Document:

Exhibit 10.1

  

Execution
Version

 

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

  

First Supplement to Master Note Purchase
Agreement

  

Dated
as of March 10, 2022

  

	Re:	$100,000,000 3.95% Series 2022A Senior Notes

Due
July 15, 2025

  

 

 

    

     

    

  

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

1633 Broadway, 47th Floor,

New York, NY 10019

 

 

Dated as of

March 10, 2022

 

To the Series 2022A Additional

Purchaser(s) named in

Schedule A hereto

 

Ladies and Gentlemen:

 

This First Supplement to Master
Note Purchase Agreement (the or this “Supplement”) is among New Mountain Guardian
III BDC, L.L.C., a Delaware limited liability company (the “Company”), and the institutional investors named
on Schedule A attached hereto (the “Series 2022A Additional Purchasers”).

 

Reference is hereby made to
that certain Master Note Purchase Agreement dated as of August 4, 2021 (the “Master Note Purchase Agreement”) among
the Company and the Purchasers listed on the Purchaser Schedule thereto. All capitalized terms not otherwise defined herein shall have
the same meanings as specified in the Master Note Purchase Agreement. Reference is further made to Section 4.17 of the Master Note
Purchase Agreement which requires that, prior to the delivery of any Additional Notes, the Company and each Additional Purchaser shall
execute and deliver a Supplement.

 

The Company hereby agrees
with the Series 2022A Additional Purchasers as follows:

 

1.             The Company has authorized the issue
and sale of $100,000,000 aggregate principal amount of its 3.95% Series 2022A Senior Notes
due July 15, 2025 (the “Series 2022A Notes”). The Series 2022A Notes, together with the Series 2021A Notes issued pursuant
to the Master Note Purchase Agreement and each series of Additional Notes which may from time to time hereafter be issued pursuant to
the provisions of Section 2.2 of the Master Note Purchase Agreement, are collectively referred to as the “Notes”
(such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of the Master Note Purchase Agreement).
The Series 2022A Notes shall be substantially in the form set out in Exhibit 1 hereto with such changes therefrom, if any, as
may be approved by the Series 2022A Additional Purchaser(s) and the Company.

 

2.              Subject to the
terms and conditions hereof and as set forth in the Master Note Purchase Agreement and on the basis of the representations and
warranties hereinafter set forth, the Company agrees to issue and sell to each Series 2022A Additional Purchaser, and each
Series 2022A Additional Purchaser agrees to purchase from the Company, Series 2022A Notes in the principal amount set forth
opposite such Series 2022A Additional Purchaser’s name on Schedule A hereto at a price of 100% of the principal
amount thereof on the Closing date hereinafter mentioned.

 

    

     

    

 

	New Mountain Guardian III BDC, L.L.C.	 	First Supplement

  

3.             The sale and purchase of the Series 2022A
Notes to be purchased by each Series 2022A Additional Purchaser shall occur at the offices of Chapman and Cutler LLP, 320 South
Canal Street, Chicago, Illinois 60606, at 8:00 a.m. Chicago time, at the Closing (the “Series
2022A Closing”) on March 10, 2022 or on such other Business Day thereafter on or prior to March 11, 2022 as may be agreed upon
by the Company and the Series 2022A Additional Purchasers. At the Series 2022A Closing, the Company will deliver to each Series 2022A
Additional Purchaser the Series 2022A Notes to be purchased by such Purchaser in the form of a single Series 2022A Note (or such greater
number of Series 2022A Notes in denominations of at least $100,000 as such Series 2022A Additional Purchaser may request) dated the
date of the Series 2022A Closing and registered in such Series 2022A Additional Purchaser’s name (or in the name of such Series 2022A
Additional Purchaser’s nominee), against delivery by such Series 2022A Additional Purchaser to the Company or its order of
immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account
of the Company pursuant to the applicable funding instructions delivered in accordance with Section 4.10 of the Master Note Purchase Agreement.
If, at the Series 2022A Closing, the Company shall fail to tender such Series 2022A Notes to any Series 2022A Additional Purchaser
as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled
to any Series 2022A Additional Purchaser’s satisfaction, such Series 2022A Additional Purchaser shall, at such Series 2022A
Additional Purchaser’s election, be relieved of all further obligations under this Agreement, without thereby waiving any rights
such Series 2022A Additional Purchaser may have by reason of such failure or such nonfulfillment.

