EX-10.1





 Exhibit 10.1 

INVESTMENT ADVISORY AGREEMENT 

This Investment Advisory Agreement, dated and effective as of September 16, 2021, is made by and between Onex Falcon Direct Lending BDC
Fund, a Delaware statutory trust (herein referred to as the “Fund”) and Onex Falcon Investment Advisors, LLC, a Delaware limited liability company (herein referred to as the “Adviser”) (this “Agreement”). 

1.    Appointment of Adviser. The Adviser hereby undertakes and agrees, upon the terms and conditions herein set
forth, to provide overall investment advisory services for the Fund and in connection therewith to, in accordance with the Fund’s investment objective, policies and restrictions as in effect from time to time: 

(a)    determining the composition of the Fund’s portfolio, the nature and timing of the changes to
the Fund’s portfolio and the manner of implementing such changes in accordance with the Fund’s investment objective, policies and restrictions; 

(b)    identifying investment opportunities and making investment decisions for the Fund, including
negotiating the terms of investments in, and dispositions of, portfolio securities and other instruments on the Fund’s behalf; 

(c)    monitoring the Fund’s investments; 

(d)    performing due diligence on prospective portfolio companies; 

(e)    exercising voting rights in respect of portfolio securities and other investments for the Fund; 

(f)    serving on, and exercising observer rights for, boards of directors and similar committees of the
Fund’s portfolio companies; 
 (g)    negotiating, obtaining and managing financing facilities and
other forms of leverage; and 
 (h)    providing the Fund with such other investment advisory and related
services as the Fund may, from time to time, reasonably require for the investment of capital, which may include, without limitation: 

(i)    making, in consultation with the Fund’s board of trustees (the “Board of
Trustees”), investment strategy decisions for the Fund; 
 (ii)    reasonably assisting the
Board of Trustees and the Fund’s other service providers with the valuation of the Fund’s assets; 

(iii)    directing investment professionals of the Adviser or
non-investment professionals of the Administrator (as defined below) to provide managerial assistance to portfolio companies of the Fund as requested by the Fund, from time to time; and 












 (iv)    exercising voting rights in respect of the
Fund’s portfolio securities and other investments. 
 Subject to the supervision of the Board of Trustees, the Adviser shall have the
power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund’s investments, the placing of orders for other purchase or sale
transactions on behalf of the Fund and causing the Fund to pay investment-related expenses. In the event that the Fund determines to acquire debt financing, the Adviser will arrange for such financing on the Fund’s behalf. If it is necessary or
appropriate for the Adviser to make investments on behalf of the Fund through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such
special purpose vehicle (in accordance with the Investment Company Act of 1940, as amended (the “1940 Act”)). 
 Subject to
the prior approval of a majority of the Board of Trustees, including a majority of the Board of Trustees who are not “interested persons” of the Fund and, to the extent required by the 1940 Act and the rules and regulations thereunder,
subject to any applicable guidance or interpretation of the Securities and Exchange Commission (“SEC”) or its staff, by the shareholders of the Fund, as applicable, the Adviser may, from time to time, delegate to a sub-adviser or other service provider any of the Adviser’s duties under this Agreement, including the management of all or a portion of the assets being managed. The Fund acknowledges that the Adviser makes no
warranty that any investments made by the Adviser hereunder will not depreciate in value or at any time not be affected by adverse tax consequences, nor does it give any warranty as to the performance or profitability of the assets or the success of
any investment strategy recommended or used by the Adviser. 
 2.    Expenses. In connection herewith, the
Adviser agrees to maintain a staff within its organization to furnish the above services to the Fund. The Adviser shall bear all expenses arising out of its duties hereunder, except as provided in this Section 2. 

