Document:

EX-10.3

 Exhibit 10.3 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (the “Agreement”) is made and entered into this [ ] day of [ ], 2021, by and between
Commonwealth Credit Partners BDC I, Inc. (the “Company”), on behalf of itself and its Subsidiaries (as defined in Section 1(h) below), and [Indemnitee] (the “Indemnitee”). 

WHEREAS, it is essential to the Company that it be able to retain and attract as directors the most capable persons available; 

WHEREAS, increased corporate litigation has subjected directors to litigation risks and expenses, and the limitations on the availability of
directors and officers liability insurance have made it increasingly difficult to attract and retain such persons; 
 WHEREAS, the
Company’s charter provides that the Company may indemnify its directors to the fullest extent permitted by law; 
 WHEREAS, the
Company desires to provide Indemnitee with specific contractual assurance of Indemnitee’s rights to full indemnification against litigation risks and expenses; and 

WHEREAS, Indemnitee is relying upon the rights afforded under this Agreement in becoming or continuing as a director of the Company.

 NOW, THEREFORE, in consideration of the promises and the covenants contained herein, the Company and Indemnitee do hereby covenant and
agree as follows: 
 1. Definitions. 

(a) “1940 Act” means the Investment Company Act of 1940, as amended. 

(b) “Corporate Status” describes the status of a person who is serving or has served (i) as a director of the Company or
(ii) as a director of any other Entity at the request of the Company. For purposes of subsection (ii) of this Section 1(b), if Indemnitee is serving or has served as a director, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of a Subsidiary (as defined below), Indemnitee shall be deemed to be serving at the request of the Company. If Indemnitee is an officer of the Company, Corporate Status shall not include actions taken by
Indemnitee in any capacity other than as a director (except as provided in subsection (ii) of this definition). 
 (c)
“Entity” shall mean any corporation, partnership, limited liability company, joint venture, trust, foundation, association, organization or other legal entity. 

(d) “Expenses” shall mean all reasonable and
out-of-pocket fees, costs and expenses incurred by Indemnitee in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or
preparing to be a witness in or otherwise participating in any Proceeding (as defined below), including, without limitation, attorneys’ fees, disbursements and retainers (including, without limitation, any such fees, disbursements and retainers
incurred by Indemnitee pursuant to Sections 11 and 12(c)), fees and disbursements of expert witnesses, private investigators, professional advisors (including, without limitation, accountants and investment bankers), court costs, transcript
costs, fees of experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges, postage, delivery services, secretarial services, and other disbursements and expenses. 

  
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 (e) “Indemnifiable Expenses,” “Indemnifiable Liabilities”
and “Indemnifiable Amounts” shall have the meanings ascribed to those terms in Section 3(a). 
 (f)
“Liabilities” shall mean judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement. 

(g) “Proceeding” shall mean any threatened, pending or completed claim, action, suit, arbitration, alternate dispute
resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative, arbitrative or investigative, whether formal or informal, including a proceeding initiated by Indemnitee pursuant to
Section 11 to enforce Indemnitee’s rights hereunder. 
 (h) “Subsidiary” shall mean any Entity of which the
Company owns (either directly or through or together with another Subsidiary of the Company) either (i) a general partner, managing member or other similar interest or (ii) (A) 50% or more of the voting power of the voting capital equity
interests of such Entity, and/or (B) 50% or more of the outstanding voting capital stock or other voting equity interests of such Entity. 

2. Services of Indemnitee. In consideration of the Company’s covenants and commitments hereunder, Indemnitee agrees to serve or
continue to serve as a director of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other
agreements or commitments of the parties, if any. 
 3. Agreement to Indemnify. The Company agrees to indemnify Indemnitee as
follows: 
 (a) Proceedings Other Than by or in the Right of the Company. Subject to the exceptions contained in Section 4(a)
and in a manner consistent with applicable law, including the 1940 Act, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of Indemnitee’s
Corporate Status, Indemnitee shall be indemnified by the Company against all Expenses and Liabilities incurred or paid by Indemnitee in connection with such Proceeding (referred to herein as “Indemnifiable Expenses” and
“Indemnifiable Liabilities,” respectively, and collectively as “Indemnifiable Amounts”). Notwithstanding the foregoing, no Indemnitee shall be entitled to indemnification under this Section 3(a) for liability
which arose as a result of Indemnitee’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. 

(b) Proceedings by or in the Right of the Company. Subject to the exceptions contained in Section 4(b) and in a manner consistent
with applicable law, including the 1940 Act, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding by or in the right of the Company by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by
the Company against all Indemnifiable Expenses. Notwithstanding the foregoing, no Indemnitee shall be entitled to indemnification under this Section 3(b) for liability which arose as a result of Indemnitee’s willful misfeasance, bad faith,
gross negligence or reckless disregard of the duties involved in the conduct of his or her office. 
 (c) Conclusive Presumption
Regarding Standard of Care. In making any determination required to be made under Delaware law with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is
entitled to indemnification under this Agreement if Indemnitee submitted a request therefor in accordance with Section 5, and the Company shall have the burden of rebutting that presumption in connection with the making by any person, persons
or entity of any determination contrary to that presumption in a manner consistent with the 1940 Act. 

  
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 4. Exceptions to Indemnification. Subject to Section 20, Indemnitee shall be
entitled to indemnification under Sections 3(a) and 3(b) above in all circumstances and with respect to each and every specific claim, issue or matter involved in the Proceeding out of which Indemnitee’s claim for indemnification has arisen,
except as follows: 
 (a) Proceedings Other Than by or in the Right of the Company. If indemnification is requested under
Section 3(a) and it has been finally adjudicated by a court of competent jurisdiction that, in connection with such specific claim, issue or matter, Indemnitee failed to act (i) in good faith and (ii) in a manner Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful, Indemnitee shall not be entitled to payment
of Indemnifiable Amounts hereunder to the extent that they arise out of such claim, issue or matter. 
 (b) Proceedings by or in the
Right of the Company. If indemnification is requested under Section 3(b) and 
 (i) it has been finally adjudicated by a court of
competent jurisdiction that, in connection with such specific claim, issue or matter, Indemnitee failed to act (A) in good faith and (B) in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder to the extent that they arise out of such claim, issue or matter; 

(ii) it has been finally adjudicated by a court of competent jurisdiction that Indemnitee is liable to the Company with respect to such
specific claim, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder with respect to such claim, issue or matter unless the district court or another court in which such Proceeding was brought shall determine upon
application that, despite the adjudication of liability, but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such Indemnifiable Expenses that such court shall deem proper; or 

(iii) it has been finally adjudicated by a court of competent jurisdiction that Indemnitee is liable to the Company for an accounting of
profits made from the purchase or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder and amendments
thereto or similar provisions of any federal, state or local statutory law, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder. 

(c) Insurance Proceeds. To the extent payment is actually made to Indemnitee under a valid and collectible insurance policy maintained
at the expense of the Company in respect of Indemnifiable Amounts in connection with such specific claim, issue or matter, Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder except in respect of any excess of such
Indemnifiable Amounts beyond the amount of payment under such insurance. 
 5. Procedure for Payment of Indemnifiable Amounts.
Indemnitee shall submit to the Company a written request specifying the Indemnifiable Amounts for which Indemnitee seeks payment under Section 3 and the basis for the claim. The Company shall pay such Indemnifiable Amounts to Indemnitee
promptly, but in no event later than ten (10) calendar days after receipt of such request. At the request of the Company, Indemnitee shall furnish such documentation and information as are reasonably available to Indemnitee and necessary to
establish that Indemnitee is entitled to indemnification hereunder. 

  
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 6. Indemnification for Expenses of a Party Who is Wholly or Partially Successful.
Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any
Proceeding, Indemnitee shall be indemnified against all Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim,
issue or matter. For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, by reason of settlement, judgment, order or otherwise, shall be deemed to be a successful
result as to such claim, issue or matter. For the avoidance of doubt, in the event that Indemnitee is not wholly successful and is adjudged liable, the Company shall indemnify Indemnitee to the maximum extent not prohibited by (and not merely to the
extent affirmatively permitted by) Delaware law and as permitted by this Agreement. 
 7. Effect of Certain Resolutions. Neither the
settlement nor termination of any Proceeding nor the failure of the Company to award indemnification or to determine that indemnification is payable shall create a presumption that Indemnitee is not entitled to indemnification hereunder. In
addition, the termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not create a presumption that Indemnitee did not meet the requisite standard of conduct described
herein for indemnification. 
 8. Agreement to Advance Expenses; Undertaking. In a manner consistent with applicable law, including
the 1940 Act, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding, including a Proceeding by or in the right of the Company, in which Indemnitee is involved by reason of such
Indemnitee’s Corporate Status within ten (10) calendar days after the receipt by the Company of a written statement from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such
Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other
provisions of this Agreement. To the extent required by Delaware law and the 1940 Act, Indemnitee hereby undertakes to repay any and all of the amount of Indemnifiable Expenses paid to Indemnitee if it is finally determined by a court of competent
jurisdiction that Indemnitee is not entitled under this Agreement to indemnification with respect to such Expenses. This undertaking is an unlimited general obligation of Indemnitee. 