 

4.             The obligation of each Series 2022A
Additional Purchaser to purchase and pay for the Series 2022A Notes to be sold to such Series 2022A Additional Purchaser at the Series
2022A Closing is subject to the fulfillment to such Series 2022A Additional Purchaser’s satisfaction, prior to the Series 2022A
Closing, of the conditions set forth in Section 4 of the Master Note Purchase Agreement with respect to the Series 2022A Notes to be purchased
at the Series 2022A Closing as if each reference to “2021A Notes” or “Notes,” “Closing” and “Purchaser”
set forth therein was modified to refer to “Series 2022A Notes,” “Series 2022A Closing” and “Series 2022A
Additional Purchaser” (each as defined in this Supplement) and to the following additional conditions:

 

(a)          Except as supplemented, amended
or superseded by the representations and warranties set forth in Exhibit A hereto, each of the representations and warranties of
the Company set forth in Section 5 of the Master Note Purchase Agreement shall be correct as of the date of the Series 2022A Closing (except
for representations and warranties which apply to a specific earlier date which shall be true as of such earlier date or as of the date
specified in Exhibit A to the extent such provision is superseded in Exhibit A) and the Company shall have delivered to each Series 2022A
Additional Purchaser an Officer’s Certificate, dated the date of the Series 2022A Closing certifying that such condition has been
fulfilled.

 

    2 

     

    

 

	New Mountain Guardian III BDC, L.L.C.	 	First Supplement

  

(b)           Contemporaneously with the
Series 2022A Closing, the Company shall sell to each Series 2022A Additional Purchaser, and each Series 2022A Additional Purchaser
shall purchase, the Series 2022A Notes to be purchased by such Series 2022A Additional Purchaser at the Series 2022A Closing as specified
in Schedule A.

 

5.             The terms of Section 8 of the Note
Purchase Agreement shall apply to the Series 2022A Notes except that the proviso in the first sentence of Section 8.2 of the Note Purchase
Agreement shall be amended in its entirety to read as follows:

 

“provided, that, so long
as no Default or Event of Default shall then exist, at any time on or after (i) August 4, 2024, in the case of the Tranche A Notes, and
(ii) the three-year anniversary of the Second Closing Date, in the case of the Tranche B Notes, the Company may, at its option, upon notice
as provided below, prepay all or any part of the Notes at 100% of the principal amount so prepaid, together with, in each case, accrued
interest to the prepayment date; provided, further, that, so long as no Default or Event of Default shall then exist, at any time
on or after (i) March 10, 2025, the Company may, at its option, upon notice as provided below, prepay all or any part of the Series 2022A
Notes at 100% of the principal amount so prepaid, together with, in each case, accrued interest to the prepayment date.

 

6.             Each Series 2022A Additional Purchaser
represents and warrants that the representations and warranties set forth in Section 6 of the Master Note Purchase Agreement are
true and correct on the date hereof with respect to the purchase of the Series 2022A Notes by such Series 2022A Additional Purchaser
as if each reference to “2021A Notes” or “Notes,” “Series 2022A Closing” and “Purchaser”
set forth therein was modified to refer to “Series 2022A Notes,” “Series 2022A Closing” and “Series 2022A
Additional Purchaser” and each reference to “this Agreement” therein was modified to refer to the Master Note Purchase
Agreement as supplemented by this Supplement.

 

7.             The Company and each Series 2022A
Additional Purchaser agree to be bound by and comply with the terms and provisions of the Master Note Purchase Agreement as fully and
completely as if such Series 2022A Additional Purchaser were an original signatory to the Master Note Purchase Agreement.

 

8.              This Supplement shall be construed and
enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York, excluding choice-of-law
principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

 

    3 

     

    

 

	New Mountain Guardian III BDC, L.L.C.	 	First Supplement

  

The execution hereof shall
constitute a contract between the Company and the Series 2022A Additional Purchaser(s) for the uses and purposes hereinabove set forth,
and this agreement may be executed in any number of counterparts, each executed counterpart constituting an original but all together
only one agreement. The parties agree to electronic contracting and signatures with respect to this Supplement.  Delivery of an electronic
signature to, or a signed copy of, this Supplement by facsimile, email or other electronic transmission shall be fully binding on
the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes.

