions set forth herein are subject to the following assumptions, qualifications, limitations and exceptions being true and correct at or before the time of the delivery of any Securities offered pursuant to the Registration Statement and appropriate Prospectus Supplement:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the Board of Trustees, including any appropriate committee appointed
 thereby, and/or appropriate officers of the Company shall have duly (x) established
 the terms of the Securities and (y) authorized and taken any other necessary trust or
 other action to approve the creation, if applicable, issuance and sale of the Securities
 and related matters and any Securities consisting of Common Shares or Preferred Shares, and
 any Common Shares or Preferred Shares for or into which any other Securities are exercisable,
 exchangeable or convertible, shall have been duly reserved for issuance and such authorizations
 and actions have not been rescinded;

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&nbsp;&nbsp;&nbsp;&nbsp;(ii) resolutions establishing the definitive terms of and authorizing
 the Company to register, offer, sell and issue the Securities shall remain in effect and
 unchanged at all times during which the Securities are offered, sold or issued by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the definitive terms of each class and series of the Securities
 not presently provided for in the Registration Statement or the Declaration of Trust, and
 the terms of the issuance and sale of the Securities (x) shall have been duly established
 in accordance with all applicable law and the Certificate of Trust, Declaration of Trust
 and Bylaws (collectively, the "Charter"), any Indenture, underwriting agreement
 and subscription agreement and any other relevant agreement relating to the terms and the
 offer and sale of the Securities (collectively, the "Documents") and the authorizing
 resolutions of the Board of Trustees, and reflected in appropriate documentation reviewed
 by us, and (y) shall not violate any applicable law, the Charter or the Documents (subject
 to the further assumption that such Charter and Documents have not been amended from the
 date hereof in a manner that would affect the validity of any of the opinions rendered herein),
 or result in a default under or breach of (nor constitute any event which with notice, lapse
 of time or both would constitute a default under or result in any breach of) any agreement
 or instrument binding upon the Company and shall comply with any restriction imposed by any
 court or governmental body having jurisdiction over the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon issuance of any Preferred Shares or Common Shares, including
 upon exercise, conversion or exchange of Securities, the total number of Preferred Shares
 or Common Shares issued and outstanding shall not exceed the total number of Preferred Shares
 or Common Shares, as applicable, that the Company is then authorized to issue under the Charter;

&nbsp;&nbsp;&nbsp;&nbsp;(v) the interest rate on the Debt Securities shall not be higher than
 the maximum lawful rate permitted from time to time under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Securities (including any Securities issuable upon exercise,
 conversion or exchange of other Securities) and any certificates representing the relevant
 Securities (including any Securities issuable upon exercise, conversion or exchange of other
 Securities) shall have been duly authenticated, executed, countersigned, registered and delivered
 upon payment of the agreed-upon legal consideration therefor and shall have been duly issued
 and sold in accordance with any relevant agreement and, if applicable, duly executed and
 delivered by the Company and any other appropriate party;

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| ![](tm2615164d1_ex99xlx1img001.jpg) | Eagle Point Credit Company<br> May 22, 2026<br> Page 6 |

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&nbsp;&nbsp;&nbsp;&nbsp;(vii) each of the Indenture, subscription agreement and any other relevant
 agreement has been duly authorized, executed and delivered by, and shall constitute a valid
 and binding obligation of, each party thereto (other than the Company);

&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Registration Statement (including all necessary post-effective
 amendments), and any additional registration statement filed under Rule 462 under the
 Securities Act, shall be effective under the Securities Act, and such effectiveness shall
 not have been terminated or rescinded;

&nbsp;&nbsp;&nbsp;&nbsp;(ix) an appropriate Prospectus Supplement shall have been prepared, delivered
 and filed in compliance with the Securities Act and the applicable rules and regulations
 thereunder describing the Securities offered thereby;

&nbsp;&nbsp;&nbsp;&nbsp;(x) the Securities shall be issued and sold in compliance with all U.S.
 federal and state securities laws and solely in the manner stated in the Registration Statement
 and the applicable Prospectus Supplement and there shall not have occurred any change in
 law affecting the validity of the opinions rendered herein;

&nbsp;&nbsp;&nbsp;&nbsp;(xi) if the Securities will be sold pursuant to a firm commitment underwritten
 offering, the underwriting agreement with respect to the Securities in the form filed as
 an exhibit to the Registration Statement or any post-effective amendment thereto, or incorporated
 by reference therein, shall have been duly authorized, executed and delivered by the Company
 and the other parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Indenture has been, and shall continue to be, duly qualified
 under the Trust Indenture Act of 1939, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;(xiii) in the case of an agreement or instrument pursuant to which any
 Securities are to be issued, there shall be no terms or provisions contained therein which
 would affect the validity of any of the opinions rendered herein.

The opinions set forth herein as to enforceability of obligations of the Company are subject to: (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or hereinafter in effect affecting the enforcement of creditors' rights generally, and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and the discretion of the court or other body before which any proceeding may be brought; (ii) the unenforceability under certain circumstances under law or court decisions of provisions providing for the indemnification of, or contribution to, a party with respect to a liability where such indemnification or contribution is contrary to public policy; (iii) provisions of law which may require that a judgment for money damages rendered by a court in the United States be expressed only in U.S. dollars; (iv) requirements that a claim with respect to any Debt Securities denominated other than in U.S. dollars (or a judgment denominated other than in U.S. dollars in respect of such claim) be converted into U.S. dollars at a rate of exchange prevailing on a date determined pursuant to applicable law; and (v) governmental authority to limit, delay or prohibit the making of payments outside the United States or in foreign currency or composite currency.

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We express no opinion as to the validity, legally binding effect or enforceability of any provision in any agreement or instrument that (i) requires or relates to payment of any interest at a rate or in an amount which a court may determine in the circumstances under applicable law to be commercially unreasonable or a penalty or forfeiture or (ii) relates to governing law and submission by the parties to the jurisdiction of one or more particular courts.

We are members of the bar of the State of New York, and the foregoing opinions are limited to the laws of the State of New York and the Delaware Statutory Trust Act.

The opinions expressed herein are based upon the law as in effect and the documentation and facts known to us on the date hereof. We have not undertaken to advise you of any subsequent changes in the law or of any facts that hereafter may come to our attention.

This opinion letter has been prepared for your use solely in connection with the Registration Statement. We assume no obligation to advise you of any changes in the foregoing subsequent to the date of this opinion.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to this firm under the caption "Legal Matters" in the prospectus which forms a part of the Registration Statement. We further consent to the incorporation by reference of this letter and consent into any registration statement filed pursuant to Rule 462(e) with respect to the Securities. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

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| |
|:---|
| Very truly yours,<br>|
| [/s/ Dechert LLP] |
| [PH/AK/tss/as/zo] |

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## Ex-99.(N)

**Exhibit 99.(n)**

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|:---|:---|
| ![](tm2615164d1_ex-99xnimg01.jpg) |  |
|  | KPMG LLP Two Manhattan West<br> 375 9th Avenue, 17th Floor<br> New York, NY 10001 |

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**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated February 25, 2026, with respect to the consolidated financial statements, consolidated financial highlights, and accompanying supplemental information of Eagle Point Credit Company Inc. & Subsidiaries, incorporated herein by reference.

![](tm2615164d1_ex-99xnimg02.jpg)

New York, New York<br> May 22, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.