Document:

Exhibit 10.2

 

Execution
Version

 

ADMINISTRATION AGREEMENT

 

This ADMINISTRATION AGREEMENT
(“Agreement”) is made as of May 3, 2022 by and among New Mountain Guardian IV BDC, L.L.C., a Delaware limited
liability company (the “Fund”) and New Mountain Finance Administration, L.L.C., a Delaware limited liability company
(the “Administrator”).  The Fund and the Administrator are sometimes referred to herein separately as a “party”
and collectively as the “parties”.

 

RECITALS

 

WHEREAS, the Fund is a closed-end
management investment company that intends to elect to be regulated as a business development company (“BDC”) under
the Investment Company Act of 1940, as amended (the “Investment Company Act”);

 

WHEREAS, the Fund desires
to retain the Administrator to provide administrative services to the Fund in the manner and on the terms hereinafter set forth; and

 

WHEREAS, the Administrator
is willing to provide administrative services to the Fund on the terms and conditions hereafter set forth.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt
and adequacy of which is hereby acknowledged, the parties hereby agree as follows:

 

1.            Duties
of the Administrator

 

(a)            Employment
of Administrator. The Fund hereby employs the Administrator to act as administrator of the Fund, and to furnish, or arrange for others
to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the
board of directors of the Fund (the “Board of Directors”), with respect to services provided to the Fund (the “Services”)
for the period and on the terms and conditions set forth in this Agreement.  The Administrator hereby accepts such employment and
agrees during such period to render, or arrange for the rendering of, such Services to the Fund and to assume the obligations herein set
forth subject to the reimbursement of costs and expenses provided for below.  The Administrator and such others shall for all purposes
herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority
to act for or represent the Fund in any way or otherwise be deemed agents of the Fund; provided, however, that the Administrator
may enter into agreements as an agent of the Fund in furtherance of its responsibilities under this Agreement.

 

     

     

    

 

(b)            Services.
The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation
of the Fund.  Without limiting the generality of the foregoing, the Administrator shall provide the Fund with office facilities,
equipment, clerical, bookkeeping and record keeping services at such facilities. The Administrator shall also, on behalf of the Fund and
subject to oversight by the Board of Directors of the Fund, conduct relations with custodians, depositories, transfer agents, dividend
disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries,
insurers, banks and other such persons in any such other capacity deemed necessary or desirable.  The Administrator shall also provide
transaction legal and tax services, administrative and accounting services (including the provision of valuation, shadow accounting, investor
reporting, meeting preparation, corporate and tax structuring and related services), treasury, leveraged purchasing, IT system support,
system implementation, anti-money laundering and know-your-customer services and monitoring and compliance, local and state filing services,
asset management and operations, hedging and currency management and compliance, environmental, social and governance services and services
related to transfers of units, and to respond to Investor Requests (as defined in the limited liability company agreement of the Fund,
as amended and/or restated from time to time (the “LLC Agreement”)), for the Fund or its portfolio companies (that
could otherwise be performed by third parties). The Administrator shall make reports to the Board of Directors of the Fund of its performance
of its obligations to the Fund hereunder, and furnish advice and recommendations with respect to such other aspects of the business and
affairs of the Fund, as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator
to, and the Administrator shall not, provide any advice or recommendation relating to the securities and other assets that the Fund should
purchase, retain or sell or any other investment advisory services to the Fund.  The Administrator shall be responsible for the financial
and other records that the Fund is required to maintain and shall prepare, print and disseminate reports to Unitholders and reports and
other materials filed with the Securities and Exchange Commission (the “SEC”) or any other regulatory authority, which
includes, but is not limited to, providing the services of the Fund’s chief financial officer, chief compliance officer, and their
respective staffs.  The Administrator will provide on the Fund’s behalf significant managerial assistance to those portfolio
companies to which the Fund is required to provide such assistance.  In addition, the Administrator will assist the Fund in determining
and publishing its net asset value, overseeing the preparation and filing of its tax returns, and generally overseeing the payment of
the Fund’s expenses and the performance of administrative and professional services rendered to the Fund by others.