9. Procedure for Advance Payment of Expenses. Indemnitee shall submit to the Company a written request specifying the Indemnifiable
Expenses for which Indemnitee seeks an advancement under Section 8, together with documentation evidencing that Indemnitee has incurred such Indemnifiable Expenses. 

10. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is,
by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her on his or her behalf in connection
therewith. 

  
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 11. Remedies of Indemnitee. 

(a) Right to Petition Court. In the event that Indemnitee makes a request for payment of Indemnifiable Amounts under Sections 3
and 5 or a request for an advancement of Indemnifiable Expenses under Sections 8 and 9 and the Company fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, Indemnitee may petition the
district court to enforce the Company’s obligations under this Agreement. 
 (b) Burden of Proof. In any judicial proceeding
brought under Section 11(a), the Company shall have the burden of proving that Indemnitee is not entitled to payment of Indemnifiable Amounts hereunder. 

(c) Expenses. In a manner consistent with applicable law, including the 1940 Act, the Company agrees to reimburse Indemnitee in full
for any Expenses incurred by Indemnitee in connection with investigating, preparing for, litigating, defending or settling any action brought by Indemnitee under Section 11(a), or in connection with any claim or counterclaim brought by the
Company in connection therewith, whether or not Indemnitee is successful in whole or in part in connection with any such action, except to the extent that it has been finally adjudicated by a court of competent jurisdiction that such reimbursement
would be unlawful. 
 (d) Failure to Act Not a Defense. The failure of the Company (including its Board of Directors or any committee
thereof, independent legal counsel, or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action
brought under Section 11(a), and shall not create a presumption that such payment or advancement is not permissible. 
 12. Defense
of the Underlying Proceeding. 
 (a) Notice by Indemnitee. Indemnitee agrees to notify the Company promptly upon being served
with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding which may result in the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses hereunder; provided,
however, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to receive payments of Indemnifiable Amounts or advancements of Indemnifiable Expenses
unless the Company’s ability to defend in such Proceeding is materially and adversely prejudiced thereby. 
 (b) Defense by the
Company. Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c), the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to the payment of Indemnifiable Amounts
hereunder; provided, however that the Company shall notify Indemnitee of any such decision to defend within ten (10) calendar days of receipt of notice of any such Proceeding under Section 12(a). The Company shall not, without the prior
written consent of Indemnitee, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term
thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by
Indemnitee under Section 11(a) or pursuant to Section 20. 

  
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 (c) Indemnitee’s Right to Counsel. Notwithstanding the provisions
of Section 12(b), if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes that he or she may have separate defenses or counterclaims to assert with respect to
any issue that may not be consistent with the position of other defendants in such Proceeding, (ii) a conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume
the defense of such proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice at the expense of the Company. In addition, if the Company fails to comply with any of its
obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any action, suit or proceeding to deny or to recover from Indemnitee the benefits
intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, at the expense of the Company, to represent Indemnitee in connection with any such matter and the Expenses incurred by
Indemnitee in any such matter shall constitute Indemnifiable Expenses. 
 13. Representations and Warranties of the Company. The
Company hereby represents and warrants to Indemnitee as follows: 
 (a) Authority. The Company has all necessary power and authority to
enter into, and be bound by the terms of, this Agreement, and the execution, delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Company. 

(b) Enforceability. This Agreement, when executed and delivered by the Company in accordance with the provisions hereof, shall be a legal,
valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting the
enforcement of creditors’ rights generally. 
 14. Insurance. The Company will use its reasonable best efforts to acquire
directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors, with a reputable insurance company providing Indemnitee with coverage for losses from wrongful acts. For so long as Indemnitee shall
have Corporate Status, Indemnitee shall be named as an insured in all policies of director and officer liability insurance in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the
Company’s officers and directors. If, at the time of the receipt of a notice of a claim pursuant to the terms of this Agreement, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the
commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such proceeding in accordance with the terms of such policies. 
 15. Contract Rights Not Exclusive.
The rights to payment of Indemnifiable Amounts and advancement of Indemnifiable Expenses provided by this Agreement shall be in addition to, but not exclusive of, any other rights which Indemnitee may have at any time under applicable law, any
governing documents of the Company or any other agreement, vote of stockholders or directors (or a committee of directors), or otherwise, both as to action in Indemnitee’s official capacity and as to action in any other capacity as a result of
Indemnitee’s serving as a director of the Company. 
 16. Successors. This Agreement shall be (a) binding upon all
successors and assigns of the Company (including any transferee of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and
(b) binding on and shall inure to the benefit of the heirs, personal representatives, executors and administrators of Indemnitee. This Agreement shall continue for the benefit of Indemnitee and such heirs, personal representatives, executors
and administrators after Indemnitee has ceased to have Corporate Status. 

  
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 17. Subrogation. In the event of any payment of Indemnifiable Amounts under
this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of contribution or recovery of Indemnitee against other persons, and Indemnitee shall take, at the request of the Company, all reasonable action
necessary to secure such rights, including the execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 

18. Change in Law. To the extent that a change in Delaware law or the 1940 Act (whether by statute or judicial decision) shall permit
broader indemnification or advancement of expenses than is provided under the terms of this Agreement, Indemnitee shall be entitled to such broader indemnification and advancements, and this Agreement shall be deemed to be amended to such extent.

 19. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and
valid under applicable law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal, invalid or unenforceable, in whole or in part, such provision or clause shall be
limited or modified in its application to the minimum extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Agreement shall remain fully enforceable and binding on the
parties. 
 20. Indemnitee as Plaintiff. Except as provided in Section 11(b), Indemnitee shall not be entitled to payment of
Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by Indemnitee against the Company, any Entity which it controls, any director or officer thereof, or any third party, unless the Board of Directors
of the Company has consented to the initiation of such Proceeding or the Company provides indemnification, in its sole discretion, pursuant to the powers vested in the Company. 

21. Duration. This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to
serve as a director of the Company or as a director of the Company and as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other Entity that such person is or was serving in such
capacity at the request of the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to this Agreement).

 22. Modifications and Waivers; Counterparts. Except as provided in Section 18 with respect to changes in Delaware law which
broaden the right of Indemnitee to be indemnified by the Company or to receive advancements, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver of any of
the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall such waiver constitute a continuing waiver. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
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 23. General Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered by hand, (b) when transmitted by facsimile and receipt is acknowledged during normal business hours, and if not, the next business day after
transmission, or (c) if mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 
  

	 	(i)	 If to Indemnitee, to: 

[Indemnitee] 
 [•] 

[•] 
 [•] 

Facsimile: [•] 
  

	 	(ii)	 If to the Company, to: 

Commonwealth Credit Partners BDC I, Inc. 

Attention: Michael Altschuler 

525 Okeechobee Boulevard, Suite 1050 

West Palm Beach, FL 33401 

Email: m.altschuler@comvest.com 

and 
 Dechert LLP 

Three Bryant Park 
 1095 Avenue
of the Americas 
 New York, NY 10036 

Attention: Richard Horowitz 

Email: richard.horowitz@dechert.com 
 or to such
other address as may have been furnished in the same manner by any party to the others. 
 24. Governing Law; Consent to Jurisdiction;
Service of Process. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its rules of conflict of laws. Each of the Company and Indemnitee hereby irrevocably and unconditionally
consents to submit to the exclusive jurisdiction of the courts of the State of Delaware and the courts of the United States of America located in the State of Delaware (the “Delaware Courts”) for any litigation arising out of or
relating to this Agreement and the transactions contemplated hereby (and agrees not to commence any litigation relating thereto except in such courts), waives any objection to the laying of venue of any such litigation in the Delaware Courts and
agrees not to plead or claim in any Delaware Court that such litigation brought therein has been brought in an inconvenient forum. Each of the parties hereto agrees, (a) to the extent such party is not otherwise subject to service of process in
the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (b) that service of process may also be made on such party by prepaid certified mail with a proof
of mailing receipt validated by the United States Postal Service constituting evidence of valid service. Service made pursuant to (a) or (b) above shall have the same legal force and effect as if served upon such party personally within the
State of Delaware. For purposes of implementing the parties’ agreement to appoint and maintain an agent for service of process in the State of Delaware, each such party does hereby appoint The Corporation Trust Company, as such agent and each
such party hereby agrees to complete all actions necessary for such appointment. If and to the extent that any provision of the laws of the State of Delaware or any provision of this Agreement shall conflict with any provision of the 1940 Act or The
Employee Retirement Income Security Act of 1974 (“ERISA”), the applicable provision of the 1940 Act or ERISA shall control. 

