Document:

EX-10.6

 Exhibit 10.6 

FORM OF INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into this
                 day of _______ 2022 (the “Effective Date”), by and between Varagon Capital Corporation, a Maryland corporation
(the “Company”), and the undersigned (“Indemnitee”). 
 WHEREAS, at the request of the Company, Indemnitee currently
serves as a [director/officer] of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of her service as a [director/officer] of the Company and may, therefore, be subjected to claims, suits or proceedings
arising of the Company; 
 WHEREAS, as an inducement to Indemnitee to serve as a [director/officer] of the Company and may, therefore, be
subjected to claims, suits or proceedings arising of the Company, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any claims, suits or proceedings, to the maximum extent permitted by
law; 
 WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advancement of expenses;
and 
 WHEREAS, Indemnitee is relying upon the rights afforded under this Agreement to serve as a [director/officer] of the Company. 

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

	1.	 Definitions. For purposes of this Agreement: 

 

	 	a.	 “Adjudged” shall mean adjudged finally by a court or arbitral or other authority of competent
jurisdiction. 

  

	 	b.	 “Change in Control” means a change in control of the Company occurring after the Effective Date of a
nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing 50% or more of the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members of the Company’s board of directors (the “Board”) in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a
merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board then in office, as a consequence of which members of the Board
in office immediately prior to such transaction or event constitute less than a majority of the Board thereafter; (iii) at any time, a majority of the members of the Board are not comprised of Continuing Directors (as such term is defined in
the Articles of Amendment and Restatement of the Company); or (iv) the Company retains or engages an external investment adviser to manage its assets and business. 

 

	 	c.	 “Corporate Status” means the status of a person as a present or former director, officer, employee or
agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit
plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request of the Company, service by

	 	
Indemnitee shall be deemed to be at the request of the Company: (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or
agent of any foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise (A) of which a majority of the voting power or equity interest is or was owned directly or
indirectly by the Company, or (B) the management of which is controlled directly or indirectly by the Company; or (ii) if, as a result of Indemnitee’s service to the Company, Indemnitee is subject to duties by, or required to perform
services for, an employee benefit plan or its participants or beneficiaries, including as a deemed fiduciary thereof. 

  

	 	d.	 “Disinterested Director” means a director of the Company who is not and was not a party to the
Proceeding in respect of which indemnification and/or advancement of Expenses is sought by Indemnitee. 

  

	 	e.	 “Effective Date” has the meaning set forth in the first paragraph of this Agreement.

  

	 	f.	 “Enterprise” shall mean (i) the Company and (ii) any other corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise which is an affiliate or wholly or partially owned subsidiary of the Company and of which the Indemnitee is or was serving as a director, trustee, general
partner, managing member, officer, employee, agent or fiduciary; and (iii) any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at
the request of the Company. 

  

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

 

	 	h.	 “Expenses” means any and all disbursements or 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 a Proceeding, including, without limitation, reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, arbitration and mediation costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding
costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement and any ERISA excise taxes and penalties.
Expenses shall also include (i) expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium for, security for and other costs relating to any cost bond, supersedes bond or other
appeal bond or its equivalent, (ii) expenses incurred in connection with recovery under any directors’ and officers’ liability insurance policies maintained by the Company, and (iii) expenses incurred by Indemnitee in
establishing or enforcing her right to indemnification or reimbursement under this Agreement. 

  

	 	i.	 “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement
or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advancement of Expenses hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an
action to determine Indemnitee’s rights under this Agreement. 

  

	 	j.	 “Jointly Indemnifiable Claims” shall mean any Proceeding for which the Indemnitee shall be entitled
to indemnification, advancement of expenses or insurance from (i) the Company and/or any Enterprise pursuant to this Agreement, the charter or Bylaws or other governing documents of the Company or any Enterprise, any agreement or a resolution
of the stockholders of the Company entitled to vote generally in the election of directors or of the Board, or otherwise, on the one hand, and (ii) any Third-Party Indemnitor pursuant to any agreement between any Third-Party Indemnitor

  
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and the Indemnitee pursuant to which the Indemnitee is indemnified, the laws of the jurisdiction of incorporation or organization of any Third-Party Indemnitor and/or the certificate of
incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents of any Third-Party Indemnitor, on the other
hand. 

  

	 	k.	 “Proceeding” means any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, demand or discovery request or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and
whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom. If Indemnitee reasonably believes that a given situation may lead to or
culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding. The term “Proceeding” shall be broadly construed and shall include, without limitation, the investigation, preparation, defense,
settlement, arbitration or appeal of, and the giving of testimony in or related to, any threatened, pending or completed claim, action, suit or other proceeding, whether of a civil, criminal, administrative or investigative nature.

  

	l.	 “Third-Party Indemnitor” means any person or entity that has or may in the future provide to the
Indemnitee any indemnification, exoneration, hold harmless or Expense advancement rights and/or insurance benefits other than (i) the Company, (ii) any Enterprise and (iii) any entity or entities through which the Company maintains
liability insurance applicable to the Indemnitee. 

  

	2.	 Services by Indemnitee. The Company expressly confirms and agrees that it has entered into this
Agreement and assumed the obligations imposed on it hereby in order to induce the Indemnitee to serve as a [director/officer] of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving in such capacity.
However, this Agreement shall not impose any independent 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. This Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee. 

  

	3.	 Indemnification. The Company shall indemnify and hold harmless, and advance Expenses to, Indemnitee
(a) as provided in this Agreement and (b) otherwise to the maximum extent not prohibited by (and not merely to the extent affirmatively permitted by) Maryland law in effect on the Effective Date and as amended from time to time; provided,
however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date. The rights of Indemnitee provided in this Section 3 shall
include, without limitation, the rights set forth in the other sections of this Agreement, indemnification required by Section 2-418(d) of the Maryland General Corporation Law (the “MGCL”) and
any additional indemnification permitted by the charter or bylaws of the Company or Section 2-418(b) of the MGCL. 

 

	4.	 Standard for Indemnification. If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is
threatened to be, made a party to any Proceeding, the Company shall indemnify and hold harmless Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on
Indemnitee’s behalf in connection with any such Proceeding unless (and only to the extent) it is ultimately Adjudged that (i) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (A) was
committed in bad faith or (B) was the result of active and deliberate dishonesty; (ii) Indemnitee actually received an improper personal benefit in money, property or services; or (iii) in the case of any criminal Proceeding,
Indemnitee had reasonable cause to believe that her conduct was unlawful. 

  

	5.	 Certain Limitations. Indemnitee shall not be entitled to: 

 

	 	a.	 indemnification or advancement of Expenses hereunder if the Proceeding was one by or in the right of the
Company and Indemnitee is Adjudged to be liable to the Company; 

  
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	 	b.	 indemnification or advancement of Expenses hereunder if Indemnitee is Adjudged to be liable on the basis that
personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee; or 

  

	 	c.	 indemnification or advancement of Expenses hereunder if the Proceeding was brought by Indemnitee, unless:
(i) the Proceeding was brought to establish or enforce indemnification rights under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s charter
or bylaws, a resolution of the stockholders entitled to vote generally in the election of directors, a resolution of the of the Board or an agreement approved by the Board to which the Company is a party, expressly provides otherwise.

  

	6.	 Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement (other than
Section 16), a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances: 

 

	 	a.	 if such court determines that Indemnitee is entitled to reimbursement under
Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or 

 

	 	b.	 if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all
the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper
personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of
the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses only. 

 

	7.	 Partial Success. In addition to any other right to indemnification under any provision of this
Agreement, and without limiting any such provision, if Indemnitee is not wholly successful in a 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 under this Section 7 for all Expenses actually and reasonably incurred by her or on her behalf in connection with each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis.
For purposes of this Section 7, and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, 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) Maryland
law and as permitted by Sections 3, 4, 5 and 6 of this Agreement. 

  

	8.	 Advancement of Expenses. If Indemnitee was, is, or is threatened to be, made a party to (or otherwise
becomes a participant in) any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee
in connection with such Proceeding. Such advance or advances shall be made within fifteen (15) days after the receipt by the Company of a statement or statements requesting such advance or advances from time to time, whether prior to or after
final disposition of such Proceeding, and may be in the form of, in the reasonable discretion of Indemnitee (but without duplication): (i) payment of such Expenses directly to third parties on behalf of Indemnitee; (ii) advancement to
Indemnitee of funds in an amount sufficient to pay such Expenses; or (iii) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee
and shall include or be preceded or accompanied by a written affirmation and undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in
effect at the time of the execution thereof, to reimburse the portion (if any) of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately be Adjudged by clear and convincing
evidence, that the standard of conduct has not been met by Indemnitee and which have not been successfully resolved as described in Section 7 of this Agreement. For 

  
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so long as the Company is subject to the Investment Company Act of 1940, as amended (the “Investment Company Act”), any advancement of Expenses shall be subject to at least one of the
following as a condition of the advancement: (a) Indemnitee shall provide appropriate security for her undertaking, (b) the Company shall be insured against losses arising by reason of any lawful advances or (c) a majority of a quorum
of the Disinterested Directors, or Independent Counsel in a written opinion based on a review of readily available facts, shall determine that there is no reason to believe that Indemnitee ultimately will be found to not be entitled to
indemnification. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this
Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security
therefor. 

  

	9.	 Indemnitee as Witness or Other Participant. Notwithstanding any other provision of this Agreement, to
the extent that Indemnitee was, is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a
party, Indemnitee shall be advanced all reasonable Expenses and indemnified and held harmless against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within fifteen (15) days
after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence
the Expenses incurred by Indemnitee. In connection with any such advancement of Expenses, the Company may require Indemnitee to provide a written affirmation and undertaking substantially in the form attached hereto as Exhibit A.

  

	10.	 Procedure for Determination of Entitlement to Indemnification. 

 

	 	a.	 To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request,
including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of
the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board, in writing, that Indemnitee has requested indemnification from the Company. 

 

	 	b.	 Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination,
if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy
of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval shall
not be unreasonably withheld; or (ii) if a Change in Control shall not have occurred, (A) by the Board by a majority vote of a quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained, then by a majority vote of
a duly authorized committee of the Board consisting solely of one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board in accordance with Section 2-418(e)(2)(ii)
of the MGCL and approved by Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (C) if so directed by at least
a majority of the members of the Board, the stockholders of the Company. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within fifteen (15) days after such determination. Indemnitee
shall cooperate with the Company (including Independent Counsel selected by the Company) in making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to the Company, upon reasonable advance
written request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary or appropriate to such determination in the discretion of the
Board or Independent Counsel, as applicable; provided, however, that Indemnitee shall not be required to waive any applicable privilege or work product protection. Any Expenses incurred by Indemnitee in so cooperating with the Company or Independent
Counsel shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom. 

  
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	 	c.	 The Company agrees to pay the reasonable fees and expenses of any Independent Counsel and to fully indemnify
such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. In no event shall the Indemnitee be required or requested to pay any such fees or expenses or
to provide any such indemnification. 

  

	11.	 Presumptions and Effect of Certain Proceedings. 

 

	 	a.	 In making any determination with respect to entitlement to indemnification hereunder, the person or persons or
entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company
shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. 

  

	 	b.	 The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

  

	 	c.	 The knowledge and/or actions, or failure to act, of any other director, officer, employee or agent of the
Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or
other enterprise shall not be imputed to Indemnitee for purposes of determining any right to indemnification under this Agreement. 

  

	 	d.	 For purposes of any determination as to Indemnitee’s entitlement to indemnification, Indemnitee shall be
presumed to have met the standard of conduct for indemnification if, among other things and without limitation, Indemnitee relied on any information, opinion, report or statement, including any financial statement or other financial data or the
records or books of account of the Company or any Enterprise, prepared or presented by an officer or employee of the Company or any Enterprise whom Indemnitee reasonably believed to be reliable and competent in the matters presented, by a lawyer,
certified public accountant, appraiser or other person, as to a matter which Indemnitee reasonably believed to be within the person’s professional or expert competence, or, if Indemnitee was serving on the Board or as a member of any similar
body of any Enterprise, by a committee of the Board or such other body on which Indemnitee does not serve, as to a matter within its designated authority, if Indemnitee reasonably believes the committee to merit confidence. The provisions of this
Section 11(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee met, or be presumed to have met, the applicable standard of conduct set forth in this Agreement. 

 

	 	e.	 For purposes of this Agreement, Indemnitee shall be considered to have been wholly successful with respect to
any Proceeding if such Proceeding is disposed of, on the merits or otherwise (including a disposition without prejudice), without (i) the disposition being adverse to Indemnitee, (ii) it being Adjudged that Indemnitee was liable to the
Company, (iii) a plea of guilty by Indemnitee, (iv) it being Adjudged that an act or omission of Indemnitee was material to the matter giving rise to the Proceeding and was (A) committed in bad faith or (B) the result of
Indemnitee’s active and deliberate dishonesty, (v) it being Adjudged that Indemnitee actually received an improper personal benefit in money, property or services or (vi) with respect to any criminal proceeding, it being Adjudged that
Indemnitee had reasonable cause to believe the act or omission was unlawful. 

  
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	12.	 Remedies of Indemnitee. 

 

	 	a.	 If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not
entitled to indemnification under this Agreement; (ii) advancement of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement; (iii) no determination of entitlement to indemnification shall have been made pursuant to
Section 10(b) of this Agreement within sixty (60) days after receipt by the Company of the request for indemnification; (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within fifteen
(15) days after receipt by the Company of a written request therefor; or (v) payment of indemnification pursuant to any other section of this Agreement or the charter or bylaws of the Company is not made within fifteen (15) days after
a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland or in any other court of competent jurisdiction, with regard to
Indemnitee’s entitlement to indemnification or advancement of Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules
of the American Arbitration Association. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such
proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce her rights under Section 7 of this Agreement. Except as set forth herein, the
provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 

 

	 	b.	 In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be
presumed to be entitled to indemnification or advancement of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advancement of Expenses, as the
case may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final
determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in
any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that
the Company is bound by all of the provisions of this Agreement. 

  

	 	c.	 If a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is
entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification that was not disclosed in connection with the determination. 

 

	 	d.	 In the event that Indemnitee, pursuant to this Section 12, seeks a judicial adjudication of or an award in
arbitration to enforce her rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to advancement from the Company, and shall be indemnified and held harmless by the Company for, any and all Expenses actually
and reasonably incurred by her in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advancement of
Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. 

  
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	 	e.	 Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments
under the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the 10th day after the date on which the Company was
requested to advance Expenses in accordance with Sections 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the determination of entitlement to indemnification under Section 10(b) of this
Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company. 

  

	13.	 Defense of Underlying Proceeding. 

 

	 	a.	 Indemnitee shall notify the Company promptly in writing upon being served with or receiving any summons,
citation, subpoena, complaint, indictment, notice, request or other document relating to any Proceeding which may result in the right to indemnification or the advancement of Expenses hereunder and shall include with such notice a description of the
nature of the Proceeding and a summary of the facts underlying the Proceeding. 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 indemnification or the
advancement of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is
thereby actually so prejudiced. 