  

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

   

		By:	
	 	 	Name:	 
	 	 	Title:	 

 

    4 

     

    

 

	New Mountain Guardian III BDC, L.L.C.	 	First Supplement

  

Accepted as of __________, _____

 

	 	[Series 2022A Additional Purchaser]

 

		By:	
	 	 	Name:	 
	 	 	Title:	 

  

    5 

     

    

 

Information Relating to Series
2022A Additional Purchasers

 

	Name and Address of Series 2022A Additional Purchaser	Principal 

Amount of Series

 2022A Notes to Be

 Purchased	Note Number
	[Name of Series 2022A Additional Purchaser]	$	 
	 	 	 
	(1)
	All payments by wire transfer of immediately available funds to:

                                                                                

                                                                               with sufficient information to identify the source and application of such funds.
	 	 
	 	 	 	 
	(2)	All notices of payments and written confirmations of such wire transfers:	 	 
	 	 	 	 
	(3)	All other communications:	 	 

 

Schedule
A

(to Supplement)

 

    

     

    

 

Supplemental Representations

 

The Company represents and
warrants to each Series 2022A Additional Purchaser that except as hereinafter set forth in this Exhibit A, each of the representations
and warranties set forth in Section 5 of the Master Note Purchase Agreement (other than representations and warranties that apply solely
to a specific earlier date which shall be true as of such earlier date and other than the Section references hereinafter set forth) is
true and correct in all material respects as of the date hereof with respect to the Series 2022A Notes with the same force and effect
as if each reference to the “Notes” set forth therein was modified to refer to the “Series 2022A Notes” and each
reference to “this Agreement” therein was modified to refer to the Master Note Purchase Agreement as supplemented by the Supplement.
The Section references hereinafter set forth correspond to the similar sections of the Master Note Purchase Agreement which are supplemented
hereby:

 

Section 5.3.         Disclosure. (a)
The Company, through its agent, Goldman Sachs & Co., has delivered to each Purchaser a copy of the documents, certificates or other
writings identified in Schedule 5.3 (the “Disclosure Materials”), relating to the transactions contemplated hereby.
The Disclosure Materials fairly describe, in all material respects, the general nature of the business and principal properties of the
Company and its Subsidiaries. This Agreement, Disclosure Materials, the financial statements listed in Schedule 5.5 and the documents,
certificates or other writings delivered to the Purchasers by or on behalf of the Company (other than financial projections, pro forma
financial information, and other forward-looking information referenced in Section 5.3(b)) prior to March 1, 2022 in connection with the
transactions contemplated hereby and identified in Schedule 5.3 (this Agreement, the Disclosure Materials, and such documents, certificates
or other writings and such financial statements delivered to each Purchaser (other than financial projections, pro forma financial
information, and other forward-looking information referenced in Section 5.3) being referred to, collectively, as the “Disclosure
Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure
Documents, since March 1, 2022, there has been no change in the financial condition, operations, business or properties of the Company
or any Subsidiary except changes that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
There is no fact known to the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth
herein or in the Disclosure Documents.

 

Section 5.4.          Organization and Ownership
of Shares of Subsidiaries. (a) Schedule 5.4 contains (except as noted therein) complete and correct lists as of the date
of the Series 2022A Closing of (i) the Company’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction
of its organization, the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the
Company and each other Subsidiary and whether such Subsidiary is a Subsidiary Guarantor, and (ii) the Company’s directors and executive
officers.

 

Section 5.5.           Financial
Statements; Material Liabilities. The Company has delivered to each Additional Purchaser copies of the financial statements of
the Company and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related
schedules and notes, but excluding all financial projections, pro forma financial information and other forward-looking
information) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of
the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective
periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as
set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments and lack of
footnotes).

 

Section 5.13.        Private Offering
by the Company. Neither the Company nor anyone acting on its behalf has offered the Series 2022A Notes or any similar Securities for
sale to, or solicited any offer to buy the Notes or any substantially similar debt Securities from, or otherwise approached or negotiated
in respect thereof with, any Person other than the Additional Purchasers and not more than five (5) other Institutional Investors, each
of which has been offered the Series 2022A Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf
has taken, or will take, any action that would subject the issuance or sale of the Series 2022A Notes to the registration requirements
of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction.