  
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 25. Joinders. Subsidiaries of the Company may from time to time join this Agreement
by signing a joinder to this Agreement. The Company and all Subsidiaries that have joined this Agreement shall be jointly and severally liable for all obligations of the Company under this Agreement. 

[The remainder of this page is intentionally blank] 

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

			
	 Commonwealth Credit Partners BDC I,
Inc.

 
			
		
	By:	 	 

 
			
	 Name: Robert O’Sullivan

	 Title: Chief Executive Officer

	
	 INDEMNITEE

	
	 
	 [Indemnitee]

  
 [Signature Page to
Indemnification Agreement]EX-10.4

 Exhibit 10.4 

CUSTODY AGREEMENT 
 THIS AGREEMENT is
effective as of the [ ] 2021, and is entered into by and between COMMONWEALTH CREDIT PARTNERS BDC I, INC., a Delaware corporation (the “Fund”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association
organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the “Custodian”). 

WHEREAS, the Fund is a closed-end management investment company, which intends to elect to be
regulated as a business development company under the Investment Company Act of 1940, as amended (the “1940 Act”); 
 WHEREAS,
Commonwealth Credit Advisors LLC, a Delaware limited liability company, serves as administrator and investment manager to the Fund (the “Fund Administrator” or the “Investment Manager”); and 

WHEREAS, the Custodian is a bank having the qualifications prescribed in Section 26(a)(1) of the 1940 Act; and 

WHEREAS, the Board of Directors (as defined below) has delegated to the Custodian the responsibilities set forth in Rule 17f-5(c) under the 1940 Act and the Custodian is willing to undertake the responsibilities and serve as the foreign custody manager for the Fund; 

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and 

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt
of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 
 ARTICLE I 

CERTAIN DEFINITIONS 
 Whenever used in
this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires: 
 1.01 “Authorized
Person” means any Officer or person (including an authorized person of one of the Advisers or other agent) who has been designated by written notice as such from the Fund or one of the Advisers or other agent and is named in Exhibit
B attached hereto. Such officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Fund or the Fund’s investment advisor or other agent that any such person is no
longer an Authorized Person. 
 1.02 “Board of Directors” shall mean the directors from time to time serving under the Fund’s Articles
of Incorporation, as amended from time to time. 

  
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 1.03 “Book-Entry System” shall mean a federal book-entry system as provided in Subpart O of
Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O. 

1.04 “Business Day” shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc., and any other day for which the
Fund computes the net asset value of Shares of the Fund. 
 1.05 “Eligible Foreign Custodian” has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible
Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a
custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository. 
 1.06 “Eligible Securities
Depository” shall mean a system for the central handling of securities as that term is defined in Rule 17f-4 and 17f-7 under the 1940 Act. 

1.07 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

1.08 “Foreign Securities” means any of the Fund’s investments (including foreign currencies) for which the primary market is outside the
United States and such cash and cash equivalents as are reasonably necessary to effect the Fund’s transactions in such investments. 
 1.09
“Fund Custody Account” shall mean any of the accounts in the name of the Fund, which is provided for in Section 3.02 below. 
 1.10
“IRS” shall mean the Internal Revenue Service. 
 1.11 “FINRA” shall mean the Financial Industry Regulatory Authority,
Inc. 
 1.12 “Loan” means any U.S. dollar denominated commercial loan, or participation therein, made by a bank or other financial
institution that by its terms provides for payments of principal and/or interest, including discount obligations and payment- in-kind obligations, acquired by the Fund from time to time. 

1.13 “Loan Checklist” means a list delivered to the Custodian in connection with delivery of a Loan to the Custodian that identifies the
items contained in the related Loan File. 
 1.14 “Loan Documents” means those documents related to Loans to the extent delivered to the
Custodian. 
 1.15 “Loan File” means, with respect to each Loan delivered to the Custodian, each of the Loan Documents identified on the
related Loan Checklist. 
 1.16 “Loan Trade Confirmation” means a confirmation to the Custodian from the Fund of the Fund’s
acquisition of a Loan, and setting forth applicable information with respect to such Loan, which confirmation may be in the form of Schedule A attached hereto and made a part hereof, subject to such changes or additions as may be agreed to by, or in
such other form as may be agreed to by, the Custodian and the Fund from time to time 

  
 2 

 1.17 “Noteless Loan” means a Loan with respect to which (i) the related loan agreement
does not require the obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Loan and (ii) no Underlying Notes are outstanding with respect to the portion of the Loan transferred to the Fund. 

1.18 “Officer” shall mean the Chairman, President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary,
the Treasurer, or any Assistant Treasurer of the Fund. 
 1.19 “Participation” means an interest in a Loan that is acquired indirectly by
way of a participation from a selling institution. 
 1.20 “Participating Plan” means an employee benefit plan that the Fund has accepted
for participation in the Fund. 
 1.21 “Plan-assets Vehicle” means an investment contract, product, or entity that holds plan assets (as
determined pursuant to ERISA §§3(42) and 401 and 29 CFR §2510.3-101). 
 1.22 “Proper
Instructions” shall mean Written Instructions. 
 1.23 “SEC” shall mean the U.S. Securities and Exchange Commission. 

1.24 “Securities” shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank
certificates of deposit, bankers’ acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or
evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service. 

1.25 “Securities Depository” shall mean The Depository Trust Company and any other clearing agency registered with the SEC under
Section 17A of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the
system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities. 
 1.26
“Shares” shall mean, with respect to the Fund, the shares of common stock issued by the Fund on account of the Fund. 
 1.27 “Sub-Custodian” shall mean and include (i) any branch of a “U.S. bank,” as that term is defined in Rule 17f-5 under the 1940 Act, and
(ii) any “Eligible Foreign Custodian”, as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has determined will provide reasonable
care of assets of the Fund based on the standards specified in Section 3.03 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of

  
 3 

 
the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject
to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash
deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely
transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the benefit of
the Fund; (v) that the Fund’s independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping
of the Fund’s assets, including, but not limited to, notification of any transfer to or from the Fund’s account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all
of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the
specified provisions. 
 1.28 “Underlying Note” means the one or more promissory notes executed by an obligor evidencing a Loan. 

1.29 “Written Instructions” shall mean (i) written communications received by the Custodian and signed by an Authorized Person,
(ii) communications by facsimile or Internet electronic e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person, or
(iii) communications between electronic devices. 
 ARTICLE II. 

APPOINTMENT OF CUSTODIAN 
 2.01
Appointment. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement,
and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The Fund hereby delegates to the Custodian, subject to Rule 17f-5(b), the
responsibilities with respect to the Fund’s Foreign Securities, and the Custodian hereby accepts such delegation as foreign custody manager with respect to the Fund. The services and duties of the Custodian shall be confined to those matters
expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder. 
 2.02 Documents to be
Furnished. The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement to the Custodian by the Fund: 
  

	 	(a)	 A copy of the Fund’s Articles of Incorporation, certified by the Secretary; 

 

	 	(b)	 A copy of the Fund’s bylaws, certified by the Secretary; 

  
 4 

	 	(c)	 A copy of the resolution of the Board of Directors of the Fund appointing the Custodian, certified by the
Secretary; 

  

	 	(d)	 If applicable, a copy of the current prospectus of the Fund (the “Prospectus”);

  

	 	(e)	 A certification of the Chairman or the President and the Secretary of the Fund setting forth the names and
signatures of the current Officers of the Fund and other Authorized Persons; and 

  

	 	(f)	 An executed authorization required by the Shareholder Communications Act of 1985, attached hereto as Exhibit
C. 

