Document:

EX-10.4

 Exhibit 10.4 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (the “Agreement”) is made and entered into this [•] day of [•], 2021, by and between
Kayne DL 2021, Inc., a Delaware corporation (the “Company,” which term shall include, where appropriate, any Entity (as hereinafter defined) controlled directly or indirectly by the Company), and [Indemnitee] (the
“Indemnitee”). 
 WHEREAS, it is essential to the Company that it be able to retain and attract as directors the most
capable persons available; 
 WHEREAS, increased corporate litigation has subjected directors to litigation risks and expenses, and the
limitations on the availability of directors and officers liability insurance have made it increasingly difficult to attract and retain such persons; 

WHEREAS, the Company’s organizational documents (the “Certificate”) provides that the Company may indemnify its
directors to the fullest extent permitted by law; 
 WHEREAS, the Company desires to provide Indemnitee with specific contractual
assurance of Indemnitee’s rights to full indemnification against litigation risks and expenses; and 
 WHEREAS, Indemnitee is relying
upon the rights afforded under this Agreement in becoming or continuing as a director of the Company. 
 NOW, THEREFORE, in
consideration of the promises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 
 1.
Definitions. 
 (a) “1940 Act” means the Investment Company Act of 1940, as amended. 

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

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

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

(g) “Proceeding” shall mean any threatened, pending or completed claim, action, suit, arbitration, alternate dispute
resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative, arbitrative or investigative, whether formal or informal, including a proceeding initiated by Indemnitee pursuant to
Section 11 to enforce Indemnitee’s rights hereunder. 
 (g) “Subsidiary” shall mean any corporation, partnership,
limited liability company, joint venture, trust or other Entity of which the Company owns (either directly or through or together with another Subsidiary of the Company) either (i) a general partner, managing member or other similar interest or
(ii) (A) 50% or more of the voting power of the voting capital equity interests of such corporation, partnership, limited liability company, joint venture or other Entity, or (B) 50% or more of the outstanding voting capital stock or other voting
equity interests of such corporation, partnership, limited liability company, joint venture or other Entity. 
 2. Services of
Indemnitee. In consideration of the Company’s covenants and commitments hereunder, Indemnitee agrees to serve or continue to serve as a director of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the
Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any. 

3. Agreement to Indemnify. The Company agrees to indemnify Indemnitee as follows: 

(a) Proceedings Other Than by or in the Right of the Company. Subject to the exceptions contained in Section 4(a) and in a manner
consistent with applicable law, including the 1940 Act, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of Indemnitee’s Corporate Status,
Indemnitee shall be indemnified by the Company against all Expenses and Liabilities incurred or paid by Indemnitee in connection with such Proceeding (referred to herein as “Indemnifiable Expenses” and “Indemnifiable
Liabilities,” respectively, and collectively as “Indemnifiable Amounts”). Notwithstanding the foregoing, no Indemnitee shall be entitled to indemnification under this Section 3(a) for liability which arose as a result
of Indemnitee’s willful misfeasance, bad faith, negligence or reckless disregard of the duties involved in the conduct of his or her office. 

(b) Proceedings by or in the Right of the Company. Subject to the exceptions contained in Section 4(b) and in a manner consistent
with applicable law, including the 1940 Act, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding by or in the right of the Company by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by
the Company against all Indemnifiable Expenses. Notwithstanding the foregoing, no Indemnitee shall be entitled to indemnification under this Section 3(b) for liability which arose as a result of Indemnitee’s willful misfeasance, bad faith,
negligence or reckless disregard of the duties involved in the conduct of his or her office. 

  
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 (c) Conclusive Presumption Regarding Standard of Care. In making any determination
required to be made under Delaware law with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee
submitted a request therefor in accordance with Section 5, and the Company shall have the burden of o that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption in a manner
consistent with the 1940 Act. 
 4. Exceptions to Indemnification. Subject to Section 20, Indemnitee shall be entitled to
indemnification under Sections 3(a) and 3(b) above in all circumstances and with respect to each and every specific claim, issue or matter involved in the Proceeding out of which Indemnitee’s claim for indemnification has arisen, except as
follows: 
 (a) Proceedings Other Than by or in the Right of the Company. If indemnification is requested under Section 3(a) and
it has been finally adjudicated by a court of competent jurisdiction that, in connection with such specific claim, issue or matter, Indemnitee failed to act (i) in good faith and (ii) in a manner Indemnitee reasonably believed to be in or
not opposed to the best interests of the Company, or, with respect to any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful, Indemnitee shall not be entitled to payment of Indemnifiable
Amounts hereunder to the extent that they arise out of such claim, issue or matter. 
 (b) Proceedings by or in the Right of the
Company. If indemnification is requested under Section 3(b) and 
 (i) it has been finally adjudicated by a court of competent
jurisdiction that, in connection with such specific claim, issue or matter, Indemnitee failed to act (A) in good faith and (B) in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company,
Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder to the extent that they arise out of such claim, issue or matter; or 

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

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

(c) Insurance Proceeds. To the extent payment is actually made to Indemnitee under a valid and collectible insurance policy maintained
at the expense of the Company in respect of Indemnifiable Amounts in connection with such specific claim, issue or matter, Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder except in respect of any excess of such
Indemnifiable Amounts beyond the amount of payment under such insurance. 

  
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 5. Procedure for Payment of Indemnifiable Amounts. Indemnitee shall submit to the
Company a written request specifying the Indemnifiable Amounts for which Indemnitee seeks payment under Section 3 and the basis for the claim. The Company shall pay such Indemnifiable Amounts to Indemnitee promptly, but in no event later than
ten (10) calendar days after receipt of such request. At the request of the Company, Indemnitee shall furnish such documentation and information as are reasonably available to Indemnitee and necessary to establish that Indemnitee is entitled to
indemnification hereunder. 
 6. Indemnification for Expenses of a Party Who is Wholly or Partially Successful. Notwithstanding any
other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, Indemnitee
shall be indemnified against all Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. For
purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, by reason of settlement, judgment, order or otherwise, shall be deemed to be a successful result as to such
claim, issue or matter. 
 7. Effect of Certain Resolutions. Neither the settlement nor termination of any Proceeding nor the failure
of the Company to award indemnification or to determine that indemnification is payable shall create a presumption that Indemnitee is not entitled to indemnification hereunder. In addition, the termination of any Proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification. 

8. Agreement to Advance Expenses; Undertaking. In a manner consistent with applicable law, including the 1940 Act, the Company shall
advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding, including a Proceeding by or in the right of the Company, in which Indemnitee is involved by reason of such Indemnitee’s Corporate Status within ten
(10) calendar days after the receipt by the Company of a written statement from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Advances shall be unsecured and
interest free. Advances shall be made without regard to Indemnitee’s ability to repay the expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. To the extent
required by Delaware law and the 1940 Act, Indemnitee hereby undertakes to repay any and all of the amount of Indemnifiable Expenses paid to Indemnitee if it is finally determined by a court of competent jurisdiction that Indemnitee is not entitled
under this Agreement to indemnification with respect to such Expenses. This undertaking is an unlimited general obligation of Indemnitee. 

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

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

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

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

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

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

  
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 16. Successors. This Agreement shall be (a) binding upon all successors and
assigns of the Company (including any transferee of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and
(b) binding on and shall inure to the benefit of the heirs, personal representatives, executors and administrators of Indemnitee. This Agreement shall continue for the benefit of Indemnitee and such heirs, personal representatives, executors
and administrators after Indemnitee has ceased to have Corporate Status. 
 17. Subrogation. In the event of any payment of
Indemnifiable Amounts under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of contribution or recovery of Indemnitee against other persons, and Indemnitee shall take, at the request of the Company,
all reasonable action necessary to secure such rights, including the execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.  

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

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

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

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

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

	 	(i)	 If to Indemnitee, to: 

[Indemnitee] 
 [•] 

[•] 
 [•] 

Facsimile: [•] 
  

	 	(ii)	 If to the Company, to: 

Kayne DL 2021, Inc. 
 c/o Kayne
Anderson Capital Advisors, LP     
 811 Main Street 

14th Floor 
 Houston, TX 77002

 Attention: Jarvis V. Hollingsworth 

and 
 Paul Hastings LLP 

101 California St 48th Floor, 

San Francisco, CA 94111 

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

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

[The remainder of this page is intentionally blank] 

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

			
	KAYNE DL 2021, Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Indemnification Agreement] 

 
	
	INDEMNITEE
	
	  

	[Indemnitee]

 [Signature Page to Indemnification Agreement]EX-10.5

 Exhibit 10.5 

 
  

CUSTODY AGREEMENT 
  

 
 dated as of
April [●], 2021 
 by and between 

KAYNE DL 2021, INC. 