  

	 	b.	 Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the
Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder using a law firm of the Company’s choice, subject to the prior written approval of the Indemnitee, which shall not be
unreasonably withheld; provided, however, that the Company shall notify Indemnitee in writing of any such decision to defend within fifteen (15) calendar days following receipt of notice of any such Proceeding under Section 13(a) above.
Indemnitee shall have the right to retain a separate law firm in any such Proceeding at Indemnitee’s sole expense. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed,
consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise of a claim against Indemnitee which (i) includes an admission of fault of Indemnitee; (ii) does not include, as an unconditional term
thereof, (A) the full release with prejudice of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee and (B) the complete dismissal of all claims
against the Indemnitee with prejudice; or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under Section 12 of this
Agreement, a Proceeding by or in the right of the Company or in the case of clause (ii) of Section 13(c). 

  

	 	c.	 Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party,
(i) Indemnitee reasonably concludes, based upon advice of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to any
issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon advice of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that an actual
or apparent 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, subject, except in the case of (ii) or (iii) above, to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, 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 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, subject to the prior approval of the Company, which approval shall not
be unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter. 

  
 8 

	14.	 Jointly Indemnifiable Claims. Given that certain Jointly Indemnifiable Claims may arise, the Company
acknowledges and agrees that the Company shall, and to the extent applicable shall cause any Enterprise to (i) be fully and primarily responsible for, and be the indemnitor of first resort with respect to, payment to or payment on behalf of the
Indemnitee in respect of indemnification or advancement of Expenses in connection with any such Jointly Indemnifiable Claim, irrespective of any right of recovery the Indemnitee may have from the Third-Party Indemnitors, and (ii) be required to
advance the full amount of Expenses incurred by the Indemnitee and shall be liable for the full amount of all Expenses, judgments, fines, penalties and amounts paid in settlement to the extent not prohibited by (and not merely to the extent
affirmatively permitted by) applicable law and as required by the terms of this Agreement, without regard to any rights the Indemnitee may have against the Third-Party Indemnitors. Under no circumstance shall the Company or any Enterprise be
entitled to, and the Company hereby irrevocably waives, relinquishes and releases, any claims against the Third-Party Indemnitors for subrogation, contribution or recovery of any kind and no right of advancement or recovery the Indemnitee may have
from the Third-Party Indemnitors shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company or any Enterprise. The Company further agrees that no advancement or payment by any Third-Party Indemnitor on behalf of
Indemnitee with respect to any Proceeding for which Indemnitee has sought indemnification, exoneration or hold harmless rights from the Company shall affect the foregoing and the Third-Party Indemnitor(s) shall have a right to receive from the
Company, contribution and/or be subrogated, to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and the Indemnitee agree that each of the Third-Party Indemnitors shall be
third-party beneficiaries with respect to this Agreement entitled to enforce this Section 14 as though each such Third-Party Indemnitor were a party to this Agreement. 

 

	15.	 Non-Exclusivity; Survival of Rights; Subrogation.

  

	 	a.	 The rights of indemnification and advancement of Expenses as provided by this Agreement shall not be deemed
exclusive of any other rights to which Indemnitee may at any time be entitled under (i) applicable law (including, but not limited to, the MGCL), (ii) the charter or bylaws of the Company, (iii) any agreement or (iv) a resolution of
(A) the stockholders entitled to vote generally in the election of directors or (B) the Board, or otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of this Agreement or of any provision hereof
shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in her Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to
such action or inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in
addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any
other right or remedy. 

  

	 	b.	 Except as set forth in Section 14, in the event of any payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the
Company to bring suit to enforce such rights. 

  

	16.	 Insurance. 

  

	 	a.	 The Company shall purchase and maintain a policy or policies of directors and officers insurance with one or
more reputable insurance companies. The Company shall continue to provide such insurance coverage to Indemnitee and such insurance policies shall have coverage terms and policy limits at least as favorable to Indemnitee as the insurance coverage
provided to any other director or officer of the Company. If the Company has such insurance in effect at the time it receives from Indemnitee any notice of the commencement of an action, suit, proceeding or other claim, the Company shall give prompt
notice of the commencement of such action, suit, proceeding or other claim to the insurers and take such other actions in accordance with the procedures set forth in the 

  
 9 

	 	
policy as required or appropriate to secure coverage of Indemnitee for such action, suit, proceeding or other claim. The Company shall thereafter take all reasonably necessary or desirable action
to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such action, suit, proceeding or other claim in accordance with the terms of such policy. In the event of a Change in Control that would result in a loss or
cancellation of the Company directors’ and officers’ insurance policy or policies, the Company shall use its best efforts to purchase a directors and officers “Tail” insurance policy or policies to provide coverage to the
Company’s directors and officers for a period of six (6) years after such Change in Control, but only with respect to coverage for claims arising from wrongful acts, errors or omissions occurring before such Change in Control.

  

	 	b.	 Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee
for any payment by Indemnitee that would otherwise be indemnifiable hereunder, arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses
incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in Section 16(a). The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or
obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or obligations of the
Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. 

 

	17.	 Other Sources; Investment Company Act. Notwithstanding any other provision of this Agreement, the
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable, advanceable, payable or reimbursable as Expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such
payment under any insurance policy, contract, agreement or otherwise, except as otherwise provided in Section 14 to this Agreement, or (ii) for so long as the Company is subject to the Investment Company Act, indemnification or payment or
reimbursement of Expenses would not be permissible under the Investment Company Act, whether pursuant to Section 17(h) of the Investment Company Act or otherwise. In addition, for so long as the Company is subject to the Investment Company Act
of 1940, the presumptions, considerations and similar provisions set forth in Section 11(d) and (e) of this Agreement shall be of no force or effect to the extent inconsistent with the Investment Company Act and shall otherwise be
construed in a manner to include any additional conditions, restrictions or references required to be contained therein by the Investment Company Act, including, without limitation, the disabling conduct set forth in Section 17(h) of the
Investment Company Act. 

  

	18.	 Contribution. If the indemnification provided in this Agreement is unavailable in whole or in part and
may not be paid to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then, with respect to any Proceeding in which the Company is jointly
liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount
incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and
relinquishes any right of contribution it may have at any time against Indemnitee. 

  

	19.	 Miscellaneous. 

 

	 	a.	 This Agreement shall be effective as of the Effective Date and may apply to acts or omissions of Indemnitee
taken in or in connection with Indemnitee’s Corporate Status which occurred prior to such date if Indemnitee was an officer, director, employee or agent of the Company or was a director, trustee, officer, partner, manager, managing member,
fiduciary, employee or agent of any Enterprise at the time such act or omission occurred. 

  
 10 

	 	b.	 This Agreement shall continue until and terminate on the later of: (i) the date that Indemnitee shall have
ceased to serve as a [director/officer] of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise 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 Section 12 of this Agreement). 

  

	 	c.	 The indemnification and advancement of Expenses provided by, or granted pursuant to, this Agreement shall be
binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all, substantially all or a substantial part, of the
business and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of
any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to
the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. 

  

	 	d.	 If, by reason of Indemnitee’s Corporate Status, Indemnitee’s spouse is made a party to any
Proceeding, the Company shall indemnify and hold harmless Indemnitee’s spouse against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee’s spouse in connection
with any such Proceeding unless (and only to the extent) it is ultimately Adjudged that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the
result of active and deliberate dishonesty; (b) Indemnitee actually received an improper personal benefit in money, property or services; or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that her
conduct was unlawful. Further, Indemnitee’s spouse shall not be entitled to (x) indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is Adjudged to be liable to the Company;
(y) indemnification hereunder if Indemnitee is Adjudged to be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee; or (z) indemnification or advancement of
Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to establish or enforce indemnification rights under this Agreement, and then only to the extent in accordance with and as authorized by
Section 12 of this Agreement, or (ii) the Company’s charter or bylaws, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board or an agreement approved by the Board to which the Company
is a party, expressly provides otherwise. The foregoing right to indemnification shall include, without limitation, any Proceeding that seeks damages recoverable from marital community property, jointly-owned property or property purported to have
been transferred from the Indemnitee to her spouse (or former spouse); provided that Indemnitee is indemnified and held harmless for the same pursuant to this Agreement. The Indemnitee’s spouse or former spouse also shall be entitled to
advancement of Expenses to the same extent that Indemnitee is entitled to advancement of Expenses herein. The Company may maintain insurance to cover its obligation hereunder with respect to Indemnitee’s spouse (or former spouse) or set aside
assets in a trust or escrow fund for that purpose. 

  

	 	e.	 The Company shall require and cause any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

  
 11 

	 	f.	 The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may
be inadequate, impracticable and difficult to prove, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or
specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which
Indemnitee may be entitled. Indemnitee shall further be entitled to such injunctive relief and/or specific performance, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds
or other undertakings in connection therewith. The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or
undertaking. 

  

	 	g.	 If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise
unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section, paragraph or sentence of this Agreement containing
any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law;
(ii) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of
this Agreement (including, without limitation, each portion of any section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby. 

  

	 	h.	 No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both
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 hereof (whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a
continuing waiver. 

  

	 	i.	 All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to
have been duly given if (i) delivered by hand or overnight courier service and receipted for by the party to whom said notice, request, demand or other communication shall have been directed, on the day of such delivery, or (ii) 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 the address set forth on the signature page hereto; or (ii) if to the Company, to Varagon
Capital Corporation, 299 Park Avenue, 3rd Floor, New York NY 10171; or to such other address as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

 

	 	j.	 This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of
Maryland, without regard to its conflicts of laws rules. 

  

	 	k.	 This Agreement may be executed in one or more counterparts (delivery of which may be in electronic format
(e.g., PDF)), each of which shall for all purposes be deemed to be an original and all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability is sought shall be sufficient
to evidence the existence of this Agreement. 

  

	 	l.	 Use of the feminine pronoun shall be deemed to include usage of the masculine pronoun where appropriate.

  
 12 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written: 
  

			
	VARAGON CAPITAL CORPORATION

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
	
	INDEMNITEE

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
		 	

  
 13 

 EXHIBIT A 

FORM OF AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED 

To: The Board of Directors of Varagon Capital Corporation 
 Re:
Affirmation and Undertaking 
 Ladies and Gentlemen: 

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement, dated as of _____, 20___ (the
“Indemnification Agreement”), by and between Varagon Capital Corporation, a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnitee”), pursuant to which I am entitled to advancement of
Expenses in connection with [Description of Proceeding] (the “Proceeding”). 
 Terms used herein and not otherwise defined
shall have the meanings specified in the Indemnification Agreement. 
 I am subject to the Proceeding by reason of my Corporate Status or by
reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief that at all times, insofar as I was involved as [a director][an officer] of the Company, in any of the facts or events giving rise to the Proceeding,
I (i) did not act with will misfeasance,* bad faith, gross negligence,* active and deliberate dishonesty or reckless disregard of duties,* (ii) did not receive any improper personal benefit in money, property or services and (iii) in the
case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. 
 In consideration of the
advancement of Expenses by the Company for Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is Adjudged that (i) an act or omission by
me was material to the matter giving rise to the Proceeding and (A) was committed in bad faith or (B) was the result of willful misfeasance,* gross negligence,* active and deliberate dishonesty or reckless disregard of duty,* (ii) I
actually received an improper personal benefit in money, property or services, or (iii) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion
of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established. 

IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this _____ day of _______________, 20____. 

Name:                         
                             
  

	*	 These references can be deleted in any Affirmation and Undertaking if at the time of the submission thereof the
Company is not subject to the Investment Company Act of 1940, as amended.EX-10.7

 Exhibit 10.7 

CUSTODY AGREEMENT 
 This Agreement
(the “Agreement”) is made as of May 18, 2022 (the “Effective Date”) between: 
  

	(1)	 EACH ENTITY IDENTIFIED ON APPENDIX A HERETO, whose jurisdiction of formation is identified opposite its
name (each, the “Client”); and 

  

	(2)	 STATE STREET BANK AND TRUST COMPANY, a bank and trust company organized under the laws of The
Commonwealth of Massachusetts, U.S.A. (the “Custodian”). 

  

	1	 Definitions and Interpretation 

Defined terms and the general rules of interpretation agreed by the Parties are set forth in Schedule 1.  

 

	2	 Appointment of the Custodian 

The Client hereby appoints the Custodian to provide the services set out in Sections 3 through 15 below (the “Services”) subject to
and in accordance with the terms of this Agreement. 
  

	3	 Safekeeping Securities 

 

	 	3.1	 Holding Securities. The Custodian will hold Securities delivered or credited to its account under this
Agreement directly or through accounts at Subcustodians or CSDs. In turn, Subcustodians will hold Securities directly or through accounts at CSDs. 

  

	 	3.2	 Client Entitlements and Segregation. The Custodian will take the following steps to reflect the
Client’s ownership of Securities and to separately identify the Securities of the Client from the proprietary assets of the Custodian, Subcustodians, and CSDs, in accordance with Local Market Practice: 

 

	 	3.2.1	 Accounts at the Custodian. Open and maintain on the records of the Custodian one or more segregated
securities accounts in the name of the Client or such other name as the Client may reasonably request (each, a “Securities Account”) and credit Securities to them; 

 

	 	3.2.2	 Accounts at the Subcustodians or CSDs. Open and maintain securities accounts at the Subcustodians or
CSDs in which the Custodian is a direct participant, cause Subcustodians to open and maintain securities accounts at CSDs in which the Subcustodian is a participant, and cause Securities to be credited to the relevant accounts. Such accounts:
(i) may be commingled (or omnibus) accounts for Securities of multiple customers of the Custodian (or Subcustodian, in the case of accounts opened by the Subcustodian at a CSD) or, in limited markets, segregated (or separate) accounts for
Securities of the Client; and (ii) must not include any proprietary securities of the Custodian, the Subcustodian or the CSD. To the extent Securities are held in omnibus accounts, the Custodian’s records shall identify by book-entry those
Securities as belonging to the Client. 

  

	 	3.2.3	 Physical Securities. Physically segregate bearer Securities from the proprietary assets of the Custodian
in designated client folders/envelopes, and require that the Subcustodians physically segregate bearer Securities from the Subcustodian’s and the Custodian’s proprietary assets; 

 

	 	3.2.4	 Registration Names. Register certificated Securities (other than bearer securities) in the name of the
Client or in the name of the Custodian, a Subcustodian, a CSD or a nominee of any of them, or otherwise in accordance with Local Market Practice and the laws and regulations applicable to the Custodian; and 

	 	3.2.5	 Records of Transactions; Reconciliation. Maintain records of the Client’s transactions in the
Securities Accounts and reconcile its records of clients’ securities holdings against the records of its Subcustodians and CSDs in which it is a direct participant in accordance with the Custodian’s standard procedures and Local Market
Practice. Subcustodians will likewise maintain records of their client’s transactions and reconcile their records of the securities holdings of their clients against the records of the CSDs in which they are a direct participant in accordance
with the Subcustodians’ standard procedures and Local Market Practice. 