 

Exhibit
A

(to Supplement)

 

    

     

    

 

Section 5.14.        Use of Proceeds;
Margin Regulations. The Company will apply the proceeds of the sale of the Notes hereunder to repay outstanding Indebtedness of the
Company and its Subsidiaries and/or for other general corporate purposes of the Company and its Subsidiaries. No part of the proceeds
from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within
the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or
carrying or trading in any Securities under such circumstances as to involve the Company in a violation of Regulation X of said Board
(12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute
more than 10% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention
that margin stock will constitute more than 10% of the value of such assets. As used in this Section, the terms “margin
stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

 

Section 5.15.         Existing Indebtedness;
Future Liens. (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness
of the Company and its Subsidiaries as of December 31, 2021 (including descriptions of the obligors and obligees, principal amounts outstanding,
any collateral therefor and any Guarantee thereof), since which date there has been no Material change in the amounts, interest rates,
sinking funds, installment payments or maturities of the Indebtedness of the Company or its Subsidiaries. As of December 31, 2021, neither
the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest
on any Indebtedness of the Company or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Company
or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such
Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

 

Schedules 5.3, 5.4, 5.5 and
5.15 of the Master Note Purchase Agreement are hereby supplemented by the attached Schedules 5.3, 5.4, 5.5 and 5.15.

 

    -2-

     

    

 

[Form of Series 2022A Note]

 

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

 

3.95% Series 2022A Senior Note
Due July 15, 2025

 

	No. [_____]	[Date]
	$[_______]	PPN 64755@ AC5

 

For
Value Received, the undersigned, New Mountain Guardian III BDC, L.L.C. (herein called
the “Company”), a limited liability company organized and existing under the laws of the State of Delaware, hereby
promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars
(or so much thereof as shall not have been prepaid) on July 15, 2025 (the “Maturity Date”), with interest (computed
on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 3.95% per annum,
as may be adjusted in accordance with Section 1.2 of the Master Note Purchase Agreement (as hereinafter defined), from the date hereof,
payable semiannually, on the 15th day of January and July in each year, commencing with the January or July next succeeding the date hereof,
and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on
any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue
payment of any Make-Whole Amount, at a rate per annum from time to time equal to the Default Rate (as defined in the Master Note Purchase
Agreement), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).

 

Payments of principal of,
interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at
the principal office of the Company in New York, New York or at such other place as the Company shall have designated by written notice
to the holder of this Note as provided in the Master Note Purchase Agreement referred to below.

 

This Note is one of a series
of Senior Notes (the “Notes”) issued pursuant to a Supplement to the Master Note Purchase Agreement, dated August 4,
2021 (as from time to time amended, the “Master Note Purchase Agreement”), among the Company, the Purchasers named
therein and Additional Purchasers of Notes from time to time issued pursuant to any Supplement to the Master Note Purchase Agreement.
This Note and the holder hereof are entitled equally and ratably with the holders of all other Notes of all series from time to time outstanding
under the Master Note Purchase Agreement to all the benefits provided for thereby or referred to therein. Each holder of this Note will
be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Master
Note Purchase Agreement and (ii) made the representation set forth in Section 6.2 of the Master Note Purchase Agreement. Unless
otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Master Note
Purchase Agreement.

 

    

     

    

 

This Note is a registered
Note and, as provided in (and subject to the terms and conditions of) the Master Note Purchase Agreement, upon surrender of this Note
for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s
attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.
Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered in the register
maintained by the Company as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not
be affected by any notice to the contrary.

 

This Note is subject to optional
prepayment, in whole or from time to time in part, at the times and on the terms specified in the Master Note Purchase Agreement, but
not otherwise.

 

If an Event of Default occurs
and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including
any applicable Make-Whole Amount) and with the effect provided in the Master Note Purchase Agreement.

 

[Remainder of page left blank]

 

    -2-

     

    

 

This Note shall be construed
and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State
of New York, excluding choice-of-law principles of the law of such State that would permit application of the laws of a jurisdiction
other than such State.

 

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

 

		By:	
	 	 	Name:	 
	 	 	Title:	 

 

    -3-Exhibit 10.2

 

Second Amendment to

Loan Authorization Agreement

 

Dated as of March 9, 2022

 

Reference is hereby made to
that certain Loan Authorization Agreement dated as July 30, 2019, between New Mountain Guardian Partners III BDC, L.L.C. (the “Fund”),
and BMO Harris Bank N.A. (the “Lender”) (as amended, restated, supplemented or otherwise modified prior to the date
hereof, the “Loan Agreement”). All capitalized terms used in this Second Amendment to Loan Authorization Agreement
(this “Amendment”) but not defined herein shall have the same meanings herein as such terms have in the Loan Agreement.