 2.03 Notice of Appointment of Transfer Agent. The Fund agrees to notify the Custodian in writing of the appointment,
termination or change in appointment of any transfer agent of the Fund, except if the Fund appoints an affiliate of the Custodian to serve as transfer agent of the Fund, the Custodian hereby waives the Fund’s obligation to provide such written
notice. 
 ARTICLE III. 

CUSTODY OF CASH AND SECURITIES 
 3.01
Segregation. All Securities and non-cash property held by the Custodian for the account of the Fund (other than Securities maintained in a Securities Depository, Eligible Securities Depository or
Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash
property of the other series of the Fund, if applicable) and shall be identified as subject to this Agreement. 
 3.02 Fund Custody and Cash
Accounts. The Custodian shall open and maintain in its fund custody department: (x) a custody account in the name of the Fund coupled with the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall
enter and carry all Securities (other than Loans), cash and other assets of the Fund which are delivered to it and (y) cash accounts, including any subaccounts, in the name of the Fund, subject only to draft or order of the Custodian, in which
the Custodian shall enter and carry all principal and interest received with respect to the Loans. The amounts held in the cash in the custody account but shall instead maintain a register (in book-entry form or in such other form as it shall deem
necessary or desirable) of such Loans, containing such information as the Fund and the Custodian may reasonably agree. The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for administration of its
duties hereunder. 
 3.03 Appointment of Agents. 
  

	 	(a)	 In its discretion, the Custodian may appoint one or more Sub-Custodians
to establish and maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians that are members of the Sub-Custodian’s network to hold Securities and cash
of the Fund and to carry out such other provisions of this Agreement as it may determine; provided, however, that the appointment of any such agents and maintenance of any Securities and cash of the Fund shall be at the Custodian’s expense and
shall not relieve 

  
 5 

	 	
the Custodian of any of its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians
(regardless of whether assets are maintained in the custody of a Sub-Custodian, a member of its network or an Eligible Securities Depository) appointed by it as if such actions had been done by the Custodian.

  

	 	(b)	 If, after the initial appointment of Sub-Custodians by the Board of
Directors in connection with this Agreement, the Custodian wishes to appoint other Sub-Custodians to hold property of the Fund, it will so notify the Fund and make the necessary determinations as to any such
new Sub-Custodian’s eligibility under Rule 17f-5 under the 1940 Act. 

  

	 	(c)	 In performing its delegated responsibilities as foreign custody manager to place or maintain the Fund’s
assets with a Sub-Custodian, the Custodian will determine that the Fund’s assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Fund’s
assets will be held by that Sub-Custodian, after considering all factors relevant to safekeeping of such assets, including, without limitation the factors specified in Rule
17f-5(c)(1). 

  

	 	(d)	 The agreement between the Custodian and each Sub-Custodian acting
hereunder shall contain the required provisions set forth in Rule 17f-5(c)(2) under the 1940 Act. 

  

	 	(e)	 At the end of each calendar quarter after the date of this Agreement, the Custodian shall provide written
reports notifying the Board of Directors of the withdrawal or placement of the Securities and cash of the Fund with a Sub-Custodian and of any material changes in the Fund’s arrangements. Such reports
shall include an analysis of the custody risks associated with maintaining assets with any Eligible Securities Depositories. The Custodian shall promptly take such steps as may be required to withdraw assets of the Fund from any Sub-Custodian arrangement that has ceased to meet the requirements of Rule 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.

  

	 	(f)	 With respect to its responsibilities under this Section 3.03, the Custodian hereby warrants to the Fund
that it agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Fund; provided, however, with respect to custody of any Loans, the Custodian’s responsibility shall
be limited to the exercise of reasonable care by the Custodian in the physical custody of any such documents delivered to it, and any related instrument, security, credit agreement, assignment agreement and/or other agreements or documents, if any,
that may be delivered to it. The Custodian further warrants that the Fund’s assets will be subject to reasonable care if maintained with a Sub-Custodian, after considering all factors relevant to the
safekeeping of such assets, including, without limitation: (i) the Sub-Custodian’s practices, procedures, and internal controls for certificated securities (if applicable), its method of keeping
custodial records, and its security and data protection practices; (ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund assets; (iii) the Sub-Custodian’s general reputation and standing and, in the case of a Securities Depository, the Securities Depository’s operating history and number of participants; and (iv) whether the Fund will
have jurisdiction over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian in the United
States or the Sub-Custodian’s consent to service of process in the United States. 

  
 6 

	 	(g)	 The Custodian shall establish a system or ensure that its Sub-Custodian
has established a system to monitor on a continuing basis (i) the appropriateness of maintaining the Fund’s assets with a Sub-Custodian or Eligible Foreign Custodians who are members of a Sub-Custodian’s network; (ii) the performance of the contract governing the Fund’s arrangements with such Sub-Custodian or Eligible Foreign Custodian’s
members of a Sub-Custodian’s network; and (iii) the custody risks of maintaining assets with an Eligible Securities Depository. The Custodian must promptly notify the Fund or its investment adviser
of any material change in these risks. 

  

	 	(h)	 The Custodian shall use commercially reasonable efforts to collect all income and other payments with respect
to Foreign Securities to which the Fund shall be entitled and shall credit such income, as collected, to the Fund. In the event that extraordinary measures are required to collect such income, the Fund and Custodian shall consult as to the measures
and as to the compensation and expenses of the Custodian relating to such measures. 

 3.04 Delivery of Assets to Custodian. The
Fund shall deliver, or cause to be delivered, to the Custodian or a Sub-Custodian all of the Fund’s Securities, cash and other investment assets, including (i) all payments of income, payments of
principal and capital distributions received by the Fund with respect to such Securities, cash or other assets owned by the Fund at any time during the period of this Agreement, and (ii) all cash received by the Fund for the issuance of Shares.
The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it. 
 3.05 Securities Depositories and
Book-Entry Systems. The Custodian may deposit and/or maintain Securities (excluding Loans) of the Fund in a Securities Depository or in a Book-Entry System, subject to the following provisions: 

 

	 	(a)	 The Custodian, on an on-going basis, shall deposit in a Securities
Depository or Book-Entry System all Securities eligible for deposit therein and shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with its performance hereunder, including, without
limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities. 

 

	 	(b)	 Securities (other than Loans) of the Fund kept in a Book-Entry System or Securities Depository shall be kept in
an account (“Depository Account”) of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers. 

 

	 	(c)	 The records of the Custodian with respect to Securities of the Fund maintained in a Book-Entry System or
Securities Depository shall, by book-entry, identify such Securities (other than Loans) as belonging to the Fund. 

  

	 	(d)	 If Securities purchased by the Fund are to be held in a Book-Entry System or Securities Depository, the
Custodian shall pay for such Securities upon: (i) receipt of advice from 

  
 7 

	 	
the Book-Entry System or Securities Depository that such Securities have been transferred to the Depository Account; and (ii) the making of an entry on the records of the Custodian to
reflect such payment and transfer for the account of the Fund. If Securities sold by the Fund are held in a Book-Entry System or Securities Depository, the Custodian shall transfer such Securities upon (i) receipt of advice from the Book-Entry
System or Securities Depository that payment for such Securities has been transferred to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Fund.

  

	 	(e)	 The Custodian shall provide the Fund with copies of any report (obtained by the Custodian from a Book-Entry
System or Securities Depository in which Securities of the Fund are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in such Book-Entry System or Securities Depository. 

 

	 	(f)	 Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Fund for any
loss or damage to the Fund resulting from: (i) the use of a Book-Entry System or Securities Depository by reason of any negligence or willful misconduct on the part of the Custodian or any Sub-Custodian;
or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively such rights as it may have against a Book-Entry System or Securities Depository. At its election, the Fund shall be subrogated
to the rights of the Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage to the Fund arising from the use of such Book-Entry System or Securities Depository, if and to
the extent that the Fund has not been made whole for any such loss or damage; provided that the Custodian shall take appropriate action to recover such losses or damages. 

 

	 	(g)	 With respect to its responsibilities under this Section 3.05 and pursuant to Rule 17f-4 under the 1940 Act, the Custodian hereby warrants to the Fund that it agrees to (i) exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities
intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Fund, such reports as are available concerning the Custodian’s internal accounting controls and financial strength, and
(iii) require any Sub-Custodian to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain assets
corresponding to the security entitlements of its entitlement holders. 

