Company: NMFCZ
Filing Date: 2025-04-01
Form Type: 40-APP
Source: 0001104659-25-030582
Chunk: 5

Company: New Mountain Finance Corp
Filing Date: 2025-04-01
Form: 40-APP
Chunk 5
---
 Sub.

In the case of a Wholly-Owned Investment Sub that does not have a
chief compliance officer or a Board, the chief compliance officer and Board of the Regulated Fund that controls the Wholly-Owned Investment
Sub will be deemed to serve those roles for the Wholly-Owned Investment Sub. In the case of a Joint Venture or a BDC Downstream Fund
(as applicable) that does not have a chief compliance officer or a Board, the chief compliance officer of the Regulated Fund will be
deemed to be the Joint Venture’s or BDC Downstream Fund’s chief compliance officer, and the Joint Venture’s or BDC
Downstream Fund’s investment committee will be deemed to be the Joint Venture’s or BDC Downstream Fund’s Board.

5“Affiliated Entity” means an entity not controlled by the Regulated Fund that intends to engage
in Co-Investment Transactions and that is (a) with respect to a Regulated Fund, another Regulated Fund; (b) an Adviser or its affiliates,
and any direct or indirect, wholly- or majority-owned subsidiary of an Adviser or its affiliates, that is participating in a Co-Investment
Transaction in a principal capacity; or (c) any entity that would be an investment company but for Section 3(c) of the 1940 Act or Rule
3a-7 thereunder and whose investment adviser is an Adviser.

To the extent that an entity described in clause (b) is not advised
by an Adviser, such entity shall be deemed to be an Adviser for purposes of the conditions.

6“Co-Investment Transaction” means the acquisition or Disposition of securities of an issuer in
a transaction effected in reliance on the Order or previously granted relief.

7“Adviser” means an Existing Adviser, and any other investment adviser controlling, controlled
by, or under common control with an Existing Adviser. The term “Adviser” also includes any internally-managed Regulated Fund.

8See, e.g., Massachusetts Mutual Life Insurance Co. (pub. avail. June 7, 2000), Massachusetts Mutual Life Insurance
Co. (pub. avail. July 28, 2000) and SMC Capital, Inc. (pub. avail. Sept. 5, 1995).

<div align='center'>3</div>

II. GENERAL DESCRIPTION OF THE APPLICANTS

A. Existing Regulated Funds

NMFC.NMFC is an externally managed, closed-end,