Except as specifically provided below and above in Section 1 hereof, the Fund anticipates that all investment professionals and staff of
the Adviser, when and to the extent engaged in providing investment advisory services to the Fund, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and
paid for by the Adviser. The Fund will bear all other costs and expenses of the Fund’s operations, administration and transactions, including, but not limited to: 

(a)    investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to
this Agreement; 
 (b)    the Fund’s allocable portion of compensation, overhead (including rent,
office equipment and utilities) and other expenses incurred by Onex Falcon Investment Advisors, LLC (the “Administrator”) in performing its administrative obligations under the administration agreement between the Fund and the
Administrator (the “Administration Agreement”), including but not limited to: (i) the Fund’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations
and other non-investment professionals at the Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of Onex Corporation (“Onex”) or any of its
affiliates; and 

  
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 (c)    all other expenses of the Fund’s operations,
administrations and transactions including, without limitation, those relating to: 
 (i)    organization
and offering expenses associated with this offering (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the
Fund’s systems and those of participating broker-dealers, reasonable bona fide due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other
marketing expenses, design and website expenses, fees and expenses of the Fund’s escrow agent and transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and costs, expenses and reimbursements for travel, meals,
accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, broker-dealers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing fee); 

(ii)    all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal
counsel, advisors (including tax advisors), administrators, auditors (including with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative
Investment Fund Managers and any applicable legislation implemented by an EEA Member state in connection with such Directive (the “AIFMD”), investment bankers, administrative agents, paying agents, depositaries, custodians,
trustees, sub-custodians, consultants (including individuals consulted through expert network consulting firms), engineers, senior advisors, industry experts, operating partners, deal sourcers (including
personnel dedicated to but not employed by the Administrator, its affiliates or Onex), and other professionals (including, for the avoidance of doubt, the costs and charges allocable with respect to the provision of internal legal, tax, accounting,
technology or other services and professionals related thereto (including secondees and temporary personnel or consultants that may be engaged on short- or long-term arrangements) as deemed appropriate by the Administrator, with the oversight of the
Board of Trustees, where such internal personnel perform services that would be paid by the Fund if outside service providers provided the same services); fees, costs, and expenses herein include (x) costs, expenses and fees for hours spent by
its in-house attorneys and tax advisors that provide transactional legal advice and/or services to the Fund or its portfolio companies on matters related to potential or actual investments and transactions and
the ongoing operations of the Fund and (y) expenses and fees to provide administrative and accounting services to the Fund or its portfolio companies, and expenses, charges and/or related costs incurred directly by the Fund or affiliates in
connection such services (including overhead related thereto), in each case, (I) that are specifically charged or specifically allocated or attributed by the 

  
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Administrator, with the oversight of the Board of Trustees, to the Fund or its portfolio companies and (II) provided that any such amounts shall not be greater than what would be paid to an
unaffiliated third party for substantially similar advice and/or services); 
 (iii)    the cost of
calculating the Fund’s net asset value, including the cost of any third-party valuation services; 

(iv)    the cost of effecting any sales and repurchases of the Shares and other securities; 

(v)    fees and expenses payable under any dealer manager and selected dealer agreements, if any; 

(vi)    interest and fees and expenses arising out of all borrowings, guarantees and other financings or
derivative transactions (including interest, fees and related legal expenses) made or entered into by the Fund, including, but not limited to, the arranging thereof and related legal expenses; 

(vii)    all fees, costs and expenses of any loan servicers and other service providers and of any
custodians, lenders, investment banks and other financing sources; 
 (viii)    costs incurred in
connection with the formation or maintenance of entities or vehicles to hold the Fund’s assets for tax or other purposes; 

(ix)    costs of derivatives and hedging; 

(x)    expenses, including travel, entertainment, lodging and meal expenses, incurred by the Adviser, or
members of its investment team, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not
consummated, and, if necessary, enforcing the Fund’s rights; 
 (xi)    expenses (including the
allocable portions of compensation and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the Adviser to the extent such
expenses relate to attendance at meetings of the Board of Trustees or any committees thereof; 

(xii)    all fees, costs and expenses, if any, incurred by or on behalf of the Fund in developing,
negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation any legal, tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory, consulting and
printing expenses, reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments; 

  
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 (xiii)    the allocated costs incurred by the Adviser
and the Administrator in providing managerial assistance to those portfolio companies that request it; 