(“Company”) 
 and 

U.S. BANK NATIONAL ASSOCIATION 

(“Custodian” and “Document Custodian”) 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	 DEFINITIONS
	  	 	1	 
			
	 2.
	 	 APPOINTMENT OF CUSTODIAN
	  	 	7	 
			
	 3.
	 	 DUTIES OF CUSTODIAN
	  	 	8	 
			
	 3A.
	 	 DUTIES OF DOCUMENT CUSTODIAN.
	  	 	16	 
			
	 4.
	 	 REPORTING
	  	 	17	 
			
	 5.
	 	 DEPOSIT IN U.S. SECURITIES SYSTEMS
	  	 	17	 
			
	 6.
	 	 SECURITIES HELD OUTSIDE OF THE UNITED STATES
	  	 	18	 
			
	 7.
	 	 CERTAIN GENERAL TERMS
	  	 	21	 
			
	 8.
	 	 COMPENSATION OF CUSTODIAN
	  	 	23	 
			
	 9.
	 	 RESPONSIBILITY OF CUSTODIAN
	  	 	24	 
			
	 10.
	 	 SECURITY CODES
	  	 	27	 
			
	 11.
	 	 TAX LAW
	  	 	27	 
			
	 12.
	 	 EFFECTIVE PERIOD AND TERMINATION
	  	 	28	 
			
	 13.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	29	 
			
	 14.
	 	 PARTIES IN INTEREST; NO THIRD PARTY BENEFIT
	  	 	30	 
			
	 15.
	 	 NOTICES
	  	 	30	 
			
	 16.
	 	 CHOICE OF LAW AND JURISDICTION
	  	 	30	 
			
	 17.
	 	 ENTIRE AGREEMENT; COUNTERPARTS
	  	 	31	 
			
	 18.
	 	 AMENDMENT; WAIVER
	  	 	31	 
			
	 19.
	 	 SUCCESSOR AND ASSIGNS
	  	 	32	 
			
	 20.
	 	 SEVERABILITY
	  	 	32	 
			
	 21.
	 	 REQUEST FOR INSTRUCTIONS
	  	 	32	 
			
	 22.
	 	 OTHER BUSINESS
	  	 	32	 
			
	 23.
	 	 REPRODUCTION OF DOCUMENTS
	  	 	33	 
			
	 24.
	 	 MISCELLANEOUS
	  	 	33	 
		
	 SCHEDULES
	  			
			
		 	 SCHEDULE A – Initial Authorized Persons
	  			
		
	 EXHIBITS
	  			
			
		 	 EXHIBIT A – Request for Release
	  			

  

  
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 THIS CUSTODY AGREEMENT (this “Agreement”) is dated as of April [●], 2021 and is by
and between KAYNE DL 2021, INC. and, along with any successors or permitted assigns, the “Company”), a corporation organized under the laws of the State of Delaware, and U.S. BANK NATIONAL ASSOCIATION, a national banking
association, as custodian (in such capacity, along with any successor or permitted assign acting as custodian hereunder, the “Custodian”) and as document custodian (in such capacity, along with any successor or permitted assign
acting as custodian hereunder, the “Document Custodian”). 
 RECITALS 

WHEREAS, the Company is a closed-end management investment company under the Investment Company Act of
1940, as amended (the “1940 Act”); 
 WHEREAS, the Company desires to retain U.S. Bank National Association to act as
custodian and as document custodian for the Company and each Subsidiary hereafter identified to the Custodian and the Document Custodian; 

WHEREAS, the Company desires that certain of the Company’s Securities (as defined below) and cash be held and administered by the
Custodian pursuant to this Agreement; 
 WHEREAS, the Company desires that certain of the Company’s Loan Files (as defined below) be
held by the Document Custodian pursuant to this Agreement; and 
 NOW THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties hereto agree as follows: 
  

	1.	 DEFINITIONS  

1.1    Defined Terms. In addition to terms expressly defined elsewhere herein, the following words shall have the
following meanings as used in this Agreement: 
 “Account” or “Accounts” means the Cash Account, the
Securities Account, any Subsidiary Cash Account and any Subsidiary Securities Account, collectively. 
 “Agreement” means
this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof). 
 “Authorized
Person” has the meaning set forth in Section 7.4. 
 “Business Day” means any day that is not Saturday or
Sunday and is not a legal holiday or a day in which banking institutions generally are authorized or obligated by law or regulation to remain closed in New York, New York, or the city in which the Custodian or the Document Custodian (pursuant to
Section 15 hereunder) or any sub-custodian, including any Foreign Sub-custodian, is located. 

“Cash Account” means the accounts to be established at the Custodian to which the Custodian shall deposit and hold any cash
Proceeds received by it from time to time from or with respect to the Securities or the sale of the common stock of the Company, as applicable, which accounts shall be designated the “Kayne DL 2021, Inc. Cash Interest Proceeds Account” and
the “Kayne DL 2021, Inc. Cash Principal Proceeds Account.” 

  
 1 

 “Company” means Kayne DL 2021, Inc., its successors or permitted
assigns.  
 “Confidential Information” means any databases, computer programs, screen formats, screen designs,
report formats, interactive design techniques, and other similar or related information that may be furnished to the Company by the Custodian from time to time pursuant to this Agreement. 

“Custodian” has the meaning set forth in the first paragraph of this Agreement. 

“Document Custodian” means the Custodian when acting in the role of a document custodian hereunder. 

“Eligible Investment” means any investment that at the time of its acquisition is one or more of the following: 

(a)    United States government and agency obligations; 

(b)    commercial paper having a rating assigned to such commercial paper by Standard &
Poor’s Rating Services or Moody’s Investor Service, Inc. (or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized rating organization in the United States of America) equal to one of the
two highest ratings assigned by such organization, it being understood that as of the date hereof such ratings by Standard & Poor’s Rating Services are “A1+” and “A1” and such ratings by Moody’s Investor
Service, Inc. are “P1” and “P2”; 
 (c)    interest bearing deposits in United States
dollars in United States banks with an unrestricted surplus of at least U.S. $250,000,000, maturing within one year; and 

(d)    money market funds (including funds of the bank serving as Custodian or its affiliates) or United
States government securities funds designed to maintain a fixed share price and high liquidity. 
 “Eligible Securities
Depository” has the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act. 

“Federal Reserve Bank Book-Entry System” means a depository and securities transfer system operated by the Federal Reserve
Bank of the United States on which are eligible to be held all United States Government direct obligation bills, notes and bonds. 

“Financing Documents” has the meaning set forth in Section 3.3(b)(ii). 

“Foreign Intermediary” means a Foreign Sub-custodian and Eligible Securities
Depository. 

  
 2 

 “Foreign Sub-custodian” means and
includes (i) any branch of a “U.S. Bank,” as that term is defined in Rule 17f-5 under the 1940 Act, (ii) any “Eligible Foreign Custodian,” as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian in accordance with Section 6.6, which the Custodian has determined will provide reasonable care of assets of the Company based on the standards
specified in Section 6.7 below. 
 “Foreign Securities” means Securities denominated in currencies other than U.S.
Dollars or for which the primary market is outside the United States. 
 “Investment Manager” means KA Credit Advisors
II, LLC, or any successor investment manager identified to the Custodian by the Company in writing. 
 “Loan” means any U.S.
dollar denominated commercial loan, or participation therein, made by a bank or other financial institution that by its terms provides for payments of principal and/or interest, including discount obligations and payment-in-kind obligations, acquired by the Company from time to time. 
 “Loan Assignment
Agreement” has the meaning set forth in Section 3.3(b)(ii). 
 “Loan Checklist” means a list delivered to the
Document Custodian in connection with delivery of a Loan to the Document Custodian by the Company that identifies the items contained in the related Loan File. 

“Loan File” means, with respect to each Loan delivered to the Document Custodian, each of the Required Loan Documents
identified on the related Loan Checklist. 
 “Noteless Loan” means a Loan with respect to which (i) the related loan
agreement does not require the obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Loan and (ii) no Underlying Notes are outstanding with respect to the portion of the Loan transferred to the issuer
or the prior holder of record. “Participation” means an interest in a Loan that is acquired indirectly by way of a participation from a selling institution. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock
company, trust (including any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof. 

“Proceeds” means, collectively, (i) the net cash proceeds to the Company of the initial public offering by the Company
and any subsequent offering by the Company of any class of securities issued by the Company, (ii) cash distributions, earnings, dividends, fees and other cash payments paid on the Securities (or, as applicable, Subsidiary Securities) by or on
behalf of the issuer or obligor thereof, or applicable paying agent, (iii) the net cash proceeds of the sale or other disposition of the Securities (or, as applicable, Subsidiary Securities) pursuant to the terms of this Agreement (and any

  
 3 

 
Reinvestment Earnings from investment of the foregoing, as defined in Section 3.6(b) hereof) and (iv) the net cash proceeds to the Company of any borrowing or other financing by the
Company. 
 “Proper Instructions” means instructions (including Trade Confirmations) received by the Custodian or the
Document Custodian in form acceptable to it, from the Company, the Investment Manager or any Person duly authorized by the Company or the Investment Manager in any of the following forms acceptable to the Custodian or the Document Custodian: 

(a)    in writing signed by an Authorized Person (and delivered by hand, by mail, by overnight courier or
by telecopier); 
 (b)    by electronic mail from an Authorized Person; 

(c)    in a communication utilizing access codes effected between electro mechanical or electronic devices;
or 
 (d)    such other means as may be agreed upon from time to time by the Custodian and the party
giving such instructions, including oral instructions. 
 “Reinvestment Earnings” has the meaning set forth in
Section 3.6. 
 “Request for Release” means a request for release of any Loan File, which request shall be either
(i) delivered to the Document Custodian substantially in the form of Exhibit A hereto or (ii) as otherwise agreed to between the Document Custodian and the Company. 

“Required Loan Documents” means, for each Loan, the relevant Underlying Loan Documents that the Company delivers to the
Custodian from time to time, which shall include a Loan Checklist identifying for such Loan the Required Loan Documents to be delivered and which may include: 
  

	 	(a)	 other than in the case of a Participation, an executed copy of the Assignment for such Loan, as identified on
the Loan Checklist; 

  

	 	(b)	 with the exception of Noteless Loans and Participations, the original executed Underlying Note endorsed by the
issuer or the prior holder of record in blank or to the Company, as identified on the Loan Checklist; 

  

	 	(c)	 an executed copy of the Underlying Loan Agreement (which may be included in the Underlying Note if so indicated
in the Loan Checklist), together with a copy of all amendments and modifications thereto, as identified on the Loan Checklist; 

  

	 	(d)	 a copy of each related security agreement (if any) signed by the applicable Obligor(s), as identified on the
Loan Checklist; 

  

	 	(e)	 a copy of the Loan Checklist, and 

  
 4 

	 	(f)	 a copy of each related guarantee (if any) then executed in connection with such Loan, as identified on the Loan
Checklist. 

 “Securities” means, collectively, the (i) investments, including Loans, acquired by the
Company and delivered to the Custodian by the Company from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the
investments described in clause (i). 
 “Securities Account” means the segregated account to be established at the Custodian
to which the Custodian shall deposit or credit and hold the Securities (other than Loans) received by it pursuant to this Agreement, which account shall be designated the “Kayne DL 2021, Inc. Securities Custody Account”. 

