Company: NMFCZ
Filing Date: 2025-04-07
Form Type: 40-APP/A
Source: 0001104659-25-032649
Chunk: 14

Company: New Mountain Finance Corp
Filing Date: 2025-04-07
Form: 40-APP/A
Chunk 14
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the 1940 Act, unless: (i) each Affiliated Entity holding the security participates in the Disposition in approximate proportion
to its then-current holding of the security; or (ii) the Disposition is a sale of a Tradable Security.

7.

(a) Each Regulated Fund’s directors
will oversee the Regulated Fund’s participation in the co-investment program in the exercise of their reasonable business judgment.

(b) Prior to a Regulated Fund’s participation
in Co-Investment Transactions, the Regulated Fund’s Board, including a Required Majority, will: (i) review the Co-Investment
Policies, to ensure that they are reasonably designed to prevent the Regulated Fund from being disadvantaged by participation in the
co-investment program; and (ii) approve policies and procedures of the Regulated Fund that are reasonably designed to ensure compliance
with the terms of the Order.

(c) At least quarterly, each Regulated Fund’s
Adviser and chief compliance officer (as defined in Rule 38a-1(a)(4)) will provide the Regulated Fund Boards with reports or other
information requested by the Board related to a Regulated Fund’s participation in Co-Investment Transactions and a summary of matters,
if any, deemed significant that may have arisen during the period related to the implementation of the Co-Investment Policies and the
Regulated Fund’s policies and procedures approved pursuant to (b) above.

(d) Every year, each Regulated Fund’s
Adviser and chief compliance officer will provide the Regulated Fund’s Board with reports or other information requested by the
Board related to the Regulated Fund’s participation in the co-investment program and any material changes in the Affiliated Entities’
participation in the co-investment program, including changes to the Affiliated Entities’ Co-Investment Policies.

(e) The Adviser and the chief compliance
officer will also notify the Regulated Fund’s Board of a compliance matter related to the Regulated Fund’s participation
in the co-investment program and related Co-Investment Policies or the Regulated Fund’s policies and procedures approved pursuant
to (b) above that a Regulated Fund’s chief compliance officer considers to be material.

8. . All information presented
to the Board pursuant to the order will be 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