  

	 	3.3	 Securities Interchangeable. Except with respect to physical securities (as set out in Section 3.2.3
above) Securities of the Client (whether held in separate or commingled accounts) are fungible with all other securities of the same issue held in such accounts by the Custodian and its Subcustodians. This means that the Client’s redelivery
rights in respect of the Securities are not in respect of the Securities actually deposited with the Custodian or a Subcustodian from time to time, but rather in respect of Securities of the same number, class, denomination and issue as those
Securities. 

  

	 	3.4	 Acceptance of Securities. Except as otherwise agreed in writing with the Client, the Custodian will only
accept custody of Securities and other assets that it is operationally equipped and licensed to hold in the relevant market where it provides custodial services either directly or through an existing Subcustodian and may decline to accept custody of
certain securities or asset types that it determines present an unacceptable risk profile or that it or its Subcustodians are not operationally equipped or permitted to hold under any law or regulation. 

 

	 	3.5	 Release of Securities. 

 

	 	(a)	 The Custodian shall release and deliver, or direct its agents or
sub-custodian to release and deliver, as the case may be, Securities of the Client held by the Custodian, its agents or its sub-custodian from time to time upon receipt
of Proper Instructions (which shall, among other things, specify the Securities to be released, with such delivery and other information as may be necessary to enable the Custodian to perform), which may be standing instructions (in form acceptable
to the Custodian) in the following cases: 

  

	 	(i)	 upon sale of such Securities for the account of the Client and receipt of payment therefor:

 (A) in accordance with the customary or established practices and procedures in the jurisdiction or
market where the transactions occur, including delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving later payment; or 

(B) in the case of a sale effected through a CSD, in accordance with the rules governing the operations of the CSD; 

 

	 	(ii)	 upon the receipt of payment in connection with any repurchase agreement related to such Securities;

  

	 	(iii)	 to a depositary agent in connection with tender or other similar offers for Securities; 

 

	 	(iv)	 to the issuer thereof or its agent when such Securities are called, redeemed, retired or otherwise become
payable (unless otherwise directed by Proper Instructions, the cash or other consideration is to be delivered to the Custodian, its agents or its sub-custodian); 

  
 2 

	 	(v)	 to an issuer thereof, or its agent, for transfer into the name of the Custodian or of any nominee of the
Custodian or into the name of any of its agents or sub-custodian or their nominees or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or
number of units; 

  

	 	(vi)	 upon the sale of such securities for the account of the Client, to the broker or its clearing agent, against a
receipt, for examination in accordance with “street delivery” 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, negligent failure to act or wilful misconduct; 

  

	 	(vii)	 for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or
readjustment of the Securities of the issuer of such Securities, or pursuant to any deposit agreement (unless otherwise directed by Proper Instructions, the new Securities and cash, if any, are to be delivered to the Custodian or its agents or sub-custodian); 

  

	 	(viii)	 in the case of warrants, rights or similar Securities, the surrender thereof in the exercise of such warrants,
rights or similar Securities or the surrender of interim receipts or temporary Securities for definitive securities (unless otherwise directed by Proper Instructions, the new Securities and cash, if any, are to be delivered to the Custodian, its
agents or sub-custodian); and/or 

  

	 	(ix)	 for any other purpose, but only upon receipt of Proper Instructions and an officer’s certificate signed by
any two officers of the Client (which officers shall not have been the Authorized Person providing the proper instructions) (i) specifying the securities of the Client to be delivered and (ii) naming the person or persons to whom delivery
of such securities shall be made. 

  

	4	 Cash 

  

	 	4.1	 Cash Accounts. The Custodian will open and maintain in the name of the Client one or more cash deposit
accounts (each a “Cash Account”) in such currencies as may be required in connection with the investment activity of the Client. 

  

	 	4.2	 Location of Cash Deposits. Cash received for the Client will be deposited with the Custodian, or
with a Subcustodian, depending on the currency and/or the market. The Custodian will designate each currency in a particular market as On Book Cash or Off Book Cash. “On Book Cash” means the currency is maintained in a deposit account
with, and recorded as a liability on the balance sheet of, the Custodian (through any of its branches) and “Off Book Cash” means the currency is maintained in a deposit account with, and recorded as a liability on the balance sheet of, a
Subcustodian (through any of its branches). The Custodian may change the designation of a currency as On Book or Off Book from time to time. Clients will find the designation of currencies as On Book Cash and Off Book Cash, and any changes to such
designations, in the Client Publications. 

  

	 	4.3	 Cash Records. The Custodian will reflect Cash balances held in all On Book and Off Book Client
deposit accounts on its books and records and report the balances to the Client. 

  

	 	4.4	 Banking Relationship. 

The Custodian shall open and maintain upon the terms of this Agreement a separate deposit account or accounts in the United States in the name
of the Client, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall credit to 

  

					
	Information Classification: Limited Access
	3	  	GCA.US40ACT.20210617	  	

 
the deposit account or accounts, subject to the provisions hereof, all cash received by the Custodian from or for the account of the Client, other than cash maintained by the Client in a deposit
account established and used in accordance with Rule 17f-3 under the 1940 Act or cash maintained with a Subcustodian per Section 4.2 above. In accepting deposits under this Agreement, the Custodian (for
On Book Cash) or the relevant Subcustodian (for Off Book Cash) acts as banker and does not hold the money deposited on trust or segregated from its proprietary assets. Accordingly, the Client is an unsecured creditor of the Custodian (for On Book
Cash) or the relevant Subcustodian (for Off Book Cash), subject to such rights as may arise in an Insolvency Event as determined under the laws of the jurisdiction of the Custodian or relevant Subcustodian. With respect to Off Book Cash, the
Custodian is only responsible for returning the actual amount that the Custodian receives from the Subcustodian. 
  

	 	4.5	 Interest and Charges. Cash Accounts may be interest bearing or
non-interest bearing and may be subject to charges or fees on the deposit balance or on a per account basis. The Custodian or the relevant Subcustodian will determine on a periodic basis:

  

	 	4.5.1	 the interest rates, if any, (which may be positive, zero or negative) or equivalent charges or fees paid
or charged to the Client from time to time with respect to a Cash Account; and 

  

	 	4.5.2	 the overdraft rates or equivalent charges or fees and the applicable overdraft thresholds (if any) that
will trigger interest charges from time to time for overdrafts, 

 in each case, acting in their sole discretion, taking
into account market conditions and other relevant commercial considerations. Interest and overdraft rates or other account charges or fees will vary by currency. Details on current rates and deposit account charges are available upon request. 

 

	 	4.6	 Overdrafts. The Client must maintain sufficient funds in the Cash Accounts to settle all transactions in
the applicable currencies in a timely manner. The Custodian or its Subcustodians may, but are not required to, extend credit under this Agreement. The Custodian reserves the right to decline to process any Proper Instruction or settle any
transaction that would result in an overdraft of the Cash Account. If an overdraft arises in the Cash Account, the Client agrees to repay the principal amount of the overdraft upon demand by the Custodian or within five Business Days, whichever is
earlier, plus any applicable overdraft fees and interest on the principal overdraft. 

  

	 	4.7	 Payment of Moneys. 

 

	 	(a)	 Upon receipt of Proper Instructions, which may be standing instructions, the Custodian shall pay out from the
respective Cash Account designated by the Client (or remit to its agents or its sub-custodian, and direct them to pay out) moneys of the Client on deposit therein in the following cases: 

 

	 	(i)	 upon the purchase of Securities for the Client pursuant to such Proper Instruction; and such purchase may,
unless and except to the extent otherwise directed by Proper Instructions, be carried out by the Custodian: 

  

	 	(A)	 in accordance with the customary or established practices and procedures in the jurisdiction or market where
the transactions occur, including delivering money to the seller thereof or to a dealer therefor (or any agent for such seller or dealer) against expectation of receiving later delivery of such Securities; or 

 

	 	(B)	 in the case of a purchase effected through a CSD, in accordance with the rules governing the operation of such
CSD; 

  
 4 

	 	(ii)	 for the purchase or sale of foreign exchange or foreign exchange agreements for the accounts of the Client,
including transactions executed with or through the Custodian or its sub-custodian; and 

  

	 	(iii)	 for any other purpose directed by the Client, but only upon receipt of Proper Instructions specifying the
amount of such payment, and naming the person or persons to whom such payment is to be made. 

 Transaction Settlement 

 

	 	5.1	 Settlement. The Custodian will settle all transactions in accordance with Local Market Practice, which
may not always be on a delivery-versus-payment or receipt-versus-payment basis. Except as otherwise provided below regarding Contractual Settlement, the Custodian will credit or debit the appropriate Cash Account on an actual settlement or payment
basis. 

  

	 	5.2	 Contractual Settlement. In order to facilitate transaction settlement, the Custodian may provisionally
credit settlement, maturity or redemption proceeds, or income, dividends and other distributions, on a contractual settlement or predetermined income basis (“Contractual Settlement”), for markets, securities and eligible clients as
determined and notified by the Custodian in the Client Publications. The Custodian can terminate or suspend Contractual Settlement for markets, securities or particular clients at any time. 

 

	 	5.3	 Use of Funds. Where Contractual Settlement applies, the Custodian will credit or debit the appropriate
Cash Account on the contractual settlement date or payable date for the relevant transaction. This means that (i) the Client will have use of the funds from the date that a sale was contracted to settle or the payable date, which may be earlier
than the date payment actually occurs and (ii) the Custodian will have use of the funds debited from the Cash Account from the date that a purchase was contracted to settle until the date that settlement actually occurs. 

 

	 	5.4	 Reversal. The Custodian may reverse any Contractual Settlement credit at any time before actual receipt
of the cash payment associated with the credit if the Custodian determines, in its reasonable judgement, that such payment will not be received within 30 days for that transaction or if the Custodian suspends or terminates the provision of
Contractual Settlement for those Securities in that market. The Custodian will generally notify the Client two Business Days before any such reversal. 

  

	 	5.5	 Secured Liability. To the extent that the Custodian has not received the cash payment associated with a
credit, the amount credited remains a Secured Liability under this Agreement. 

  

	6	 Corporate Actions 

 

	 	6.1	 Transmit Information. The Custodian will promptly transmit or make available to the Client all material
written information customarily provided by a professional global custodian regarding an applicable Corporate Action, or a brief synopsis of that information, affecting Securities then being held under this Agreement, where (i) that information
is received directly from issuers of such Securities or from CSDs or Subcustodians or (ii) that information is publicly available in the relevant market from standard vendors routinely used by professional global custodians provided that the
Custodian can verify the accuracy of such information. The Custodian will transmit or make available such Corporate Action data it receives from primary sources (issuers, CSDs and Subcustodians) without further review although it will generally note
if such information is single sourced. The Custodian generally will not transmit or make available such Corporate Action data it receives from secondary sources (vendors) unless the accuracy of that information can be verified against at least one
additional source. 

  

					
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	 	6.2	 Exercise. The Custodian will process the Client’s elections with respect to any voluntary Corporate
Action at the direction of the Client provided it has actual possession of the relevant Securities and it has received Proper Instructions by the deadline specified in the Custodian’s Corporate Action notification (“Corporate Actions
Deadline Date”). The Custodian will use reasonable efforts to effect Proper Instructions received after that deadline but will have no responsibility for any failure to exercise such instructions accurately or timely. In the absence of
receiving Proper Instructions by the Corporate Actions Deadline Date, the Custodian may take the default action specified in the corporate action notification. In the event of a mandatory Corporate Action, the Custodian will act without Proper
Instructions in accordance with Section 22.10. 

  

	 	6.3	 Class Actions. The Custodian will transmit written information received by the
Custodian regarding any class action litigation to the extent set out in the Client Publications. The Custodian will not support class action participation by the Client beyond such forwarding of written information. In no event will the Custodian
act as a lead plaintiff in a class action. 

  

	 	6.4	 Fractional Positions. Fractional positions resulting from Corporate Actions will be dealt with in
accordance with the Client Publications. 

  

	7	 Proxy Servicing 

 

	 	7.1	 Transmit Information. The Custodian will forward to the Client all proxies received by the Custodian
relating to the Securities then held under this Agreement, for the markets designated in the Client Publications, unless otherwise instructed by the Client. The Custodian will use an agent to assist in the receipt and distribution of proxies
and will share the Client’s position and contact information to facilitate such collection and distribution. 

  

	 	7.2	 Voting. The Custodian provides proxy voting services for the markets designated in the Client
Publications. The Custodian will cause eligible proxies to be promptly executed by the registered holder in accordance with Proper Instructions and delivered to the issuer of the Securities or its designated agent. In order for the Custodian to
provide the voting services, the Custodian must have received such Proper Instructions, must have actual possession of the relevant Securities, and all requirements set out in the Client Publications must have been met, including where applicable
receiving an executed power of attorney, in each case by the deadline specified in the Custodian’s proxy notification. 

  

	8	 Income Collection 

 

	 	8.1	 Monitoring and Crediting. The Custodian will use reasonable efforts to monitor and collect on a timely
basis, in accordance with Local Market Practice, all income and other payments to which the Client is entitled in respect of the Securities held under this Agreement and Securities on loan through the securities lending program sponsored by the
Custodian or its Affiliates. The Custodian will credit such amounts to the Cash Account of the Client as received, except where Contractual Settlement applies. 

 

	 	8.2	 Repatriation of Income. The Client is responsible for directing the repatriation of income into the base
currency of the Portfolio or another currency selected by the Client, and may enter into separate arrangements to do so, as set out in Section 13 of this Agreement. 

 

	9	 Statements and Reports 

 

	 	9.1	 Contents. The Custodian will make available reports to the Client regarding the Portfolio on a daily
basis as selected by the Client from certain online tools made available from time to time by the Custodian or as otherwise agreed with the Client. The reports will include Cash balances, an itemized statement of Securities and Cash and Securities
transaction activity. Market values contained in these reports are unaudited and based on the Custodian’s standard pricing vendors and practices. These reports will not include net asset value calculations. 

  
 6 

	 	9.2	 Cash and Securities Not Held. The Custodian may agree to incorporate information in respect of cash or
securities not held by the Custodian. In making available such information to the Client, the Custodian will rely upon the information provided by the Client or a third party without any requirement to verify the accuracy of such information. The
Custodian will not perform any other Services in relation to such cash or securities. 

  

	10	 Tax Withholding and Tax Relief 

 

	 	10.1	 Withholding. The Custodian will withhold (or cause to be withheld) the amount of any tax which is
required to be withheld by the Custodian or Subcustodian under the Law applicable to the Custodian or Subcustodian based on the Client’s domicile and entity type in respect of any dividend, interest income or other distribution in relation to
any Security, and/or the proceeds or income from the sale or other transfer of any Security held by the Custodian. If the Client has not provided the requisite information and documentation, the Custodian is obligated to arrange for maximum
withholding. In certain markets, the Client will be required to hire a local tax agent to calculate withholding, as set out in the Client Publications. 

  

	 	10.2	 Tax Relief. The Custodian will apply for a reduction of withholding tax and refund of any tax paid or
tax credits in respect of income payments on Securities based on the Client’s entitlement under relevant tax treaties or laws which apply in each market that supports a standard tax reclaim process, in all cases as may be set out from time to
time in the Client Publications. The Custodian does not facilitate tax reclaims for tax transparent or pass-through (i.e., multiple-beneficiary) entities such as partnerships, LLCs, common trusts or any other types of entities that are
generally ineligible for tax treaty or domestic law tax entitlements, even where the partners or beneficial holders of such entities may be eligible. 

