Document:

EX-10.5

 Exhibit 10.5 

LICENSE AGREEMENT 

This LICENSE AGREEMENT (this “Agreement”) is made and effective as of September 16, 2021 (the “Effective
Date”) by and between Onex Corporation (the “Licensor”), the ultimate parent company of Onex Falcon Investment Advisors, LLC, and Onex Falcon Direct Lending BDC Fund (the “Licensee”) (each a
“party,” and collectively, the “parties”). 
 RECITALS 

WHEREAS, the Licensor owns or is in the process of registering certain ownership interests in the trademarks, service marks and trade names
“Onex,” “Onex Credit,” “Onex Partners” and “Onex Falcon” (collectively, the “Licensed Names” and each, a “Licensed Name”); 

WHEREAS, the Licensee is a closed-end management investment company that intends to elect to be
treated as a business development company under the Investment Company Act of 1940, as amended; 
 WHEREAS, pursuant to the Investment
Advisory Agreement, dated as of September 16, 2021, by and between Onex Falcon Investment Advisors, LLC (the “Adviser”) and the Licensee (the “Advisory Agreement”), the Licensee has engaged the Adviser to act
as the investment adviser to the Licensee; and 
 WHEREAS, the Licensee desires to use one or more of the Licensed Names in connection with
the operation of its business, and the Licensor is willing to permit the Licensee to use the Licensed Names, subject to the terms and conditions of this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE 1 

LICENSE GRANT 

1.1    License. Subject to the terms and conditions of this Agreement, the Licensor hereby grants to the
Licensee, and the Licensee hereby accepts from the Licensor, a personal, non-exclusive, non-assignable, non-sublicensable (except
pursuant to Section 1.3), royalty-free, fully paid-up, right and license to use the Licensed Names solely and exclusively as an element of the Licensee’s own company name and in connection with the
conduct of its business. Neither the Licensee nor any affiliate, owner, director, officer, employee, or agent thereof shall otherwise use any Licensed Name or any derivative thereof without the prior express written consent of the Licensor to
be provided in the Licensor’s sole and absolute discretion. All rights not expressly granted to the Licensee hereunder are hereby reserved to Licensor and shall remain the exclusive property of the Licensor. 

1.2    Licensor’s Use. Nothing in this Agreement shall preclude the Licensor, its affiliates, or any of
its respective successors or assigns from using or permitting other entities to use the Licensed Names whether or not such entity directly or indirectly competes or conflicts with the Licensee’s business in any manner. 

1.3     Sublicensing. The license granted to Licensee in Section 1.1 include the right to grant sublicenses to
or otherwise authorize use by service providers of Licensee, solely for the benefit of Licensee and within the scope of the license set forth in Section 1.1, and provided that Licensee shall be liable hereunder for any action or inaction by any
such sublicensee that would breach this Agreement if committed by Licensee. Any purported sublicense in violation of this Section 1.3 shall be null and void ab initio and of no force and effect. 

 ARTICLE 2 

OWNERSHIP 

2.1    Ownership. The Licensee acknowledges and agrees that the Licensor is the owner of all right, title, and
interest in and to the Licensed Names, and all such right, title, and interest shall remain with the Licensor. The Licensee shall not contest, dispute, or challenge the Licensor’s right, title, and interest in and to, or the validity of,
the Licensed Names or Licensor’s rights therein. Licensee agrees that it has no right to apply to register for trademark protection of any Licensed Name, or enforce any rights therein against third parties. Licensee shall notify Licensor in
writing upon Licensee obtaining any knowledge of infringement, or possible infringement, of the Licensed Names. Licensor shall have no obligation to take any action against any third party with respect to the Licensed Names, but should Licensor take
action, Licensee will fully cooperate with Licensor at Licensor’s expense. 
 2.2    Goodwill. All
goodwill and reputation generated by Licensee’s use of each Licensed Name shall inure solely to the benefit of the Licensor. Notwithstanding the foregoing in Sections 2.1 or 2.2, in the event that Licensee is deemed to own any rights in
any Licensed Name, Licensee hereby assigns such rights to Licensor together with all goodwill associated therewith. The Licensee shall not by any act or omission use the Licensed Names in any manner that disparages or reflects adversely on the
Licensor or its business or reputation. 
 ARTICLE 3 

COMPLIANCE 

3.1    Quality Control. Licensee shall maintain and preserve the quality of the Licensed Names, and use the
Licensed Names in good faith and in a dignified manner, in a manner consistent with Licensor’s high standards of and reputation for quality, and in accordance with good trademark practice wherever the Licensed Names are used. The Licensee
further agrees to use the Licensed Name in accordance with such quality and/or branding standards as may be reasonably established by the Licensor and communicated to the Licensee from time to time in writing, or as may be agreed to by the Licensor
and the Licensee from time to time in writing. Licensee agrees to affix all such trademark notices as may be requested by Licensor or required under applicable laws. Upon Licensor’s request, Licensee shall submit in to Licensor representative
samples of any uses of the Licensed Names. 
 3.2    Compliance With Laws. The Licensee shall operate its
business in connection with each Licensed Name in compliance in all material respects with all laws, rules, regulations, and requirements of any governmental body in the United States of America (the “Territory”) or elsewhere as may
be applicable to the operation, advertising, and promotion of the business, and that it shall notify the Licensor of any action that must be taken by the Licensee to comply with such law, rules, regulations, or requirements. 

