Document:

EX-10.3

 Exhibit 10.3 

Cartesian Growth Corporation II 

PO Box 309, Ugland House 

Grand Cayman 
 KY1-1104 
 Cayman Islands 

October 19, 2021 
 CGC II Sponsor DirectorCo LLC 

Maples Corporate Services Limited 
 PO Box 309, Ugland House 

Grand Cayman 
 KY1-1104

 Cayman Islands 
 RE: Securities Purchase
Agreement 
 Ladies and Gentlemen: 
 We are
pleased to accept the offer you (the “Subscriber”) have made to purchase an aggregate of 100,000 Class B ordinary shares (the “Founder Shares”) of par value $0.0001 per share in connection with the initial
public offering (“IPO”) of Cartesian Growth Corporation II, a Cayman Islands exempted company (the “Company”). For the purposes of this Agreement (this “Agreement”), references to
“Ordinary Shares” are to, collectively, the Class B ordinary shares of the Company, including the Founder Shares, and the Class A ordinary shares of the Company, $0.0001 par value per share (the
“Class A Ordinary Shares”). Pursuant to the Company’s memorandum and articles of association (the “Articles”), the Founder Shares will automatically convert into Class A Ordinary Shares,
upon the terms and conditions set forth in the Articles, and, unless the context otherwise requires, as used herein, Founder Shares shall be deemed to include any Class A Ordinary Shares issued upon conversion of the Founder Shares. The terms
on which the Company is willing to sell the Founder Shares to the Subscriber, and the Company’s and the Subscriber’s agreements regarding such Founder Shares, are as follows: 

1. Purchase of Founder Shares. For the aggregate sum of $434.78 (the “Purchase Price”), which the Company acknowledges
receiving in cash, the Company hereby sells and issues to the Subscriber, and the Subscriber hereby purchases from the Company, 100,000 Founder Shares, to be issued fully paid, on the terms and subject to the conditions set forth in this Agreement.
Following the Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a share certificate (the “Original Certificate”) evidencing the Founder Shares registered in the
Subscriber’s name pursuant to its subscription under this Agreement, or effect such delivery in book entry form. 
  

 2. Representations, Warranties and Agreements. 

2.1 Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Founder Shares to the Subscriber,
the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows: 
 2.1.1. No Government
Recommendation or Approval. The Subscriber understands that no United States federal or state agency or similar agency of any other country has passed upon or made any recommendation or endorsement of the offering of the Founder Shares. 

2.1.2. No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the
transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the registration statement or limited liability company agreement of the Subscriber; (ii) any agreement, indenture or instrument to which the
Subscriber is a party; or (iii) any law, statute, rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject. 

2.1.3. Organization and Authority. The Subscriber is a limited liability company duly formed, validly existing and in good
standing under the laws of the Cayman Islands and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. 

2.1.4 Experience, Financial Capability and Suitability. The Subscriber is sufficiently experienced in financial and business matters
to be capable of evaluating the merits and risks of this investment and to make an informed decision relating thereto. The Subscriber is aware its investment in the Company is a speculative investment that has limited liquidity, because there may
never be an established market for the Company’s securities. The Subscriber has the financial capability for making the investment and the investment is a suitable one for the Subscriber. The Subscriber can, without impairing its financial
condition, hold the Founder Shares for an indefinite period of time and can afford a complete loss of the investment. The Subscriber acknowledges that the Company has urged the Subscriber to seek independent advice from professional advisors
relating to the suitability of an investment in the Company and in connection with this Agreement, and that the Subscriber has sought and received such independent professional advice with respect to such investment and this Agreement or, after
careful consideration, the Subscriber has determined to waive its right to seek and/or receive such independent professional advice. 

2.1.5. Access to Information. Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask questions of and
receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of
all information so obtained. 

  
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 2.1.6. Private Offering. The Subscriber represents that it is (a) an
“accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) or (b) not a “U.S. Person” as defined in Rule 902 of
Regulation S (“Regulation S”) under the Securities Act. The Subscriber acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption to “Accredited Investors” within the meaning of
Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law or to a non-U.S. Person under Regulation S. Accordingly, the Founder Shares will be “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, and therefore, may not be offered, pledged or sold by the Subscriber, directly or indirectly, in the United States without registration under United States federal and
state securities laws or an exemption therefrom and the Subscriber understands the certificates or book-entries representing the Founder Shares will contain a legend in respect of such restrictions. The Subscriber did not decide to enter into this
Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 under the Securities Act or as a result of any “directed selling efforts” within the meaning of Rule 902 under Regulation S. 