  

	 	10.3	 Documentation. In order for the Custodian to perform the services in this Section 10, the Client
will provide the Custodian such information and documentation as may be required from time to time by the Custodian for tax purposes, including documentary evidence of its tax domicile, and its entity type and details of any special ruling or
treatment to which the Client may be entitled in relation to countries where the Client engages or proposes to engage in investment activity or where Securities are or will be held. The Client is responsible for ensuring the documentation and
information provided is true and accurate in all material respects and will promptly provide the Custodian with all necessary corrections or updates upon becoming aware of any changes or inaccuracies in the documentation or information supplied. The
provision of documentation and information under this Section 10.3 will be taken to be a Proper Instruction upon which the Custodian will be entitled to rely for all purposes under this Section 10, including calculating withholding and
determining available tax relief, without the need to undertake any further inquiries or verification.  

  

	 	10.4	 Client Responsible for Taxes. The Client will be liable for all taxes, levies or similar obligations
which arise as a result of the Client’s investment activity, including in relation to any Cash or Securities held by the Custodian on behalf of the Client, or any related transactions. If any taxes become payable in relation to any prior
payment made to the Client by the Custodian, the Custodian may withhold any credit balance in the Client’s Cash Accounts to the extent necessary to satisfy such tax obligation. The Client will also remain liable for any tax deficiency.

  

	 	10.5	 No Tax Advice. The Client acknowledges that the Custodian is not, and will not be deemed to be,
providing tax advice or tax counsel. 

  

					
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	11	 Physical Safekeeping of Investment Documents 

 

	 	11.1	 Document Safekeeping. The Custodian may agree to provide physical safekeeping for Investment Documents
delivered to it and will return such Investment Documents to the Client upon receipt of Proper Instructions, subject to additional documentation and other requirements as the Custodian may specify from time to time. 

 

	 	11.2	 No Other Services. The Custodian will not otherwise perform any other Services in relation to such
Investment Documents. 

  

	12	 Alternative Asset Servicing 

 

	 	12.1	 Alternative Assets. The Custodian may agree to reflect the Client’s Alternative Assets on its
books, records or statements. Unless otherwise agreed in writing, the Custodian will not perform any other services or assume any obligations in relation to Alternative Assets. The Custodian may, in limited cases, agree to register the Client’s
interests in Alternative Assets in the name of the Custodian, subject to additional documentation and other requirements as the Custodian may specify from time to time. 

 

	13	 Foreign Exchange 

 

	 	13.1	 Role of Custodian. The role of the Custodian with respect to foreign exchange transactions is limited to
facilitating the processing and settlement of such transactions. The Custodian does not have any agency, trust or fiduciary obligation to the Client or any other person in connection with the execution of any foreign exchange transactions, other
than the obligation as agent to process the Proper Instructions given by the Client. 

  

	 	13.2	 Role of Counterparties. If the Client enters into any foreign exchange transaction with State Street
Bank and Trust Company, a Subcustodian or any of their Affiliates, the Client does so on the basis that these entities are acting as a principal dealer and counterparty, and not as fiduciary or agent to the Client, and the execution services are
governed by separate arrangements (including pricing) and do not form part of the Services provided by the Custodian under this Agreement. This applies to foreign exchange transactions entered into by the Client directly with the trading desk of
these entities or by Proper Instruction to the Custodian using the indirect foreign exchange services described in the Client Publications. 

  

	14	 Subcustodians 

 

	 	14.1	 Use of Subcustodians. The Custodian is authorized to utilize Subcustodians in connection with its
performance of the Services, and will notify the Client of the Subcustodians so employed from time to time through the Client Publications.  

 

	 	14.2	 Selection and Monitoring. The Custodian will use reasonable skill, care and diligence in the selection,
monitoring and continued utilization of Subcustodians by taking the following actions: (i) annually assess the financial condition of each Subcustodian by reviewing their publicly available financial information, (ii) on a daily basis
monitoring the performance by each Subcustodian’ of its duties relative to the Services, and (iii) confirming on an annual basis that each Subcustodian is licensed to act as a subcustodian in its relevant market. 

 

	 	14.3	 Special Subcustodians. At the request of the Client, the Custodian may agree to appoint one or more
qualified banks, trust companies or other entities designated by the Client to act as a subcustodian (each a “Special Subcustodian”) for purposes specified by the Client. In connection with the appointment of a Special Subcustodian, the
Custodian shall enter into a tri-party subcustodian agreement with the Special Subcustodian and the Client in form and substance approved the Custodian, provided that such agreement shall comply with Law
applicable to the Client and shall be consistent with the terms and provisions of this Agreement, to the extent practicable. 

  
 8 

	 	14.4.	 Provisions Relating to Rule 17f-5. The parties
agree the following:  

  

	 	14.4.1	 Delegation. The Client, by resolution of its Board, delegates to the Custodian, pursuant to Rule 17f-5(b), the obligations to perform as the Client’s Foreign Custody Manager and, unless the Custodian advises the Customer that it does not accept such delegation with respect to a country, the Custodian
accepts such delegation. The Custodian acting in this capacity shall be referred to as the “Foreign Custody Manager.” 

  

	 	14.4.2	 Exercise of Care as Foreign Custody Manager. The Foreign Custody Manager will exercise such reasonable
care, prudence and diligence in performing the delegated responsibilities as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise. 

 

	 	14.4.3	 Foreign Custody Arrangements. The Foreign Custody Manager will perform the delegated responsibilities
only with respect to Covered Foreign Countries and will provide the Client with a list on Schedule A of the Eligible Foreign Custodian(s) it selects to maintain the Client’s Foreign Assets in each Covered Foreign Country. The Foreign Custody
Manager may amend the list from time to time in its sole discretion upon notice to the Client. 

  

	 	14.4.4	 Scope of Delegated Responsibilities. The Foreign Custody Manager, when placing and maintaining Foreign
Assets in the care of an Eligible Foreign Custodian, will determine that: (i) the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by the
Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1), and (ii) the contract between
the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager will establish a system
to monitor (a) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian, and (b) the performance of the contract governing the foreign custody arrangements. The Foreign Custody Manager will notify the
Client if it determines that the custody arrangements with an Eligible Foreign Custodian are no longer appropriate and will act in accordance with the Client’s Proper Instructions with respect to the disposition of the affected Foreign Assets.

  

	 	14.4.5	 Reporting Requirements. The Foreign Custody Manager will (i) report the withdrawal of Foreign
Assets from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Client an updated Schedule A at the end of the calendar quarter in which the action has occurred, and
(ii) after the occurrence of any other material change in the foreign custody arrangements of the Client, make a written report available to the Client containing a notification of the change. 

  

					
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	 	14.4.6	 Representations of Foreign Custody Manager and Client. The Foreign Custody Manager represents to Client
that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5(a)(7). Client represents to the Custodian that its Board has (i) determined that it is reasonable for the Board to rely on the Custodian
to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Client, and (ii) considered and determined to accept the risk described in the first sentence of Section 18.2 as is
incurred by placing and maintaining the Client’s Foreign Assets in each Covered Foreign Country. 

  

	 	14.4.7.	 Withdrawal of Acceptance of Delegation as Foreign Custody Manager. Upon reasonable prior written notice
to the Client, the Foreign Custody Manager may withdraw its acceptance of such delegated responsibilities generally or with respect to a specified Covered Foreign Country, and the Custodian will have no further responsibility in its capacity as
Foreign Custody Manager to the Client generally or with respect to the designated Covered Foreign Country, as applicable. 

  

	 	14.4.8.	 Settlement Practices. The Custodian will provide to each Client the information with respect to custody
and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at the time or times set out on the Schedule. The Custodian may revise Schedule C from time to time, but no revision will
result in a Client being provided with substantively less information than had been previously provided on Schedule C. 

  

	15	 Central Securities Depositories 

 

	 	15.1	 Use of Central Securities Depositories. The Custodian and its Subcustodians will use CSDs in connection
with the performance of the Services, and will notify the Client of the CSDs so employed from time to time through the Client Publications. 

  

	 	15.2	 Rules of Central Securities Depositories. Where the Custodian or its Subcustodians use CSDs, the Client
acknowledges that they will do so in accordance with the terms and conditions of participation or membership in such CSDs and the rules and procedures governing the operation thereof. 

 

	 	15.3	 Provisions Relating to Rule 17f-4. The Custodian may deposit and
maintain securities or other financial assets of the Client in a U.S. CSD in compliance with the conditions of Rule 17f-4. 

 

	 	15.4	 Provisions Relating to Rule 17f-7. The Custodian will
(i) provide the Client or its Investment Manager with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set out on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7, (ii) monitor such risks on a continuing basis and promptly notify the Client or its Investment Manager of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7, and (iii) exercise reasonable care, prudence and diligence in performing the requirements in subsections (i) and (ii) above. 

 

	15A.	 Delegation 

  

	 	15.5	 Use of Delegates. The Custodian will have the right, without prior notice to or the consent of the
Client, to employ Delegates to provide or assist it in the provision of any part of the Services other than Services required by Law applicable to either Party to be performed by a qualified custodian or CSD. Unless otherwise agreed in a fee
schedule, the Custodian will be responsible for the compensation of its Delegates. 

  
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	 	15.6	 Provision of Information Regarding Delegates. The Custodian will provide or make available to the Client
on a quarterly or other periodic basis information regarding its global operating model for the delivery of the Services, which information will include the identities of Delegates affiliated with the Custodian that perform or may perform any part
of the Services, and the locations from which such Delegates perform Services, as well as such other information about its Delegates as the Client may reasonably request from time to time. 

 

	 	15.7	 Third Parties. Nothing in this Section limits or restricts the Custodian’s right to use Affiliates
or third parties to perform or discharge, or assist it in the performance or discharge of, any obligations or duties under this Agreement other than the provision of the Services. 

 

	16	 Standard of Care and Liability 

 

	 	16.1	 Standard of Care. The Custodian will at all times exercise the reasonable skill, care and diligence
expected of a professional provider of custody services to institutional investors and act in good faith and in accordance with generally applicable industry standards and practices in the performance of its duties under this Agreement.

  

	 	16.2	 Liability for Losses. Subject to the limitations and exclusions of liability in this Agreement, the
Custodian will be liable for Losses suffered or incurred by the Client to the extent such Losses are caused by the negligence, wilful misconduct, or bad faith of the Custodian in the performance of its obligations under this Agreement. The parties
agree that “negligence” will mean a breach by the Custodian of its obligation to exercise the standard of care described in Section 17.1 above. 

 

	 	16.3	 Responsibility for Subcustodians. The Custodian will be liable to the Client for the acts and omissions
of its Subcustodians as if it had committed such acts and omissions itself; provided that: 

  

	 	16.3.1	 compliance with the standard of care set out in Section 17.1 will be assessed in accordance with
the standards and circumstances prevailing at the time of the act or omission in the local market or jurisdiction in which the Subcustodian is providing the relevant Services; and 

 

	 	16.3.2	 the Custodian will have no liability for Losses resulting from the insolvency or other financial default
of a Subcustodian that is not an Affiliate of the Custodian except to the extent that such Losses are caused by the failure of the Custodian to exercise reasonable skill, care and diligence in the selection, monitoring and continued utilization of
the Subcustodian as required under Section 14.2. 

  

	 	16.4	 Responsibility for Special Subcustodians. Notwithstanding the provisions of Section 17.3 to the
contrary, the Custodian shall not be liable to the Client for Losses suffered or incurred by the Client resulting from the acts or omissions of a Special Subcustodian, except to the extent such Losses are caused by the negligence, wilful default or
fraud of the Custodian. In the event of any such Loss, the Custodian shall use commercially reasonable efforts to enforce such rights as it may have against any Special Subcustodian. 

 

	 	16.5	 Responsibility for Delegates. The Custodian will be liable to the Client for the acts and omissions of
its Delegates as if it had committed such acts and omissions itself. 

  

	 	16.6	 Force Majeure. Neither Party will be in breach of this Agreement or liable for Losses arising by reason
of the occurrence of a Force Majeure Event that prevents, hinders or delays it from or in performing its obligations under this Agreement, except, in the case of the Custodian, to the extent that such Losses are attributable to its breach of its
business continuity obligations under this Agreement. 

  

					
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	 	16.7	 No Liability for Certain Losses. The Custodian will not be liable to the Client for any Losses to the
extent they arise from or are caused by: 

  

	 	16.7.1	 the Custodian acting upon any (i) Proper Instruction or (ii) if a Proper Instruction is not
required in a particular circumstance, any other instruction, information, notice, request, consent, certificate, instrument or other writing that the Custodian reasonably believes to be genuine and to be signed or otherwise given by or on behalf of
a person authorized to do so; 

  

	 	16.7.2	 a delay in processing or any failure to process any Proper Instruction to the extent permitted under
Section 22, subject to the satisfaction of the conditions set out in that Section, as applicable; 

  

	 	16.7.3	 the failure of the Client or any person authorized by it to comply with the Client’s obligations
under this Agreement; or 

  

	 	16.7.4	 any other acts and omissions of the Client, any person authorized by it or any third party, including
any Third Party Agent, Market Participant, Authorized Data Source, CSD, or Financial Market Utility.  

  

	 	16.8	 Mutual Exclusion of Indirect and Other Loss. Notwithstanding any other provision of this Agreement,
neither Party will be liable to the other for: (i) indirect, consequential, speculative, punitive or special Loss or (ii) loss of profit, revenue, opportunity, business, anticipated savings, goodwill and damage to reputation, or Loss of
any similar kind; in each case whether or not a Party has been advised of or otherwise could have anticipated the possibility of such losses, except to the extent any such losses cannot be excluded or limited as a matter of Law applicable to either
Party. 

  

	17	 Error Correction 

 

	 	17.1	 Error Correction. If an error results from an act or omission of the Custodian in performing the
services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent
reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will
be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when
permitted by Law. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated. 

  

	18	 Limits on the Scope of the Services 

 

	 	18.1	 No Fiduciary or Implied Duties. The Custodian is responsible only for the duties it has expressly
undertaken under this Agreement and no other duties will be implied or inferred, including any fiduciary duties, except to the extent such fiduciary duties may not be disclaimed as a matter of Law. 

 

	 	18.2	 Investment and Other Risk, Client Compliance Matters. The Client bears the risk of investing in
Securities or other assets or holding cash denominated in any currency or holding assets in a particular market, including investment risk and risk arising from the political, regulatory, legal or financial infrastructure of such market or otherwise
arising from Local Market Practice. The Custodian is not responsible for monitoring or enforcing compliance by the Client or its Investment Manager(s) with any investment or other restriction, guideline or requirement imposed by the Client’s
constituent documents or by contract or Law applicable to the Client in connection with investment activity undertaken by or on behalf of the Client. 