 

The Fund has notified the
Lender of its intent to issue 3.95% Series 2022A Senior Notes, due July 15, 2025 (the “Series 2022A Notes”). The Series
2022A Notes will be issued on or about March 10, 2022. The Fund has requested that the Lender amend, and the Lender has agreed to amend,
the Loan Agreement to permit the Fund to incur indebtedness under the Series 2022A Notes and to provide for the other modifications and
agreements set forth herein.

 

Section 1.           Amendments to Loan
Agreement.

 

Subject to the satisfaction
of all of the conditions precedent set forth in Section 2 below in a manner reasonably acceptable to the Lender (as evidenced by the execution
and delivery by the Lender of a counter-part hereto), the Loan Agreement shall be and hereby is amended as follows:

 

1.1         The paragraph titled “Variable
Interest Rate” appearing on the first page of the Loan Agreement shall be and hereby is amended and restated in its entirety
to read as follows:

 

Variable Interest Rate: The
interest rate applicable prior to the Maturity Date equals the greater of (i) the rate per annum announced by the Lender from time
to time as its prime commercial rate (the “Prime Rate”) minus 0.25% per annum (the “Prime Rate
Margin”) or (ii) the SOFR Quoted Rate for such day plus the rate of 2.50% per annum (the “SOFR
Margin”).  As used herein, the term “Term SOFR”
means a rate equal to the secured overnight financing rate as administered by the Term SOFR Administrator; the term “SOFR
Quoted Rate” means, as of any day of determination, 3-month Term SOFR on the date that is two U.S. Government Securities
Business Days prior to such day of determination as such rate is published by the Term SOFR Administrator plus a credit
spread adjustment of 0.15%; provided, that in no event shall the “SOFR Quoted Rate” be less than 0.00%; the term “Term
SOFR Administrator” means the CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term
SOFR selected by the Lender in its reasonable discretion); and the term “U.S. Government Securities Business Day”
means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets
Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in
United States government securities.

 

     

     

    

 

1.2        Section 7(c) of the Loan
Agreement is hereby amended and restated in its entirety to read as follows:

 

(c)       that
the aggregate amount of outstanding indebtedness of the Fund does not as of the date hereof and will not at any time hereafter exceed
the 80% of the Fund’s Remaining Capital Commitments; provided, however, that such availability is subject to change solely
at the Lender’s discretion upon notice to the Fund, and in the event such change requires a repayment of the Loans or a portion
thereof, the Fund shall have fifteen (15) Business Days to make such payment. For purposes of the foregoing, indebtedness of the
Fund, as of any time, will not include the then outstanding obligations under the Fund’s 3.57% Series 2021A Senior Notes, Tranche
A, due July 15, 2025, 3.62% Series 2021A Senior Notes, Tranche B, due July 15, 2025, or 3.95% Series 2022A Senior Notes, due July 15,
2025 (collectively, the “Senior Notes”), or any guarantees
in respect thereof;

 

1.3.       The
Loan Agreement shall be and hereby are amended to replace each reference therein to the term “LIBOR Quoted Rate” with
a reference to the term “SOFR Quoted Rate”.

 

1.4.       The
Loan Agreement shall be and hereby are amended to replace each reference therein to the term “LIBOR Margin” with a
reference to the term “SOFR Margin”.

 

1.5.       Exhibit
B to the Loan Agreement is hereby amended and restated in its entirety to read as set forth on the Exhibit A attached to this Amendment.

 

Section 2.            Conditions
Precedent.

 

2.1.        Each of the Fund
and the Lender shall have executed and delivered this Amendment.

 

2.2.       The Lender shall
have received a completed certificate of status executed by an authorized officer of the Fund.

 

Section 3.            Representations.

 

In order to induce the
Lender to execute and deliver this Amendment, the Fund hereby represents to the Lender that as of the date hereof the
representations and warranties set forth in the Loan Agreement and Collateral Documents to which it is a party are true and correct
in all material respects (provided that to the extent that such representations and warranties specifically refer to an
earlier date, they shall be true and correct in all material respects as of such earlier date) and each of the Fund represents and
warrants that it is in compliance with the covenants of the Loan Agreement and Collateral Documents applicable to it.