“Securities Depository” means The Depository Trust Company and any other clearing agency registered with the Securities and
Exchange Commission under Section 17A of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central handling of Securities where all Securities of any particular class or series of
an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities. 

“Securities System” means the Federal Reserve Book-Entry System, a clearing agency which acts as a Securities Depository, or
another book entry system for the central handling of securities (including an Eligible Securities Depository). 
 “Street Delivery
Custom” means a custom of the United States securities market to deliver securities which are being sold to the buying broker for examination to determine that the securities are in proper form. 

“Street Name” means the form of registration in which the securities are held by a broker who is delivering the securities to
another broker for the purposes of sale, it being an accepted custom in the United States securities industry that a security in Street Name is in proper form for delivery to a buyer and that a security may be
re-registered by a buyer in the ordinary course. 
 “Subsidiary” means,
collectively, any wholly owned subsidiary of the Company identified to the Custodian by the Company. 
 “Subsidiary Cash
Account” shall have the meaning set forth in Section 3.13(b). 
 “Subsidiary Securities” means, collectively,
the (i) investments, including Loans, acquired by a Subsidiary and delivered to the Custodian from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i). 
 “Subsidiary Securities
Account” shall have the meaning set forth in Section 3.13(a). 

  
 5 

 “Trade Confirmation” means a trade ticket or confirmation to the Custodian
from the Company of the Company’s acquisition of a Loan, and setting forth applicable information with respect to such Loan, which confirmation may be in a form agreed to between the parties from time to time. 

“UCC” shall have the meaning set forth in Section 3.3(b)(ii). 

“Underlying Loan Agreement” means, with respect to any Loan, the document or documents evidencing the commercial loan
agreement or facility pursuant to which such Loan is made. 
 “Underlying Loan Documents” means, with respect to any Loan,
the related Underlying Loan Agreement together with any agreements and instruments (including any Underlying Note) executed or delivered in connection therewith. 

“Underlying Note” means the one or more promissory notes executed by an obligor evidencing a Loan. 

 

	 	1.2	 Construction. In this Agreement unless the contrary intention appears: 

 

	 	(a)	 any reference to this Agreement or another agreement or instrument refers to such agreement or instrument as
the same may be amended, modified or otherwise rewritten from time to time; 

  

	 	(b)	 a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and
consolidations, amendments, re-enactments or replacements of any of them; 

  

	 	(c)	 any term defined in the singular form may be used in, and shall include, the plural with the same meaning, and
vice versa; 

  

	 	(d)	 a reference to a Person includes a reference to the Person’s executors, successors and permitted assigns;

  

	 	(e)	 an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly and
severally; 

  

	 	(f)	 an agreement, representation or warranty on the part of two or more Persons binds them jointly and severally;

  

	 	(g)	 a reference to the term “including” means “including, without limitation,”;

  

	 	(h)	 a reference to any accounting term is to be interpreted in accordance with generally accepted principles and
practices in the United States, consistently applied, unless otherwise instructed by the Company; and 

  

	 	(i)	 any reference to “execute”, “executed”, “sign”, “signed”,
“signature” or any other like term hereunder shall include execution by electronic signature (including, without limitation, any .pdf file, .jpeg file, or any other electronic or image file, or

  
 6 

	 	
any “electronic signature” as defined under the U.S. Electronic Signatures in Global and National Commerce Act (“E-SIGN”) or the
New York Electronic Signatures and Records Act (“ESRA”), which includes any electronic signature provided using Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified by the Company
and reasonably available at no undue burden or expense to the Custodian), except to the extent the Custodian requests otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures were
handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes hereunder. 

  

	 	1.3	 Headings. Headings are inserted for convenience and do not affect the interpretation of this Agreement.

  

	2.	 APPOINTMENT OF CUSTODIAN  

 

	 	2.1	 Appointment and Acceptance. 

 

	 	(a)	 The Company hereby appoints the Custodian as custodian of certain Securities and cash owned by the Company and
the Subsidiaries (as applicable) and delivered to the Custodian from time to time during the period of this Agreement, on the terms and conditions set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated
herein and made a part of this Agreement), and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with respect to it subject to and in accordance with the provisions hereof.

  

	 	(b)	 The Company hereby appoints the Document Custodian as custodian to hold the Loan Files and Required Loan
Documents owned by the Company and the Subsidiaries (as applicable) and delivered to the Document Custodian from time to time during the period of this Agreement on the terms and conditions set forth in this Agreement (which shall include any
addendum hereto which is hereby incorporated herein and made a part of this Agreement), and the Document Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with respect to it and
subject to and in accordance with the provisions hereof. 

 2.2    Instructions. The Company
agrees that it shall from time to time provide, or cause to be provided, to the Custodian or Document Custodian all necessary instructions and information, and shall respond promptly to all inquiries and requests of the Custodian or Document
Custodian, as may reasonably be necessary to enable the Custodian or Document Custodian to perform its duties hereunder. 

2.3    Company Responsible For Directions. The Company is solely responsible for directing the Custodian with
respect to deposits to, withdrawals from and transfers to or from the Account. Without limiting the generality of the foregoing, the Custodian has no responsibility for the Company’s compliance with the 1940 Act, any restrictions, covenants,
limitations or obligations to which the Company may be subject or for which 

  
 7 

 
it may have obligations to third-parties in respect of the Account, and the Custodian shall have no liability for the application of any funds made at the direction of the Company. The Company
shall be solely responsible for properly instructing all applicable payors to make all appropriate payments to the Custodian for deposit to the Account, and for properly instructing the Custodian with respect to the allocation or application of all
such deposits. 
  

	3.	 DUTIES OF CUSTODIAN 

3.1    Segregation. All Securities and non-cash property held by the
Custodian, as applicable, for the account of the Company (other than Securities maintained in a Securities Depository or Securities System) shall be physically segregated from other Securities and non-cash
property in the possession of the Custodian and shall be identified as subject to this Agreement. Any Account may contain any number of sub-accounts for the convenience of the Custodian or as required by the
Company for convenience in administering such accounts. 
 3.2    Securities Custody Account. The Custodian shall
open and maintain a segregated account in the name of the Company, subject only to order of the Custodian, in which the Custodian shall enter and carry, subject to Section 3.3(b), all Securities (other than Loans), cash and other assets of the
Company which are delivered to it in accordance with this Agreement. For avoidance of doubt, the Custodian shall not be required to credit or deposit Loans in the Securities Account but shall instead maintain a register (in book-entry form or in
such other form as it shall deem necessary or desirable) of such Loans, containing such information as the Company and the Custodian may reasonably agree. 

3.3    Delivery of Cash and Securities to Custodian. 

 

	 	(a)	 The Company shall deliver, or cause to be delivered, to the Custodian certain of the Company’s Securities,
cash and other investment assets, including payments of income, payments of principal and capital distributions received by the Company with respect to such Securities, cash or other assets owned by the Company at any time during the period of this
Agreement. With respect to Loans, the Required Loan Documents and other Underlying Loan Documents shall be delivered to the Document Custodian at the address identified in Section 15(c). With respect to assets other than Loans, such assets
shall be delivered to the Custodian in its role as, and (where relevant) at the address identified for, the Custodian. Except to the extent otherwise expressly provided herein, delivery of Securities to the Custodian shall be in Street Name or other
good delivery form. The Custodian shall not be responsible for such Securities, cash or other assets until actually delivered to, and received by it. 

  

	 	(b)	 (i)    In connection with its acquisition of a Loan or other delivery of a Security
constituting a Loan, the Company shall deliver or cause to be delivered to the Custodian a properly completed Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to

  
 8 

	 	
enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the
Custodian reasonably may require, and shall deliver to the Document Custodian the Required Loan Documents for all Loans, including the Loan Checklist. 

(ii)    Notwithstanding any term hereof or elsewhere to the contrary, (a) it is hereby expressly acknowledged that
(i) interests in Loans may be acquired by the Company from time to time which are not evidenced by, or accompanied by delivery of, a Security or an instrument, as that term is defined in
Section 9-102(a)(4a) of the UCC, and may be evidenced solely by delivery to the Document Custodian of a facsimile copy of an assignment agreement (“Loan Assignment Agreement”) in favor of
the Company as assignee, (ii) any such Loan Assignment Agreement (and the registration of the related Loan on the books and records of the applicable obligor or bank agent) shall be registered in the name of the Company (or its nominee), and
(iii) any duty on the part of the Document Custodian with respect to such Loan shall be limited to the exercise of reasonable care by the Custodian in the physical custody of any such Loan Assignment Agreement, and any related instrument,
security, credit agreement, assignment agreement and/or other agreements or documents, if any (collectively, “Financing Documents”), that may be delivered to it, and (b) nothing herein shall require the Custodian to credit to
the Securities Account or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) any such Loan or other asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to “maintain” a sufficient quantity thereof. The Custodian is not under a duty to examine any such Financing Documents, or any underlying credit agreements or loan
documents for such Loan to determine the validity, sufficiency, marketability or enforceability of any Loan Assignment Agreement or other Financing Document (and shall have no responsibility for the genuineness or completeness thereof), or for the
Company’s title to any related Loan. The Custodian may assume the genuineness of each such Financing Document it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that each
such Financing Document it may receive is what it purports to be. If an original Security or Instrument is or shall be or become available with respect to any such Loan, it shall be the sole responsibility of the Company to make or cause delivery
thereof to the Custodian, and the Custodian shall not be under any obligation at any time to determine whether any such original security or instrument has been or is required to be issued or made available in respect of any Loan or to compel or
cause delivery thereof to the Custodian. 
 (iii)    The Custodian may assume the genuineness of any such Financing
Document it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports to be. If an original “security” or
“instrument” as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, 

  
 9 

 
respectively, is or shall be or become available with respect to any Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Company to make or cause
delivery thereof to the Custodian, and the Custodian shall not be under any obligation at any time to determine whether any such original security or instrument has been or is required to be issued or made available in respect of any Loan or to
compel or cause delivery thereof to the Custodian. 
 (iv)    Contemporaneously with the acquisition of any Loan, the
Company shall (1) cause any appropriate Financing Documents evidencing such Loan to be delivered to the Custodian; (2) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments and a schedule of
the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest payments for such Loan, (3) provide to the Custodian a properly completed Trade Confirmation containing such information in respect of
such Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format
as the Custodian reasonably may require; (4) take all actions necessary for the Company to acquire good title to such Loan; and (5) take all actions as may be necessary (including appropriate payment notices and instructions to bank agents
or other applicable paying agents) to cause (A) all payments in respect of the Loan to be made to the Custodian and (B) all notices, solicitations and other communications in respect of such Loan to be directed to the Company. The
Custodian shall have no liability for any delay or failure on the part of the Company to provide necessary information to the Custodian, or for any inaccuracy therein or incompleteness thereof, or for any delay or failure on the part of the Company
to give such effective payment instruction to bank agents and other paying agents, in respect of the Loans. With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from time to time from
the related bank agent, obligor, participating bank, nationally recognized pricing service or vendor, reputable financial information reporting source or similar party with respect to the related Loan, and shall be entitled to update its records (as
it may deem necessary or appropriate), or from the Company, on the basis of such information or notices received, without any obligation on its part independently to verify, investigate or recalculate such information. 