(xiv)    all brokerage costs, hedging costs, prime brokerage fees, custodial expenses, agent bank and other
bank service fees; private placement fees, commissions, appraisal fees, commitment fees and underwriting costs; costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually
incurred in connection with evaluating, making, holding, settling, clearing, monitoring or disposing of actual investments (including, without limitation, travel, meals, accommodations and entertainment expenses and any expenses related to attending
trade association and/or industry meetings, conferences or similar meetings, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising out of trade
settlements (including any delayed compensation expenses); 
 (xv)    investment costs, including all
fees, costs and expenses incurred in sourcing, evaluating, developing, negotiating, structuring, trading (including trading errors), settling, monitoring and holding prospective or actual investments or investment strategies including, without
limitation, any financing, legal, filing, auditing, tax, accounting, compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in
connection therewith (to the extent the Adviser is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction) and any fees, costs and
expenses related to the organization or maintenance of any vehicle through which the Fund directly or indirectly participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Fund’s investment
activities, including without limitation any travel and accommodations expenses related to such vehicle and the salary and benefits of any personnel (including personnel of Adviser or its affiliates) reasonably necessary and/or advisable for the
maintenance and operation of such vehicle, or other overhead expenses (including any fees, costs and expenses associated with the leasing of office space (which may be made with one or more affiliates of Onex as lessor in connection therewith));

 (xvi)    transfer agent, dividend agent and custodial fees; 

(xvii)    fees and expenses associated with marketing efforts; 

(xviii)    federal and state registration fees, franchise fees, any stock exchange listing fees and fees
payable to rating agencies; 
 (xix)    independent trustees’ fees and expenses including reasonable
travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the independent trustees; 

  
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 (xx)    costs of preparing financial statements and
maintaining books and records, costs of Sarbanes-Oxley Act of 2002 compliance and attestation and costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, U.S. Commodity Futures Trading
Commission (“CFTC”) and other regulatory bodies and other reporting and compliance costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the 1940 Act and any
other applicable federal and state securities laws, and the compensation of professionals responsible for the foregoing; 

(xxi)    all fees, costs and expenses associated with the preparation and issuance of the Fund’s
periodic reports and related statements (e.g., financial statements and tax returns) and other internal and third-party printing (including a flat service fee), publishing (including time spent performing such printing and publishing services) and
reporting-related expenses (including other notices and communications) in respect of the Fund and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Fund or the
Adviser or its affiliates in connection with such provision of services thereby); 
 (xxii)    the costs
of any reports, proxy statements or other notices to shareholders (including printing and mailing costs) and the costs of any shareholder or Trustee meetings; 

(xxiii)    proxy voting expenses; 

(xxiv)    costs associated with an exchange listing; 

(xxv)    costs of registration rights granted to certain investors; 

(xxvi)    any taxes and/or tax-related interest, fees or other
governmental charges (including any penalties incurred where the Adviser lacks sufficient information from third parties to file a timely and complete tax return) levied against the Fund and all expenses incurred in connection with any tax audit,
investigation, litigation, settlement or review of the Fund and the amount of any judgments, fines, remediation or settlements paid in connection therewith; 

(xxvii)    all fees, costs and expenses of any litigation, arbitration or audit involving the Fund any
vehicle or its portfolio companies and the amount of any judgments, assessments fines, remediations or settlements paid in connection therewith, Trustees and officers, liability or other insurance (including costs of title insurance) and
indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs of the Fund; 

(xxviii)    all fees, costs and expenses associated with the Fund’s information, obtaining and
maintaining technology (including the costs of any professional service providers), hardware/software, data-related communication, 

  
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market data and research (including news and quotation equipment and services and including costs allocated by the Adviser’s or its affiliates’ internal and third-party research group
(which are generally based on time spent, assets under management, usage rates, proportionate holdings or a combination thereof or other reasonable methods determined by the Administrator) and expenses and fees (including compensation costs) charged
or specifically attributed or allocated by Adviser and/or its affiliates for data-related services provided to the Fund and/or its portfolio companies (including in connection with prospective investments), each including expenses, charges, fees
and/or related costs of an internal nature; provided, that any such expenses, charges or related costs shall not be greater than what would be paid to an unaffiliated third party for substantially similar services) reporting costs (which includes
notices and other communications and internally allocated charges), and dues and expenses incurred in connection with membership in industry or trade organizations; 

