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EXHIBIT 4.2 
DESCRIPTION OF SECURITIES 
Description of Our Units 
    The following description is based on relevant portions of the Delaware Limited Liability Company Act and on our Limited Liability Company Agreement. This summary is not necessarily complete, and we refer you to the Limited Liability Company Agreement, as amended and restated on January 15, 2021 (the "Second A&R LLC Agreement") for a more detailed description of the provisions summarized below. 
    Interests in New Mountain Guardian III BDC, L.L.C. (the "Company") are held in the form of units. The Company will issue common units of limited liability company interests in the Company (the "Common Units") to investors from time to time at the applicable price per Unit. Such Common Units will be issued through drawdowns at least ten business days prior to the date on which such drawdown purchase is due and payable (the "Drawdown Dates") or on one or more dates to be determined by the Company that occur on or following an additional closing but no later than the next succeeding Drawdown Date, with common unitholders required to contribute all or a portion of their remaining capital commitments in exchange for Common Units as set forth in the Second A&R LLC Agreement. In addition, unitholders are entitled to one vote for each Unit held on all matters submitted to a vote of unitholders and do not have cumulative voting rights. Unitholders are entitled to receive proportionately any distributions declared by the Board of Directors (the "Board"), subject to any preferential distribution rights of outstanding preferred Units. Upon the Company's dissolution and winding up, the unitholders will be entitled to receive ratably its net assets available after the payment or the making of reasonable provision for payment of all debts and other liabilities and the establishment of reasonable reserves by the Board in amounts determined by it to be necessary for the payment of the Company's expenses, liabilities and other obligations, and will be subject to the prior rights of any outstanding preferred Units. Unitholders have no redemption or preemptive rights. The rights, preferences and privileges of unitholders are subject to the rights of the holders of preferred Units that the Company may designate and issue in the future. 
    Without the consent of any common unitholder, the Board may cause the Company to issue one class of preferred Units, which class of Units may have rights senior to those of the Common Units, and such other characteristics as the Board may determine, subject to the requirements of the Investment Company Act of 1940 Act, as amended (the "1940 Act"). The Board may amend and supplement the Second A&R LLC Agreement to provide for the terms of such preferred Units. 
Delaware Law and Certain Limited Liability Company Agreement Provisions 
Agreement to be Bound by the Limited Liability Agreement; Power of Attorney 
    By executing the subscription agreement or a counterpart thereof, each investor accepted by the Company is agreeing to be admitted as a member of the Company and bound by the terms of the Second A&R LLC Agreement. Pursuant to the Second A&R LLC Agreement, each unitholder and each person who acquires Units from a unitholder grants to certain of the Company's officers (and, if appointed, a liquidator) a power of attorney to, among other things, execute and file documents required for the Company's qualification, continuance or termination. The power of attorney also grants the Board the authority to make certain amendments to, and in accordance with, the Second A&R LLC Agreement. 
Drawdowns 
    From time to time in its discretion, the Company may issue drawdowns on all or any portion of the unitholders' remaining capital commitments in accordance with the terms of the Second A&R LLC Agreement. 
    During the investment period, which began on July 15, 2019 and will continue until the four-year anniversary of such date (the "Investment Period"), drawdowns may be issued at any time for any permitted purpose. Following the end of the Investment Period, the Company will have the right to make drawdowns only for the limited purposes set forth in the Second A&R LLC Agreement. 
Resignation and Removal of Directors; Procedures for Vacancies 
    Any or all of the directors may be removed only for cause and only by the affirmative vote of at least 662/3% in voting power of all the then-outstanding Units of the Company entitled to vote thereon, voting together as a single class. 
    Except as otherwise provided by applicable law, including the 1940 Act, any newly created directorship on the Board that results from an increase in the number of directors, and any vacancy occurring in the Board that results from the death, resignation, disqualification or removal of a director or other cause, shall be filled exclusively by the affirmative vote of a majority of the remaining directors in office, although less than a quorum (with a quorum being a majority of the total number of directors), or by a sole remaining director. Any director elected to fill a vacancy or newly created directorship shall hold office until his or her death, resignation, retirement, disqualification or removal. 

Action by Unitholders 
    Under the Second A&R LLC Agreement, unitholder action can be taken only at a meeting of unitholders or by written consent in lieu of a meeting by unitholders representing at least the number of Units required to approve the matter in question. 
    Only the Board, the Chair of the Board, the Company's Chief Executive Officer or the holders of a majority of the Units may call a meeting of unitholders. Only business specified in the Company's notice of meeting (or supplement thereto) may be conducted at a meeting of unitholders.  
Conflict with the 1940 Act 
    Our Second A&R LLC Agreement provides that, if and to the extent that any provision of Delaware law or any provision of our limited liability company agreement conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.Exhibit
4.1

 

	NUMBER	 	UNITS
	 	 	 
	U-__________	 	 
	 	 	 
	 	 	 
	SEE
    REVERSE FOR CERTAIN DEFINITIONS	SCHULTZE
                                         SPECIAL PURPOSE ACQUISITION CORP. II
	 

 

CUSIP
[●]

 

UNITS
CONSISTING OF ONE SHARE OF CLASS A COMMON STOCK AND

ONE-THIRD
OF ONE REDEEMABLE WARRANT, EACH WHOLE WARRANT ENTITLING THE HOLDER

TO
PURCHASE ONE SHARE OF CLASS A COMMON STOCK

 

THIS
CERTIFIES THAT ___________________________________________________________________________________________

 

is
the owner of __________________________________________________________________________________________________ Units.

