Company: NMFCZ
Filing Date: 2025-04-07
Form Type: 40-APP/A
Source: 0001104659-25-032649
Chunk: 13

Company: New Mountain Finance Corp
Filing Date: 2025-04-07
Form: 40-APP/A
Chunk 13
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 the Regulated Funds and will notify the Regulated Funds
of any material changes thereto.

13Section 57(o) defines the term “required majority,” in relevant part, with respect to the approval of a proposed
transaction, as both a majority of a BDC’s directors who have no financial interest in the transaction and a majority of such directors
who are not interested persons of the BDC. In the case of a Regulated Fund that is not a BDC, the Board members that constitute the Required
Majority will be determined as if such Regulated Fund were a BDC subject to Section 57(o) of the 1940 Act.

14Section 57(f) provides for the approval by a Required Majority of certain transactions on the basis that, in relevant part:
(i) the terms of the transaction, including the consideration to be paid or received, are reasonable and fair to the shareholders of
the BDC and do not involve overreaching of the BDC or its shareholders on the part of any person concerned; (ii) the proposed transaction
is consistent with the interests of the BDC’s shareholders and the BDC’s policy as recited in filings made by the BDC with
the Commission and the BDC’s reports to shareholders; and (iii) the BDC’s directors record in their minutes and preserve
in their records a description of the transaction, their findings, the information or materials upon which their findings were based,
and the basis for their findings.

15Expenses of an individual Participant that are incurred solely by the Participant due to its unique circumstances (such
as legal and compliance expenses) will be borne by such Participant.

16Applicants are not requesting and the Commission is not providing any relief for transaction fees received in connection
with any Co-Investment Transaction.

17The Affiliated Entities may adopt shared Co-Investment Policies.

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6. :

(a) Prior to any Disposition
by an Affiliated Entity of a security acquired in a Co-Investment Transaction, the Adviser to each Regulated Fund that participated in
the Co-Investment Transaction will be notified and each such Regulated Fund given the opportunity to participate pro rata based on the
proportion of its holdings relative to the other Affiliated Entities participating in such Disposition.

(b) Prior to any Disposition by a Regulated
Fund of a security acquired in a Co-Investment Transaction, the Required Majority will take the steps set forth in Section 57(f) of