 

     

     

    

 

The Fund heretofor executed
and delivered the Collateral Documents to which it is a party and each such Person hereby acknowledges and agrees that the security interest
and liens created and provided for by the Collateral Documents continue to secure, among other things, the Obligations; and the Collateral
Documents and the rights and remedies of the Lender thereunder, the obligations of such Person thereunder, and the security interest and
liens created and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby. Nothing
herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the
Collateral Documents as to the indebtedness which would be secured thereby prior to giving effect to this Amendment.

 

Section 4.            Miscellaneous.

 

4.1.      Except as specifically amended herein,
the Loan Agreement and the Collateral Documents shall continue in full force and effect in accordance with its original terms. Reference
to this specific Amendment need not be made in the Loan Agreement, the Note, the Collateral Documents or any other instrument or document
executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Loan
Agreement, any reference in any of such items to the Loan Agreement being sufficient to refer to the Loan Agreement as amended hereby.

 

4.2.       This Amendment
may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken
together shall constitute one and the same agreement. Any of the parties hereto may execute this Amendment by signing any such counterpart
and each of such counterparts shall for all purposes be deemed to be an original. Delivery of executed counterparts of this Amendment
by telecopy or by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall
be effective as originals. The Fund agrees to pay all reasonable and invoiced out-of-pocket expenses, legal and/or otherwise (including
court costs and reasonable and invoiced attorneys’ fees (including, without limitation, the allocated cost of in-house counsel))
paid or incurred by the Lender in the preparation and negotiation of this Amendment and any instruments and documents executed in connection
herewith.

 

4.3.        This
Amendment shall be governed by the laws of the State of New York. The Fund and the Lender each
submits to the non-exclusive jurisdiction of the United States District Court for the Southern District of New York and of any New
York State Court sitting in New York, New York, for purposes of all legal proceedings arising out of or relating to this Amendment or
the transactions contemplated hereby. The Fund and the Lender each waives any and all right to trial by jury in any legal proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby.

 

[Signature
Pages Follow]

 

     

     

    

 

This Second Amendment to Loan
Authorization Agreement is entered into as of the date first set forth above.

 

	 	New Mountain Guardian III
    BDC, L.L.C.
	 	 
	 	By:	 
	 	Printed Name: Shiraz Kajee
	 	Its: Authorized Signatory
	 	 
	 	[Signatures Continued on Next Page]

 

[Signature Page to Second Amendment to Loan Authorization Agreement –

New Mountain Guardian III BDC, L.L.C.]

 

     

     

    

 

	 	BMO Harris Bank N.A.
	 	 
	 	By:	
	 	 	Name:	
	 	 	Its: 	

 

[Signature Page to Second Amendment to Loan Authorization Agreement –

New Mountain Guardian III BDC, L.L.C.]

 

     

     

    

 

Exhibit A to Second Amendment
to

Loan Authorization Agreement

 

Exhibit
B

 

Certificate of Status

of

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

 

New
Mountain Guardian III BDC, L.L.C., a Delaware limited liability company (the “Fund”), does hereby certify that:

 

1.         Rob Hamwee is the Chief Executive Officer
of the Fund.

 

2.       This Certificate is being delivered
to BMO Harris Bank N.A. and its affiliates (collectively, the “Lender”) in connection with, and may be relied upon
by the Lender in connection with, its extension of credit from time to time to the Fund.

 

3.        The Fund has secured proper authorization
to enter into the Loan Authorization Agreement between the Fund and Lender dated as of July 30, 2019 (as amended, restated, supplemented
or otherwise modified from time to time, the “Loan Authorization Agreement”) and to execute all instruments and documents
in connection therewith (together with the Note, the Security Agreement, the Control Agreement and the Adviser Letter Agreement, each
as defined in the Loan Authorization Agreement, collectively, the “Loan Documents”), in compliance with the Amended
and Restated Limited Liability Company Agreement, dated as of July 15, 2019 (as amended, restated, supplemented or otherwise modified
from time to time, the “Fund’s LLC Agreement”; all capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Fund’s LLC Agreement). The Fund has incurred indebtedness, and will continue to incur indebtedness,
only to the extent the same can be done in compliance with the Fund’s LLC Agreement, including, without limitation, the limitations
therein on indebtedness set forth in Section 4.2 thereof.