 

Each
Unit (“Unit”) consists of one (1) share of Class A common stock, par value $0.0001 per share (“Common
Stock”), of Schultze Special Purpose Acquisition Corp. II, a Delaware corporation (the “Company”),
and one-third of one redeemable warrant (“Warrant”). Each whole Warrant entitles the holder to purchase one
share of Common Stock for $11.50 per share (subject to adjustment). Each whole Warrant will become exercisable on the later of
(i) 30 days after the Company’s completion of an initial merger, capital stock exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business
Combination”) and (ii) 12 months from the closing of the Company’s initial public offering, and will expire unless
exercised before 5:00 p.m., New York City Time, on the fifth anniversary of the completion of an initial Business Combination,
or earlier upon redemption or liquidation. The Common Stock and Warrant(s) comprising the Unit(s) represented by this certificate
are not transferable separately prior to _________, 2021, unless Stifel, Nicolaus & Company, Incorporated and Mizuho Securities
USA LLC inform the Company of their decision to allow earlier separate trading, subject to the Company’s filing of a Current
Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting the Company’s
receipt of the gross proceeds of the Company’s initial public offering and issuing a press release announcing when such
separate trading will begin. The terms of the Warrants are governed by a Warrant Agreement, dated as of _________, 2021, between
the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions
contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of
the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York, New York 10004,
and are available to any Warrant holder on written request and without cost.

 

This
certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

 

This
certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

 

Witness
the facsimile signatures of the duly authorized officers of the Company.

 

 

	 	 	 
	Chief Executive
Officer	 	Chief
                                      Financial Officer

 

     

     

    

 

Schultze
Special Purpose Acquisition Corp. II

 

The
Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and
relative, participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications,
limitations, or restrictions of such preferences and/or rights.

 

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:

 

	TEN COM	—	as tenants in common	 	UNIF GIFT MIN ACT	—	 	Custodian	 
	 	 	 	 	 	 	(Cust)	 	(Minor)
	TEN ENT	—	as tenants by the entireties	 	 	 		 	
	 	 	 	 	 	 	under
    Uniform Gifts to Minors Act
	JT TEN	—	as joint tenants with right of survivorship
    and not as tenants in common	 	 	
	 	 	 	 	(State)

 

Additional
abbreviations may also be used though not in the above list.

 

 

For
value received, ___________________________ hereby sells, assigns, and transfers unto

 

	PLEASE
    INSERT SOCIAL SECURITY OR OTHER

    IDENTIFYING NUMBER OF ASSIGNEE	 
	 	 
	 	 

 

 

	(PLEASE
    PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 
	 
	 
	 
	 
	 

 

	

Units
represented by the within Certificate, and hereby irrevocably constitutes and appoints                                                                                                                                                                                                                
 Attorney to transfer the said Units on the books of the within named Company with full power of substitution in the
premises.

 

 

	Dated	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
		 	 	Notice:	The
                                         signature(s) to this assignment must correspond with the name as written upon the face
                                         of the certificate in every particular, without alteration or enlargement or any change
                                         whatever.

 

Signature(s)
Guaranteed:

 

 

	THE
SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT
UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR
RULE) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).	

 

    2

     

    

 

In
each case, as more fully described in the Company’s final prospectus dated ______________, 2021, the holder(s) of this certificate
shall be entitled to receive a pro-rata portion of certain funds held in the trust account established in connection with the
Company’s initial public offering only in the event that (i) the Company redeems the shares of Class A common stock sold
in its initial public offering and liquidates because it does not consummate an initial business combination within the period
of time set forth in the Company’s amended and restated certificate of incorporation, as the same may be amended from time
to time (the “Charter”), or (ii) if the holder(s) properly seek(s) to redeem for cash his, her or its respective shares
of Class A common stock in connection with (x) a stockholder vote to amend the Charter (A) to modify the substance or timing of
the Company’s obligation to allow redemptions in connection with the Company’s initial business combination or to
redeem 100% of the Class A common stock if the Company does not consummate an initial business combination within the period of
time set forth in the Charter or (B) with respect to any other provision relating to stockholders’ rights or pre-initial
business combination activity, or (y) a tender offer (or proxy solicitation, solely in the event the Company seeks stockholder
approval of the proposed initial business combination) setting forth the details of a proposed initial business combination. In
no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.

 

    3

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