  
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	 	18.3	 Data Accuracy. The Custodian has no responsibility for, or duty to review, verify or otherwise perform
any investigation as to the completeness, accuracy or sufficiency of, any data or information provided by or on behalf of the Client, any persons authorized by the Client, any Third Party Agent, any Market Participant or any Authorized Data Sources,
except to the extent the Custodian has agreed in writing to perform reconciliations, variance or tolerance checks or other specific forms of data review under this Agreement. 

 

	 	18.4	 Title. The Custodian is not responsible for title or entitlement to, validity or genuineness, including
good deliverable form, of any asset received by the Custodian. 

  

	 	18.5	 Proceedings. The Custodian is not responsible for commencing legal or administrative proceedings on
behalf of the Client or relating to the assets held under this Agreement, including in respect of the late payment of income or other payments due to the Client or amounts payable on Securities in default if payment is refused after due demand and
presentment. 

  

	 	18.6	 Laws Applicable to the Custodian or Subcustodian. Laws applicable to the Custodian or a Subcustodian may
from time to time prohibit or cause delays in the Custodian holding assets, acting on Proper Instructions or providing the Services to the Client in the manner contemplated by this Agreement. In such cases, the Custodian or Subcustodian will be
entitled to comply with the Law and, where permitted by such Law, the Parties will seek to resolve the situation to the Parties’ mutual satisfaction. 

  

	 	18.7	 Securities on Loan. Asset servicing is not generally performed for securities on loan unless otherwise
noted in this Agreement or agreed by the Parties in writing. Provision of such services with respect to securities on loan may be covered by a separate securities lending or services agreement. 

 

	19	 Indemnity 

  

	 	19.1	 Indemnity by Client. Subject to this Section 20 and the exclusions and limitations of
liability elsewhere in this Agreement, including Section 17.8, the Client will indemnify the Custodian against any direct Losses incurred by the Custodian (including Losses incurred by Subcustodians or Delegates for which the Custodian is
liable) in connection with the performance of its duties under this Agreement, including acting on Proper Instructions and Losses incurred by virtue of being the holder of record of the Client’s Securities, except, in each case, to the extent
such Losses result from the Custodian’s negligence, wilful default or fraud (or that of its Subcustodians or Delegates) in the discharge of the Custodian’s duties under this Agreement. 

 

	 	19.2	 Indemnity by Custodian. Subject to this Section 20 and the exclusions and limitations of liability
elsewhere in this Agreement, including Section 17.7 and 17.8, the Custodian will indemnify the Client against any direct Losses incurred by the Client, in each case, to the extent such Losses result from the negligence, wilful default or fraud
of the Custodian (or that of its Subcustodians or Delegates) in the discharge of the Custodian’s duties under this Agreement. 

  

	 	19.3	 Duty to Mitigate. Each Party will use reasonable efforts to mitigate any Losses in respect of which it
claims indemnification under this Agreement. 

  

	 	19.4	 Notice of Claims. A Party seeking indemnification under this Section (“Indemnified Party”)
against a third-party claim (“Indemnified Claim”) will promptly provide written notice of such claim to the Party obligated to indemnify (“Indemnifying Party”). The failure to notify the Indemnifying Party will not relieve such
Party of any liability under this Section, except to the extent that such failure materially prejudices the investigation and/or defense of the Indemnified Claim. 

  

					
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	 	19.5	 Right to Control Third Party Claims. The Indemnifying Party will, at its own expense, be entitled but
not obligated to control and direct the investigation and defense of any Indemnified Claim, except where the Custodian is the Indemnified Party and is seeking indemnification from multiple customers for claims based on common facts or otherwise
related to the Indemnified Claim, in which case the Custodian will have the right to control and direct the investigation and defense of such claim, at the expense of (i) the Indemnifying Party or (ii) all of the customers from which
indemnification is sought, including the Indemnifying Party, pro rata, as appropriate. Where the Indemnifying Party controls and directs the investigation of the defence of the Indemnified Claim, the Indemnified Party may retain separate counsel at
its own expense. If a conflict of interest exists between the Parties with respect to the defense of such claim, the reasonable cost of separate counsel will be an indemnified expense. 

 

	 	19.6	 Settlement of Claims. Neither Party may settle an Indemnified Claim without the consent of the other
Party, which consent will not be unreasonably withheld, conditioned or delayed, provided that the Indemnifying Party will have the right to settle an Indemnified Claim without the consent of the Indemnified Party if such settlement:

  

	 	19.6.1	 involves only the payment of money; 

 

	 	19.6.2	 fully and unconditionally releases the Indemnified Party from any liability in exchange for the amount
paid in settlement; and 

  

	 	19.6.3	 does not include any admission of fault or liability in relation to the Indemnified Party.

  

	 	19.7	 Cooperation. In all cases, each Party will, as applicable, provide reasonable cooperation and assistance
to the other Party and keep the other Party apprised as to the status of the Indemnified Claim, including any discussions relating to the settlement of the claim and the details of any settlement offer. 

 

	20	 Obligations of the Client 

 

	 	20.1	 Provide Information. The Client will provide or cause to be provided to the Custodian all data,
information, documents and instructions concerning the Client and the investment activity of the Client in relation to the Portfolio as may be reasonably necessary or as the Custodian may reasonably request, in each case in a complete, accurate and
timely manner, in order to enable the Custodian to discharge its duties under this Agreement. 

  

	 	20.2	 AML Compliance. The Client will comply with all applicable anti-money laundering, sanctions or other
financial crime legislation applicable to it and will provide the Custodian with all necessary sanctions questionnaires, declarations and other documentation in order for the Custodian to comply with its anti-money laundering policy.

  

	 	20.3	 Pass Through Representations. To the extent that the Custodian is required to give (or is deemed to have
given) any representation, warranty or undertaking to a third party relating to the Client in accordance with normal market practice in connection with the execution of transaction documents or the issuance or transmission of trade notifications,
confirmations and/or settlement instructions, whether using facsimile transmission, industry messaging or matching utilities and/or the proprietary software of Third Party Agents and Market Participants, CSDs or other Financial Market Utilities, the
Client will be deemed to have made such representation, warranty or undertaking to the Custodian. 

  
 14 

	 	20.4	 Operational Requirements. The Client will adhere to the deadlines and other operational requirements set
out in the Client Publications, to facilitate meeting the requirements of CSD’s,Third Party Agents and Market Participants. 

  

	 	20.5	 Client Review and Notification. In accordance with standard market practice, the Client will employ
commercially reasonable review and control measures with respect to information provided by the Custodian under this Agreement and give the Custodian prompt written notice of any suspected error or omission or the Client’s inability to access
any such Information so as to prevent, stem or mitigate any Losses that may arise from the use of inaccurate data or the inaccessibility of data. 

  

	 	20.6	 Fees. In consideration for the Services provided by the Custodian, the Client will pay the Fees as
agreed in a written fee schedule or otherwise agreed in writing by the Parties from time to time. The Fees and any other amounts payable under this Agreement are stated exclusive of any sales, use, excise, value-added, services, consumption,
withholding or other similar tax that is assessed on the supply of the Services under an agreement. Any such tax will be payable by the Client. 

  

	 	20.7	 Client Publications. The Client will ensure that it provides the Custodian with and regularly updates,
as necessary, e-mail and other contact details for its representatives to enable timely distribution and receipt of the Client Publications. 

 

	21	 Proper Instructions 

 

	 	21.1	 Dealings in Cash and Securities. The Custodian will effect all transactions and dealings in Cash and
Securities under this Agreement in accordance with Proper Instructions, subject to any other rights it may have under this Agreement. 

  

	 	21.2	 Appointment of Authorized Persons. The Client and each Investment Manager will provide the Custodian
with a list of the names and (if applicable) signatures, of Authorized Persons in a form agreed by the parties from time to time. The Custodian may rely upon the authority of each Authorized Person until it receives written notice to the contrary
from the Client and has had a reasonable time to act on such notice. 

  

	 	21.3	 Authentication Procedures. The Custodian will implement Authentication Procedures. The Client
acknowledges that the Authentication Procedures are intended to provide a commercially reasonable degree of protection against unauthorized transactions of certain types and are not designed to detect errors. Any purported Proper Instruction
received by the Custodian in accordance with an Authentication Procedure will be taken to have originated from an Authorized Person and will constitute a Proper Instruction under this Agreement for all purposes. 

 

	 	21.4	 Security Measures by Client. The Client is responsible for ensuring that appropriate security measures
are implemented to prevent unauthorized disclosure or use of any Authentication Procedure made available to it or an Investment Manager in connection with this Agreement. 

 

	 	21.5	 No Duty to Verify. Except to the extent the Custodian is required to comply with Authentication
Procedures under Section 22.3 above, the Custodian has no duty to verify that personnel of the Client or any Investment Manager engaged in investment activity are authorized to do so or that any instructions received by the Custodian are duly
authorized. 

  

	 	21.6	 Decline/Delay in Processing. The Custodian reserves the right to decline to process or delay the
processing of any purported Proper Instruction where: 

  

	 	21.6.1	 the Custodian, in good faith, determines that the instruction may not have been properly authorized;

  

					
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	 	21.6.2	 the instruction is inaccurate, incomplete or unclear; 

 

	 	21.6.3	 the instruction conflicts with the terms of this Agreement or any Law applicable to either Party, Local
Market Practice or the Custodian’s standard operating procedures; or 

  

	 	21.6.4	 the Custodian has not been given a reasonable time period to effect the instruction.

 In these circumstances, the Custodian will promptly seek authentication, clarification, correction or amendment of any
Proper Instruction, as the case may be. 
  

	 	21.7	 Cancellation and Amendment. The Custodian will use reasonable efforts to act on Proper Instructions to
cancel or amend previously issued Proper Instructions if: 

  

	 	21.7.1	 the Custodian has not already acted on the previously issued Proper Instructions; and

  

	 	21.7.2	 the Proper Instruction to cancel or amend is received before the applicable deadlines specified from
time to time in the Client Publications or applicable event notification. 

 The Custodian is not responsible or liable if
the request to cancel or amend cannot be satisfied. 
  

	 	21.8	 Oral Instructions. If applicable, the Custodian may act on an oral instruction (given in accordance with
an agreed Authentication Procedure) before receipt of any written confirmation and irrespective of whether any subsequent written confirmation conforms to the oral instruction. 

 

	 	21.9	 Conflicting Claims. If there is a dispute or conflicting claim with respect to Securities or Cash held
by the Custodian under this Agreement, the Custodian is entitled to refuse to act on a Proper Instruction of the Client or any Investment Manager in relation to the particular Securities or Cash until either (i) the dispute or conflicting
claims have been finally determined by a court of competent jurisdiction or settled by agreement between the conflicting parties, and the Custodian has received written evidence satisfactory to it of such determination or agreement, or (ii) the
Custodian has received an indemnity, security or both, satisfactory to it and sufficient to hold it harmless from and against any and all Losses which the Custodian may incur as a result of its actions.  

 

	 	21.10	 Matters Not Requiring Proper Instructions. The Client authorises the Custodian in the absence of Proper
Instructions to attend to all matters which may be reasonably necessary or appropriate to discharge its duties and give effect to the terms of this Agreement, including: 

 

	 	1)	 Make payments to itself or others for minor expenses of handling securities or other financial assets relating
to its duties under this Agreement; provided that all such payments shall be accounted for to the Client; 

  

	 	2)	 Surrender securities or other financial assets in temporary form for securities or other financial assets in
definitive form; 

  

	 	3)	 Endorse for collection, in the name of the Client, checks, drafts and other negotiable instruments; and

  

	 	4)	 In general, attend to all non-discretionary details in connection with
the sale, exchange, substitution, purchase, transfer and other dealings with the securities and other financial assets of the Client except as otherwise directed by the Board of Directors of the Client. 

  
 16 

	22	 Creditors Rights 

 

	 	22.1	 Security. To secure the full and timely satisfaction of all Secured Liabilities, the Client hereby
grants to the Custodian a security interest in and a right of retention, sale and set off, as applicable, against (i) all of the Client’s Cash, Securities, and other assets, whether now existing or hereafter acquired, in the possession or
under the control of the Custodian or its Subcustodians pursuant to this Agreement and (ii) any and all cash proceeds of any of the above (collectively, the “Collateral”). 

 

	 	22.2	 Rights of the Custodian. In the event that the Client fails to satisfy in full any of the Secured
Liabilities as and when due and payable, the Custodian will have, in addition to all other rights and remedies arising under this Agreement or under applicable Law, the rights and remedies of a secured party under applicable Law. Without prejudice
to the Custodian’s other rights and remedies, the Custodian will be entitled, in each case as and to the extent reasonably necessary to satisfy in full the Secured Liabilities and any related transaction expenses, to (a) exercise its right
of retention and withhold delivery of any Collateral and otherwise refuse to act on any Proper Instruction relating to such Collateral, (b) sell or otherwise realize any Collateral, and (c) set off the net proceeds of such sale or
realization of Collateral and/or the amount of any deposit balances standing to the credit of the Client in any Cash Account(s) against such Secured Liabilities. 

 

	 	22.3	 Exercise of Rights. The Custodian may exercise its rights and remedies against the Collateral in any
manner (including by any method, at any time or place, and on any terms) as it deems, in good faith, to be commercially reasonable under the circumstances, and will use reasonable efforts to effect any sale of Collateral at the prevailing market
price in the relevant market. Without limiting the foregoing, the Client acknowledges that it will be commercially reasonable for the Custodian to, among other things: (i) accelerate or cause the acceleration of the maturity of any fixed term
deposits comprised in the Collateral and (ii) effect any necessary currency conversions through its own trading desk at such exchange rates as it determines in its reasonable discretion, which rates may include a
mark-up from the rates the Custodian receives on the interbank market.  

  

	 	22.4	 Notice. The Custodian will use reasonable efforts to give the Client prior notice of any exercise of the
right to sell or otherwise realize Collateral set forth above, provided that the Custodian will not be obligated to give prior notice to the Client or delay exercising its rights pending or after the provision of such notice if, in its reasonable
judgment, giving such notice or any such delay would prejudice its ability to obtain satisfaction in full of the Secured Liabilities. 

  

	23	 Confidentiality and Use of Data 

 

	 	23.1	 Confidentiality 

 

	 	24.1.1	 No Disclosure Without Consent. Subject to Section 24.2 and
Section 24.3, Confidential Information will not be disclosed by the Receiving Party to any third party without the prior consent of the Disclosing Party. 

 

	 	24.1.2	 No limitations of obligations under Agreement or at Law. Except as expressly contemplated by this
Agreement, nothing in this Section 24 will limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and Law applicable to the Custodian. 

 

	 	24.2	 Use of Confidential Information and Data 

 

	 	24.2.1	 Use of Confidential Information and Data generally. Subject to this Section 24.2 and
Section 24.3, all Confidential Information, including Data, will be used by the Receiving Party for the purpose of providing or receiving services, as applicable, pursuant to this Agreement or otherwise discharging its obligations under this
Agreement. 

  

					
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	 	24.2.2	 Use of Data for Indicators. The Custodian and its Affiliates may use Data to develop, publish or
otherwise distribute to third parties certain investor behavior “indicators” or “indices” that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the
“Indicators”), but only so long as (i) the Data is combined or aggregated with (A) information relating to other customers of the Custodian and/or (B) information derived from other sources, in each case such that the
Indicators do not allow for attribution to or identification of such Data with the Client, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Custodian
publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except
as expressly permitted under this Agreement. 