 

	 	3.4	 Release of Securities. 

 

	 	(a)	 The Custodian or the Document Custodian, as applicable, shall release and ship for delivery, or direct its
agents or sub-custodian to release and ship for delivery, as the case may be, Securities or Required Loan Documents (or other Underlying Documents) of the Company held by the Custodian, its agents or its sub-custodian from time to time upon receipt of Proper Instructions (which shall, among other 

  
 10 

	 	
things, specify the Securities or Required Loan Documents (or other Underlying Documents) to be released, with such delivery and other information as may be necessary to enable the Custodian or
the Document Custodian to perform), which may be standing instructions (in form acceptable to the Custodian) in the following cases: 

  

	 	(i)	 upon sale of such Securities by or on behalf of the Company, and such sale 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 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 Securities System, in accordance with the rules governing the
operations of the Securities System; 

  

	 	(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); 

 

	 	(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)	 to brokers clearing banks or other clearing agents for examination in accordance with the Street Delivery
Custom; 

  

	 	(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, its agents or its sub-custodian); 

  
 11 

	 	(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 its sub-custodian); and/or 

  

	 	(ix)	 for any other purpose, but only upon receipt of Proper Instructions. 

3.5     Registration of Securities. Securities held by the Custodian, its agents or its sub-custodian (other than bearer securities, securities held in a Securities System or Securities that are Noteless Loans or Participations) shall be registered in the name of the Company or its nominee; or, at the
option of the Custodian, in the name of the Custodian or in the name of any nominee of the Custodian, or in the name of its agents or its sub-custodian or their nominees; or if directed by the Company by
Proper Instruction, may be maintained in Street Name. The Custodian, its agents and its sub-custodian shall not be obligated to accept Securities on behalf of the Company under the terms of this Agreement
unless such Securities are in Street Name or other good deliverable form. 
  

	 	3.6	 Bank Accounts, and Management of Cash 

 

	 	(a)	 Proceeds from the Securities received by the Custodian from time to time shall be credited to the Cash Account.
All amounts credited to the Cash Account shall be subject to clearance and receipt of final payment by the Custodian. Securities may also be delivered and held in the Cash Account by the Custodian. 

 

	 	(b)	 Amounts held in the Cash Account from time to time may be invested in Eligible Investments pursuant to specific
written Proper Instructions (which may be standing instructions) received by the Custodian from an Authorized Person acting on behalf of the Company. Such investments shall be subject to availability and the Custodian’s then applicable
transaction charges (which shall be at the Company’s expense). The Custodian shall have no liability for any loss incurred on any such investment. Absent receipt of such written instruction from the Company, the Custodian shall have no
obligation to invest (or otherwise pay interest on) amounts on deposit in the Cash Account. In no instance will the Custodian have any obligation to provide investment advice to the Company. Any earnings from such investment of amounts held in the
Cash Account from time to time (collectively, “Reinvestment Earnings”) shall be redeposited in the Cash Account (and may be reinvested at the written direction of the Company). The Custodian shall have no liability for any losses on
any investments made as described herein. 

  

	 	(c)	 In the event that the Company shall at any time request a withdrawal of amounts from the Cash Account, the
Custodian shall be entitled to liquidate, and shall have no liability for any loss incurred as a result of the liquidation of, any investment of the funds credited to such account as needed to provide necessary liquidity. Investment instructions may
be in the form of standing instructions (in the form of Proper Instructions acceptable to Custodian). 

  
 12 

	 	(d)	 The Company acknowledges that cash deposited or invested with any bank (including the bank acting as Custodian)
may make a margin or generate banking income for which such bank shall not be required to account to the Company. 

  

	 	(e)	 The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for
administration of its duties hereunder, with notice to be provided to the Company. 

  

	 	3.7	 Foreign Exchange 

 

	 	(a)	 Upon the receipt of Proper Instructions, the Custodian, its agents or its sub-custodian may (but shall not be
obligated to) enter into all types of contracts for foreign exchange on behalf of the Company, upon terms acceptable to the Custodian and the Company (in each case at the Company’s expense), including transactions entered into with the
Custodian, its sub-custodian or any affiliates of the Custodian or the sub-custodian. The Custodian shall have no liability for any losses incurred in or resulting from
the rates obtained in such foreign exchange transactions; and absent specific and acceptable Proper Instructions, the Custodian shall not be deemed to have any duty to carry out any foreign exchange on behalf of the Company. The Custodian shall be
entitled at all times to comply with any legal or regulatory requirements applicable to currency or foreign exchange transactions. 

  

	 	(b)	 The Company acknowledges that the Custodian, any sub-custodian or any
affiliates of the Custodian or any sub-custodian, involved in any such foreign exchange transactions may make a margin or generate banking income from foreign exchange transactions entered into pursuant to
this section for which they shall not be required to account to the Company. 

 3.8    Collection of
Income. The Custodian, its agents or its sub-custodian shall use reasonable efforts to collect on a timely basis all income and other payments with respect to the Securities held hereunder to which the
Company shall be entitled, to the extent consistent with usual custom in the securities custodian business in the United States. Such efforts shall include collection of interest income, dividends and other payments with respect to registered
domestic securities if on the record date with respect to the date of payment by the issuer the Security is registered in the name of the Custodian or its nominee (or in the name of its agent or sub-custodian,
or their nominee); and interest income, dividends and other payments with respect to bearer domestic securities if, on the date of payment by the issuer such securities are held by the Custodian or its
sub-custodian or agent; provided, however, that in the case of Securities held in Street Name, the Custodian shall use commercially reasonable efforts only to timely collect income. In no event shall the
Custodian’s agreement herein to collect income be construed to obligate the Custodian to commence, undertake or prosecute any legal proceedings. 

  
 13 

	 	3.9	 Payment of Moneys. 

 

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

  

	 	(i)	 upon the purchase of Securities for the Company 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 Securities System, in accordance with the rules governing the
operation of such Securities System; 

  

	 	(ii)	 for the purchase or sale of foreign exchange or foreign exchange agreements for the accounts of the Company,
including transactions executed with or through the Custodian, its agents or its sub-custodian, as contemplated by Section 3.8 above; and 

 

	 	(iii)	 for any other purpose directed by the Company, 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. 

  

	 	(b)	 At any time or times, the Custodian shall be entitled to pay (i) itself from the Cash Account, whether or
not in receipt of express direction or instruction from the Company, any amounts due and payable to it pursuant to Section 8 hereof, and (ii) as otherwise permitted by Section 7.5, Section 9.4 or Section 12.5 below, provided,
however, that in each case all such payments shall be accounted for to the Company. 

 3.10    
Proxies. The Custodian will, with respect to the Securities held hereunder, use reasonable efforts to cause to be promptly executed by the registered holder of such Securities proxies received by the Custodian from its agents or its sub-custodian or from issuers of the Securities being held for the Company, without indication of the manner in which such proxies are to be voted, and upon receipt of Proper Instructions shall promptly deliver such
proxies, proxy soliciting materials and notices relating to such Securities. In the absence of such Proper Instructions, or in the event that such Proper Instructions are not received in a timely fashion, the Custodian shall be under no duty to act
with regard to such proxies. 

  
 14 

 3.11     Communications Relating to Securities. The Custodian
shall transmit promptly to the Company all written information (including pendency of calls and maturities of Securities and expirations of rights in connection therewith) received by the Custodian, from its agents or its sub-custodian or from issuers of the Securities being held for the Company. The Custodian shall have no obligation or duty to exercise any right or power, or otherwise to preserve rights, in or under any Securities
unless and except to the extent it has received timely Proper Instruction from the Company in accordance with the next sentence. The Custodian will not be liable for any untimely exercise of any right or power in connection with Securities at any
time held by the Custodian, its agents or sub-custodian unless: 
  

	 	(i)	 the Custodian has received Proper Instructions with regard to the exercise of any such right or power; and

  

	 	(ii)	 the Custodian, or its agents or sub-custodian are in actual possession
of such Securities, 

 in each case, at least three (3) Business Days prior to the date on which such right or power
is to be exercised. It will be the responsibility of the Company to notify the Custodian of the Person to whom such communications must be forwarded under this Section. 

3.12    Records. The Custodian shall create and maintain complete records relating to its activities under this
Agreement with respect to the Securities, cash or other property held for the Company under this Agreement. All such records shall be the property of the Company and shall at all times during the regular business hours of the Custodian be open for
inspection by duly authorized officers, employees or agents of the Company, upon reasonable request and at least five Business Days’ prior written notice and at the Company’s expense. The Custodian shall, at the Company’s request,
supply the Company with a tabulation of securities owned by the Company and held by the Custodian and shall, when requested to do so by the Company and for such compensation as shall be agreed upon between the Company and the Custodian, include, to
the extent applicable, the certificate numbers in such tabulations, to the extent such information is available to the Custodian. 
  