 

(c)            Retention
of Third Party Service Providers. The Administrator is hereby authorized to enter into one or more agreements with third party service
providers as an agent of the Fund (including any sub-administrator) (each, a “Service Provider”) pursuant to which
the Administrator may obtain the services of the Service Provider(s) to assist the Administrator in fulfilling its responsibilities
to the Fund hereunder. The Fund shall be responsible for any expenses of a Service Provider engaged by the Administrator and, in the case
the Administrator elects to advance any such expenses (for the avoidance of doubt, the Administrator shall not be obligated to advance
any expenses), the Fund shall be responsible for reimbursing the Administrator for any expenses incurred by the Administrator on behalf
of the Fund with respect to any Service Provider. Any sub-administration agreement entered into by the Administrator shall be in accordance
with the requirements of the Investment Company Act and other applicable federal and state law.

 

2.            Records

 

The
Administrator agrees to maintain and keep all books, accounts and other records of the Fund that relate to activities performed by the
Administrator for the Fund hereunder and will maintain and keep such books, accounts and records in accordance with the Investment Company
Act.  In compliance with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all
records which it maintains for the Fund shall at all times remain the property of the Fund, shall be readily accessible during normal
business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request.  The Administrator
further agrees that all records which it maintains for the Fund pursuant to Rule 31a-1 under the Investment Company Act will
be preserved for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered
as provided above.  Records shall be surrendered in usable electronic form. The Administrator shall have the right to retain copies
of such records subject to observance of its confidentiality obligations under this Agreement.

 

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3.            Confidentiality

 

The parties hereto agree that
each shall treat confidentially all information provided by a party to any other party regarding its business and operations. All confidential
information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P of the SEC), shall
be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required
in carrying out this Agreement or any other agreement between the Fund, the Administrator or any of their respective affiliates, shall
not be disclosed to any third party, without the prior consent of such providing party.  The foregoing shall not be applicable to
any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this
Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial
or administrative process or otherwise by applicable law or regulation.

 

4.            Compensation;
Allocation of Costs and Expenses

 

In full consideration of the
provision of the Services of the Administrator, the Fund shall reimburse the Administrator for the allocable portion of overhead and other
expenses incurred by the Administrator in performing its obligations to the Fund under this Agreement, including the compensation of the
Fund’s chief financial officer and chief compliance officer, and their respective staffs, the costs of employee compensation and
related taxes, health insurance and other benefits, and such employees’ allocable portion of overhead.  In addition, the Fund
shall reimburse any affiliate of the Administrator for any costs and expenses incurred by such affiliate on behalf of the Administrator
in connection with the Administrator’s provision of Services to the Fund under this Agreement.  The Fund will bear all costs
and expenses that are solely related to its operation, administration and transactions and not specifically assumed by the Fund’s
investment adviser (the “Adviser”), as described further in the LLC Agreement.

 

5.            Limitation
of Liability of the Administrator; Indemnification

 

The Administrator, its affiliates
and their respective officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated
with the Administrator, including without limitation any person affiliated with New Mountain Capital, L.L.C. to the extent they are providing
services for or otherwise acting on behalf of the Administrator, the Adviser or the Fund, shall not be liable to the Fund for any error
of judgment or mistake of law or for any action taken or omitted to be taken by the Administrator or for any loss suffered by the Fund
in connection with the performance of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator
for the Fund, and the Fund shall indemnify, defend and protect the Administrator, its affiliates and their respective officers, managers,
partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including
without limitation any person affiliated with New Mountain Capital, L.L.C., the Adviser, each of whom shall be deemed a third party beneficiary
hereof (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities,
costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified
Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or
suit by or in the right of the Fund or its Unitholders) arising out of or otherwise based upon the performance of any of the Administrator’s
duties or obligations under this Agreement or otherwise as administrator for the Fund. Notwithstanding the preceding sentence of this
Section 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle
or be deemed to entitle the Indemnified Parties to indemnification in respect of, (a) any liability or losses arising solely from
a claim between or among Indemnified Parties or (b) any liability to the Fund or its security holders to which the Indemnified Parties
would otherwise be subject by reason of (i) breach of the LLC Agreement of the Fund or this Agreement, (ii) willful misfeasance,
bad faith, fraud or gross negligence in the performance of the Administrator’s duties or by reason of the reckless disregard of
the Administrator’s duties and obligations under this Agreement (as the same shall be determined in accordance with the Investment
Company Act and any interpretations or guidance by the SEC or its staff thereunder), or (iii) violation of any law, including, but
not limited to, violation of any federal or state securities law, that has a material adverse effect on the Fund (collectively, “Disabling
Conduct”). The Administrator shall not be liable under this Agreement or otherwise for any loss due to the mistake, action,
inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent; provided that such broker or other agent shall have
been selected, engaged or retained and monitored by the Administrator in good faith, unless such action or inaction was made by reason
of Disabling Conduct, or in the case of a criminal action or proceeding, where the Administrator had reasonable cause to believe its conduct
was unlawful.

