Company: NMFCZ
Filing Date: 2025-04-01
Form Type: 40-APP
Source: 0001104659-25-030582
Chunk: 9

Company: New Mountain Finance Corp
Filing Date: 2025-04-01
Form: 40-APP
Chunk 9
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1 thereunder.

A. Applicable Law

Section 17(d), in relevant part, prohibits
an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from
effecting any transaction in which the registered investment company is “a joint or a joint and several participant with such person”
in contravention of such rules as the SEC may prescribe “for the purpose of limiting or preventing participation by such [fund]
on a basis different from or less advantageous than that of such other participant.”

Rule 17d-1 prohibits an affiliated person,
or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from participating in, or
effecting any transaction in connection with, any “joint enterprise or other joint arrangement or profit-sharing plan”in which the fund is a participant without first obtaining an order from the SEC.

9The Board of each Future Regulated Fund will consist of a majority of members who are not “interested persons”
of such Future Regulated Fund within the meaning of Section 2(a)(19) of the 1940 Act.

10In the future, an Affiliated Entity that is not a Regulated Fund may register as a closed-end management investment company
or elect to be regulated as a business development company under the 1940 Act and, if so, will be considered a Regulated Fund for purposes
of this application.

11Rule 17d-1(c) defines a “[j]oint enterprise or other joint arrangement or profit-sharing plan” to include, in
relevant part, “any written or oral plan, contract, authorization or arrangement or any practice or understanding concerning an
enterprise or undertaking whereby a registered investment company … and any affiliated person of or principal underwriter for
such registered company, or any affiliated person of such a person or principal underwriter, have a joint or a joint and several participation,
or share in the profits of such enterprise or undertaking ….”

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Section 57(a)(4), in relevant part, prohibits
any person related to a business development company in the manner described in Section 57(b), acting as principal, from knowingly
effecting any transaction in which the business development company is a joint or a joint and several participant with such persons in
contravention of such rules as the Commission may prescribe for the purpose of limiting or preventing participation by the business
development company on a basis less advantageous than that of such person. Section