	 	3.13    	 Custody of Subsidiary Securities. 

 

	 	(a)	 With respect to each Subsidiary identified to the Custodian by the Company, there shall be established at the
Custodian a segregated account to which the Custodian shall deposit and hold any Subsidiary Securities (other than Loans) received by it (and any Proceeds received by it in the form of dividends in kind) pursuant to this Agreement, which account
shall be designated the “[INSERT NAME OF SUBSIDIARY] Securities Account” (the “Subsidiary Securities Account”). 

  
 15 

	 	(b)	 With respect to each Subsidiary identified to the Custodian by the Company, there shall be established at the
Custodian a segregated account to which the Custodian shall deposit and hold any cash Proceeds received by it from time to time from or with respect to Subsidiary Securities, which account shall be designated the “[INSERT NAME OF SUBSIDIARY]
Cash Proceeds Account” (the “Subsidiary Cash Account”). 

  

	 	(c)	 To the maximum extent possible, the provisions of this Agreement regarding Securities of the Company, the
Securities Account and the Cash Account shall be applicable to any Subsidiary Securities, Subsidiary Securities Account and Subsidiary Cash Account, respectively. The parties hereto agree that the Company shall notify the Custodian in writing as to
the establishment of any Subsidiary as to which the Custodian is to serve as custodian pursuant to the terms of this Agreement; and identify in writing any accounts the Custodian shall be required to establish for such Subsidiary as herein provided.

  

	3A.	 DUTIES OF DOCUMENT CUSTODIAN. 

 

	 	(a)	 With respect to Loans, Required Loan Documents and other Underlying Loan Documents shall be delivered to the
Custodian in its role as, and at the address identified for, the Document Custodian. All Required Loan Documents shall be held in safekeeping by the Document Custodian, individually segregated from the securities and investments of any other Person
and marked so as to clearly identify them as the property of the Company. 

  

	 	(b)	 In connection with its acquisition of a Loan or other delivery of a Security constituting a Loan, the Company
shall deliver or cause to be delivered to the Document Custodian the Required Loan Documents, including the Loan Checklist. 

  

	 	(c)	 The Document Custodian shall release and ship for delivery, or direct its agents or sub-custodian to release and ship for delivery, as the case may be, Required Loan Documents (or other Underlying Loan Documents) of the Company held by the Document Custodian, its agents or its sub-custodian from time to time within five (5) Business Days of its receipt of a Request for Release (which shall, among other things, specify the Required Loan Documents (or other Underlying Loan Documents)
to be released, with such delivery and other information as may be necessary to enable the Document Custodian to perform (including the delivery method). Any request for release by the Company shall be in the form of the Request for Release. The
Company is authorized to transmit and the Document Custodian is authorized to accept signed email copies of Requests for Release submitted in the form attached hereto as Exhibit A (or as otherwise agreed between the Document Custodian and the
Company). 

  

	 	(d)	 For the avoidance of doubt, the Document Custodian shall have no obligation to review or monitor any Required
Loan Documents or other Underlying Loan Documents but shall only be required to hold those Required Loan Documents or 

  
 16 

	 	
other Underlying Loan Documents received by it in accordance with this Agreement. All rights, protections, indemnities, immunities and limitations of liabilities provided in this Agreement in
favor of the Custodian under this Agreement shall also apply to the Document Custodian, in each case, as applicable in order to give maximum effect to the Document Custodian’s contemplated responsibilities hereunder. 

3.14     Responsibility for Property Held by Sub-custodians. The
Custodian’s responsibility with respect to the selection or appointment of a sub-custodian shall be limited to a duty to exercise reasonable care in the selection of such
sub-custodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages, liabilities, or claims
(including attorneys’ and accountants’ fees) incurred as a result of the acts or the failure to act by any sub-custodian, the Custodian shall take reasonable action to recover such costs, expenses,
damages, liabilities, or claims from such sub-custodian; provided that the Custodian’s sole liability in that regard shall be limited to amounts actually received by it from such sub-custodian (exclusive of related costs and expenses incurred by the Custodian). 
  

	4.	 REPORTING  

 

	 	(a)	 If requested by the Company, the Custodian shall render to the Company a monthly report of (i) all
deposits to and withdrawals from the Cash Account during the month, and the outstanding balance (as of the last day of the preceding monthly report and as of the last day of the subject month) and (ii) an itemized statement of the Securities
held pursuant to this Agreement as of the end of each month, as well as a list of all Securities transactions that remain unsettled at that time, and (iii) such other matters as the parties may agree from time to time. 

 

	 	(b)	 For each Business Day, the Custodian shall render to the Company a daily report of (i) all deposits to and
withdrawals from the Cash Account for such Business Day and the outstanding balance as of the end of such Business Day, and (ii) a report of settled trades of Securities for such Business Day. 

 

	 	(c)	 The Custodian shall have no duty or obligation to undertake any market valuation of the Securities under any
circumstance. 

  

	 	(d)	 The Custodian shall provide the Company with such reports as are reasonably available to it and as the Company
may reasonably request from time to time, on the internal accounting controls and procedures for safeguarding securities, which are employed by the Custodian. 

 

	5.	 DEPOSIT IN U.S. SECURITIES SYSTEMS  

The Custodian may deposit and/or maintain Securities in a Securities System within the United States in accordance with applicable Federal Reserve Board and
Securities and Exchange Commission rules and regulations, and subject to the following provisions: 

  
 17 

	 	(a)	 The Custodian may keep domestic Securities in a U.S. Securities System provided that such Securities are
represented in an account of the Custodian in the U.S. Securities System which shall not include any assets of the Custodian other than assets held by it as a fiduciary, custodian or otherwise for customers; 

 

	 	(b)	 The records of the Custodian with respect to Securities which are maintained in a U.S. Securities System shall
identify by book-entry those Securities belonging to the Company; 

  

	 	(c)	 If requested by the Company, the Custodian shall provide to the Company copies of all notices received from the
U.S. Securities System of transfers of Securities for the account of the Company; and 

  

	 	(d)	 Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Company
for any direct loss, damage, cost, expense, liability or claim to the Company resulting from use of any Securities System (other than to the extent resulting from the gross negligence or willful misconduct of the Custodian itself, or from failure of
the Custodian to enforce effectively such rights as it may have against the U.S. Securities System.) 

  

	6.	 SECURITIES HELD OUTSIDE OF THE UNITED STATES  

6.1     Appointment of Foreign Sub-custodian. The Company hereby authorizes
and instructs the Custodian in its sole discretion to employ one or more Foreign Sub-custodians to act as Eligible Securities Depositories or as sub-custodian to hold
the Securities and other assets of the Company maintained outside the United States, subject to the Company’s approval in accordance with this Section. If the Custodian wishes to appoint a Foreign
Sub-custodian to hold property of the Company subject to this Agreement, it will so notify the Company and provide it with information reasonably necessary to determine any such new Foreign Sub-custodian’s eligibility under Rule 17f-5 under the 1940 Act, including a copy of the proposed agreement with such Foreign
Sub-custodian. The Company shall at the meeting of its members next following receipt of such notice and information give a written approval or disapproval of the proposed action. 

6.2     Assets to be Held. The Custodian shall limit the Securities and other assets maintained in the custody of
the Foreign Sub-custodian to: (a) Foreign Securities and (b) cash and cash equivalents in such amounts as the Company (through Proper Instructions) may determine to be reasonably necessary to effect
the Company’s transactions in such investments. 
 6.3     Omnibus Accounts. The Custodian may hold Foreign
Securities and related Proceeds with one or more Foreign Sub-custodians or Eligible Securities Depositories in each case in a single account with such Sub-custodian or
Securities Depository that is identified as belonging to the Custodian for the benefit of its customers; provided however, that the records of the Custodian with respect to Securities and related Proceeds that are property of the Company maintained
in such account(s) shall identify by book-entry those Securities and other property as belonging to the Company. 

  
 18 

 6.4     Reports Concerning Foreign
Sub-custodian. The Custodian will supply to the Company, upon request from time to time, statements in respect of the Securities held by Foreign Sub-custodians or
Eligible Securities Depositories, including an identification of the Foreign Sub-custodians and Eligible Securities Depositories having physical possession of the Foreign Securities. 

6.5     Transactions in Foreign Custody Account. Notwithstanding any provision of this Agreement to the contrary,
settlement and payment for Securities received by a Foreign Intermediary for the account of the Company may be effected in accordance with the customary established securities trading or securities processing practices and procedures in the
jurisdiction or market in which the transaction occurs, including delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for
such securities from such purchaser or dealer. 
 6.6     Foreign
Sub-custodian. Each contract or agreement pursuant to which the Custodian employs a Foreign Sub-custodian shall include provisions that provide: (i) for
indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Company’s assets
will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-custodian or its creditors (except a claim of payment for their safe custody or administration) or, in
the case of cash deposits, liens or rights in favor of creditors of the Sub-custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Company’s assets
will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party
for the benefit of the Company; (v) that the Company’s independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with
respect to the safekeeping of the Company’s assets, including notification of any transfer to or from a Company’s account or a third party account containing assets held for the benefit of the Company. Such contract may contain, in lieu of
any or all of the provisions specified above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Company assets as the specified provisions, in their entirety.

 6.7     Custodian’s Responsibility for Foreign Sub-custodian.

  

	 	(a)	 With respect to its responsibilities under this Section 6, the Custodian agrees to exercise reasonable
care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Company would exercise. The Custodian further agrees that the Foreign Securities will be subject to reasonable care, based on the standards
applicable to the Custodian in the relevant 

  
 19 

	 	
market, if maintained with each Foreign Sub-custodian, after considering all factors relevant to the safekeeping of such assets, including: (i) the
Foreign Sub-custodian’s practices, procedures, and internal controls, including the physical protections available for certificated securities (if applicable), the method of keeping custodial records, and
the security and data protection practices; (ii) whether the Foreign Sub-custodian has the requisite financial strength to provide reasonable care for Company assets; (iii) the Foreign Sub-custodian’s general reputation and standing and, in the case of Eligible Securities Depository, the Eligible Securities Depository’s operating history and number of participants; and (iv) whether
the Company will have jurisdiction over and be able to enforce judgments against the Foreign Sub-custodian, such as by virtue of the existence of any offices of the Foreign
Sub-custodian in the United States or the Sub-custodian’s consent to service of process in the United States. 