 

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6.            Activities
of the Administrator

 

The services of the Administrator
to the Fund are not to be deemed to be exclusive, and the Administrator and each affiliate of the Administrator and any other person providing
services to the Fund as arranged by the Administrator, is free to render services to others.  It is understood that directors, officers,
employees and Unitholders of the Fund, are or may become interested in the Administrator and its affiliates, as directors, officers, members,
managers, employees, partners, stockholders or otherwise, and that the Administrator and directors, officers, members, managers, employees,
partners and stockholders of the Administrator and its affiliates are or may become similarly interested in the Fund, as Unitholders or
otherwise.

 

7.            Duration
and Termination of this Agreement

 

(a)            This
Agreement shall become effective as of the date hereof.  This Agreement shall continue in effect for two years from the date hereof,
and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at
least annually by (A) the vote of the Fund’s Board of Directors, or by the vote of a majority of the outstanding voting limited
liability company units (“Units”) of the Fund and (B) the vote of a majority of the Fund’s Board of Directors
who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment
Company Act) of any such party, in accordance with the requirements of the Investment Company Act.

 

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(b)            This
Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, (i) by the vote
of a majority of the outstanding voting Units of the Fund or by the vote of the Fund’s Board of Directors, or (ii) by the Administrator.

 

(c)            This
Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of
the Investment Company Act).

 

8.            Amendments
of this Agreement

 

This Agreement may not be
amended or modified except by a written instrument signed by each party hereto.

 

9.            Governing
Law

 

This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York and the applicable provisions of the Investment Company Act. 
To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the Investment
Company Act, the latter shall control.

 

10.            No
Waiver

 

The failure of any party to
enforce at any time for any period the provisions of or any rights deriving from this Agreement shall not be construed to be a waiver
of such provisions or rights or the right of such party thereafter to enforce such provisions, and no waiver shall be binding unless executed
in writing by all parties hereto.

 

11.            Severability

 

If any term or other provision
of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this
Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated
as originally contemplated to the greatest extent possible.

 

12.            Notices

 

Any notice under this Agreement
shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other parties at their principal office.

 

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13.            Counterparts

 

This Agreement may be executed
in one or more counterparts, each of which when executed shall be deemed to be an original instrument and all of which taken together
shall constitute one and the same agreement.

 

14.            Entire
Agreement

 

This Agreement contains the
entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and arrangements
with respect to such subject matter.

 

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IN WITNESS WHEREOF, the parties
hereto have executed and delivered this Agreement as of the date first above written.

 

	 	New Mountain Guardian IV BDC, L.L.C.
	 	 	 
	 	 	 
	 	By:	/s/ Adam Weinstein
	 	 	Name:	Adam Weinstein
	 	 	Title: 	Director and Executive Vice President
	 	 	 
	 	 	 
	 	NEW MOUNTAIN FINANCE ADMINISTRATION, L.L.C.
	 	 	 
	 	 	 
	 	By:	/s/ Adam Weinstein
	 	 	Name: Adam Weinstein
	 	 	Title: Authorized PersonExhibit 10.3

 

TRADEMARK LICENSE AGREEMENT

 

This TRADEMARK LICENSE AGREEMENT (this “Agreement”)
is made and effective as of May 3, 2022 (the “Effective Date”), by and among New Mountain Capital, L.L.C., a Delaware
limited liability company (the “Licensor”), and New Mountain Guardian IV BDC, L.L.C., a Delaware limited liability
company (the “Licensee”). The Licensor and the Licensee are sometimes referred to herein separately as a “party”
and collectively as the “parties.”