 3.06 Disbursement of Moneys from Fund Custody Account.
Upon receipt of Written Instructions, the Custodian shall disburse moneys from the Fund Custody Account but only in the following cases: 
  

	 	(a)	 For the purchase of Securities for the Fund but only in accordance with Section 4.01 of this Agreement and
only (i) in the case of Securities (other than options on Securities, futures contracts and options on futures contracts), against the delivery to the Custodian (or any Sub-Custodian) of such Securities
registered as provided in Section 3.09 below or in proper form for transfer, or if the purchase of such Securities is effected through a Book-Entry System or Securities Depository, in accordance with the conditions set forth in
Section 3.05 above; (ii) in the case of options on Securities, against delivery to the 

  
 8 

	 	
Custodian (or any Sub-Custodian) of such receipts as are required by the customs prevailing among dealers in such options; (iii) in the case of
futures contracts and options on futures contracts, against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the Fund or any nominee referred to in Section 3.09
below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Fund and a bank that is a member of the Federal Reserve System or between the Fund and a primary dealer in U.S. Government securities, against
delivery of the purchased Securities either in certificate form or through an entry crediting the Custodian’s account at a Book-Entry System or Securities Depository with such Securities; 

 

	 	(b)	 In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of
Securities owned by the Fund; 

  

	 	(c)	 For the payment of any dividends or capital gain distributions declared by the Fund; 

 

	 	(d)	 In payment of the redemption price of Shares as provided in Section 5.01 below; 

 

	 	(e)	 For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following
payments for the account of the Fund: interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian, trustee and legal fees; and other operating expenses of the Fund; in all cases, whether or not such expenses
are to be in whole or in part capitalized or treated as deferred expenses; 

  

	 	(f)	 For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a
broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding
escrow or other arrangements in connection with transactions by the Fund; 

  

	 	(g)	 For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a futures
commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits
in connection with transactions by the Fund; 

  

	 	(h)	 For the funding of any uncertificated time deposit or other interest-bearing account with any banking
institution (including the Custodian), which deposit or account has a term of one year or less; and 

  

	 	(i)	 For any other proper purpose, but only upon receipt, in addition to Proper Instructions, declaring such purpose
to be a proper corporate purpose, and naming the person or persons to whom such payment is to be made. 

 3.07 Delivery of Securities
from Fund Custody Account. Upon receipt of Proper Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from the Fund Custody Account or Loan
Documents but only in the following cases: 

  
 9 

	 	(a)	 Upon the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash,
by certified or cashier’s check or bank credit; 

  

	 	(b)	 In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the
provisions of Section 3.05 above; 

  

	 	(c)	 To an offeror’s depository agent in connection with tender or other similar offers for Securities of the
Fund; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian; 

  

	 	(d)	 To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing the same aggregate face amount or number of units;
provided that, in any such case, the new Securities are to be delivered to the Custodian; 

  

	 	(e)	 To the broker selling the Securities, for examination in accordance with the “street delivery”
custom; 

  

	 	(f)	 For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or
readjustment of the issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit agreement, including surrender or receipt of underlying Securities in connection with the issuance or
cancellation of depository receipts; provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian; 

  

	 	(g)	 Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the
Fund; 

  

	 	(h)	 In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such
case, the new Securities and cash, if any, are to be delivered to the Custodian; 

  

	 	(i)	 For delivery in connection with any loans of Securities of the Fund, but only against receipt of such
collateral as the Fund shall have specified to the Custodian in Proper Instructions; 

  

	 	(j)	 For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the
Fund, but only against receipt by the Custodian of the amounts borrowed; 

  

	 	(k)	 Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of
the Fund; 

  

	 	(l)	 For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a
broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations)
regarding escrow or other arrangements in connection with transactions by the Fund; 

  
 10 

	 	(m)	 For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a futures
commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits
in connection with transactions by the Fund; 

  

	 	(n)	 For any other proper corporate purpose, but only upon receipt, in addition to Proper Instructions, specifying
the Securities to be delivered, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such Securities shall be made; or 

 

	 	(o)	 To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with
market custom; provided that in any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the
Custodian’s own negligence or willful misconduct. 

 3.08 Actions Not Requiring Proper Instructions. Unless otherwise
instructed by the Fund, the Custodian shall with respect to all Securities held for the Fund: 
  

	 	(a)	 Subject to Section 9.04 below, collect on a timely basis all income and other payments to which the Fund
is entitled either by law or pursuant to custom in the securities business; 

  

	 	(b)	 Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon
all Securities that may mature or be called, redeemed, or retired, or otherwise become payable; 

  

	 	(c)	 Endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments;

  

	 	(d)	 Surrender interim receipts or Securities in temporary form for Securities in definitive form;

  

	 	(e)	 Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax
laws or the laws or regulations of any other taxing authority now or hereafter in effect, and prepare and submit reports to the IRS and the Fund at such time, in such manner and containing such information as is prescribed by the IRS;

  

	 	(f)	 Hold for the Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or
Securities Depository, all rights and similar Securities issued with respect to Securities of the Fund; and 

  

	 	(g)	 In general, and except as otherwise directed in Proper Instructions, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets of the Fund. 

 

	 	(h)	 Important information related to ADR’s and Preferential Tax Treatment: With respect to any
ADR’s you may purchase and own and which U.S. Bank (the “Bank”) custodies on 

  
 11 

	 	
your behalf, you understand that the holding of American Depository Receipts (“ADRs”) may require the disclosure of your beneficial ownership information (Name, Address, TIN/SSN,
Share amount) by U.S. Bank to vendors, sub-custodians, or local tax authorities in foreign jurisdictions to avoid tax penalties and obtain for you the most preferential tax treatment. You acknowledge and
consent to any and all disclosures or releases of beneficial information, described above, by U.S. Bank to any third parties relating to ADRs and release, hold harmless, and indemnify the Bank from any liability for doing so. 

3.09 Registration and Transfer of Securities. All Securities held for the Fund that are issued or issuable only in bearer form shall be held by the
Custodian in that form, provided that any such Securities (other than Loans) shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to the Fund’s Foreign Securities
that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those Securities as belonging to the Fund. The Fund shall
furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities
Depository, any Securities (other than Loans) registered in the name of the Fund. 
 3.10 Records. 

 

	 	(a)	 The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property
held for the Fund, including (i) journals or other records of original entry containing an itemized daily record in detail of all receipts and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers (or other
records) reflecting (A) Securities in transfer, (B) Securities in physical possession including a reconciliation of such securities to the schedule of investments, (C) monies and Securities borrowed and monies and Securities loaned
(together with a record of the collateral therefor and substitutions of such collateral), (D) dividends and interest received, and (E) dividends receivable and interest receivable; (iii) canceled checks and bank records related thereto;
and (iv) all records relating to its activities and obligations under this Agreement. The Custodian shall keep such other books and records of the Fund as the Fund shall reasonably request, or as may be required by the 1940 Act, including, but
not limited to, Section 31 of the 1940 Act and Rule 31a-2 promulgated thereunder. 

  

	 	(b)	 All such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the
Fund and in compliance with the rules and regulations of the SEC, (ii) be the property of the Fund and at all times during the regular business hours of the Custodian be made available upon request for inspection by duly authorized officers,
employees or agents of the Fund and employees or agents of the SEC, and (iii) if required to be maintained by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed in Rules 31a-1 and 31a-2 under the 1940 Act. 

 3.11 Fund Reports by
Custodian. The Custodian shall furnish the Fund with a daily activity statement and a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Fund with
a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement. 

  
 12 

 3.12 Other Reports by Custodian. As the Fund may reasonably request from time to time, the Custodian
shall provide the Fund with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian. 

3.13 Proxies and Other Materials. The Custodian shall cause all proxies relating to Securities that(excluding Loans) which are not registered in the
name of the Fund to be promptly executed by the registered holder of such Securities(excluding Loans), without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting
materials and all notices relating to such Securities. With respect to Foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and
practical constraints that may exist in the country where such securities are issued. The Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of
severely limiting the ability of the Fund to exercise shareholder rights. 
 3.14 Information on Corporate Actions. The Custodian shall promptly
deliver to the Fund all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase or expiration of rights. If the Fund desires to
take action with respect to any tender offer, exchange offer or other similar transaction, the Fund shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Fund will provide or
cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days, if practicable, prior to the beginning date of the tender period. The Custodian shall have no duty
or obligation hereunder to take any action on behalf of the Fund, to communicate on behalf of the Fund, to collect amounts or proceeds in respect of, or otherwise to interact or exercise rights or remedies on behalf of the Fund, with respect to any
Loans. All such actions and communications are the responsibility of the Fund. 
 ARTICLE IV. 

