Document:

Exhibit 10.1

 

August 23, 2022

 

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

1633 Broadway, 48th Floor

New York, New York 10019  

 

		Re:	New Mountain Guardian IV BDC, L.L.C. –
                                            Letter Amendment

 

Ladies and Gentlemen:

 

Reference is hereby made
to the Loan Authorization Agreement dated as of May 9, 2022, between New Mountain
Guardian IV BDC, L.L.C., a Delaware limited liability company (the “Fund”), and BMO Harris Bank N.A. (the “Lender”)
(as amended, restated, supplemented or otherwise modified prior to date hereof, the “Loan Agreement”). All capitalized
terms used but not defined herein shall have the meanings assigned thereto in the Loan Agreement.

 

The Fund has requested that
the Lender agree, and the Lender has agreed in its sole discretion, to increase the Amount of Maximum Credit from $44,240,400 to $71,604,000,
subject to the terms and conditions of the Loan Agreement. The parties hereto agree that immediately prior to giving effect to this letter
agreement, the Amount of Maximum Credit under the Loan Agreement is $44,240,400.

 

As of the date hereof and
until otherwise agreed to in writing by the Lender, the paragraph titled “Amount of Maximum Credit” set forth on the
first page of the Loan Agreement shall be and hereby is amended and restated in its entirety to read as follows:

 

Amount of Maximum
Credit: $71,604,000; provided, however, that the Lender may, if requested by the Fund, elect in its sole and absolute discretion
to increase the Amount of Maximum Credit to up to $250,000,000.00, it being understood that the Lender has no obligation to increase
the Amount of Maximum Credit at any time.

 

Except for the amendments
set forth herein, the Loan Agreement shall remain in full force and effect in accordance with its current terms. This letter agreement
is a Loan Document. Delivery of executed counterparts of this letter agreement 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.

 

Each of the Fund and the
General Partner hereby acknowledge, reaffirm and confirm the Security Agreement, dated as of May 9, 2022, among the Fund, the
General Partner and the Lender, as secured party (as amended, restated, supplemented or otherwise modified from time to time, the “Security
Agreement”) and, both before and after giving effect to this letter agreement, further confirm and agree that the liens
and security interests granted to the Lender in and to the Collateral (as defined in the Security Agreement) under the Security
Agreement hereby continue to and shall secure, among other things, all Obligations (as defined in the Security Agreement).

 

This letter agreement supersedes
and replaces any other written agreement or prior oral discussion regarding the matters set forth herein. This letter agreement shall
be governed by the laws of the State of New York.

 

[Signature
Pages Follow]

 

     

     

    

  

	 	Very truly yours,
	 	 
	 	BMO Harris Bank N.A.
	 	 
		By:	 

		Name:	 

		Its:	 

 

[Signature Page to Letter Amendment (August 2022) – 

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

 

     

     

    

 

Acknowledged and agreed to by:

 

	 	New Mountain Guardian IV BDC, L.L.C.
	 	  
	 	By:	 
	 	Name: Laura Holson
	 	Its: Authorized Signatory

 

[Signature Page to Letter Amendment (August 2022)

 New Mountain Guardian IV BDC, L.L.C.]Exhibit
10.1

 

THIS
PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE
THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.

 

PROMISSORY
NOTE

 

	Principal
    Amount: Up to $1,500,000	Dated
    as of August 23, 2022 
	 	New
    York, New York

 

Sagaliam
Acquisition Corp., a Delaware corporation and blank check company (the “Maker”), promises to pay to the order of Sagaliam
Sponsor LLC or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of up to
One Million and Five Hundred Thousand Dollars ($1,500,000) in lawful money of the United States of America, on the terms and conditions
described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined
by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this
Note.

 

	1.	Principal.
    The principal balance of this Note shall be payable by the Maker on the earlier of: (i) April 30, 2023 or (ii) the date on which
    Maker consummates an initial business combination (a “Business Combination”) with a target business (as described
    in its initial public offering prospectus dated December 20, 2021 (the “Prospectus”)). The principal balance may
    be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee
    or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.
	 	 
	2.	Interest.
    No interest shall accrue on the unpaid principal balance of this Note.
	 	 
	 	 
	3.	Drawdown
    Requests. Maker and Payee agree that Maker may request up to One Million and Five Hundred Thousand Dollars ($1,500,000) for costs
    reasonably related to Maker’s working capital. The principal of this Note may be drawn down from time to time prior to the
    earlier of: (i) April 30, 2023 or (ii) the date on which Maker consummates a Business Combination, upon written request from Maker
    to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must
    not be an amount less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request
    no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns
    collectively under this Note is One Million and Five Hundred Thousand Dollars ($1,500,000). Once an amount is drawn down under this
    Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to
    Payee in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all payments shall be
    applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation)
    reasonable attorneys’ fees, and then to the reduction of the unpaid principal balance of this Note.
	 	 