 

4.       The aggregate amount of outstanding
indebtedness of the Fund as of the date hereof is $______________. For purposes of the foregoing, indebtedness of the Fund, as of any
time, will not include the then outstanding obligations under the Fund’s 3.57% Series 2021A Senior Notes, Tranche A, due July 15,
2025, 3.62% Series 2021A Senior Notes, Tranche B, due July 15, 2025, or 3.95% Series 2022A Senior Notes, due July 15, 2025 (collectively,
the “Senior Notes”), or any guarantees in respect thereof.

 

5.        The aggregate amount of Capital Commitments
to the Fund as of the date hereof is $______________.

 

6.        The aggregate amount of outstanding
guarantees, repurchase obligations and similar contingent obligations on which the Fund is liable as of the date hereof is $______________.

 

7.        The aggregate amount of Remaining Capital
Commitments to the Fund as of the date hereof is $______________.

 

8.        The aggregate amount of Contributed
Capital made by the Members to the Fund as of the date hereof is $______________.

 

     

     

    

 

9.        The stated termination date of
the Investment Period is ________________ (leave blank if such date cannot be determined).

 

10.      (a) The aggregate amount of outstanding
indebtedness, guarantee, repurchase obligations and other similar obligations of the Fund does not as of the date hereof and will not
at any time hereafter exceed 80% of the Fund’s Remaining Capital Commitments; provided, however, that such availability is
subject to change solely at the Lender’s discretion upon notice to the Fund, and in the event such change requires a repayment of
the Loans (as defined the Loan Authorization Agreement) or a portion thereof, the Fund shall have fifteen (15) Business Days (as defined
in the Loan Authorization Agreement) to make such payment. For purposes of the foregoing, indebtedness shall not include the Fund’s
then outstanding obligations under the Senior Notes or any guarantees in respect thereof.

 

(b) As of the date hereof,
the Fund is in compliance with the terms of Section 4.2 of the Fund’s LLC Agreement.

 

11.      The aggregate amount of investments
of the Fund in any one Portfolio Company as of the date hereof do not and will not at any time hereafter exceed the limitations set forth
in Section 4.1(a) of the Fund’s LLC Agreement.

 

12.      The aggregate amount of Drawdown Notices
made on the Fund’s Members since the most recently completed fiscal quarter of the Fund is $______________.

 

13.       The aggregate amount of distributions
made by the Fund in respect of equity interests therein since the most recently completed fiscal quarter of the Fund is $______________.

 

14.       We
will promptly notify you (i) upon our becoming aware of the occurrence of any event which would give any one or more of our Members
the right to terminate or suspend its Capital Commitment, whether in whole or in part and whether or not contingent upon the passage of
time or the giving of notice or both, (ii) upon the occurrence of a Key Person Event or Alternative Key Person Event, (iii) upon
becoming aware of any action taken, or to be taken, which could result in the termination of the Investment Period, (iv) upon our
becoming aware of any event which would permit a Member to withdraw from the Fund, (v) upon our becoming aware of any event or agreement
which would excuse a Member from participating in any Drawdown Purchase relating to the Fund, (vi) of any assignment of a Member’s
membership interest in the Fund, (vii) of the failure of any Member to honor a Drawdown Notice that continues unremedied for ten
(10) Business Days, (viii) prior to approving the requested withdrawal of any Member (other than those previously disclosed to the
Lender), (ix) of either the Fund or Adviser being a named party in any material
litigation, arbitration or other judicial or administrative proceeding, (x) of receipt of a notice of default under an SPV Facility (as
defined in the Loan Authorization Agreement) or the Senior Notes, (xi) in writing fifteen (15) days (or such shorter period as agreed
to by the Lender) prior to providing any Member the right to exchange their Common Units for interest in another investment vehicle managed
by the Advisor or its affiliates and (xii) in writing fifteen (15) days (or such shorter period as agreed to by the Lender) prior to revoking
or in any way amending the Adviser’s right to issue Capital Call Notices or of any change in the form of organization of, identity
of or replacement or other substitution of the Adviser.

 

15.      We will notify you prior to
(i) the dissolution of the Fund pursuant to Article XI of the Fund’s LLC Agreement or (ii) any amendment, supplement or other modification
to the Fund’s LLC Agreement or any material resolution of the Fund’s Board of Directors related to the Fund’s investment
parameters thereunder or the Fund’s right to incur indebtedness or to pledge the Fund’s assets.

 

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16.       No Portfolio Investment has
been made by the Fund in contravention of Sections 1.3 or 4.1 of the Fund’s LLC Agreement.