 

RECITALS

 

WHEREAS, the Licensee is a closed-end management
investment company that intends to elect to be treated as a business development company under the Investment Company Act of 1940, as
amended;

 

WHEREAS, the Licensor, together with its affiliates,
provides investment management, investment consultation and investment advisory services;

 

WHEREAS,
the Licensor, of which New Mountain Finance Advisers BDC, L.L.C., a Delaware limited liability company (the “Investment Advisor”)
is an affiliate, is the owner of all right, title, and interest in and to the mark “New Mountain Capital” (the “Licensed
Mark”) in the United States of America, Canada and the European Union (the “Territory”) in connection with
 “financial services, namely, private equity and public equity capital investment; private and public equity investment management
services; providing private equity fund investments; private equity services, namely, providing expansion and growth capital in the form
of private equity investments; investment services, namely, asset acquisition” (the “Licensed Services”), and
Licensor has been and is currently using, either on its own or through its related companies or licensees (such as, but not limited to,
the Investment Advisor) the Licensed Mark;

 

WHEREAS, the Licensee is entering into an investment
advisory and management agreement with the Investment Advisor (the “Investment Management Agreement”), wherein the
Licensee will engage the Investment Advisor to act as the investment advisor to the Licensee;

 

WHEREAS, it is intended that the Investment Advisor
be a third party beneficiary of this Agreement; and

 

WHEREAS, the Licensee desires to use the Licensed
Mark in connection with the operation of its business, and the Licensor is willing to grant the Licensee a license to use the Licensed
Mark, subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

 

ARTICLE 1

 

LICENSE GRANT

 

1.1. License.
Subject to the terms and conditions of this Agreement, the Licensor hereby grants to the Licensee, and the Licensee hereby accepts
from the Licensor, a personal, non-exclusive, royalty-free right and license to use the Licensed Mark in the Territory solely and exclusively
as a component of the Licensee’s own company name and in connection with the Licensed Services and any business provided in conjunction
therewith by such Licensee. During the term of this Agreement, the Licensee shall use the Licensed Mark only to the extent permitted under
this Agreement, and except as provided above, neither the Licensee nor any of its affiliates, owners, directors, officers, employees or
agents shall otherwise use the Licensed Mark or any derivatives without the prior express written consent of the Licensor in its sole
and absolute discretion. All rights not expressly granted to the Licensee hereunder shall remain the exclusive property of the Licensor.
Upon written notification by the Licensor to the Licensee of noncompliance with the Licensor’s quality standards in any material
respect, such Licensee shall take appropriate steps, in a commercially reasonable time frame, not to exceed sixty (60) days, to cure such
noncompliance.

 

     

     

    

 

1.2. Licensor’s Use. Nothing
in this Agreement shall preclude the Licensor, its affiliates, or any of its successors or assigns from using or permitting other entities
to use the Licensed Mark, whether or not such entity directly or indirectly competes or conflicts with the Licensee’s businesses
in any manner.

 

1.3. Ownership.
The Licensee acknowledges and agrees that the Licensor is the owner of all right, title, and interest in and to the Licensed Mark, and
all such right, title, and interest shall remain with the Licensor. The Licensee shall not otherwise contest, dispute, or challenge the
Licensor’s right, title, and interest in and to the Licensed Mark. The Licensee hereby assigns and agrees to assign any rights it
may have as a result of its licensed use, including common law rights, in the Licensed Mark, to Licensor.

 

1.4. Goodwill.
All goodwill and reputation generated by the Licensee’s use of the Licensed Mark shall inure to the benefit of Licensor. The Licensee
shall not by any act or omission use the Licensed Mark in any manner that disparages or reflects adversely on Licensor or its business
or reputation.

