Company: NMFCZ
Filing Date: 2025-04-01
Form Type: 40-APP
Source: 0001104659-25-030582
Chunk: 12

Company: New Mountain Finance Corp
Filing Date: 2025-04-01
Form: 40-APP
Chunk 12
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 borne by the Adviser(s),
will be shared among the Participants in proportion to the relative amounts of the securities being acquired, held or disposed of, as
the case may be.

4. . Any transaction fee(including break-up, structuring, monitoring or commitment fees but excluding broker’s fees contemplated by section 17(e) or
57(k) of the 1940 Act, as applicable), received by an Adviser and/or a Participant in connection with a Co-Investment Transaction
will be distributed to the Participants on a pro rata basis based on the amounts they invested or committed, as the case may be, in such
Co-Investment Transaction. If any transaction fee is to be held by an Adviser pending consummation of the transaction, the fee will be
deposited into an account maintained by the Adviser at a bank or banks having the qualifications prescribed in section 26(a)(1) of
the 1940 Act, and the account will earn a competitive rate of interest that will also be divided pro rata among the Participants based
on the amount they invest in such Co-Investment Transaction. No Affiliated Entity, Regulated Fund, or any of their affiliated persons
will accept any compensation, remuneration or financial benefit in connection with a Regulated Fund’s participation in a Co-Investment
Transaction, except: (i) to the extent permitted by Section 17(e) or 57(k) of the 1940 Act; (ii) as a result
of either being a Participant in the Co-Investment Transaction or holding an interest in the securities issued by one of the Participants;
or (iii) in the case of an Adviser, investment advisory compensation paid in accordance with investment advisory agreement(s) with
the Regulated Fund(s) or Affiliated Entity(ies).

5. . Each Adviser
(and each Affiliated Entity that is not advised by an Adviser) will adopt and implement policies and procedures reasonably designed to
ensure that: (i) opportunities to participate in Co-Investment Transactions are allocated in a manner that is fair and equitable
to every Regulated Fund; and (ii) the Adviser negotiating the Co-Investment Transaction considers the interest in the Transaction
of any participating Regulated Fund (the “Co-Investment Policies”). Each Adviser (and each Affiliated Entity
that is not advised by an Adviser) will provide its Co-Investment Policies to the Regulated Funds and will notify the Regulated Funds
of any material