  

	 	24.2.3	 Economic benefit from Indicators. The Client acknowledges that the Custodian may seek and realize
economic benefit from the publication or distribution of the Indicators. 

  

	 	24.3	 Disclosure of Confidential Information and Data 

 

	 	24.3.1	 Disclosure of Confidential Information to Representatives. The Receiving Party may disclose the
Disclosing Party’s Confidential Information without the Disclosing Party’s consent to its attorneys, accountants, auditors, consultants and other similar advisors that have a reasonable need to know such Confidential Information
(“Representatives”), provided such Confidential Information is disclosed under obligations of confidentiality that prohibit the disclosure or use of such Confidential Information by the Representatives for any purpose other than the
specific engagement with the Receiving Party for which the Representative has been retained and that are otherwise no less restrictive than the confidentiality obligations contained in this Agreement. The Parties acknowledge that use of Confidential
Information by a Representative to represent its other clients in dealing with the Disclosing Party would constitute a breach of this Section 24.3. Where the Custodian is the Receiving Party, “Representatives” will include its
Affiliates and Service Providers (as defined below). 

  

	 	24.3.2	 Disclosure and Use of Confidential Information by Custodian. The Custodian may disclose and permit use
(as applicable) of Confidential Information of the Client without the Client’s consent: 

  

	 	24.3.2.1	 to its Affiliates and any of its third-party agents and service providers (“Service
Providers”) in connection with the provision of services, the discharge of its obligations under this Agreement or the carrying out of any Proper Instruction, including in accordance with the standard practices or requirements of any Financial
Market Utility or in connection with the settlement, holding or administration of Cash, Securities or other instruments;  

  

	 	24.3.2.2	 to its Affiliates in connection with the management of the businesses of the Custodian and its
Affiliates, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management and marketing. 

	 	

  
 18 

 Where possible, such Confidential Information must be disclosed under obligations of
confidentiality or in a manner consistent with industry practice. 
  

	 	24.3.3	 Confidential Information and Cloud Computing and Storage. Each Party may store Confidential Information
with third-party providers of information technology services, and permit access to Confidential Information by such providers as reasonably necessary for the receipt of cloud computing and storage services and related hardware and software
maintenance and support. Such Confidential Information must be disclosed under obligations of confidentiality. 

  

	 	24.3.4	 Disclosure of Confidential Information to comply with law. The Receiving Party may disclose the
Disclosing Party’s Confidential Information to the extent such disclosure is required to satisfy any legal requirement (including in response to court-issued orders, investigative demands, subpoenas or similar processes or to satisfy the
requirements of any applicable regulatory authority). 

  

	 	24.3.5	 Harm of Unauthorized Disclosure of Confidential Information. Each Party acknowledges that the disclosure
to any non-authorized third party of Confidential Information or the use of Confidential Information in breach of this Agreement, may immediately give rise to continuing irreparable injury inadequately
compensable in damages at law, and in such cases the Receiving Party agrees to waive any defense that an adequate remedy at law is available if the Disclosing Party seeks to obtain injunctive relief against any such breach or any threatened breach.

  

	 	24.3.6	 Responsibility for Representatives. Each Party will be responsible for any use or disclosure of
Confidential Information of the Disclosing Party in breach of this Agreement by its Representatives as though such Party had used or disclosed such Confidential Information itself. 

 

	 	24.3.7	 No Disclosure to Custodian Asset Manager Division. In no event will the Custodian allow representatives
of its asset management division or Affiliates engaged in asset management to have access to or to use Confidential Information of the Client, including Data. 

 

	25	 Term and Termination 

 

	 	25.1	 Term. This Agreement will commence on the Effective Date and will continue until terminated in
accordance with this Section. 

  

	 	25.2	 Termination Rights. 

 

	 	25.2.1	 Prior Notice. The Parties agree that: 

 

	 	25.2.1.1	 the Client may terminate this Agreement by giving not less than 30 days’ prior written notice to the
Custodian; and 

  

	 	25.2.1.2	 the Custodian may terminate this Agreement by giving not less than 90 days’ prior written notice to the
Client. 

  

	 	25.2.2	 Immediate Effect. A Party may terminate this Agreement with immediate effect at any time by written
notice to the other Party, if: 

  

					
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	 	25.2.2.1	 an Insolvency Event occurs in relation to the other Party; 

 

	 	25.2.2.2	 such other Party is the Client and fails to pay any undisputed Fees as and when due and has failed to cure such
breach within 30 days of receipt of notice from the Custodian requesting it to do so; or 

  

	 	25.2.2.3	 such other Party commits a material breach of an obligation under this Agreement and has failed to cure such
breach within 30 days of receipt of notice requesting it to do so. 

 If the Custodian terminates this
Agreement pursuant to sub-sections 25.2.2.1, 25.2.2.2 or (provided that the Client has cured the relevant material breach) sub-section 25.2.2.3, the Custodian will
continue to provide the Services for a period of up to 270 days subject to payment in full of any overdue undisputed Fees and prepayment of the Fees reasonably expected to be incurred during such 270-day
period, or such other financial assurance reasonably acceptable to the Custodian. 
  

	 	25.3	 Actions on Termination. 

 

	 	25.3.1	 Successor Custodian. Upon termination of the Agreement, the Custodian will deliver the Portfolio to the
successor custodian designated by the Client in Proper Instructions. 

  

	 	25.3.2	 Remaining Portfolio. If any part of the Portfolio remains in the possession of the Custodian or its
Subcustodians after the date of termination because the Client fails to designate a successor custodian or otherwise, the Custodian may continue to provide the Services to the Client in consideration of the Fees, as if the Agreement had not
terminated. If no successor custodian has been appointed on or before the termination of this Agreement, then the Custodian will have the right to deliver to a bank or trust company, which is a “bank” as defined in the 1940 Act, doing
business in Boston, Massachusetts, or New York, New York, of its own selection, all Cash and Securities of the Client then held by the Custodian, and to transfer to an account of the bank or trust company all of the Securities of the Client held in
any CSD. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense
incurred by the Custodian, in connection with the transfer will be for the account of the Client. 

  

	 	25.3.3	 Payment of Fees. Upon termination of this Agreement, Fees will become due and payable for the period to
the date of such termination, or, if later, to the date at which any part of the Portfolio held by the Custodian has been fully transferred to a successor custodian or to the Client, other than Fees subject to a bona fide good faith dispute.

  

	26	 Representations and Warranties 

 

	 	26.1	 Each Party. Each Party represents and warrants to the other that: (i) it has the power to enter
into and perform its obligations under this Agreement; and (ii) it has duly executed this Agreement by duly authorized persons so as to constitute valid and binding obligations of that Party. 

 

	 	26.2	 Client. The Client further represents and warrants to the Custodian that: (i) it is the
beneficial owner of the assets comprising the Portfolio or is entitled to deal with the assets comprising the Portfolio under this Agreement as if it were beneficial owner; and (ii) unless otherwise agreed, the Client acts as principal for the
purposes of this Agreement and not as agent for another person. 

  
 20 

	 	26.3	 Custodian. The Custodian further represents and warrants to the Client that: (i) it holds such
authorisations and licences as are necessary to lawfully perform its obligations under this Agreement; and (ii) it will seek to maintain such authorisations and licenses for the term of this Agreement. 

 

	27	 Record Retention and Audit Rights 

 

	 	27.1	 Records. The Custodian will retain the records it is required to maintain under this Agreement in
accordance with the Law applicable to the Custodian, including in such manner as will meet the obligations of the Client under the 1940 Act, with particular attention to Section 31 thereof and Rules 31a-1
and 31a-2 thereunder. 

  

	 	27.2	 Client and Regulator Access. The Custodian will allow the Client and the Client’s regulators or
supervisory authorities to perform periodic on-site audits as may be reasonably required to examine the Custodian’s performance of the Services. 

 

	 	27.3	 Frequency and Scope. For inspections requested by the Client (such request will include reasonable
advance notice) and agreed to by the Custodian, the Custodian reserves the right to impose reasonable limitations on the number, frequency, timing, and scope of such audits. 

 

	 	27.4	 Limitations on Disclosure. Nothing contained in this Section will obligate the Custodian to provide
access to or otherwise disclose: (i) any information that is unrelated to the Client and the provision of the Services to the Client; (ii) any information that is treated as confidential under the Custodian’s corporate policies,
including, without limitation, internal audit reports, compliance or risk management plans or reports, work papers and other reports, and information relating to management functions; or (iii) any other documents, reports, or information that
the Custodian is obligated or entitled to maintain in confidence as a matter of law or regulation. In addition, any access provided to technology will be limited to a demonstration by the Custodian of the functionality thereof and a reasonable
opportunity to communicate with the Custodian’s personnel regarding such technology. 

  

	28	 Business Continuity, Internal Controls and Information Security 

 

	 	28.1	 Business Continuity Plans. The Custodian will at all times maintain a business contingency plan
and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Custodian will implement such plans following the occurrence of an event which results in an interruption or suspension of
the Services to be provided by the Custodian. 

  

	 	28.2	 Internal Controls Review and Report. The Custodian will retain a firm of independent auditors to perform
an annual review of certain internal controls and procedures employed by the Custodian in the provision of the Services and issue a standard System and Organization Controls 1 or equivalent report based on such review. The Custodian will provide a
copy of the report to the Client upon request. 

  

	 	28.3	 Information Security Systems and Controls. The Custodian will maintain commercially reasonable
information security systems and controls, which include administrative, technical, and physical safeguards that are designed to: (i) maintain the security and confidentiality of the Client’s data; (ii) protect against any anticipated
threats or hazards to the security or integrity of the Client’s data, including appropriate measures designed to meet legal and regulatory requirements applying to the Custodian; and (iii) protect against unauthorized access to or use of
the Client’s data. 

  

					
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	 	28.4	 Virus Detection. The Custodian will at all times employ a current version of one of the leading
commercially available virus detection software programs to test the hardware and software applications used by it to deliver the Services for the presence of any computer code designed to disrupt, disable, harm, or otherwise impede operation.

  

	29	 General 

  

	 	29.1	 Services Not Exclusive; Acting in Various Capacities. The Custodian, its Subcustodians and their
Affiliates are part of groups of companies and businesses that, in the ordinary course of their business: 

  

	 	29.1.1	 provide a wide range of financial services to many clients of different kinds; 

 

	 	29.1.2	 engage in transactions for their own account (including acting as banker as outlined in Section 4.4
and acting as foreign exchange counterparty as outlined in Section 13) or for the account of other clients; 

 which
may result in actual, perceived or potential conflicts between the interests of the Client and the interest of the Custodian, its Subcustodians and their Affiliates or between the interests of clients. The Custodian maintains a conflicts of interest
policy, and has implemented procedures and arrangements to identify and manage conflicts of interest. 
  

	 	29.2	 Disclosure of Conflicts. In connection with the matters outlined in Section 29.1.1, the
Custodian, its Subcustodians and their Affiliates: 

  

	 	29.2.1	 may do business with each client on different contractual or financial terms; 

 

	 	29.2.2	 will seek to profit and is entitled to receive and retain profits and compensation in connection with
such activities without any obligation to account to the Client for the same; 

  

	 	29.2.3	 may act as principal in its own interests, or as agent for its other clients; 

 

	 	29.2.4	 may act or refrain from acting based upon information derived from such activities that is not available
to the Client; 

  

	 	29.2.5	 are not under a duty to notify or disclose to the Client any information which comes to their notice as
a result of such activities; and 

  

	 	29.2.6	 do not have an obligation to consider, act in, or provide information to the Client in respect of, the
interests of the Client in connection with such activities, except to the extent (if any) expressly agreed in writing with the Client under the contractual arrangements governing those activities. 

The Custodian may (but is not required to) make any disclosure or notification in connection with such activities to the Client via
publication on MyStateStreet.com or other notification mechanism. 
  

	 	29.3	 Notice. Unless otherwise specified, all notices, requests, demands and other communications under this
Agreement (other than routine operational communications), will be in writing and will be taken to have been given: 

  

	 	29.3.1	 when delivered by hand; 

  
 22 

	 	29.3.2	 on the next Business Day after being sent by e-mail (unless the sender
receives an automated message that the e-mail has not been delivered); 

  

	 	29.3.3	 on the next Business Day after being sent by overnight courier service for next Business Day delivery;
or 

  

	 	29.3.4	 on the third Business Day after being sent by certified or registered mail, return receipt requested;

 in each case to the applicable Party at the address or e-mail address specified
on Schedule 2, or such other address or e-mail address as a Party may specify by written notice from time to time. 
  

	 	29.4	 Waiver. No failure on the part of any Party to exercise, and no delay on its part in exercising,
any right or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of any right or remedy preclude any other or further exercise of that right or remedy, or the exercise of any other right or remedy.

  

	 	29.5	 Sole Remedy. Subject to the right to seek relief under the specific circumstances expressly
permitted in this Agreement, each of the Custodian and the Client agrees that, to the maximum extent permitted by law, a claim for breach of contract under and consistent with the terms of this Agreement will be the sole and exclusive remedy
available for any and all matters arising from or in any way relating to this Agreement, the provision of the Services or any conduct (including omissions and alleged conduct) relating to the Agreement or provision of the Services, whether before,
during or after the term of this Agreement. Accordingly, to the maximum extent permitted by law, each of the Custodian and the Client, on behalf of itself and its Affiliates, waives any and all other rights and remedies that otherwise would be
available to such party in law or equity. 

  

	 	29.6	 Assignment and Successors. The terms of this Agreement are binding on the Parties’
representatives, successors and permitted assigns and this Agreement and any rights or obligations under this Agreement may not be assigned or transferred without the prior written consent of the other Party. However, in the event that either Party
becomes the subject of an Insolvency Event, then such Party will have the right to assign or transfer its rights and obligations under this Agreement to any entity to which the Party transfers its business and assets (including a bridge bank or
similar entity) and the other Party irrevocably consents to such assignment or transfer. 

  

	 	29.7	 Entire Agreement. This Agreement is the complete and exclusive agreement of the Parties regarding the
Services and supersedes, as of the Effective Date, all prior oral or written agreements, arrangements or understandings between the parties relating to the Services. 

 

	 	29.8	 Amendments. This Agreement may be amended by written agreement between the Parties. However, the
Custodian may amend this Agreement by giving written notice to the Client of such proposed amendment and the Client will be taken to have consented to the amendment if the Client does not affirmatively object in writing within thirty (30) days.

  

	 	29.9	 Counterparts and Electronic Signatures. This Agreement may be executed in separate counterparts, each of
which will be an original, but which together will constitute one and the same agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF)

  

					
	Information Classification: Limited Access
	23	  	GCA.US40ACT.20210617	  	

	 	
form), and the Parties adopt as original any signatures received in electronically transmitted form. This Agreement may be executed by electronic signature (whatever form the electronic signature
takes) and the Parties agree that this method of signature is as conclusive of the intention to be bound by this Agreement as if signed by the Parties’ manuscript signatures. 

