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

Company: New Mountain Finance Corp
Filing Date: 2025-04-15
Form: 40-APP/A
Chunk 15
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 kept for the life of the Regulated Fund and at least two years thereafter, and will be subject
to examination by the Commission and its Staff. Each Regulated Fund will maintain the records required by Section 57(f)(3) as
if it were a business development company and each of the Co-Investment Transactions were approved by the Required Majority under Section 57(f).

9. In the event that the Commission adopts a rule under the 1940 Act allowing co-investments of the type described in this Application,
any relief granted by the Order will expire on the effective date of that rule.

19“ Disposition” means the sale, exchange, transfer or other disposition of an interest in a security of an issuer.

20“ Tradable Security” means a security which trades: (i) on a national securities exchange (or designated offshore securities market as defined in Rule 902(b) under the Securities Act of 1933, as amended) and (ii) with sufficient volume and liquidity (findings which are to be made in good faith and documented by the Advisers to any Regulated Funds) to allow each Regulated Fund to dispose of its entire remaining position within 30 days at approximately the price at which the Regulated Fund has valued the investment.

21
If a Regulated Fund enters into a transaction that would be a Co-Investment Transaction pursuant to this Order in reliance on another
exemptive order instead of this Order, the information presented to the Board and records maintained by the Regulated Fund will expressly
indicate the order relied upon by the Regulated Fund to enter into such transaction.

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IV. STATEMENT IN SUPPORT OF RELIEF REQUESTED

Applicants submit that allowing the Co-Investment
Transactions described by this Application is justified on the basis of (i) the potential benefits to the Regulated Funds and their
respective shareholders and (ii) the protections found in the terms and conditions set forth in this Application.

A. Potential Benefits to the Regulated Funds
and their Shareholders

Section 57(a)(4) and Rule 17d-1
(as applicable) limit the ability of the Regulated Funds to participate in attractive co-investment opportunities under certain circumstances.
If the relief is granted, the Regulated Funds should: (i) be able to participate in a larger number and greater variety of investments,
thereby diversifying their portfolios and providing related risk-limiting benefits; (ii) be able to participate in larger financing