 

	 	(b)	 At the end of each calendar quarter, the Custodian shall provide written reports notifying the members of the
Company as to the placement of the Foreign Securities and cash of the Company with a particular Foreign Sub-custodian and of any material changes in the Company’s foreign custody arrangements. The
Custodian shall promptly take such steps as may be required to withdraw assets of the Company from any Foreign Sub-custodian that has ceased to meet the requirements of Rule
17f-5 under the 1940 Act. 

  

	 	(c)	 The Custodian shall establish a system to monitor the appropriateness of maintaining the Company’s assets
with a particular Foreign Sub-custodian and the performance of the contract governing the Company’s arrangements with such Foreign
Sub-custodian.     

  

	 	(d)	 The Custodian’s responsibility with respect to the selection or appointment of a Foreign Sub-custodian shall be limited to a duty to exercise reasonable care in the selection or retention of such Foreign Intermediaries in light of prevailing settlement and securities handling practices, procedures and
controls in the relevant market. With respect to any costs, expenses, damages, liabilities, or claims (including attorneys’ and accountants’ fees) incurred as a result of the acts or the failure to act by any Foreign Sub-custodian, the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such Foreign Sub-custodian; provided that the
Custodian’s sole liability in that regard shall be limited to amounts actually received by it from such Foreign Intermediaries (exclusive of related costs and expenses incurred by the Custodian). The Custodian shall have no responsibility for
any act or omission (or the insolvency of) any Securities System (including an Eligible Securities Depository). In the event the Company incurs a loss due to the negligence, willful misconduct, or insolvency of a Securities System (including an
Eligible Securities Depository), the Custodian shall make reasonable endeavors, in its discretion, to seek recovery from the Eligible Securities Depository. 

  
 20 

	7.	 CERTAIN GENERAL TERMS  

7.1     No Duty to Examine Financing Documents. Nothing herein shall obligate the Custodian to review or examine the
terms of any underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other financing document evidencing or governing any Security to determine the validity, sufficiency, marketability or enforceability
of any Security or Loan (and shall have no responsibility for the genuineness or completeness thereof), or otherwise. 

7.2     Resolution of Discrepancies. In the event of any discrepancy between the information set forth in any report
provided by the Custodian to the Company and any information contained in the books or records of the Company, the Company shall promptly notify the Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy. 

7.3     Improper Instructions. Notwithstanding anything herein to the contrary, the Custodian shall not be obligated
to take any action (or forebear from taking any action), which it reasonably determines (at its sole option) to be contrary to the terms of this Agreement or applicable law. In no instance shall the Custodian be obligated to provide services on any
day that is not a Business Day. 
 7.4     Proper Instructions 

 

	 	(a)	 The Company will give written notice to the Custodian, in form acceptable to the Custodian, specifying the
names and specimen signatures (whether manual, facsimile, .pdf or other electronic signature) of persons authorized to give Proper Instructions (collectively, “Authorized Persons” and each is an “Authorized Person”)
which notice shall be signed (whether manual, facsimile, .pdf or other electronic signature) by an Authorized Person previously certified to the Custodian. The Custodian shall be entitled to rely upon the identity and authority of such persons until
it receives written notice from an Authorized Person of the Company to the contrary. The initial Authorized Persons are set forth on Schedule B attached hereto and made a part hereof (as such Schedule B may be modified from time to
time by written notice from the Company to the Custodian); and the Company hereby represents and warrants that the true and accurate specimen signatures of such initial Authorized Persons are set forth on Schedule B. The Custodian shall be
entitled to accept and act upon Proper Instructions sent by unsecured email, facsimile transmission or other similar unsecured electronic methods. If such person on behalf of the Company (or the Investment Manager on its behalf) elects to give the
Custodian email or facsimile instructions (or instructions by a similar electronic method) and the Custodian in its discretion elects to act upon such instructions, the Custodian’s reasonable understanding of such instructions shall be deemed
controlling. The Custodian shall not be liable for any losses, costs or expenses arising directly or indirectly from the Custodian’s reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being
inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such 

  
 21 

	 	
electronic methods to submit instructions and directions to the Custodian, including without limitation the risk of the Custodian acting on unauthorized instructions, and the risk of interception
and misuse by third parties and acknowledges and agrees that there may be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection with its
transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. The Company hereby authorizes and directs the Custodian to accept, rely and act upon instruction from
the Investment Manager, acting on behalf and in the name of the Company for all purposes hereunder, and the Custodian is authorized to recognize and act upon the instruction of the Investment Manager, acting alone, on behalf and in the stead of the
Company for all purposes hereunder; provided that such authorization and direction may be revoked at any time by an Authorized Person who is an officer of the Company. 

 

	 	(b)	 The Custodian shall have no responsibility or liability to the Company (or any other person or entity), and
shall be indemnified and held harmless by the Company, in the event that a subsequent written confirmation of an oral instruction fails to conform to the oral instructions received by the Custodian. The Custodian shall not have an obligation to act
in accordance with purported instructions to the extent that they conflict with applicable law or regulations, local market practice or the Custodian’s operating policies and practices. The Custodian shall not be liable for any loss resulting
from a delay while it obtains clarification of any Proper Instructions. 

 7.5     Actions Permitted
Without Express Authority. The Custodian may, at its discretion, without express authority from the Company: 
  

	 	(a)	 make payments to itself as described in or pursuant to Section 3.9(b), or to make payments to itself or
others for minor expenses of handling securities or other similar items relating to its duties under this agreement, provided that all such payments shall be accounted for to the Company; 

 

	 	(b)	 surrender Securities in temporary form for Securities in definitive form; 

 

	 	(c)	 endorse for collection cheques, drafts and other negotiable instruments; and 

 

	 	(d)	 in general attend to all nondiscretionary details in connection with the sale, exchange, substitution,
purchase, transfer and other dealings with the securities and property of the Company. 

 7.6    
Evidence of Authority. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate instrument or paper reasonably believed by it to be genuine and to have been properly executed (whether by manual,
facsimile, .pdf or other electronic signature) or otherwise given by or on behalf of the Company by an Authorized Person. The Custodian may receive and accept a certificate signed (whether by manual, facsimile, .pdf or other electronic signature) by
any Authorized Person as conclusive evidence of: 

  
 22 

	 	(a)	 the authority of any person to act in accordance with such certificate; or 

 

	 	(b)	 any determination or of any action by the Company as described in such certificate, 

and such certificate may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary from an
Authorized Person of the Company. 
 7.7     Receipt of Communications. Any communication received by the
Custodian on a day which is not a Business Day or after 3:30 p.m., Eastern time (or such other time as is agreed by the Company and the Custodian from time to time), on a Business Day will be deemed to have been received on the next Business Day
(but in the case of communications so received after 3:30 p.m., Eastern time, on a Business Day the Custodian will use its best efforts to process such communications as soon as possible after receipt). 

7.8     Actions on the Loans. The Custodian shall have no duty or obligation hereunder to take any action on behalf
of the Company, to communicate on behalf of the Company, to collect amounts or proceeds in respect of, or otherwise to interact or exercise rights or remedies on behalf of the Company, with respect to any of the Loans. All such actions and
communications are the responsibility of the Company. 
  

	8.	 COMPENSATION OF CUSTODIAN  

8.1     Fees. The Custodian and the Document Custodian shall be entitled to compensation for its services in
accordance with the terms of that certain fee letter dated on or about March 29, 2021 between the Company (or the Investment Manager on its behalf) and the Custodian. 

8.2     Expenses. The Company agrees to pay or reimburse to each of the Custodian and the Document Custodian upon
its request from time to time all costs, disbursements, advances, and expenses (including reasonable fees and expenses of legal counsel, agents and experts) incurred, and any disbursements and advances made (including any account overdraft resulting
from any settlement or assumed settlement, provisional credit, chargeback, returned deposit item, reclaimed payment or claw-back, or the like), in connection with the preparation or execution of this Agreement, or in connection with the transactions
contemplated hereby or the administration of this Agreement or performance by the Custodian or the Document Custodian of its duties and services under this Agreement, from time to time (including costs and expenses of any action deemed necessary by
the Custodian or the Document Custodian to collect any amounts owing to it under this Agreement). 

  
 23 

	9.	 RESPONSIBILITY OF CUSTODIAN  

9.1     General Duties. The Custodian shall have no duties, obligations or responsibilities under this Agreement or
with respect to the Securities or Proceeds except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations of the Custodian shall be determined solely by the express provisions of this Agreement.
No implied duties, obligations or responsibilities shall be read into this Agreement against, or on the part of, the Custodian. 

9.2     Instructions 
  

	 	(a)	 The Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the form
of Proper Instructions) from the Company as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company, that Proper Instructions to it be in writing. The Custodian shall have no liability for any action (or
forbearance from action) taken pursuant to the Proper Instruction of the Company. 

  

	 	(b)	 Whenever the Custodian is entitled or required to receive or obtain any communications or information pursuant
to or as contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it and otherwise in accordance with any applicable terms of this Agreement; and whenever any report or
other information is required to be produced or distributed by the Custodian it shall be in form, content and medium reasonably acceptable to it and the Company, and otherwise in accordance with any applicable terms of this Agreement.

 9.3     General Standards of Care. Notwithstanding any terms herein contained to the
contrary, the acceptance by the Custodian and the Document Custodian of each of their appointments hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or
not so stated therein): 
  

	 	(a)	 Each of the Custodian and the Document Custodian may rely on and shall be protected in acting or refraining
from acting upon any written notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper, electronic communication or document furnished to it (including any of the foregoing provided to it by
telecopier or electronic means), not only as to its due execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed (whether by manual, facsimile, .pdf
or other electronic signature) or presented by the proper person (which in the case of any instruction from or on behalf of the Company shall be an Authorized Person); and the Custodian and the Document Custodian shall be entitled to presume the
genuineness and due authority of any signature (whether manual, facsimile, .pdf or other electronic signature) appearing thereon. The Custodian and the Document Custodian shall not be bound to make any independent investigation into the facts or
matters stated in 

  
 24 

	 	
any such notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document, provided, however, that if the form thereof is specifically
prescribed by the terms of this Agreement, the Custodian shall examine the same to determine whether it substantially conforms on its face to such requirements hereof. 