 

17.      The
Fund shall not grant or permit to exist any lien, security interest, encumbrance on, or any assignment of, its assets, including, but
not limited to, the Remaining Capital Commitments, nor the right to call capital or issue Drawdown Notices to such Members, or the proceeds
of any such capital call, including the proceeds from capital calls to pay management fees (it being agreed that the Fund shall be permitted
to pay management fees so long as no Default (as defined in the Loan Authorization Agreement) then exists and is continuing) except (i)
liens granted to the Lender pursuant to the Security Agreement (as defined in the Loan Authorization Agreement), (ii) liens in favor of
a depository bank that are permitted under the applicable Control Agreement (as defined in the Loan Authorization Agreement), (iii) liens
of a collecting bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection and liens in
favor of a banking institution at which the Fund maintains an account arising as a matter of law encumbering deposits (including set-off
rights) and which are in the general parameters customary in the banking industry,
(iv) liens arising under applicable law for taxes or other obligations not yet due or being contested in good faith for which adequate
reserves have been established under GAAP (as defined in the Loan Authorization Agreement), (v) any liens in favor of the Lender or any
affiliate thereof and (vi) with the prior written consent of the Lender.

 

18.       The
Fund agrees that to the extent that any obligation has become due and payable under the Loan Authorization Agreement and monies are not
otherwise readily available to the Fund to satisfy such obligation, that it shall or it shall promptly issue, or cause the Adviser to
issue, Drawdown Notices with respect to the Capital Commitments of the Fund’s Members in an amount sufficient to satisfy in full
its obligations under the Loan Authorization Agreement and related Loan Documents (subject to the terms and conditions of the Fund’s
LLC Agreement) and the Fund shall, promptly upon receipt, apply the proceeds of the capital calls to the repayment of the outstanding
obligations then due.

 

19.       We will provide you with copies
of all Subscription Agreements and any other documentation received in connection with the admission of an additional Member promptly
following receipt thereof.

 

20.       By executing below, the undersigned
certifies that it is acting on behalf of the Fund and that its acts are authorized.

 

21.       The Board of Directors of the
Fund has resolved that they will not act in their discretion to effect an early termination of the Fund at any time that the Fund has
any outstanding indebtedness to the Lender.  If the Fund does not have any outstanding indebtedness to the Lender, the Board of Directors
will not act in their discretion to effect an early termination of the Fund without first providing the Lender written notice of its intention
to do so.

 

22.      We
will provide you with copies of all side letters or other agreements between the Fund and its Members promptly following receipt thereof.
There are no side letters or other agreements which would prohibit the Fund from entering into or performing its obligations under
the Loan Authorization Agreement or affect the applicable Members’ obligations to honor Drawdown Purchases as set forth in such
the Fund’s LLC Agreement or create obligations on the Fund to repurchase unit interests or redeem the interest of a Member in the
Fund, other than those that have been previously disclosed to the Lender.

 

23.      Except to the extent written
notice thereof has been previously delivered to Lender, neither Fund nor the Adviser is currently a named party in a pending
or threatened action or proceeding before any court, governmental agency or arbitrator, which (x) could reasonably be expected to
materially adversely affect the Fund’s financial condition or operations or (y) purports to affect the legality,
validity, or enforceability of the Loan Authorization Agreement.

 

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24.       Both
after the termination or expiration of the Investment Period and after the occurrence and during the continuance of a dissolution of the
Fund, the Adviser is permitted to call capital under the Fund’s LLC Agreement in order to repay the Fund’s outstanding loans
made by the Lender to the Fund under the Loan Authorization Agreement.

 

25.       Upon
the termination of the Loan Authorization Agreement and the payment
in full in cash of all Loans and other obligations, including interest,
fees, costs and expenses, under the Loan Authorization Agreement and any Loan
Document, the Fund’s covenant obligations under this Certificate of Status shall terminate.

 

The Fund hereby agrees to
notify the Lender in the event it becomes aware of any change which would cause any of the above representations and warranties to cease
to be true and correct in any material respect.

 

This Certificate of Status
shall be governed by the laws of the State of New York.

 

[Signature
Page to Follow]

 

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This
Certificate of Status is dated: _______________, 20__.

 

	 	New Mountain Guardian III BDC, L.L.C.
	 	 	 
	 	 	By	 
	 	 	 	Name: Shiraz Kajee
	 	 	 	Its: Authorized Signatory

 

[Certificate of Status]

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