PURCHASE AND SALE OF INVESTMENTS OF THE FUND 

4.01 Purchase of Securities. Promptly upon each purchase of Securities (other than Loans) for the Fund, Written Instructions shall be delivered to the
Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the
date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities
purchased by the Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of
a purchase of Securities for the Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made. 

  
 13 

 (i) In connection with its acquisition of a Loan or other delivery of a Security
constituting a Loan, the Fund shall deliver or cause to be delivered to the Custodian a properly completed Loan Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to enable the
Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require, and may, but is not required,
deliver to the Custodian the Loan Documents for all Loans, including the Loan Checklist. 
 (ii) Notwithstanding anything herein to the
contrary, delivery of Loans acquired by the Fund which constitute Noteless Loans or Participations or which are otherwise not evidenced by a “security” or “instrument” as defined in
Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, shall be made by delivery to the Custodian of (i) in the case of a Noteless Loan, a copy
of the loan register with respect to such Noteless Loan evidencing registration of such Loan on the books and records of the applicable obligor or bank agent to the name of the Fund (or its nominee) or a copy (which may be a facsimile copy) of an
assignment agreement in favor of the Fund as assignee, and (ii) in the case of a Participation, a copy of the related participation agreement. Any duty on the part of the Custodian with respect to the custody of such Loans shall be limited to
the exercise of reasonable care by the Custodian in the physical custody of any loan documents including any related instrument, security, credit agreement, assignment agreement and/or other agreements or documents, if any (collectively,
“Financing Documents”), that may be delivered to it. Nothing herein shall require the Custodian to credit to the Securities Account or to treat as a financial asset (within the meaning of
Section 8-102(a)(9) of the UCC) any such Loan or other asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to
“maintain” a sufficient quantity thereof. 
 (iii) The Custodian may assume the genuineness of any such Financing Document it may
receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports to be. If an original “security” or
“instrument” as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, is or shall be or become available with respect to any
Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Fund to make or cause delivery thereof to the Custodian, and the Custodian shall not be under any obligation at any time to determine whether any such
original security or instrument has been or is required to be issued or made available in respect of any Loan or to compel or cause delivery thereof to the Custodian. 

(iv) Contemporaneously with the acquisition of any Loan, the Fund may (i) cause the copies of the loan documents evidencing such Loan to
be delivered to the Custodian; (ii) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments and a schedule of the interest payable date(s) identifying the amount and due dates of all scheduled
principal and interest payments for such Loan and (iii) a properly 

  
 14 

 
completed Loan Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in
respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require; (iv) take all actions reasonably necessary for the Fund to acquire good
title to such Loan; and (v) take all actions as may be reasonably necessary (including appropriate payment notices and instructions to bank agents or other applicable paying agents) to cause (A) all payments in respect of the Loan to be
made to the Custodian and (B) all notices, solicitations and other communications in respect of such Loan to be directed to the Fund. The Custodian shall have no liability for any delay or failure on the part of the Fund to provide necessary
information to the Custodian, or for any inaccuracy therein or incompleteness thereof, or for any delay or failure on the part of the Fund to give such effective payment instruction to bank agents and other paying agents, in respect of the Loans.
With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from time to time from the related bank agent, obligor or similar party with respect to the related Loan Asset, and shall be
entitled to update its records (as it may deem necessary or appropriate), or from the Fund, on the basis of such information or notices received, without any obligation on its part independently to verify, investigate or recalculate such
information. 
 4.02 Liability for Payment in Advance of Receipt of Securities Purchased. In any and every case where payment for the purchase of
Securities for the Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment. 

4.03 Sale of Securities. Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the Custodian, specifying:
(i) the name of the issuer or writer of such Securities, and the title or other description thereof; (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold; (iii) the date of sale and
settlement, (iv) the sale price per unit; (v) the total amount payable upon such sale; and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Fund as specified in such Written
Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and
arrange for payment in accordance with the customs prevailing among dealers in Securities. 
 4.04 Delivery of Securities Sold. Notwithstanding
Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities (excluding Loans) against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such
Securities (excluding Loans) prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or
disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing so long as it acted without negligence. 

4.05 Payment for Securities Sold. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual
receipt of final payment thereof, 

  
 15 

 
with: (i) proceeds from the sale of Securities which it has been instructed to deliver against payment; (ii) proceeds from the redemption of Securities or other assets of the Fund; and
(iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in
its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at
any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody Account. 
 4.06 Advances by
Custodian for Settlement. The Custodian may, in its sole discretion and from time to time, advance funds to the Fund to facilitate the settlement of the Fund’s transactions in the Fund Custody Account. Any such advance shall be repayable
immediately upon demand made by Custodian. 
 ARTICLE V. 

REDEMPTION OF FUND SHARES 
 5.01
Transfer of Funds. From such funds as may be available for the purpose in the relevant Fund Custody Account, and upon receipt of Proper Instructions specifying that the funds are required to redeem Shares of the Fund, the Custodian shall wire
each amount specified in such Proper Instructions to or through such bank or broker-dealer as the Fund may designate. 
 5.02 No Duty Regarding Paying
Banks. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by
such bank or broker-dealer. 
 ARTICLE VI. 

SEGREGATED ACCOUNTS 
 Upon receipt of
Proper Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository
Account: 
  

	 	(a)	 in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered
under the 1934 Act and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange
(or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund; 

 

	 	(b)	 for purposes of segregating cash or Securities in connection with securities options purchased or written by
the Fund or in connection with financial futures contracts (or options thereon) purchased or sold by the Fund; 

  
 16 

	 	(c)	 which constitute collateral for loans of Securities made by the Fund; 

 

	 	(d)	 for purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance of segregated
accounts by registered investment companies in connection with reverse repurchase agreements and when-issued, delayed delivery and firm commitment transactions; and 

 

	 	(e)	 for other proper corporate purposes, but only upon receipt of Proper Instructions, setting forth the purpose or
purposes of such segregated account and declaring such purposes to be proper corporate purposes. 

 Each segregated account established
under this Article VI shall be established and maintained for the Fund only. All Proper Instructions relating to a segregated account shall specify the Fund. 

ARTICLE VII. 

COMPENSATION OF CUSTODIAN 
 7.01
Compensation. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit A hereto (as amended in writing from time to time). The Custodian
shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay
all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following
receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the
Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance change of 11⁄2 % per month after the due date. Notwithstanding
anything to the contrary, amounts owed by the Fund to the Custodian shall only be paid out of the assets and property of the particular Fund involved. 

7.02 Overdrafts. The Fund is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Fund may
obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line
of credit will be charged in accordance with the fee schedule set forth on Exhibit A hereto (as amended from time to time). 

ARTICLE VIII. 

REPRESENTATIONS AND WARRANTIES 
 8.01
Representations and Warranties of the Fund. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that: 

  
 17 

	 	(a)	 It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

  

	 	(b)	 This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite
action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and
remedies of creditors and secured parties; and 

  

	 	(c)	 It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract
binding it or affecting its property which would prohibit its execution or performance of this Agreement. 

 8.02 ERISA Status. The
Fund hereby represents and warrants as follows: 
  

	 	(a)	 ERISA. The Fund is currently a Plan-assets Vehicle and may continue to be a Plan-assets Vehicle from time to
time. 

  

	 	(b)	 Fiduciary. To the extent that the Fund is or remains a Plan-assets Vehicle, the Fund Administrator is a
“fiduciary” with respect to the Participating Plan(s) within the meaning of ERISA §3(21)(A) (a “Fiduciary”). 

  

	 	(c)	 Directions; Prohibited Transactions. Any direction provided under this Agreement by the Fund is made according
to the terms of the governing document and the subscription document and is not contrary to ERISA. Without limiting the generality of the foregoing, the Fund is subject to ERISA §406 (Prohibited Transactions), and the Fund maintains and follows
procedures for identifying potential prohibited transactions under ERISA and, if prohibited, for identifying the statutory, individual or class exemption applicable to the directed transaction. Upon the Bank’s request, the Fund will
(i) cite the exemption and (ii) represent and warrant that the transaction satisfies the requirements of, and is entitled to full exemptive relief under, that exemption. 

 

	 	(d)	 Fidelity Bond. To the extent required by ERISA, the Fund Administrator or Investment Manager maintains a
fidelity bond that complies with ERISA §412. 