2.1.7 Investment Purposes. The Subscriber is purchasing the Founder Shares solely for investment purposes, for the Subscriber’s
own account and not for the account or benefit of any U.S. Person, and not with a view towards the distribution thereof and, the Subscriber has no present arrangement to sell the Founder Shares to or through any person or entity. The Subscriber
shall not engage in hedging transactions with regard to the Founder Shares unless in compliance with the Securities Act. 
 2.1.8.
Restrictions on Transfer. The Subscriber understands the Founder Shares are being offered in a transaction not involving a public offering within the meaning of the Securities Act. The Founder Shares have not been registered under the
Securities Act, and, if in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the Founder Shares, such Founder Shares may be offered, resold, pledged or otherwise transferred only (a) in accordance with the
provisions of Regulation S (Rule 901 through 905), (b) pursuant to a registration under the Securities Act, or (c) pursuant to an available exemption from registration. Subscriber agrees that if any transfer of its Founder Shares or any
interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber
agrees not to resell the Founder Shares. The Subscriber further acknowledges that the Company is a shell company and Rule 144 may not be available to the Subscriber for the resale of the Founder Shares until one year following the consummation of a
business combination despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions. 

2.2 Company’s Representations, Warranties and Agreements. To induce the Subscriber to purchase the Founder Shares, the Company
hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows: 
 2.2.1 Organization and Corporate
Power. The Company is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be
expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this
Agreement. 

  
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 2.2.2. No Conflicts. The execution, delivery and performance of this Agreement and
the consummation by the Company of the transactions contemplated hereby do not violate, conflict with or constitute a default under (a) the Articles, (b) any agreement, indenture or instrument to which the Company is a party, (c) any
law, statute, rule or regulation to which the Company is subject, or (d) any agreement, order, judgment or decree to which the Company is subject. 

2.2.3. Title to Founder Shares. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Founder Shares will
be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber will have or receive good title to the Founder Shares, free and clear of all liens, claims and
encumbrances of any kind, other than (a) transfer restrictions hereunder and under the other agreements contemplated hereby, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances
imposed due to the actions of the Subscriber. 
 3. [Reserved]. 

4. Waiver of Liquidation Distributions; Redemption Rights. In connection with the Founder Shares purchased pursuant to this Agreement
and any other Company securities purchased on a private placement basis, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the Trust Account (as such term will be
defined in the Investment Management Trust Agreement to be entered by and between the Company and the trustee thereunder) in the event of a liquidation of the Company upon the Company’s failure to timely complete a business combination. For
purposes of clarity, in the event the Subscriber purchases Class A Ordinary Shares in the IPO or in the aftermarket, any additional Class A Ordinary Shares so purchased shall be eligible to receive their pro rata portion of any liquidating
distributions by the Company. However, in no event will the Subscriber have the right to redeem any Founder Shares, or any Class A Ordinary Shares purchased in the IPO or in the aftermarket, for funds held in the Trust Account upon the
successful completion of a business combination. 
 5. Restrictions on Transfer. 

5.1. Securities Law Restrictions. In addition to any restrictions to be contained in the Letter Agreement (as defined in
Section 5.4 below), the Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Founder Shares unless, prior thereto (a) a registration statement on the appropriate form under the
Securities Act with respect to the Founder Shares proposed to be transferred shall then be effective and the proposed transfer complies with all applicable state securities laws or (b) the Company shall have received an opinion from counsel
reasonably satisfactory to the Company that such registration is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the United States Securities and Exchange Commission (the
“SEC”) thereunder and that such transfer complies with all applicable state securities laws. 

  
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 5.2 Restrictive Legends. All certificates representing the Founder Shares shall have
endorsed thereon legends substantially as follows: 
 “THESE SECURITIES (i) HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT,
(B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF
REGULATIONS S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (E) PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LETTER AGREEMENT AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED
OR OTHERWISE DISPOSED DURING THE TERM OF THE LETTER AGREEMENT, EXCEPT IN ACCORDANCE WITH THE TERMS THEREOF.” 
 5.3. Additional
Ordinary Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary dividend payable in a form other than share, a spin-off, a share split,
an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding share capital without receipt of consideration, any new, substituted or additional securities or other property which are by
reason of such transaction distributed with respect to any Founder Shares subject to this Section 5 or into which such Founder Shares thereby become convertible shall immediately be subject to this Section 5. Appropriate adjustments to
reflect the distribution of such securities or property shall be made to the number and/or class of Founder Shares subject to this Section 5. 