 

	 	(b)	 Neither the Custodian, the Document Custodian nor any of their directors, officers or employees shall be liable
to anyone for any error of judgment, or for any act done or step taken or omitted to be taken by it (or any of its directors, officers or employees), or for any mistake of fact or law, or for anything which it may do or refrain from doing in
connection herewith, unless such action constitutes gross negligence or willful misconduct on its part and in breach of the terms of this Agreement. Neither the Custodian nor the Document Custodian shall be liable for any action taken by it in good
faith and reasonably believed by it to be within powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction
required hereby for such action. Neither the Custodian nor the Document Custodian shall be under any obligation at any time to ascertain whether the Company is in compliance with the 1940 Act, the regulations thereunder, or the Company’s
investment objectives and policies then in effect. 

  

	 	(c)	 In no event shall the Custodian or the Document Custodian be liable for any indirect, special, punitive or
consequential damages (including lost profits) whether or not it has been advised of the likelihood of such damages. 

  

	 	(d)	 The Custodian and the Document Custodian may consult with, and obtain advice from, legal counsel selected in
good faith with respect to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by the Custodian or the Document Custodian in good faith in accordance with the opinion and directions of such counsel; the reasonable cost of such services shall be reimbursed pursuant to Section 8.2
above. 

  

	 	(e)	 Neither the Custodian nor the Document Custodian shall be deemed to have notice of any fact, claim or demand
with respect hereto unless actually known by an officer working in its Corporate Trust Services group and charged with responsibility for administering this Agreement or unless (and then only to the extent received) in writing by the Custodian or
the Document Custodian at the applicable address(es) as set forth in Section 15 and specifically referencing this Agreement. 

  

	 	(f)	 No provision of this Agreement shall require the Custodian or the Document Custodian to expend or risk its own
funds, or to take any action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability unless it shall be furnished with acceptable indemnification. Nothing herein shall obligate the
Custodian or the Document 

  
 25 

	 	Custodian to commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Company or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating to this
Agreement or the services contemplated hereby. 

  

	 	(g)	 The permissive rights of the Custodian and the Document Custodian to take any action hereunder shall not be
construed as duty. 

  

	 	(h)	 The Custodian and the Document Custodian may each act or exercise its duties or powers hereunder through agents
(including for the avoidance of doubt, sub-custodians) or attorneys, and the Custodian and the Document Custodian shall not be liable or responsible for the actions or omissions of any such agent or attorney
appointed with due care. 

  

	 	(i)	 All indemnifications contained in this Agreement in favor of the Custodian and the Document Custodian shall
survive the termination of this Agreement or earlier resignation or removal of the Custodian or the Document Custodian, as applicable. 

  

	 	9.4	 Indemnification; Custodian’s Lien. 

 

	 	(a)	 The Company shall and does hereby indemnify and hold harmless each of the Custodian, the Document Custodian and
each of their officers, directors, employees, attorneys, agents, advisors, successors and assigns (collectively, the “Indemnified Persons” and each an “Indemnified Person”), for and from any and all costs and
expenses (including reasonable fees and expenses of attorneys, agents and experts) and any and all losses, damages, claims (whether brought by or involving the Company or any third party) and liabilities, that may arise, be brought against or
incurred by an Indemnified Person, whether brought by or involving the Company or any third party and whether direct, indirect, or consequential, as a result of or arising from or in any way relating to any claim, demand, suit, action or proceeding
(including any inquiry or investigation) by any person, including without limitation the Company or any Subsidiary, and any advances or disbursements made by the Custodian or the Document Custodian (including in respect of any Account overdraft,
returned deposit item, chargeback, provisional credit, settlement or assumed settlement, reclaimed payment, claw-back or the like), as a result of, relating to, or arising out of this Agreement, or the administration or performance of the duties of
the Custodian and the Document Custodian hereunder, or the relationship between the Company (including, for the avoidance of doubt, any Subsidiary), the Custodian and the Document Custodian created hereby, including the enforcement of any
indemnification rights hereunder, other than such liabilities, losses, damages, claims, costs and expenses as are directly caused by the Custodian’s or the Document Custodian’s, as applicable, own action or inaction constituting gross
negligence or willful misconduct on its part. 

  
 26 

	 	(b)	 The Custodian shall have and is hereby granted a continuing lien upon and security interest in, and right of set-off against, the Account, and any funds (and investments in which such funds may be invested) held therein or credited thereto from time to time, whether now held or hereafter required, and all proceeds thereof,
to secure the payment of any amounts that may be owing to the Custodian under or pursuant to the terms of this Agreement, whether now existing or hereafter arising. 

9.5    Force Majeure. Without prejudice to the generality of the foregoing, the Custodian and the Document Custodian
shall be without liability to the Company for any damage or loss resulting from or caused by events or circumstances beyond the Custodian’s or the Document Custodian’s reasonable control including nationalization, expropriation, currency
restrictions, the interruption, disruption or suspension of the normal procedures and practices of any securities market, power, mechanical, communications or other technological failures or interruptions, computer viruses or the like, fires,
floods, earthquakes or other natural disasters, civil and military disturbance, acts of war or terrorism, riots, revolution, acts of God, work stoppages, strikes, national disasters of any kind, or other similar events or acts; errors by the Company
(including any Authorized Person) in its instructions to the Custodian or the Document Custodian; or changes in applicable law, regulation or orders. 
  

	10.	 SECURITY CODES  

If the Custodian or the Document Custodian issues to the Company, security codes, passwords or test keys in order that it may verify that certain transmissions
of information, including Proper Instructions, have been originated by the Company, the Company shall take all commercially reasonable steps to safeguard any security codes, passwords, test keys or other security devices which the Custodian or the
Document Custodian shall make available. 
  

	11.	 TAX LAW  

11.1    Domestic Tax Law. The Custodian shall have no responsibility or liability for any obligations now or
hereafter imposed on the Company or the Custodian as custodian of the Securities or the Proceeds, by the tax law of the United States or any state or political subdivision thereof. The Custodian shall be kept indemnified by and be without liability
to the Company for such obligations including taxes, (but excluding any income taxes assessable in respect of compensation paid to the Custodian pursuant to this Agreement) withholding, certification and reporting requirements, claims for exemption
or refund, additions for late payment interest, penalties and other expenses (including legal expenses) that may be assessed against the Company, or the Custodian as custodian of the Securities or Proceeds. 

11.2    Foreign Tax Law. It shall be the responsibility of the Company to notify the Custodian of the obligations
imposed on the Company by the tax law of foreign (e.g., non-U.S.) jurisdictions, including responsibility for withholding and other taxes, assessments or other government charges, certifications and government
reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use 

  
 27 

 
reasonable efforts to cooperate with the Company with respect to any claims for exemption or refund under the tax law of the jurisdictions for which the Company has provided such information.

  

	12.	 EFFECTIVE PERIOD AND TERMINATION  

12.1    Effective Date. This Agreement shall become effective as of its due execution (whether by manual, facsimile,
..pdf or other electronic signature) and delivery by each of the parties. This Agreement shall continue in full force and effect until terminated as hereinafter provided. This Agreement may only be amended by mutual written agreement of the parties
hereto. This Agreement may be terminated by the Document Custodian, the Custodian or the Company pursuant to Section 12.2. 

12.2    Termination. This Agreement shall terminate upon the earliest of (a) occurrence of the effective date
of termination specified in any written notice of termination given by either party to the other not later than sixty (60) days prior to the effective date of termination specified therein, (b) such other date of termination as may be
mutually agreed upon by the parties in writing. 
 12.3    Resignation. The Custodian may at any time resign under
this Agreement by giving not less than sixty (60) days advance written notice thereof to the Company. 

12.4    Successor. Prior to the effective date of termination of this Agreement, or the effective date of the
resignation or removal of the Custodian, as the case may be, the Company shall give Proper Instruction to the Custodian designating a successor Custodian, if applicable. 

12.5    Payment of Fees, etc. Upon termination of this Agreement or resignation of the Custodian, the Company shall
pay to each of the Custodian and the Document Custodian such compensation, and shall likewise reimburse each of the Custodian and the Document Custodian for its costs, expenses and disbursements, as may be due as of the date of such termination or
resignation (or removal, as the case may be). All indemnifications in favor of the Custodian under this Agreement shall survive the termination of this Agreement, or any resignation or removal of the Custodian or the Document Custodian, as
applicable. 
 12.6    Final Report. In the event of any resignation or removal of the Custodian, the Custodian
shall provide to the Company a complete final report or data file transfer of any Confidential Information as of the date of such resignation or removal. 

  
 28 

	13.	 REPRESENTATIONS AND WARRANTIES  

13.1    Representations of the Company. The Company represents and warrants to the Custodian that: 

 

	 	(a)	 it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly
authorized, executed and delivered this Agreement so as to constitute its valid and binding obligation; 

  

	 	(b)	 in giving any instructions which purport to be “Proper Instructions” under this Agreement, the
Company will act in accordance with the provisions of its certificate of incorporation and bylaws and any applicable laws and regulations; and 

  

	 	(c)	 (i) the Company is not a Plan-Assets Vehicle (as defined below), (ii) the Company is not subject to the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (iii) the aggregate interest in any class of equity interests by any benefit plan investors (as such term is interpreted under ERISA) for whose benefit or
account the Accounts for such Company is held does not equal or exceed 25% of the outstanding interests, and (iv) neither the portfolio of the Securities or the Accounts for such Company is deemed to be assets of an employee benefit plan which
is subject to ERISA. If for any reason the Company breaches or otherwise fails to comply with any of the foregoing representations, warranties, or covenants, then (i) the Custodian’s duties hereunder with respect to such Company terminates
immediately upon such breach, regardless of whether the Custodian received notice of such breach or provided notice of termination, (ii) the Company will promptly notify the Custodian of such breach, (iii) the Company acknowledges that the
Custodian does not act as investment manager of the Securities or the Accounts and (iv) the Company acknowledges that the Custodian does not provide any services as a “fiduciary” with respect to the Company within the meaning of ERISA
§3(21). For purposes herein, “Plan-assets Vehicle” means an investment contract, product, or entity that holds plan assets (as determined pursuant to ERISA §§3(42) and 401 and 29 CFR
§2510.3-101). 