(xxix)    the costs of specialty and custom software for monitoring risk, compliance and the overall
portfolio, including any development costs incurred prior to the filing of the Fund’s election to be treated as a business development company; 

(xxx)    costs associated with individual or group shareholders; 

(xxxi)    fidelity bond, trustees and officers errors and omissions liability insurance and other insurance
premiums; 
 (xxxii)    direct costs and expenses of administration, including printing, mailing, long
distance telephone, copying and secretarial and other staff; 
 (xxxiii)    all fees, costs and expenses
of winding up and liquidating the Fund’s assets; 
 (xxxiv)    extraordinary expenses (such as
litigation or indemnification); 
 (xxxv)    all fees, costs and expenses related to compliance-related
matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings; notices or disclosures related to the Fund’s activities (including, without
limitation, expenses relating to the preparation and filing of filings required under the Securities Act, TIC Form SLT filings, Internal Revenue Service filings under FATCA and FBAR reporting requirements applicable to the Fund or reports to be
filed with the CFTC, reports, disclosures, filings and notifications prepared in connection with the laws and/or regulations of jurisdictions in which the Fund engages in activities, including any notices, reports and/or filings required under the
AIFMD, European Securities and Markets Authority and any related regulations, and other regulatory filings, notices or disclosures of the Adviser relating to the Fund and its affiliates relating to the Fund, and their activities) and/or other
regulatory filings, notices or disclosures of the Adviser and its affiliates relating to the Fund 

  
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including those pursuant to applicable disclosure laws and expenses relating to FOIA requests, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and
regulatory matters that are not related to the Fund and its activities; 
 (xxxvi)    costs and expenses
(including travel) in connection with the diligence and oversight of the Fund’s service providers; 

(xxxvii)    costs and expenses, including travel, meals, accommodations, entertainment and other similar
expenses, incurred by the Adviser or its affiliates for meetings with existing investors and any broker-dealers, registered investment advisors, financial and other advisors representing such existing investors; and 

(xxxviii)    all other expenses incurred by the Administrator in connection with administering the
Fund’s business. 
 From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or
services. The Fund will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Fund’s behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be
reimbursed for expenses. All of the foregoing expenses will ultimately be borne by the Fund’s shareholders. 

3.    Transactions with Affiliates. The Adviser is authorized on behalf of the Fund, from time to time when deemed
to be in the best interests of the Fund and to the extent permitted by applicable law, to purchase and/or sell securities in which the Adviser or any of its affiliates underwrites, deals in and/or makes a market and/or may perform or seek to perform
investment banking services for issuers of such securities. The Adviser is further authorized, to the extent permitted by applicable law, to select brokers (including any brokers affiliated with the Adviser) for the execution of trades for the Fund.

 4.    Best Execution; Research Services. 

(a)    The Adviser is authorized, for the purchase and sale of the Fund’s portfolio securities, to employ such
dealers and brokers as may, in the judgment of the Adviser, implement the policy of the Fund to obtain the best results, taking into account such factors as price, including dealer spread, the size, type and difficulty of the transaction involved,
the firm’s general execution and operational facilities and the firm’s risk in positioning the securities involved. Consistent with this policy, the Adviser is authorized to direct the execution of the Fund’s portfolio transactions to
dealers and brokers furnishing statistical information or research deemed by the Adviser to be useful or valuable to the performance of its investment advisory functions for the Fund. It is understood that in these circumstances, as contemplated by
Section 28(e) of the Securities Exchange Act of 1934, as amended, the commissions paid may be higher than those which the Fund might otherwise have paid to another broker if those services had not been provided. Information so received will be
in addition to and not in lieu of the services required to be performed by the Adviser. It is understood that the expenses of the Adviser will not necessarily be reduced as a result of the receipt of such information or research. Research services
furnished to the Adviser by brokers who effect securities transactions for the Fund may 