  

	 	(e)	 3(38) Investment Manager. At any time that the Fund remains a Plan-assets vehicle, the Investment Manager
(i) is an “investment manager” within the meaning of ERISA §3(38) with respect to Participating Plans to the extent of their investment in the Fund; (ii) has been delegated the authority to manage, acquire, and dispose of
the Fund’s assets pursuant to ERISA §402(c)(3); and (iii) has acknowledged in writing that it is a fiduciary to the extent it exercises discretion with respect to the Fund in that regard. 

 

	 	(f)	 The Fund hereby acknowledges that: 

  
 18 

	 	(i)	 The Custodian is not a “named fiduciary” with respect to the Fund within the meaning of ERISA
Section 402(a). The Custodian does not provide any services under this Agreement as a “fiduciary” with respect to any Participating Plan within the meaning of ERISA §3(21). 

 

	 	(ii)	 The Custodian has no duty to (i) provide a Participating Plan’s “administrator” within the
meaning of ERISA §3(16)(A), or its participants, or beneficiaries with any plan-related, investment-related, fee-and-expense, or other information in connection
with the Account, this Agreement, or the Fund, including, but not limited to, any information required for compliance with the reporting and disclosure requirements of ERISA or any description of the services to be provided or of the compensation to
be received therefor; (ii) establish, maintain, or reconcile to any individual accounts; or (iii) receive investment, distribution, or other directions from participants or beneficiaries. 

 

	 	(iii)	 The Custodian has no duty to maintain accounts for, or take direction from, plan participants.

 8.03 Representations and Warranties of the Custodian. The Custodian hereby represents and warrants to the Fund, which
representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that: 
  

	 	(a)	 It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

  

	 	(b)	 It is a “U.S. Bank” as defined in section (a)(7) of Rule
17f-5. 

  

	 	(c)	 This Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all
requisite action and constitutes a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the
rights and remedies of creditors and secured parties; and 

  

	 	(d)	 It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract
binding it or affecting its property which would prohibit its execution or performance of this Agreement. 

 ARTICLE IX.

 CONCERNING THE CUSTODIAN 
 9.01
Standard of Care. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment, mistake of law, shareholder fraud, or for any loss suffered by
the Fund in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian’s (or a Sub-

  
 19 

 
Custodian’s) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian’s) bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be
entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by
the Custodian pursuant to advice of counsel. 
 9.02 Actual Collection Required. The Custodian shall not be liable for, or considered to be the
custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument. 

9.03 No Responsibility for Title, etc. So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be
responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement. 

9.04 Limitation on Duty to Collect. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due
and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation. 
 9.05
Reliance Upon Documents and Instructions. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely
upon any Written Instructions actually received by it pursuant to this Agreement. 
 9.06 Cooperation. The Custodian shall cooperate with and supply
necessary information to the entity or entities appointed by the Fund to keep the books of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Fund may from time to time
request to enable the Fund to obtain, from year to year, favorable opinions from the Fund’s independent accountants with respect to the Custodian’s activities hereunder in connection with (i) the preparation of the Fund’s reports
on Form N-CEN, Form N-CSR and any other reports required by the SEC or any future registration statement on Form N-2, and
(ii) the fulfillment by the Fund of any other requirements of the SEC. 
 ARTICLE X. 

INDEMNIFICATION 
 10.01 Indemnification
by Fund. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof (each, an “Indemnified Party” and collectively, the “Indemnified Parties”)
from and against any and all claims, demands, losses, reasonable expenses and liabilities of any and every nature (including reasonable attorneys’ fees) that an Indemnified Party may sustain or incur or that may be asserted against an
Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian (a) at the request or direction of or in reliance on the advice of the Fund, 

  
 20 

 
or (b) upon Proper Instructions, or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided
that neither the Custodian nor any such Sub-Custodian shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or
failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the terms
“Custodian” and “Sub-Custodian” shall include their respective directors, officers and employees. 

10.02 Indemnification by Custodian. The Custodian shall indemnify and hold harmless the Fund from and against any and all claims, demands, losses,
expenses, and liabilities of any and every nature (including reasonable attorneys’ fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising directly or indirectly out of any action taken or omitted
to be taken by an Indemnified Party as a result of the Indemnified Party’s refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence
or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns,
notwithstanding the termination of this Agreement. As used in this paragraph, the term “Fund” shall include the Fund’s trustees, officers and employees. 

10.03 Security. If the Custodian advances cash or Securities to the Fund for any purpose, either at the Fund’s request or as otherwise
contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys’ fees) (except such
as may arise from its or its nominee’s bad faith, negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail to promptly repay or
indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification. 

10.04 Miscellaneous. 
  

	 	(a)	 Neither party to this Agreement shall be liable to the other party for consequential, special or punitive
damages under any provision of this Agreement. 

  

	 	(b)	 The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this
Agreement. 

  

	 	(c)	 In order that the indemnification provisions contained in this Article shall apply, it is understood that if in
any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will
use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any
claim that may 

  
 21 

	 	
be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim,
and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this Article X. The indemnitee shall in no case confess any claim or make any compromise in any case in which the
indemnitor will be asked to indemnify the indemnitee except with the indemnitor’s prior written consent. 

 ARTICLE XI.

 FORCE MAJEURE 

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of its obligations under this Agreement arising out
of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics;
riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service;
accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; transportation (each “Force Majeure Event”) provided that any failure or delay in
performance is not the result of a party’s negligence, bad faith, fraud or willful misconduct or failure to use commercially reasonable efforts to implement its business continuity plan and further provided, however, that in the event of a
failure or delay, the Custodian: (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement;
and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay. The Custodian will maintain and update from time to time business continuation and disaster recovery procedures with respect to the services and its
custody business that it determines from time to time meet reasonable commercial standards (“Business Continuity Plan”) and periodically test a written Business Continuity Plan that is reasonably designed to enable the Custodian to effect
the recovery and, as contemplated by the Business Continuity Plan, continuity of its key operations, systems and processes in a force majeure event. 

ARTICLE XII. 

PROPRIETARY AND CONFIDENTIAL INFORMATION 

12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund,
all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its
responsibilities and duties hereunder, except: (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or
criminal contempt proceedings for failure to comply; (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, although the

  
 22 

 
Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law and regulation; or (iii) when so requested by the Fund. Records and other information
which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Fund or its
agent, shall not be subject to this paragraph. 
 12.02 Further, the Custodian will adhere to the privacy policies adopted by the Fund pursuant to Title V
of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and
integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders. The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as
proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian’s pricing, products, services, customers, suppliers, financial statements,
processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form,
documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement,
except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to
comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian. Information which has become known to the public through no wrongful act of the Fund or any of its
employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph. 

12.03 Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider,
redacted copies of this Agreement, and such other information as may be required in the Fund’s registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) the Custodian shall be
permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes. 

ARTICLE XIII. 

EFFECTIVE PERIOD; TERMINATION 
 13.01
Effective Period. This Agreement shall become effective as of the date first written above and will continue in effect for a period of three (3) years. 

13.02 Termination. 

  
 23 

	 	(a)	 Following the initial term, this Agreement shall automatically renew for successive one (1) year terms
unless either party provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement. 

  

	 	(b)	 Subject to Section 13.03, this Agreement may be terminated by either party (in whole or with respect to
one or more Funds) upon giving at least 90 days’ prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties. 

 

	 	(c)	 The Custodian may terminate this Agreement immediately (in whole or with respect to one or more Funds) if the
continued service of the Fund would cause the Custodian or any of its affiliates to be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent jurisdiction, provided that in
such event the Custodian shall, to the extent it is legally permitted and able to do so, provide reasonable assistance to transition the Fund to a successor service provider. 

 

	 	(d)	 This Agreement may be terminated by any party upon the breach of the other party of any material term of this
Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. 

  

	 	(e)	 The Fund may, at any time, immediately terminate this Agreement in the event of the appointment of a
conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction. 

