Company: NMFCZ
Filing Date: 2025-04-15
Form Type: 40-APP/A
Source: 0001104659-25-035141
Chunk: 9

Company: New Mountain Finance Corp
Filing Date: 2025-04-15
Form: 40-APP/A
Chunk 9
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 Rule 17d-1 thereunder to permit, subject to the terms and conditions
set forth below in this Application (the “Conditions”), each Regulated Fund to be able to participate with
one or more Affiliated Entities in Co-Investment Transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940
Act and Rule 17d-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.

10The 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.

11In the future, the Affiliated Fund may register as a closed-end management
investment company under the 1940 Act and, if so registered, will be considered a Regulated Fund for purposes of this application.

12Rule 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