5.4 Lock-up. The Subscriber acknowledges that the Founder Shares will be subject to lock-up provisions (the “Lock-up”) contained in a Letter Agreement, to be entered into on or around the date of the preliminary prospectus in connection with
the IPO between the Subscriber and the Company (the “Letter Agreement”). Pursuant to the Letter Agreement the Subscriber shall not sell, transfer or otherwise assign of any or all of its Founder Shares until the earlier of
(a) one year after the date of the consummation of the Company’s initial business combination (the “Consummation Date”) and (b) the date on which the last reported sale price of

  
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the Class A Ordinary Shares of the Company equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days
within a 30-trading day period commencing at least 150 days after the Consummation Date. Notwithstanding the foregoing, the aforesaid restrictions shall lapse if, subsequent to the Consummation Date, the
Company consummates a subsequent liquidation, merger, capital stock exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or
other property. 
 5.5 Registration Rights. The Subscriber acknowledges that the Founder Shares are being purchased pursuant to an
exemption from the registration requirements of the Securities Act and will become freely tradable only after they are registered, including any registration pursuant to a Registration Rights Agreement to be entered into with the Company prior to
the closing of the IPO (“Registration Rights Agreement”). The Subscriber is entitled to make such number of demands that the Company registers the Founder Shares pursuant to the terms and restrictions as set forth in the
Registration Rights Agreement. 
 6. Other Agreements. 

6.1. Further Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement. 
 6.2 No Obligation as to Employment. The Company is not by reason of this
Agreement obligated to employ, or continue to employ, the Subscriber or any direct or indirect shareholder or member of the Subscriber in any capacity. 

6.3. Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the
receiving party’s address set forth on the signature page to this Agreement or to such other address as a party may designate by notice hereunder, and shall be either (a) delivered by hand, (b) sent by overnight courier, (c) sent
by certified mail, return receipt requested, postage prepaid, or (d) sent by electronic email. All notices, requests, consents and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the
delivery thereof to the receiving party at the address of such party set forth on the signature page hereto, (ii) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service,
(iii) if sent by certified mail, on the fifth business day following the day such mailing is made, or (iv) if sent by electronic mail, at the time of the delivery thereof to the receiving party at the address of such party set forth on the
signature page hereto. 
 6.4. Entire Agreement. This Agreement, together with the Letter Agreement, embodies the entire agreement
and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement. 

  
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 6.5. Modifications and Amendments. The terms and provisions of this Agreement may be
modified or amended only by written agreement executed by all parties hereto. 
 6.6. Waivers and Consents. The terms and provisions
of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute
a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not
constitute a continuing waiver or consent. 
 6.7. Assignment. The rights and obligations under this Agreement may not be assigned by
either party hereto without the prior written consent of the other party. 
 6.8. Benefit. All statements, representations,
warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to
create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement. 

6.9. Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and
governed by the laws of the State of New York, without giving effect to the conflict of law principles thereof. 
 6.10.
Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be
deemed limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the
remaining provisions of this Agreement shall nevertheless remain in full force and effect. 
 6.11. No Waiver of Rights, Powers and
Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No
single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not
expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand
to any other or further action in any circumstances without such notice or demand. 

  
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 6.12. Survival of Representations and Warranties. All representations and warranties
made by the parties hereto in this Agreement or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations made by or on behalf of the parties. 

6.13. No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any
claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any
such claim. 
 6.14. Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for
convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof. 

6.15. Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

7. Voting and Tender of Shares. The Subscriber agrees to vote the Founder Shares as well as any Class A Ordinary Shares acquired
in the IPO or the aftermarket in favor of a business combination that the Company negotiates and presents for approval to the Company’s shareholders and shall not seek redemption with respect to the Founder Shares. Additionally, the Subscriber
agrees not to seek the redemption or repurchase of any Founder Shares in connection with a redemption or tender offer respectively presented to the Company’s shareholders in connection with an initial business combination negotiated by the
Company. 
 8. Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable
attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement. 

[SIGNATURE PAGE FOLLOWS] 

  
 8 

 If the foregoing accurately sets forth our understanding and agreement, please sign the
enclosed copy of this agreement and return it to us. 
  