  
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be used by the Adviser in servicing other investment companies, entities or funds and accounts which it manages. Similarly, research services furnished to the Adviser by brokers who effect
securities transactions for other investment companies, entities or funds and accounts which the Adviser manages may be used by the Adviser in servicing the Fund. It is understood that not all of these research services are used by the Adviser in
managing any particular account, including the Fund. 
 The Adviser and its affiliates may aggregate purchase or sale orders for the assets
with purchase or sale orders for the same security for other clients’ accounts of the Adviser or of its affiliates, the Adviser’s own accounts and hold proprietary positions in accordance with its current aggregation and allocation policy
(collectively, the “Advisory Clients”), but only if (x) in the Adviser’s reasonable judgment such aggregation results in an overall economic or other benefit to the assets taking into consideration the advantageous selling
or purchase price, brokerage commission and other expenses and factors and (y) the Adviser’s actions with respect to aggregating orders for multiple Advisory Clients, as well as the Fund, are consistent with applicable law. However, the
Adviser is under no obligation to aggregate any such orders under any circumstances. 
 5.    Remuneration. The
Fund shall pay to the Adviser for its services to the Fund a management fee (the “Management Fee”) and an Incentive Fee (the “Incentive Fee”) as set forth herein. The Fund shall make any payments due hereunder to
the Adviser (or to the Adviser’s designee as the Adviser may otherwise direct). 
 (a)    The Management Fee shall
be calculated at an annual rate of 1.25% of the Fund’s total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter. The Management Fee will be payable quarterly in arrears. The Management Fee
for any partial quarter will be appropriately prorated. 
 (b)    The Incentive Fee consists of two components that are
independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on the Fund’s income (such fee referred to herein as the “Subordinated Incentive Fee on
Income”) and a portion is based on the Fund’s capital gains (such fee referred to herein as the “Incentive Fee on Capital Gains”), each as described below. 

(i)    The Subordinated Incentive Fee on Income will be determined and paid quarterly in arrears based on the amount by
which (x) the “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the
calendar quarter that commences on or after October 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of the Fund’s first eleven calendar quarters that commences on or after October 1, 2021) (in either
case, the “Trailing Twelve Quarters”) exceeds (y) the Preferred Return Amount (as defined below) in respect of the Trailing Twelve Quarters. The Preferred Return Amount will be determined on a quarterly basis, and will be
calculated by multiplying 1.75% by the Fund’s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Preferred Return Amount will be calculated after making appropriate
adjustments to the Fund’s net asset value at the beginning of each applicable calendar quarter for Fund subscriptions and distributions during the applicable calendar quarter. Subject to Section 4(b)(ii) below, the amount


  
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of the Subordinated Incentive Fee on Income that will be paid to the Adviser for a particular quarter will equal the excess of the Subordinated Incentive Fee on Income so calculated less the
aggregate Subordinated Incentive Fees on Income that were paid to the Adviser and/or earned, but waived, by the Adviser, in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. 

For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income,
dividend income and any other income (including, without limitation, any accrued income that the Fund has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the
Fund receives from portfolio companies) (the “Ordinary Income”) accrued during the calendar quarter, minus the Fund’s operating expenses accrued during the calendar quarter (including, without limitation, the Management Fee,
administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Subordinated Incentive Fee on Income and the Incentive Fee on Capital Gains). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. 

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital
losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period. 

The calculation of the Subordinated Incentive Fee on Income for each quarter is as follows: 

 

	 	(A)	 No Subordinated Incentive Fee on Income shall be payable to the Adviser in any calendar quarter in which the
Fund’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Preferred Return Amount; 



 

	 	(B)	 100% of the Fund’s Pre-Incentive Fee Net Investment Income for the
Trailing Twelve Quarters, if any, that exceeds the Preferred Return Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 2.0588%
by the Fund’s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an
incentive fee of 15% on all of the Fund’s Pre-Incentive Fee Net Investment Income when the Fund’s Pre-Incentive Fee Net Investment Income reaches 2.0588% per
quarter during the Trailing Twelve Quarters; and 


  

	 	(C)	 For any quarter in which the Fund’s Pre-Incentive Fee Net
Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Subordinated Incentive Fee on Income shall equal 15.0% of the amount of the Fund’s
Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Preferred Return Amount and Catch-Up Amount will have been achieved.