	4.	Conversion
    Rights. The Payee has the right, but not the obligation, to convert any outstanding principal amount under this Note, in whole
    or in part, into units (the “Units”) of the Maker, as described in the Prospectus, by providing the Maker with written
    notice of its intention to convert any outstanding principal amount under this Note at least one business day prior to the closing
    of a Business Combination. The Units would be identical to the private placement units as described in the Prospectus. The number
    of Units to be received by the Payee in connection with such conversion shall be an amount determined by dividing (x) the sum of
    the outstanding principal amount payable to such Payee by (y) $10.00.

 

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	 	(a)	Fractional
    Shares. No fractional Units will be issued upon conversion of any outstanding principal amount under this Note. In lieu of any
    fractional Units to which Payee would otherwise be entitled, Maker will pay to Payee in cash the amount of the unconverted principal
    balance of this note that would otherwise be converted into such fractional share.
	 	 	 
	 	(b)	Effect
    of Conversion. If the Maker timely receives notice of the Payee’s intention to convert any outstanding principal amount
    under this Note at least one business day prior to the closing of a Business Combination, such outstanding principal amount under
    this Note shall be deemed to be converted on the date the Business Combination closes. At its expense, the Maker will, as soon as
    practicable after receiving this Note for cancellation after the closing of a Business Combination (assuming receipt of timely notice
    of conversion), issue and deliver to Payee, at such address requested by Payee, a certificate or certificates for the number of Units
    to which Payee is entitled upon such conversion (bearing such legends as are customary pursuant to applicable state and federal securities
    laws), including a check payable to Payee for (1) any cash amounts payable as a result of any fractional shares as described herein
    and (2) any non-converted outstanding principal amount under this Note.

 

	5.	Application
    of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under
    this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally
    to the reduction of the unpaid principal balance of this Note.
	 	 
	6.	Acceleration.
    If a Business Combination is not announced prior to December 23, 2022, the unpaid principal balance of this Note, and all other
    sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
    on the part of Payee.
	 	 
	7.	Events
    of Default. The following shall constitute an event of default (“Event of Default”):

 

	 	(a)	Failure
    to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days
    of the date specified above.
	 	 	 
	 	(b)	Voluntary
    Bankruptcy. Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
    or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee,
    custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of
    any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the
    taking of corporate action by Maker in furtherance of any of the foregoing.
	 	 	 
	 	(c)	Involuntary
    Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
    in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
    custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up
    or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
    days.

 

	8.	Remedies.

 

	 	(a)	Upon
    the occurrence of an Event of Default specified in Section 7(a) hereof, Payee may, by written notice to Maker, declare this Note
    to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall
    become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
    waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.
	 	 	 
	 	(b)	Upon
    the occurrence of an Event of Default specified in Sections 7(b) and 7(c), the unpaid principal balance of this Note, and all other
    sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
    on the part of Payee.

 

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	9.	Waivers.
    Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
    protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee
    under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
    real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
    or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
    real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may
    be sold upon any such writ in whole or in part in any order desired by Payee.
	 	 
	10.	Unconditional
    Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
    of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
    and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented
    to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with
    respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may
    become parties hereto without notice to Maker or affecting Maker’s liability hereunder.
	 	 
	11.	Notices.
    All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered:
    (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
    to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
    or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently
    provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication
    so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following
    receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight
    courier service or five (5) days after mailing if sent by mail.
	 	 
	12.	Construction.
    THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
    THEREOF.
	 	 
	13.	Severability.
    Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
    be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
    such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
    jurisdiction.
	 	 
	14.	Trust
    Waiver. Payee has read the Prospectus and understands that Maker has established the trust account described in the Prospectus
    (the “Trust Account”), in an amount of approximately $116.15 million for the benefit of the public stockholders
    and the underwriters of Maker’s initial public offering (the “Underwriters”) pursuant to the certain investment
    management trust agreement, dated as of December 20, 2021, between the Maker and Continental Stock Transfer & Trust Company (the
    “Trust Agreement”) and that, except for certain exceptions described in the Prospectus, Maker may disburse monies
    from the Trust Account only for the purposes set forth in the Trust Agreement.
	 	 
	 	Notwithstanding
    anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”)
    in or to any monies in the Trust Account (including the deferred underwriters discounts and commissions), and hereby agrees not to
    seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.
	 	 
	15.	Amendment;
    Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker
    and the Payee.
	 	 
	16.	Assignment.
    No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of
    law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
    shall be void.

 

[Signature
page follows]

 

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IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the
day and year first above written.

 

	 	SAGALIAM
    ACQUISITION CORP.
	 	 	 
	 	By:	/s/
    Barry Kostiner
	 	Name: 	Barry
    Kostiner
	 	Title:	Chief
    Executive Officer

 

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