 13.2  Representations of the Custodian. The
Custodian hereby represents and warrants to the Company that: 
  

	 	(a)	 it has the power and authority to enter into and perform its obligations under this Agreement;

  

	 	(b)	 it has duly authorized, executed and delivered this Agreement so as to constitute its valid and binding
obligations; and 

  

	 	(c)	 that it maintains business continuity policies and standards that include data file backup and recovery
procedures that comply with all applicable regulatory requirements. 

  
 29 

	14.	 PARTIES IN INTEREST; NO THIRD PARTY BENEFIT  

This Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by
any third parties (other than successors and permitted assigns pursuant to Section 19). 
  

	15.	 NOTICES  

Any Proper Instructions shall be given to the following address (or such other address as either party may designate by written notice to the other party), and
otherwise any notices, approvals and other communications hereunder shall be sufficient if made in writing and given to the parties at the following address (or such other address as either of them may subsequently designate by notice to the other),
given by (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service, or (iii) confirmed telecopier or telex, with a duplicate sent on the same day by first class mail, postage prepaid: 

 

	 	(a)	 if to the Company or any Subsidiary, to 

[Kayne DL 2021, Inc. 
 c/o KA
Credit Advisors II, LLC 
 811 Main Street, 14th Floor 

Houston, TX 77002] 
  

	 	(b)	 if to the Custodian, to 

[U.S. Bank National Association 

Corporate Trust Services 
 One
Federal Street, 3rd Floor 
 Boston, MA 02110 

Attention: Jeff Stone 

Reference: Kayne DL 2021, Inc. 

Email: jeffrey.stone@usbank.com] 
  

	16.	 CHOICE OF LAW AND JURISDICTION  

This Agreement shall be construed, and the provisions thereof interpreted under and in accordance with and governed by the laws of the State of New York for
all purposes (without regard to its choice of law provisions); except to the extent such laws are inconsistent with federal securities laws, including the 1940 Act, in which case such federal securities laws shall govern. All actions and proceedings
relating to or arising from, directly or indirectly, this Agreement may be brought in New York State or U.S. federal courts located within the City of New York, State of New York and the Company and the Custodian hereby submit to personal
jurisdiction of such courts for such actions or proceedings. The Company and the Custodian each hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury and any objection to laying of venue in such
courts on grounds of forum nonconveniens in respect of any claim based upon, arising out of or in connection with this Agreement. No actions or proceedings relating to or arising from, directly or indirectly, this Agreement shall be brought in a
forum outside of the United States of America. 

  
 30 

	17.	 ENTIRE AGREEMENT; COUNTERPARTS  

17.1    Complete Agreement. This Agreement constitutes the complete and exclusive agreement of the parties with
regard to the matters addressed herein and supersedes and terminates as of the date hereof, all prior agreements, acknolwedgements or understandings, oral or written between the parties to this Agreement relating to such matters. 

17.2    Counterparts. This Agreement may be executed (whether by manual, facsimile, .pdf or other electronic
signature) in any number of counterparts and all counterparts taken together shall constitute one and the same instrument. 

1.1.    Facsimile and Electronic Signatures. The exchange of copies of this Agreement and of signature pages by
facsimile transmission, pdf or other electronic transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties
transmitted by facsimile or pdf shall be deemed to be their original signatures for all purposes. By executing this Agreement, the Company hereby acknowledges and agrees, and directs the Custodian to acknowledge and agree and the Custodian does
hereby acknowledge and agree, that execution of this Agreement, any Proper Instructions and any other notice, form or other document executed by the Company or the Custodian in connection with this Agreement, by facsimile transmission or electronic
signature (including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any other “electronic signature” as defined under E-SIGN or ESRA, including Orbit, Adobe
Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Custodian) shall be permitted hereunder notwithstanding anything to the contrary herein and such facsimile or
electronic signatures shall be legally binding as if such facsimile or electronic signatures were handwritten signatures. Any electronically signed document delivered via email from a person purporting to be an Authorized Person shall be considered
signed or executed by such Authorized Person on behalf of the Company. The Company also hereby acknowledges that the Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and
shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto. 
  

	18.	 AMENDMENT; WAIVER  

18.1    Amendment. This Agreement may not be amended except by an express written instrument duly executed by each
of the Company and the Custodian. 
 18.2    Waiver. In no instance shall any delay or failure to act be deemed to
be or effective as a waiver of any right, power or term hereunder, unless and except to the extent such waiver is set forth in an expressly written instrument signed by the party against whom it is to be charged. 

  
 31 

	19.	 SUCCESSOR AND ASSIGNS  

19.1    Successors Bound. The covenants and agreements set forth herein shall be binding upon and inure to the
benefit of each of the parties and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement without the written consent of the other party; provided, however, that the foregoing
shall not limit the ability of the Custodian to delegate certain duties or services to or perform them through agents or attorneys appointed with due care as expressly provided in this Agreement. 

19.2    Merger and Consolidation. Any corporation or association into which the Custodian may be merged or converted
or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian or the Document Custodian shall be a party, or any corporation or association to which the
Custodian or Document Custodian transfers all or substantially all of its corporate trust business, shall be the successor of the Custodian or Document Custodian, as applicable hereunder, and shall succeed to all of the rights, powers and duties of
the Custodian or Document Custodian, as applicable, hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
  

	20.	 SEVERABILITY  

The terms of this Agreement are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable, such determination
shall not affect the remaining terms. 
  

	21.	 REQUEST FOR INSTRUCTIONS  

If, in performing its duties under this Agreement, the Custodian is required to decide between alternative courses of action, the Custodian may (but shall not
be obliged to) request written instructions from the Company as to the course of action desired by it. If the Custodian does not receive such instructions within two (2) Business Days after it has requested them, the Custodian may, but shall be
under no duty to, take or refrain from taking any such courses of action. The Custodian shall act in accordance with instructions received from the Company in response to such request after such two-Business
Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions. 
  

	22.	 OTHER BUSINESS  

Nothing herein shall prevent the Custodian or the Document Custodian or any of their affiliates from engaging in other business, or from entering into any
other transaction or financial or other relationship with, or receiving fees from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement shall constitute the Company and/or the Custodian or the
Document Custodian(and/or any other Person) as members of any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established by this
Agreement. 

  
 32 

	23.	 REPRODUCTION OF DOCUMENTS  

This Agreement and all schedules, exhibits, attachments and amendment hereto may be reproduced by any photographic, photostatic, microfilm, micro-card,
miniature photographic or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in
existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further production shall likewise be admissible in evidence. 

 

	24.	 MISCELLANEOUS  

The Company acknowledges receipt of the following notice: 

“ IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A 

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

[PAGE INTENTIONALLY ENDS HERE. SIGNATURES APPEAR ON NEXT PAGE.] 

  
 33 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed and delivered by a duly authorized officer, intending the same to take effect as of the [●] day of April 2021. 
  

			
	KAYNE DL 2021, INC.
		
		 	By:                                    
                             
		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION, as

Custodian and Document Custodian

		
		 	By:                                    
                             
		 	Name:
		 	Title:
		
	            	 	By:                                    
                             
		 	Name:
		 	Title:

  
 34 

 SCHEDULE A 

Any of the following persons (each acting singly) shall be an Authorized Person (as this list may subsequently be modified by the Company from
time to time by written notice to the Custodian): 
  

			
	 NAME:
	  	SPECIMEN SIGNATURE:
	 	  	 
	 	  	 
	 	  	 

 EXHIBIT A 

FORM OF REQUEST FOR RELEASE 

(attached) 

 

 
 Request for Release of Documents 
  

			
	 U.S. Bank Global Corporate Trust Service
	  	Attention: Document Custody Services
	1719 Otis Way	  	Receiving Unit 
	Florence, South Carolina 29501	  	Email:      dcs@usbank.com
	Ref: Kayne DL 2021, Inc.	  	Fax:         (651) 695-6100 or (651) 695-6101 

  

	 	RE:	 Custody Agreement, dated as of April [●], 2021 (the “Custody Agreement”) between Kayne DL 2021,
Inc., (the “Company”) and U.S. Bank National Association, as custodian and document custodian (the “Document Custodian”) 

Pursuant to Section 3A of the Custody Agreement, we request the release of the Collateral Files relating to the Collateral listed on the
attached Excel spreadsheet for the reason indicated below: 
 Reason for Requesting Documents (Check One): 

 

			
	
            
	 	
1) Collateral Paid in Full

	 	 	
2) Collateral being Substituted

	 	 	
3) Collateral being Liquidated by Company

	 	 	
4) Other- Description Needed Below

  

			
	Company:  	  	 
	Authorized Representative:  	  	 
	Name (Printed):  	  	 
	Title (Printed):  	  	 
	Date:  	  	 
	Phone:  	  	 

  

	
	File Delivery Instructions – Address Needed
	 
	 
	 
	 
	 
	 
	 

 Upon Completion of Request, for Release, please scan and email the request to the appropriate DCS Vault Location. 

If applicable, please indicate if the request is a “Rush” in the subject line. Please fax the form if you do not have access to email. 

 

							
		 		 	Florence:	  	dcsflorencescreleases@usbank.com
		 		 	Frederick:	  	electronic.release.requests@usbank.com
		 		 	Jacksonville:	  	dcsctsjacksonville.requests@usbank.com

							
		 		 	Saint Paul:	  	dcs@usbank.com
		 		 	St.	  	documentcustody.stpete@usbank.com
		 		 	Petersburg:	  	
		 		 	Rocklin:	  	dcs-rocklin@usbank.com
		 		 	Tempe:	  	tempe.dcs.request@usbank.com

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