 

	 	29.10	 Severance. In the event that any part of this Agreement will be determined to be void or unenforceable
for any reason, the rest of this Agreement will be unaffected (unless the essential purpose hereof is substantially frustrated by such determination) and will be enforceable in accordance with the rest of its terms as if the void or unenforceable
part were not a part of this Agreement. 

  

	 	29.11	 Survival. The provisions of Sections 10 (Tax Withholding and Tax Relief), 17 (Standard of Care and
Liability), 20 (Indemnity), 21 (Obligations of the Client-Fees), 23 (Creditors Rights), 24 (Confidentiality and Use of Data) and 25.3 (Actions on Termination) are continuing obligations and will survive termination of this Agreement for any reason.

  

	 	29.12	 Governing Law and Jurisdiction. This Agreement is governed by and interpreted in accordance with
the laws of the Commonwealth of Massachusetts, and any disputes which may arise out of, under or in connection with this Agreement will be determined by the exclusive jurisdiction of the Massachusetts courts. 

 

	 	29.13	 The Parties. Any reference in this Agreement to “the Parties” shall mean the Custodian and the
Client. 

  

	30.	 Remote Access Services Addendum. 

The Custodian and the Client agree to be bound by the terms of the Remote Access Services Addendum attached hereto. The Client acknowledges
that the data and information it will be accessing from the Custodian is unaudited and may not be accurate due to inaccurate pricing of securities, delays of a day or more in updating the relevant account and other causes for which the Custodian
will not be liable to the Client. 
  

	31.	 Loan Services Addendum. 

If the Client directs the Custodian in writing to perform loan services, the Custodian and the Client will be bound by the terms of the Loan
Services Addendum attached hereto. The Client shall reimburse Custodian for its fees and expenses related thereto as agreed upon from time to time in writing by the Client and the Custodian. 

 

	32.	 The Parties; Additional Clients 

 

	 	32.1	 All references in this Agreement to the “Client” are to each of the client entities listed on
Appendix A, individually, as if this Agreement were between the relevant individual Client and the Custodian. Any reference in this Agreement to “the Parties” shall mean the Custodian and the individual Client as to which the
matter relates. 

  

	 	32.2	 If any entity in addition to those listed on Appendix A would like the Custodian to render Services
under the terms of this Agreement, the entity may notify the Custodian in writing. If the Custodian agrees in writing to provide the services, Appendix A will be taken to be amended to include such entity as a Client and that entity
(together with the Custodian) will be bound by all Sections of this Agreement. 

  
 24 

 [Remainder of Page Intentionally Blank] 

  

					
	Information Classification: Limited Access
	25	  	GCA.US40ACT.20210617	  	

 Signed by the Parties: 
  

			
	VARAGON CAPITAL CORPORATION
		
	By:	 	/s/ Robert J. Bourgeois
	Name:	 	Robert J. Bourgeois
	Title:	 	Chief Financial Officer
	Date:	 	May 18, 2022
	
	STATE STREET BANK AND TRUST COMPANY
		
	By:	 	/s/ James F. Smith
	Name:	 	James F. Smith
	Title:	 	Authorized Signatory
	Date:	 	May 19, 2022

  
 26 

 Schedule 1 

Definitions 
 In this Agreement: 

“1940 Act” means the U.S. Investment Company Act of 1940, as amended from time to time. 

“Affiliate” means, with respect to any person, any other person Controlling, Controlled by, or under common Control with, such person at the
time in question. For these purposes. “Control” and its derivatives “Controlled” and “Controlling” mean, with regard to any person: (i) the legal or beneficial ownership, directly or indirectly, of fifty
percent (50%) or more of the issued share capital or capital stock of that person (or other ownership interest, if not a corporation); (ii) the ability to control, directly or indirectly, fifty per cent (50%) or more of the voting power in relation
to that person; or (iii) the legal power to direct or cause the direction of the general management and policies of that person, provided that where Control is being determined with respect to a person that is a limited partnership, Control
shall be determined by reference to the satisfaction of any of the above tests with respect to the general partner of the limited partnership 

“Alternative Assets” means derivatives, real estate, commodities, private placements, loans, infrastructure holdings, private equity
holdings, hedge fund holdings or such other assets (i) not typically held in book-entry form and (ii) not typically held in accounts registered in the name of the Custodian or a Subcustodian, in each case as determined by the Custodian.

 “Authentication Procedures” means the use of security codes, passwords, tested communications or other authentication procedures as may
be agreed upon in writing by Parties from time to time for purposes of enabling the Custodian to verify that purported Proper Instructions have been originated by an Authorized Person, and will include a Funds Transfer and Transaction Origination
Policy Agreement. 
 “Authorized Data Sources” means third party sources of data and information utilized by the Custodian in the
provision of the Services, including issuer and issuer group data; security characteristics and classifications; security prices (OTC and exchange traded); ratings (issuer and issue); exchange, interest, discount and coupon rates; corporate action,
dividend, income and tax data; benchmark, index, composite and indice related data (including values, constituents, weights and performance); and other reference and market data and information necessary for the performance of the Services. 

“Authorized Person” means a person authorized to give Proper Instructions and otherwise act on the Client’s behalf in connection with
this Agreement. 
 “Business Day” means a day on which the Custodian or the relevant Subcustodian is open for business in the market or
country in which a transaction or an action by a Party takes place. 
 “Board” means, in relation to a Client, the board of directors,
trustees or other governing body of the Client. 
 “Cash” means cash in any currency from time to time deposited with the Custodian or
Subcustodian under this Agreement. 
 “Cash Account” has the meaning given to it in Section 4.1. 

“Client” means the party named in the preamble. In the case of an investment entity that is structured as a series organization or umbrella
scheme, all references in this Agreement to the “Client” are to the individual series or scheme, as applicable. 
 “Client
Publications” means the general client publications of the Custodian from time to time available to clients and their investment managers, including the Investment Managers’ Guide, Client Guide, Guide to Custody in World Markets, and
FX Client Guide. 
 “Collateral” has the meaning given to it in Section 23.1. 

  

					
	 
		  	27	  	

 “Confidential Information” means all information provided by or on behalf of a party (the
“Disclosing Party”) to the other party (the “Receiving Party”), or collected by a Receiving Party, under or pursuant to this Agreement that is marked “confidential”, “restricted”, “proprietary” or
with a similar designation, or that the Receiving Party knows or reasonably should know is confidential, proprietary or a trade secret. The terms and conditions of this Agreement (including any related fee schedule or arrangement) and any Fees will
be treated as Confidential Information as to which each Party is a Disclosing Party. Confidential Information will not include information that: (i) is publicly available when provided or thereafter becomes publicly available, other than
through a breach of this Agreement: (ii) was known to the Receiving Party (without an obligation of confidentiality) prior to its disclosure; (iii) is independently developed by the Receiving Party without the use of other Confidential
Information; (iv) is rightfully obtained on a non-confidential basis from a third party source. 

“Contractual Settlement” has the meaning given to it in Section 5.2. 

“Corporate Actions” means warrant and option exercises, conversions, exchanges and other capital reorganizations, calls, odd lot
tenders/credits, bonus rights, subscription offers/rights, puts, maturities of securities, redemptions, mergers, tender or exchange offers, and rights exercises and expirations. Corporate Actions do not include class actions. 

“Corporate Actions Deadline Date” has the meaning given to it in Section 6.2. 

“Covered Foreign Country” means a country listed on Schedule A, which list of countries may be amended from time to time at the request of
any Client and with the agreement of the Foreign Custody Manager. 
 “CSD” or “Central Securities Depository” means an
entity or generally recognised book-entry or other settlement system or clearing house, central clearing counterparty or agency, acting as a local securities depository, central securities depository or international securities depository, the use
of which is customary for securities settlement activities in the jurisdiction(s) in which it holds Securities or Cash in connection with this Agreement, and through which the Custodian may transfer, settle, clear, deposit or maintain Securities
whether in certificated or uncertificated form and will include any services provided by any network service provider or carriers or settlement banks used by a CSD. 

“Data” means any Confidential Information of the Client relating to its holdings, transactions or other information that the Custodian
obtains with respect to the Client in connection with the provision of the Services under this Agreement or any other agreement. 

“Delegate” means any agent, subcontractor, consultant and other third party, whether affiliated or unaffiliated with the Custodian. The term
Delegate does not include Subcustodians, CSDs, Authorized Data Sources, suppliers of information technology or related services, or Financial Market Utilities. 

“Effective Date” has the meaning given to it in the preamble. 

“Eligible Foreign Custodian” has the meaning set out in Section (a)(1) of Rule 17f-5. 

“Eligible Securities Depository” has the meaning set out in section (b)(1) of Rule 17f-7. 

“Fees” means the fees charged by the Custodian in consideration for providing the Services and the costs, expenses and disbursements of the
Custodian to be reimbursed by the Client, as agreed between the parties from time to time in a separate written fee schedule, or as otherwise agreed in writing. 

“Financial Market Utility” means any multilateral system for transferring, clearing, and settling payments, securities, and other
financial transactions among or between financial institutions, including payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories. 

  

					
	 
		  	28	  	

 “Force Majeure Event” means any event or circumstances beyond the reasonable control of the
Custodian, including nationalization, expropriation, currency restrictions, suspension or disruption of the normal procedures and practices, or disruption of the infrastructure, of any securities market or CSD, interruptions in telecommunications or
utilities, acts of war or terrorism, riots, revolution, acts of God or other similar events or acts. 
 “Foreign Assets” means a
Client’s Securities or other investments (including non-U.S. Cash) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect
transactions in those investments. 
 “Foreign Custody Manager” has the meaning set forth in section (a)(3) of Rule 17f-5. 
 “Foreign Securities System” means an Eligible Securities Depository listed on Schedule B. 

“Indemnified Claim”, “Indemnified Party” and “Indemnifying Party” each have the meaning given
to them in Section 20.4. 
 “Insolvency Event” means the occurrence of any of the following events in relation to any person:
(i) the person generally does not pay its debts as such debts become due, or admits in writing its inability to pay its debts generally, or makes a general assignment for the benefit of creditors; or (ii) any proceeding is instituted by or
against such person seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency
or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, where any such proceeding is instituted
against (but not by) such person, such person does not promptly seek dismissal of such proceeding or its motion or request to dismiss such proceeding is denied (whether or not on an initial, interim or final basis); or (iii) such person
proposes or takes any corporate action to authorize any of the preceding actions or anything analogous to the foregoing events occurs in relation to such person under the laws of any jurisdiction. 

“Investment Document” means any agreement, subscription, assignment or other document evidencing in physical form an investment of the
Client, or providing for the ownership by the Client, in each case that is acceptable to the Custodian. For the avoidance of doubt, it does not include any Security, instrument, certificate, title, agreement or other document that is
accompanied by a stock power or instrument of assignment, endorsed to the Custodian or in blank. 
 “Investment Manager” means each person
specified as such by the Client, including its agents and delegates. 
 “Law” means any statute, ordinance, order, judgment, decree,
subordinate legislation, rule or regulation promulgated by any regulatory, administrative or judicial authority or otherwise in force in any jurisdiction, applicable to a Party, that relates to the performance by such Party of the Services or
obligations under this Agreement. 
 “Local Market Practice” means the customary or established practices, procedures and terms in the
jurisdiction or market where a transaction occurs, including the rules and procedures of any exchange or over the counter market and any practical constraints that exist with respect to the exercise of shareholder rights, realisation of entitlements
or the sale, exchange, purchase, transfer or delivery of Cash or Securities. 
 “Losses” means all direct losses, damages, claims, costs,
expenses or other liabilities (including reasonable attorneys’ fees and other litigation expenses). 
 “Market Participant” means any
issuer, intermediary, exchange, transaction counterparty or other market participant. 
 “Off Book Cash” has the meaning given to it in
Section 4.2. 

  

					
	 
		  	29	  	

 “On Book Cash” has the meaning given to it in Section 4.2. 

“Parties” means the parties set out at the beginning of this Agreement. 

“Portfolio” means the Securities and Cash delivered to and held by the Custodian which comprise the assets of the Client over which the
Custodian provides the Services pursuant to this Agreement. 
 “Proper Instructions” means instructions (which may be standing instructions
and which includes any security trade advice) received by the Custodian through an agreed Authentication Procedure in any of the following forms: 
  

	(i)	 in writing given by an Authorized Person including a facsimile transmission; 

 

	(ii)	 in an electronic communication as may be agreed upon between the Custodian and the Client in writing from time
to time; or 

  

	(i)	 by such other means as may be agreed from time to time by the Custodian and the Client. 

“Rule 17f-4, Rule 17f-5, and
Rule17f-7” means Rule 17f-4, Rule 17f-5 and Rule 17f-7 promulgated under the
1940 Act. 
 “Schedule” or “Schedules” are all of the schedules referenced herein and attached to this Agreement. 

“Secured Liabilities” means all liabilities or obligations owed by the Client to the Custodian or its Affiliates relating to this Agreement,
including: (a) the obligations of the Client to the Custodian or its Affiliates in relation to any advance of cash or securities or any other extension of credit for any purpose; (b) the obligations of the Client to compensate the
Custodian for the provision of the Services; and (c) the indemnity obligations of the Client to the Custodian under Section 20. 

“Securities” means securities (including stocks, shares, bonds, debentures, notes, mortgages or other obligations and any certificates,
receipts, warrants or other instruments representing rights to receive, purchase, or subscribe for the same, or evidencing or representing any other rights or interests therein, or in any property or assets) and such other similar assets as the
Custodian may from time to time accept into custody under this Agreement. 
 “Securities Account” has the meaning given to it in
Section 3.2. 
 “Services” means the services to be provided by the Custodian to the Client in accordance with this Agreement. 

“Special Subcustodian” has the meaning given to it in Section 14.3. 

“Subcustodian” means any qualified bank, credit institution, trust company or other entity appointed by the Custodian to perform safekeeping,
processing and other elements of the Services, including Affiliates or non-Affiliates of the Custodian. 

“Third Party Agent” means any provider of services to the Client (other than the Custodian, a Subcustodian or Delegate under this Agreement)
including any Investment Manager, adviser or sub-advisor, distributor, broker, dealer, transfer agent, administrator, accounting agent, audit firm, tax firm, or law firm. 

“UCC” means the Uniform Commercial Code of the Commonwealth of Massachusetts, as in effect from time to time. 

“U.S.” shall mean the United States of America. 

“U.S. CSD” means a CSD authorized by the U.S. Department of the Treasury or a “clearing corporation” as defined in Section 8-102 of the UCC. 

  

					
	 
		  	30	  	

 Interpretation: Capitalised terms used in this Agreement have the meanings given to them in this
Schedule 1 unless otherwise defined. In this Agreement references to “persons” will include legal as well as natural persons or entities, references importing the singular will include the plural (and vice versa), use of the masculine
pronoun will include the feminine, use of the terms “include”, “includes” or “including” shall be deemed to be followed by the phrase “without limitation” and any specific examples given following the use of
such terms shall be illustrative and in no way limit the general meaning of the words preceding them and numbered schedules, exhibits or Sections will (unless the contrary intention appears) be construed as references to such schedules and exhibits
hereto and Sections herein bearing those numbers and any sub-sections thereof. The schedules and exhibits hereto are hereby incorporated herein by reference. 