			
	Very truly yours,
	
	CARTESIAN GROWTH CORPORATION II
		
	By:	 	 /s/ Peter Yu

		 	Name: Peter Yu
		 	Title: Chief Executive Officer
		
		 	Address for Notices:
		
		 	Cartesian Growth Corporation II
		 	Maples Corporate Services Limited
		 	PO Box 309, Ugland House
		 	Grand Cayman
		 	KY1-1104
		 	Cayman Islands
		 	Attention: Peter Yu
		 	Email: peter@cartesiangrowth.com

  

			
	Accepted and agreed this
	October 19, 2021
	
	CGC II SPONSOR DIRECTORCO LLC
		
	By:	 	 /s/ Peter Yu

		 	Name: Peter Yu
		 	Title: President
		
		 	Address for Notices:
		
		 	CGC II Sponsor DirectorCo LLC
		 	Maples Corporate Services Limited
		 	PO Box 309
		 	Ugland House, Grand Cayman
		 	KY1-1104
		 	Cayman Islands
		 	Attention: Peter Yu
		 	Email: peter@cartesiangrowth.com

 [Signature Page to Securities Purchase Agreement]Exhibit 10.1

 

EXECUTION VERSION

 

Form of Amendment
No. 1 to Amended and Restated Loan Agreement

 

Amendment No.1, dated as of December 17, 2021
(this “Amendment”), among New Mountain Finance Corporation (the “Borrower”) and NMF Investments
III, L.L.C. (the "Lender") under the Existing Agreement referred to below.

 

The Borrower and the Lender are parties to that certain
Amended and Restated Uncommitted Revolving Loan Agreement, dated as of May 4, 2020 (as amended, amended and restated, modified or
otherwise supplemented prior to the date hereof, the “Existing Agreement”).

 

The Borrower and the Lender wish now to amend the
Existing Agreement in certain respects, and accordingly, the parties hereto hereby agree as follows:

 

Section 1.     Definitions.
Except as otherwise defined in this Amendment, terms defined in the Existing Agreement as amended hereby and together with all amended
exhibits and updated schedules and appendices thereto are used herein as defined therein.

 

Section 2.     Amendments.
Effective as of the First Amendment Effective Date (as defined below), the Existing Agreement is hereby amended as follows:

 

(a)            Section 19
is amended by replacing the following defined terms in the correct alphabetical order:

 

“Interest Rate” shall mean a rate per annum
equal to 4.00%.

 

“Maturity Date” shall mean December 31,
2024.

 

Section 3.     Effective
Date. This Amendment shall become effective as of December 17, 2021, upon the execution and delivery of a counterpart hereto
by each of the Borrower and the Lender (the “First Amendment Effective Date”).

 

Section 4.     Representations
and Warranties. The Borrower represents and warrants to the Lender that on the First Amendment Effective Date (a) the representations
and warranties of the Borrower set forth in Section 7 of the Existing Agreement and in the other Loan Documents are true and correct
in all material respects (or, in the case of any portion of the representations and warranties already subject to a materiality qualifier,
true and correct in all respects) on and as of the First Amendment Effective Date, or as to any such representation or warranty that refers
to a specific date, as of such specific date.

 

Section 5.     Reference
to and Effect on the Existing Agreement. On and after the First Amendment Effective Date, each reference in the Existing Agreement
to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Existing Agreement,
shall mean and be a reference to the Existing Agreement as amended by this Amendment. The Existing Agreement and each of the other Loan
Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects
ratified and confirmed. This Amendment shall be deemed to be a “Loan Document” for all purposes of the Existing Agreement
(as amended hereby) and the other Loan Documents. The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as an amendment or waiver of any right, power or remedy of any Lender or the Administrative Agent under any of
the Loan Documents, nor constitute an amendment or waiver of any provision of any of the Loan Documents.

 

     

     

    

 

Section 6.     Miscellaneous.
This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory
instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart
of a signature page to this Amendment by electronic transmission shall be effective as delivery of a manually executed counterpart
to this Amendment. This Amendment shall be governed by, and construed in accordance with, the law of the State of New York.

 

     

     

    

 

EXECUTION VERSION

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed and delivered as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	 
	 	NEW MOUNTAIN FINANCE CORPORATION
	 	 
	 	 
	 	By:	 
	 	 	Name:  Robert A. Hamwee
	 	 	Title:  Chief Executive Officer
	 	 
	 	 
	 	LENDER
	 	 
	 	 
	 	NMF INVESTMENTS III, L.L.C.,
	 	 
	 	 
	 	By:	 
	 	 	Name:  Adam B. Weinstein
	 	 	Title:  Authorized Person

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