  
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 (ii)    The Subordinated Incentive Fee on Income is subject to a cap
(the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 15.0% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing
Twelve Quarters less (b) the aggregate Subordinated Incentive Fees on Income that were paid to the Adviser and/or earned, but waived, by the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing
Twelve Quarters. For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means (x) Pre-Incentive Fee Net
Investment Income in respect of the Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Fund shall pay no
Subordinated Incentive Fee on Income to the Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Subordinated Incentive Fee on Income calculated in accordance with Section 4(b)(i) above,
the Fund shall pay the Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Subordinated Incentive Fee on Income calculated in accordance with Section 4(b)(i) above, the Fund
shall pay the Adviser the Subordinated Incentive Fee on Income for such quarter. 
 (iii)    The Incentive Fee on
Capital Gains shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement). This fee shall equal 15.0% of the Fund’s realized capital gains on a cumulative basis from October 1,
2021, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the
Adviser. The aggregate unrealized capital depreciation of the Fund shall be calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Fund’s portfolio as of the applicable calculation date
and (b) the accreted or amortized cost basis of such investment. 
 6.    Representations and Warranties.

 (a)    The Adviser represents and warrants that it is duly registered and authorized as an investment adviser under
the Advisers Act, and the Adviser agrees to maintain effective all material requisite registrations, authorizations and licenses, as the case may be, until the termination of this Agreement. 

7.    Services Not Deemed Exclusive. The Fund and the Board of Trustees acknowledge and agree that: 

(a)    the services provided hereunder by the Adviser are not to be deemed exclusive, and the Adviser and
any of its affiliates or related persons are free to render similar services to others and to use the research developed in connection with this Agreement for other Advisory Clients or affiliates. The Fund agrees that the Adviser may give advice and
take action with respect to any of its other Advisory Clients which may differ from advice given or the timing or nature of action taken with respect to any client 

  
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or account so long as it is the Adviser’s policy, to the extent practicable, to allocate investment opportunities to the client or account on a fair and equitable basis relative to its other
Advisory Clients. It is understood that the Adviser shall not have any obligation to recommend for purchase or sale any loans which its principals, affiliates or employees may purchase or sell for its or their own accounts or for any other client or
account if, in the opinion of the Adviser, such transaction or investment appears unsuitable, impractical or undesirable for the Fund. Nothing herein shall be construed as constituting the Adviser an agent of the Fund; and 

(b)    the Adviser and its affiliates may face conflicts of interest as described in the Fund’s
Registration Statement and/or the Fund’s periodic filings with the SEC (as such disclosures may be updated from time to time) and such disclosures have been provided, and any updates will be provided, to the Board of Trustees in connection with
its consideration of this Agreement and any future renewal of this Agreement. 
 8.    Limit of Liability. 

(a)    The Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any other
person or entity affiliated with it (the “Indemnified Parties”) shall not be liable for any error of judgment or mistake of law or for any act or omission or any loss suffered by the Fund in connection with the matters to which this
Agreement relates, provided that the Adviser shall not be protected against any liability to the Fund or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in
the performance of its duties or by reason of the reckless disregard of its duties and obligations (“disabling conduct”). An Indemnified Party may consult with counsel and accountants in respect of the Fund’s affairs and shall
be fully protected and justified in any action or inaction which is taken in accordance with the advice or opinion of such counsel and accountants; provided, that such counsel or accountants were selected with reasonable care. Absent disabling
conduct, the Fund will indemnify the Indemnified Parties against, and hold them harmless from, any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the
rendering of the Adviser’s services under this Agreement or otherwise as adviser for the Fund. The Indemnified Parties shall not be liable under this Agreement or otherwise for any loss due to the mistake, action, inaction, negligence,
dishonesty, fraud or bad faith of any broker or other agent; provided, that such broker or other agent shall have been selected, engaged or retained and monitored by the Adviser in good faith, unless such action or inaction was made by reason of
disabling conduct, or in the case of a criminal action or proceeding, where the Adviser had reasonable cause to believe its conduct was unlawful. 

Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before which the proceeding was
brought that the Indemnified Party was not liable by reason of disabling conduct or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Indemnified Party was not liable by reason of
disabling conduct by (a) the vote of a majority of a quorum of trustees of the Fund who are neither “interested persons” of the Fund nor parties to the proceeding (“disinterested non-party
trustees”) or (b) an independent legal counsel in a written opinion. 

  
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 An Indemnified Party shall be entitled to advances from the Fund for payment of the
reasonable expenses (including reasonable counsel fees and expenses) incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under law. Prior to any such advance, the
Indemnified Party shall provide to the Fund a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Fund has been met and a written undertaking to repay any such advance if it should
ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Indemnified Party shall provide a security in form and amount acceptable to the Fund
for its undertaking; (b) the Fund is insured against losses arising by reason of the advance; or (c) a majority of a quorum of disinterested non-party trustees or independent legal counsel, in a
written opinion, shall have determined, based on a review of facts readily available to the Fund at the time the advance is proposed to be made, that there is reason to believe that the Indemnified Party will ultimately be found to be entitled to
indemnification. 
 9.    Duration and Termination. 

(a)    This Agreement shall become effective as of the date first written above. This Agreement may be terminated at any
time, without the payment of any penalty, on 60 days’ written notice by the Fund, by the vote of a majority of the outstanding voting securities of the Fund or by the vote of the Fund’s trustees or on 60 days’ written notice by the
Adviser. The provisions of Section 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the
termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Sections 2 or 5 through the date of termination or expiration, and Section 8 shall continue in force and effect and apply to the
Adviser and its representatives as and to the extent applicable. 
 (b)    This Agreement shall continue in effect for
two years from the date hereof, or to the extent consistent with the requirements of the 1940 Act, from the date of the Fund’s election to be regulated as a BDC under the 1940 Act, and thereafter shall continue automatically for successive
annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board of Trustees, or by the vote of a majority of the outstanding voting securities of the Fund and (ii) the vote of a
majority of the Fund’s Board of Trustees who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the
1940 Act. 
 (c)    This Agreement will automatically terminate in the event of its “assignment” (as such term
is defined for purposes of Section 15(a)(4) of the 1940 Act). 
 10.    Governing Law. This Agreement shall
be governed, construed and interpreted in accordance with the laws of the State of New York, provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act. 

  
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 11.    Notices. Any notice hereunder shall be in writing and
shall be delivered in person or by telex or facsimile (followed by delivery in person) to the parties at the addresses set forth below. 
 If
to the Fund: 
 Onex Falcon Direct Lending BDC Fund 

21 Custom House Street, 10th Floor 

Boston, MA 02110 
 Attn: Chairman,
President, Chief Executive Officer and Trustee 
 If to the Adviser: 

Onex Falcon Investment Advisors, LLC 

21 Custom House Street, 10th Floor 

Boston, MA 02110 
 Attn: Scott
Lenahan, Vice President, Legal & Compliance 
 or to such other address as to which the recipient shall have informed the other party in writing.

 Unless specifically provided elsewhere, notice given as provided above shall be deemed to have been given, if by personal delivery, on
the day of such delivery, and, if by facsimile and mail, on the date on which such facsimile or mail is sent. 

12.    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to
be an original, but all of which together shall constitute one and the same instrument. 
 [Remainder of Page Intentionally Left
Blank.] 

  
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 IN WITNESS WHEREOF, the parties hereto caused their duly authorized signatories to execute
this Agreement as of the day and year first written above. 
  

			
	ONEX FALCON DIRECT LENDING BDC FUND
		
	By:	 	 /s/ Steven Gutman

	Name:	 	Steven Gutman
	Title:	 	General Counsel
	
	ONEX FALCON INVESTMENT ADVISORS, LLC
		
	By:	 	 /s/ Blair J. Fleming

	Name:	 	Blair J. Fleming
	Title:	 	Managing Director


 [Signature page to the Investment Advisory Agreement]