  

					
	 
		  	31	  	

 Schedule 2 

Notices 
 (Section 29)

  

			
		
	CUSTODIAN:	  	STATE STREET BANK AND TRUST COMPANY
		
	Attention:	  	Senior Vice President – Custody Operations
		
	CC:	  	Legal Department
		
	Address:	  	 100 Summer Street, Floor 5
 Boston, MA
02110

		
	Telephone No:	  	617-662-7245
		
	Email:	  	pdfitzgibbon@statestreet.com 
		
	CLIENT:	  	Applicable Client as set forth in Appendix A
		
	Attention:	  	Robert J. Bourgeois
		
	Address:	  	 299 Park Avenue, 3rd Floor,
 New York, NY
10171

		
	Telephone No:	  	817-769-2307
		
	Email:	  	RBourgeois@varagon.com

  

					
	 
		  	32	  	

 Appendix A 

List of Clients 
  

					
	 Client Name
	  	 Entity Type
	  	 Jurisdiction of Formation

			
	 Varagon Capital Corporation
	  	Corporation	  	Maryland
			
	 VCC Funding, LLC
	  	Limited Liability Company	  	Delaware
			
	 VCC Equity Holdings, LLC
	  	Limited Liability Company	  	Delaware
			
	 Varagon SDLP, LLC
	  	Limited Liability Company	  	Delaware

  

					
	 
		  	33	  	

 REMOTE ACCESS SERVICES
ADDENDUM TO CUSTODY AGREEMENT 
 ADDENDUM to that certain Custody
Services Agreement dated as of May 18, 2022, between EACH CLIENT LISTED ON APPENDIX A THERETO (“you” or the “Customer”) and
STATE STREET BANK AND TRUST COMPANY, including its subsidiaries and affiliates (“State Street”). 

State Street has developed and/or utilizes proprietary or third party accounting and other systems in conjunction with the services that State
Street provides to you. In this regard, State Street maintains certain information in databases under State Street ownership and/or control that State Street makes available to customers (the “Remote Access Services”). 

The Services 

State Street agrees to provide you, the Customer, and your designated employees, investment advisors, consultants or other third parties who
agree to abide by the terms of this Addendum (“Authorized Designees”) with access to State Street proprietary and third party systems as may be offered by State Street from time to time (each, a “System”) on a remote basis. 

Security Procedures 

You agree to comply, and to cause your Authorized Designees to comply, with remote access operating standards and procedures and with user
identification or other password control requirements and other security devices and procedures as may be issued or required from time to time by State Street or its third party vendors for use of the System and access to the Remote Access Services.
You are responsible for any use and/or misuse of the System and Remote Access Services by your Authorized Designees. You agree to advise State Street immediately in the event that you learn or have reason to believe that any person to whom you have
given access to the System or the Remote Access Services has violated or intends to violate the terms of this Addendum and you will cooperate with State Street in seeking injunctive or other equitable relief. You agree to discontinue use of the
System and Remote Access Services, if requested, for any security reasons cited by State Street and State Street may restrict access of the System and Remote Access Services by you or any Authorized Designee for security reasons or noncompliance
with the terms of this Addendum at any time. 
 Fees 

Fees and charges for the use of the System and the Remote Access Services and related payment terms shall be as set forth in the RAA Fee
Schedule in effect from time to time between the parties (the “RAA Fee Schedule”). You shall be responsible for any tariffs, duties or taxes imposed or levied by any government or governmental agency by reason of the transactions
contemplated by this Addendum, including, without limitation, federal, state and local taxes, use, value added and personal property taxes (other than income, franchise or similar taxes which may be imposed or assessed against State Street). Any
claimed exemption from such tariffs, duties or taxes shall be supported by proper documentary evidence delivered to State Street. 

Proprietary Information/Injunctive Relief 

The System and Remote Access Services described herein and the databases, computer programs, screen formats, report formats, interactive
design techniques, formulae, processes, systems, software, knowhow, algorithms, programs, training aids, printed materials, methods, books, records, files, documentation and other information made available to you by State Street as part of the
Remote Access Services and through the use of the System and all copyrights, patents, trade secrets and other proprietary and intellectual property rights of State Street and third party vendors related thereto are the exclusive, valuable and
confidential proprietary property of State Street and its relevant licensors and third party vendors (the “Proprietary Information”). You agree on behalf of yourself and your Authorized Designees to keep the Proprietary Information
confidential and to limit access to your employees and Authorized Designees (under a similar duty of confidentiality) who require access to the System for the purposes intended. The foregoing shall not apply to Proprietary Information in the public
domain or required by law to be made public. 

  

					
	 
		  	34	  	

 You agree to use the Remote Access Services only in connection with the proper purposes of
this Addendum. You will not, and will cause your employees and Authorized Designees not to, (i) permit any third party to use the System or the Remote Access Services, (ii) sell, rent, license or otherwise use the System or the Remote
Access Services in the operation of a service bureau or for any purpose other than as expressly authorized under this Addendum, (iii) use the System or the Remote Access Services for any fund, trust or other investment vehicle without the prior
written consent of State Street, or (iv) allow or cause any information transmitted from State Street’s databases, including data from third party sources, available through use of the System or the Remote Access Services, to be published,
redistributed or retransmitted for other than use for or on behalf of yourself, as our Customer. 
 You agree that neither you nor your
Authorized Designees will modify the System in any way, enhance, copy or otherwise create derivative works based upon the System, nor will you or your Authorized Designees reverse engineer, decompile or otherwise attempt to secure the source code
for all or any part of the System. 
 You acknowledge that the disclosure of any Proprietary Information, or of any information which at law
or equity ought to remain confidential, will immediately give rise to continuing irreparable injury to State Street or its third party licensors and vendors inadequately compensable in damages at law and that State Street shall be entitled to obtain
immediate injunctive relief against the breach or threatened breach of any of the foregoing undertakings, in addition to any other legal remedies which may be available. 

Limited Warranties 

State Street represents and warrants that it is the owner of and/or has the right to grant access to the System and to provide the Remote
Access Services contemplated herein. Because of the nature of computer information technology, including but not limited to the use of the Internet, and the necessity of relying upon third party sources and data and pricing information obtained from
third parties, the System and Remote Access Services are provided “AS IS” without warranty express or implied including as to availability of the System, and you and your Authorized Designees shall be solely responsible for the use of the
System and Remote Access Services and investment decisions, results obtained, regulatory reports and statements produced using the Remote Access Services. State Street and its relevant licensors and third party vendors will not be liable to you or
your Authorized Designees for any direct or indirect, special, incidental, punitive or consequential damages arising out of or in any way connected with the System or the Remote Access Services, nor shall any party be responsible for delays or
nonperformance under this Addendum arising out of any cause or event beyond such party’s control. 
 EXCEPT AS EXPRESSLY SET FORTH IN
THIS ADDENDUM, STATE STREET FOR ITSELF AND ITS RELEVANT LICENSORS AND THIRD PARTY VENDORS EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES CONCERNING THE SYSTEM AND THE SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT
LIMITATION ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE. 
 Infringement 

State Street will defend or, at our option, settle any claim or action brought against you to the extent that it is based upon an assertion
that access to or use of State Street proprietary systems by you under this Addendum constitutes direct infringement of any United States patent or copyright or misappropriation of a trade secret, provided that you notify State Street promptly in
writing of any such claim or proceeding and cooperate with State Street in the defense of such claim or proceeding and allow State Street sole control over such claim or proceeding. Should the State Street proprietary system or any part thereof
become, or in State Street’s opinion be likely to become, the subject of a claim of infringement or the like under any applicable patent, copyright or trade secret laws, State Street shall have the right, at State Street’s sole option, to
(i) procure for you the right to continue using the State Street proprietary system, (ii) replace or modify the State Street proprietary system so that the State Street proprietary system becomes noninfringing, or (iii) terminate this
Addendum without further obligation. This section constitutes the sole remedy available to you for the matters described in this section. 

Termination 

Either party may terminate this Addendum (i) for any reason by giving the other party at least
one-hundred and eighty (180) days’ prior written notice in the case of notice of termination by State Street to you or thirty (30) days’ notice in the case of notice from you to State
Street of termination, or (ii) immediately for failure of the other party to comply with any material term and condition of the Addendum by giving the other party written notice of termination. This Addendum shall in any event terminate within
ninety (90) days after 

  

					
	 
		  	35	  	

 
the termination of any service agreement applicable to you. Your use of any third party System is contingent upon your compliance with any terms and conditions of use of such System imposed by
such third party and State Street’s continued access to, and use of, such third party System. In the event of termination, you will return to State Street all copies of documentation and other confidential information in your possession or in
the possession of your Authorized Designees and immediately cease access to the System and Remote Access Services. The foregoing provisions with respect to confidentiality and infringement will survive termination for a period of three
(3) years. 
 Miscellaneous 

This Addendum constitutes our entire understanding with respect to access to the System and the Remote Access Services. This Addendum cannot
be modified or altered except in a writing duly executed by both of us and shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. 

  

					
	 
		  	36	  	

 LOAN SERVICES ADDENDUM TO CUSTODYAGREEMENT 

ADDENDUM to that certain Custodian Agreement (the “Custodian Agreement”) dated as of May 18, 2022 by and between
EACH ENTITY LISTED ON APPENDIX A THERETO (each, the “Company”) and STATE STREET BANK
AND TRUST COMPANY, including its subsidiaries and other affiliates (the “Custodian”). 

The following provisions will apply with respect to interests in commercial loans, including loan participations, whether the loans are
bilateral or syndicated and whether any obligor is located in or outside of the United States (collectively, “Loans”), made or acquired by the Company on behalf of one or more of its Accounts. 

SECTION 1. PAYMENT CUSTODY. If the Company wishes the Custodian to
receive payments directly with respect to a Loan for credit to the bank account maintained by the Custodian for the Company under the Custodian Agreement, 

(a) the Company will cause the Custodian to be named as the Company’s nominee for payment purposes under the relevant financing
documents, e.g., in the case of a syndicated loan, the administrative contact for the agent bank, and otherwise provide for the payment to the Custodian of the payments with respect to the Loan; and 

(b) the Custodian will credit to the bank account maintained by the Custodian for the Company under the Custodian Agreement any payment on or
in respect of the Loan actually received by the Custodian and identified as relating to the Loan, but with any amount credited being conditional upon clearance and actual receipt by the Custodian of final payment. 

SECTION 2. MONITORING. If the Company wishes the Custodian to monitor payments on and
forward notices relating to a Loan, 
 (a) the Company will deliver, or cause to be delivered, to the Custodian a schedule identifying the
amount and due dates of the scheduled principal payments, the scheduled interest payment dates and related payment amount information, and such other information with respect to the Loan as the Custodian may reasonably require in order to perform
its services hereunder (collectively, “Loan Information”) and in such form and format as the Custodian may reasonably request; and 

(b) the Custodian will (i) if the amount of a principal, interest, fee or other payment with respect to the Loan is not received by the
Custodian on the date on which the amount is scheduled to be paid as reflected in the Loan Information, provide a report to the Company that the payment has not been received and (ii) if the Custodian receives any consent solicitation, notice
of default or similar notice from any syndication agent, lead or obligor on the Loan, undertake reasonable efforts to forward the notice to the Company. 

SECTION 3. SAFEKEEPING. 

(a) Safekeeping Function. If the Company wishes the Custodian to hold for safekeeping any document, instrument or agreement relating to
a Loan, whether in written or electronic form and whether an original or copy (a “Financing Document”), 
 (i) the
Company will (A) if the Financing Document is in a written or other tangible form, deliver the Financing Document to the Custodian and (B) otherwise transmit the Financing Document to the Custodian as an electronic record, in each case
through a method of delivery or transmission approved by the Custodian, and 
 (ii) the Custodian will (A) accept the delivery or
transmission of the Financing Document, (B) hold or store the Financing Document as bailee for the benefit of the Company, (C) promptly, upon the Company’s request, deliver or transmit the Financing Document to the Company or to any
party as the Company may specify and (D) at the request of the Company but no more often than once each month, provide to the Company a list of the Financing Documents accepted by the Custodian pursuant to the foregoing clause (A) and of
the Financing Documents delivered or transmitted out by the Custodian pursuant to the foregoing clause (C). The Custodian will be entitled to employ a sub-custodian to carry out any of the foregoing
safekeeping duties. 

  

					
	 
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 (b) Safekeeping Exculpation. The Custodian will have no obligation to
(i) determine what Financing Documents may exist for a Loan, (ii) obtain any Financing Document that is not delivered or transmitted by the Company to the Custodian, or (iii) examine the contents or determine the sufficiency of any
Financing Document. The Custodian will be entitled to assume the genuineness, sufficiency and completeness of any Financing Document and the genuineness and due authority of any person whose signature appears on any Financing Document. The Custodian
will have no liability for any act or omission of a sub-custodian for a Financing Document. 

SECTION 4. EXCULPATION OF THE CUSTODIAN. 

(a) Payment Custody and Monitoring. The Custodian will have no liability for any delay or failure by the Company or any third party in
providing Loan Information to the Custodian or for any inaccuracy or incompleteness of any Loan Information. The Custodian will have no obligation to verify, investigate, recalculate, update or otherwise confirm the accuracy or completeness of any
Loan Information or other information or notices received by the Custodian in respect of the Loan. The Custodian will be entitled to (i) rely upon the Loan Information provided to it by or on behalf of the Company or any other information or
notices that the Custodian may receive from time to time from any syndication agent, lead or obligor or any similar party with respect to the Loan and (ii) update its records on the basis of such information or notices as may from time to time
be received by the Custodian. 
 (b) Any Service. The Custodian will have no obligation to (i) determine whether any necessary
steps have been taken or requirements have been met for the Company to have acquired good or record title to a Loan, (ii) ensure that the Company’s acquisition of the Loan has been authorized by the Company, (iii) collect past due
payments on the Loan, preserve any rights against prior parties, exercise any right or perform any obligation in connection with the Loan (including taking any action in connection with any consent solicitation, notice of default or similar notice
received from any syndication agent, lead or obligor on the Loan) or otherwise take any other action to enforce the payment obligations of any obligor on the Loan, (iv) become itself the record title holder of the Loan or (v) make any
advance of its own funds with respect to the Loan. 
 (c) Miscellaneous. The Custodian will not be considered to have been or be
charged with knowledge of the sale of a Loan by the Company, unless and except to the extent that the Custodian shall have received written notice of the sale from the Company and the proceeds of the sale have been received by the Custodian for
credit to the bank account maintained by the Custodian for the Company under the Custodian Agreement. If any question arises as to the Custodian’s duties under this Addendum, the Custodian may request instructions from the Company and will be
entitled at all times to refrain from taking any action unless it has received Proper Instructions from the Company. The Custodian will in all events have no liability, risk or cost for any action taken or omitted with respect to the Loan pursuant
to Proper Instructions. The Custodian will have no responsibilities or duties whatsoever with respect to the Loan except as are expressly set forth in this Addendum. 

  

					
	 
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