 

ARTICLE 2

 

COMPLIANCE

 

2.1. Quality Control. In order to preserve
the inherent value of the Licensed Mark, the Licensee agrees to use reasonable efforts to ensure that it maintains the quality of its
business and the operation thereof equal to the standards prevailing in the operation of the Licensor’s and the Licensee’s
businesses as of the date of this Agreement.  The Licensee further agrees to use the Licensed Mark in accordance with such quality
standards as may be reasonably established by the Licensor and communicated to the Licensee from time to time in writing, or as may be
agreed to by the Licensor and the Licensee from time to time in writing. The Licensee agrees to allow the Licensor to conduct reasonable
inspection of the quality of the Licensee’s services from time to time.

 

2.2. Compliance With Laws. The Licensee
agrees that the business operated by it in connection with the Licensed Mark shall comply with all laws, rules, regulations and requirements
of any governmental body in the Territory or elsewhere as may be applicable to the operation, advertising, and promotion of the business
and that it shall notify the Licensor of any action that must be taken by the Licensee to comply with such law, rules, regulations or
requirements.

 

2.3. Notification of Infringement.
Each party shall immediately notify the other party and provide to the other party all relevant background facts upon becoming aware of
(a) any registrations of, or applications for registration of, marks in the Territory that do or may conflict with the Licensor’s
rights in the Licensed Mark or the rights granted to the Licensee under this Agreement, (b) any infringements or misuses of the Licensed
Mark in the Territory by any third party (“Third Party Infringement”) or (c) any claim that Licensee’s use
of the Licensed Mark infringes the intellectual property rights of any third party in the Territory (“Third Party Claim”).  The
Licensor shall have the exclusive right, but not the obligation, to prosecute, defend and/or settle in its sole discretion, all actions,
proceedings and claims involving any Third Party Infringement or Third Party Claim, and to take any other action that it deems necessary
or proper for the protection and preservation of its rights in the Licensed Mark. The Licensee shall cooperate with the Licensor in the
prosecution, defense or settlement of such actions, proceedings or claims.

 

ARTICLE 3

 

REPRESENTATIONS AND WARRANTIES

 

3.1. Disclaimer of Representation and Warranties.
The Licensee hereby accepts this license on an “as is” basis.  The Licensee acknowledges that the Licensor makes
no explicit or implicit representation or warranty as to the registrability, validity, enforceability or ownership of the Licensed Mark,
or as to the Licensee’s ability to use the Licensed Mark without infringing or otherwise violating the rights of others, and the
Licensor has no obligation to indemnify the Licensee with respect to any claims arising from the Licensee’s use of the Licensed
Mark, including without limitation any Third Party Claim.

 

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3.2. Mutual Representations. Each party
hereby represents and warrants to the other party as follows:

 

(a) Due Authorization. Such party is
a corporation or limited liability company duly incorporated or organized and in good standing as of the Effective Date, and the execution,
delivery and performance of this Agreement by such party have been duly authorized by all necessary action on the part of such party.

 

(b) Due Execution. This Agreement has
been duly executed and delivered by such party and, upon due authorization, execution and delivery of this Agreement by the other party,
constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms.

 

(c) No Conflict. Such party’s execution,
delivery and performance of this Agreement do not: (i) violate, conflict with or result in the breach of any provision of the charter
or by-laws (or similar organizational documents) of such party; (ii) conflict with or violate any governmental order applicable to
such party or any of its assets, properties or businesses; or (iii) conflict with, result in any breach of, constitute a default
(or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give
to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of any contract, agreement, lease,
sublease, license, permit, franchise or other instrument or arrangement to which it is a party.

 

ARTICLE 4

 

TERM AND TERMINATION

 

4.1. Term. The license granted to the
Licensee under this Agreement shall continue perpetually. Notwithstanding the foregoing, this Agreement shall expire if the Investment
Advisor or one of its affiliates ceases to serve as investment adviser to the Licensee.  This Agreement shall be terminable
(a) by the Licensor (i) at any time and in its sole discretion in the event that the Licensor or the Licensee receives notice
of any Third Party Claim arising out of the Licensee’s use of the Licensed Mark or (ii) upon sixty (60) days’ written
notice by the Licensor to the Licensee or (b) by the Licensee (i) at any time in the event such Licensee assigns or attempts
to assign or sublicense this Agreement or any of the Licensee’s rights or duties hereunder without the prior written consent of
the Licensor or (ii) upon sixty (60) days’ written notice by the Licensee to the Licensor.