13.03 Early Termination. In the absence of any material breach of this agreement, should the Fund elect to terminate this Agreement to the end of the
then current term, the Fund agrees to pay the following fees: 
 a) All reasonable and documented miscellaneous fees associated with
converting services to a successor service provider; and 
 b) All reasonable and documented fees associated with any record retention
and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider; 
 13.04 Appointment of Successor
Custodian. If a successor custodian shall have been appointed by the Board of Directors, the Custodian shall, upon receipt of a notice of acceptance by the successor custodian, on such specified date of termination (i) deliver directly to
the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry
System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that the Fund shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it
shall then be entitled. In addition, the Custodian shall, at the expense 

  
 24 

 
of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable
to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and
responsibilities, including provision for assistance from the Custodian’s personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations
under this Agreement. Notwithstanding the foregoing, in the event that the Custodian terminates this Agreement or if termination results from failure to perform in accordance with this Agreement (including negligent performance) or the Custodian
transfers this Agreement to an affiliate, the transfer to the successor shall be at the expense of the Custodian, and if the form in which the Fund instructs the transfer be made to the successor differs from the form in which the Custodian has
maintained the same, the Custodian shall pay any expenses associated with transferring the same in the form as instructed by the Fund. 
 13.05 Failure
to Appoint Successor Custodian. If a successor custodian is not designated by the Fund on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection,
which bank or trust company: (i) is a “bank” as defined in the 1940 Act; and (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25 million, all
Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of the Fund held in a Book-Entry System or Securities Depository. Upon such
delivery and transfer, such bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other
data of the Fund shall be returned to the Fund. 
 ARTICLE XIV. 

CLASS ACTIONS 
 The Custodian shall use
its best efforts to identify and file claims for the Fund involving any class action litigation that impacts any security the Fund may have held during the class period. The Fund agrees that the Custodian may file such claims on its behalf and
understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action defendants who settle their claims. Further, the Fund acknowledges that there is no guarantee these claims will result in any payment
or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain. 
 However, the Fund may instruct the
Custodian to distribute class action notices and other relevant documentation to the Fund or its designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for filing class action claims on behalf of the
Fund. 

  
 25 

 ARTICLE XV. 

MISCELLANEOUS 
 15.01 Compliance with
Laws. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot
Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its prospectus and statement of additional information on Form N-2. The Custodian’s services
hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of Trustee’s oversight responsibility with respect thereto. The Fund shall notify the Custodian if the investment strategy of the Fund
materially changes or deviates from the investment strategy that causes the Fund to file an amended prospectus with the SEC, or if it becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent
jurisdiction that materially impacts the operations of the Fund or the services provided under this Agreement. 
 15.02 Amendment. This Agreement may
not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund, and authorized or approved by the Board of Directors. 

15.03 Assignment. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however,
that this Agreement shall not be assignable by the Fund without the written consent of the Custodian, or by the Custodian without the written consent of the Fund accompanied by the authorization or approval of the Board of Directors. 

15.04 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to
conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed
in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder. 
 15.05 No Agency Relationship. Nothing herein contained
shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement. 

15.06 Services Not Exclusive. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar
or identical to some or all of the services provided hereunder. 
 15.07 Invalidity. Any provision of this Agreement which may be determined by
competent authority to be 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. In such case, the parties shall in good faith modify or substitute such provision consistent with the original
intent of the parties. 

  
 26 

 15.08 Notices. Any notice required or permitted to be given by either party to the other shall be in
writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by
facsimile transmission to the other party’s address set forth below: 
 Notice to the Custodian shall be sent to: 

U.S. Bank N.A. 
 U.S. Bank Tower

 425 Walnut Street, Cincinnati, 

OH 45202 | CN-OH-W6TC 

Attn: Global Fund Custody Support Services 

Phone: 513.632.2443 
 Fax:
844.206.1025 
 and notice to the Fund shall be sent to: 

Commonwealth Credit Partners BDC I, Inc. 

Cityplace Tower, 
 525
Okeechobee Blvd, Suite 1050 
 West Palm Beach, FL, 33401, 

Attn.:Cecilio Rodriguez 
 Email:
c.rodriguez@comvest.com 
 15.09 Multiple Originals. This Agreement may be executed on two or more counterparts, each of which when so executed shall
be deemed an original, but such counterparts shall together constitute but one and the same instrument. 
 15.10 No Waiver. No failure by either
party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the
remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity. 
 15.11 References to Custodian. The Fund
shall not circulate any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written material contained in the Prospectus or statement of additional information for the Fund and
such other written material as merely identifies the Custodian as custodian for the Fund. The Fund shall submit written material requiring approval to the Custodian in draft form, allowing sufficient time for review by the Custodian and its counsel
prior to any deadline for publication. 
 (signatures on the following page) 

  
 27 

 IN WITNESS WHEREOF, subject to the ratification of this Agreement by the Fund’s Board
of Directors at its organizational board meeting, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date written above. 

 

			
	COMMONWEALTH CREDIT PARTNERS BDC I, INC.

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	Date:	 	 

			
	
	U.S. BANK NATIONAL ASSOCIATION

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	Date:	 	 

  
 28 

 List of Data Elements for Loan Trade Confirmation 

Trade Date 
 Issuer Description 

Investment Description 
 CUSIP/Investment ID 

Maturity Date 
 Coupon Rate 

Currency 
 Quantity 

Price 
 Trade Fees 

Accrued Interest 
 Broker 

Comments 

  
 29 

 EXHIBIT A 

    to the Custody Agreement – Custodian Fee Schedule1

  
 

 
 *The fee is based on the quoted basis points times the outstanding principal amount administered by Corporate Trust plus
cash collateral accounts on the first day of the quarter. Fee to be paid quarterly based on the actual number of days in the period. The fee basis as noted in this fee proposal are agreed to, but for purposes of determining the method of calculation
of any fees, the governing documents for this transaction will prevail. This schedule assumes an annual minimum fee amount of $24,000. 
 In the event the
transaction fails to close for reasons beyond the control of US Bank, we expect payment of legal fees, acceptance and out-of-pocket expenses incurred to date. 

Extraordinary fees are payable to the Custodian/Collateral Agent for duties or responsibilities not expected to be incurred at the outset of the transaction,
not routine or customary, and not incurred in the ordinary course of Business. Payment of extraordinary fees is appropriate where particular inquiries, events or developments are unexpected (including, but not limited to, amendments, discharges,
liquidations and refinancings), even if the possibility of such things could have been identified at the inception of the transaction. We do reserve the right to amend our fees following a review of final documents if any material additional
responsibilities are identified. 
 To help the government fight the funding of terrorism and money laundering activities, Federal law requires all
financial institutions to obtain, verify, and record information that identifies each person who opens an Account. For a non-individual person such as a business entity, a charity, a Trust, or other legal
entity, we ask for documentation to verify its formation and existence as a legal entity. We may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity
or other relevant documentation. 
  

	1 	 If Account assets are subject to the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) (an “ERISA-Covered Account”), then the Fund is the “responsible plan fiduciary” for the services described herein as defined in U.S. Department of Labor Regulations
§2550.408b-2. 

  
 30 

 Loan Document Custody Fee Schedule 

 
 

 
 In the event the transaction fails to close for reasons beyond the control of US Bank, we expect payment of reasonable
legal fees and reasonable out-of-pocket expenses incurred to date. 

Extraordinary fees are payable to the Collateral Custodian or Collateral Agent for duties or responsibilities not expected to be incurred at the outset of the
transaction, not routine or customary, and not incurred in the ordinary course of Business. Payment of extraordinary fees is appropriate where particular inquiries, events or developments are unexpected, even if the possibility of such things could
have been identified at the inception of the transaction. We do reserve the right to amend our fees following a review of final documents if any material additional responsibilities are identified. 

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and
record information that identifies each person who opens an Account. For a non-individual person such as a business entity, a charity, a Trust, or other legal entity, we ask for documentation to verify its
formation and existence as a legal entity. We may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation. 

  
 31 

 EXHIBIT B 

AUTHORIZED PERSONS 
 Set
forth below are the names and specimen signatures of the persons authorized by the Fund to administer the Fund Custody Accounts. 
  

					
	 Name
	  	 Telephone/Fax Number
	  	 Signature

			
		  		  	 
			
		  		  	 
			
		  		  	 
			
		  		  	 
			
		  		  	 

  
 32 

 EXHIBIT C 

SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION 

COMMONWEALTH CREDIT PARTNERS BDC I, INC. 

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues
securities and the shareholder who votes those securities. 
 Unless you specifically require us to NOT release your name and address to requesting
companies, we are required by law to disclose your name and address. 
 Your “yes” or “no” to disclosure will apply to all U.S.
securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A “no” election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository
Receipts (ADRs) held in your account.
  

			
	______ YES	  	U.S. Bank is authorized to provide the Fund’s name, address and security position to requesting companies whose stock is owned by the Fund.
		
	______ NO	  	U.S. Bank is NOT authorized to provide the Fund’s name, address and security position to requesting companies whose stock is owned by the Fund.

  

			
		
	By:	 	 
		
	Title:	 	 
		
	Date:	 	 

  
 33

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