 

4.2. Effect of Termination. Upon expiration
or termination of this Agreement, all rights granted to the Licensee under this Agreement with respect to the Licensed Mark shall cease,
and the Licensee shall discontinue all use of the Licensed Mark. For twenty-four (24) months following termination of this Agreement,
the Licensee shall specify on all public-facing materials in a prominent place and in prominent typeface that the Licensee is no longer
operating under the Licensed Mark, is no longer associated with the Licensor, or such other notice as may be deemed necessary by the Licensor
in its sole discretion in its prosecution, defense, and/or settlement of any Third Party Claim.

 

ARTICLE 5

 

MISCELLANEOUS

 

5.1. Third Party Beneficiaries. The
parties agree that the Investment Advisor shall be a third party beneficiary of this Agreement, and shall have the rights and protections
provided to the Licensee under this Agreement.  Nothing in this Agreement, either express or implied, is intended to or shall
confer upon any third party other than the Investment Advisor any legal or equitable right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement.

 

5.2. Assignment. The Licensee shall
not sublicense, assign, pledge or grant as security or otherwise encumber or transfer to any third party all or any part of its rights
or duties under this Agreement, in whole or in part, without the prior written consent from the Licensor, which consent the Licensor may
grant or withhold in its sole and absolute discretion. Any purported transfer or other encumbrance without such consent shall be void
ab initio.

 

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5.3. Independent Contractor. Except
as expressly provided or authorized in the Investment Management Agreement or any other agreement between the parties, no party shall
have, or shall represent that it has, any power, right or authority to bind the other party to any obligation or liability, or to assume
or create any obligation or liability on behalf of the other party.

 

5.4. Notices. All notices, requests,
claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly
given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile or by registered
or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or such other address
as the parties may provide to each other by written Notice):

 

	
    If to the Licensor:

    New Mountain Capital, L.L.C.

    1633 Broadway, 48th Floor

    New York, New York 10019

    Tel. No.: 212.720.0300

    Attn: Chief Executive Officer
	 	 
	
     

    If to the Licensee:

    New Mountain Guardian IV BDC, L.L.C.

    1633 Broadway, 48th Floor

    New York, New York 10019

    Tel. No.: 212.720.0300

    Attn: Chief Executive Officer
	 	 

 

5.5. Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to the principles of conflicts
of law rules. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of
New York and waive any objection with respect thereto, for the purpose of any action, suit or proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby.

 

5.6. Amendment. This Agreement may
not be amended or modified except by a written instrument signed by each party hereto.

 

5.7. No Waiver. The failure of any
party to enforce at any time for any period the provisions of or any rights deriving from this Agreement shall not be construed to be
a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and no waiver shall be binding
unless executed in writing by all parties hereto.

 

5.8. Severability. If any term or other
provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions
of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated
as originally contemplated to the greatest extent possible.

 

5.9. Headings. The descriptive headings
contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this
Agreement.

 

5.10.            Counterparts.
This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original instrument and
all of which taken together shall constitute one and the same agreement.

 

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5.11.            Entire
Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes
all prior agreements, understandings and arrangements with respect to such subject matter.

 

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IN WITNESS WHEREOF, the parties hereto have executed
and delivered this Agreement as of the Effective Date.

 

	 	LICENSOR:
	 	 
	 	NEW MOUNTAIN CAPITAL, L.L.C.
	 	 
	 	By: 	/s/ Adam Weinstein
	 	 	Name:  Adam Weinstein
	 	 	Title:  Managing Director

 

	 	LICENSEE:
	 	 	 
	 	New Mountain Guardian IV BDC, L.L.C.
	 	 	 
	 	By: 	 /s/ John Kline
	 	 	Name: John Kline
	 	 	Title: President

 

ACKNOWLEDGED AND AGREED TO

AS OF THE EFFECTIVE DATE OF THIS AGREEMENT

 

	NEW MOUNTAIN FINANCE

ADVISERS BDC, L.L.C.	 
	 	 	 
	By: 	/s/ Adam Weinstein  	 
	 	Name: Adam Weinstein	 
	 	Title: Authorized Person	 

 

    6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]