ARTICLE 4 
 REPRESENTATIONS AND
WARRANTIES 
 4.1    Mutual Representations. Each party hereby represents and warrants to the other
parties as follows: 
 (a)    Due Authorization. Such party is duly formed and in good standing as of the
Effective Date, and the execution, delivery and performance of this Agreement by such party have been duly authorized by all necessary action on the part of such party. 

(b)    Due Execution. This Agreement has been duly executed and delivered by such party and, with due
authorization, execution, and delivery by the other parties, constitutes a legal, valid, and binding obligation of such party, enforceable against such party in accordance with its terms. 

(c)    No Conflict. Such party’s execution, delivery, and performance of this Agreement does not:
(i) violate, conflict with or result in the breach of any provision of the organizational documents of such party; (ii) conflict with or violate any law or governmental order applicable to such party or any of its assets, properties, or

  
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businesses; or (iii) conflict with, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require
any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation, or cancellation of any contract, agreement, lease, sublease, license, permit, franchise, or other instrument or arrangement to which it
is a party. 
 4.2     EXCEPT AS EXPRESSLY SET FORTH IN SECTION 4.1, LICENSOR MAKES NO REPRESENTATIONS OR WARRANTIES,
EXPRESS OR IMPLIED, WITH RESPECT TO THIS AGREEMENT OR THE LICENSED NAMES, AND EXPRESSLY DISCLAIMS ALL SUCH REPRESENTATIONS AND WARRANTIES, INCLUDING ANY WITH RESPECT TO TITLE, NON-INFRINGEMENT,
MERCHANTABILITY, VALUE, RELIABILITY OR FITNESS FOR USE. LICENSEE’S USE OF THE LICENSED NAMES IS ON AN “AS IS” BASIS AND IS AT ITS OWN RISK. 

ARTICLE 5 
 TERM AND
TERMINATION 
 5.1    Term. This Agreement shall remain in effect only for so long as the Advisory
Agreement remains in effect and an affiliate of the Licensor remains the Licensee’s investment adviser thereunder. Upon expiration or termination of the Advisory Agreement for any reason, or assignment of the Advisory Agreement to a third
party, this Agreement shall immediately terminate. Either party may terminate this Agreement upon thirty (30) days’ written notice to the other party. 

5.2    Upon Termination. Upon expiration or termination of this Agreement, all rights granted to the Licensee
under this Agreement with respect to each Licensed Name shall cease, and the Licensee shall immediately discontinue use of each Licensed Name. 

ARTICLE 6 
 MISCELLANEOUS

 6.1    Assignment. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns. No party may assign, delegate, or otherwise transfer this Agreement or any of its rights or obligations hereunder without the prior written consent of the other parties; provided,
however, that the Licensor may assign this Agreement to an affiliate without Licensee’s consent. No assignment by any party permitted hereunder shall relieve the applicable party of its obligations under this Agreement. Any assignment
by any party in accordance with the terms of this Agreement shall be pursuant to a written assignment agreement in which the assignee expressly assumes the assigning party’s rights and obligations hereunder. Notwithstanding anything to the
contrary contained in this Agreement, the rights and obligations of the Licensee under this Agreement shall be deemed to be assigned to a newly-formed entity in the event of the merger of the Licensee into, or conveyance of all of the assets of the
Licensee to, such newly-formed entity; provided, further, however, that the sole purpose of that merger or conveyance is to effect a mere change in the Licensee’s legal form into another limited liability entity. 

6.2    Independent Contractor. This Agreement does not give any party, or permit any party to represent that
it has any power, right, or authority to bind the other party to any obligation or liability, or to assume or create any obligation or liability on behalf of the other party. 

6.3    Notices. All notices, requests, claims, demands, and other communications hereunder shall be in writing
and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile, or by registered or certified mail (postage prepaid, return
receipt requested) to the other party at its principal office. 
 6.4    Governing Law. This Agreement shall
be governed by and construed in accordance with the laws of the State of New York applicable to contracts formed and to be performed entirely within the State of New York, without regarding the conflicts of law principles or rules thereof to
the extent such principles would require or permit the application of the laws of another jurisdiction. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any
objection with respect thereto, for the purpose of any action, suit, or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

  
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 6.5    Amendment. This Agreement may not be amended or
modified except by an instrument in writing signed by all parties hereto. 
 6.6    No Waiver. The failure
of any party to enforce at any time for any period the provisions of or any rights deriving from this Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and
no waiver shall be binding unless executed in writing by all parties hereto. 
 6.7    Severability. If any
term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally
contemplated to the greatest extent possible. 
 6.8    Headings. The descriptive headings contained in this
Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. 

6.9    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed
to be an original, and all of which together shall be deemed to be one and the same instrument. Any party may deliver an executed copy of this Agreement and of any documents contemplated hereby by facsimile or other electronic transmission to
another party and such delivery shall have the same force and effect as any other delivery of a manually signed copy of this Agreement or of such other documents. 

6.10    Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the
subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties with respect to such subject matter. 

6.11    Third-Party Beneficiaries. Nothing in this Agreement, either express or implied, is intended to or
shall confer upon any third party any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement. 

[Remainder of Page Intentionally Blank] 

  
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 IN WITNESS WHEREOF, each party has caused this Agreement to be executed as of the Effective
Date by its duly authorized officer. 
  

			
	LICENSOR:
	Onex Corporation
		
	By:	 	 /s/ Colin K. Sam

		 	Name: Colin K. Sam
		 	Title: Vice President, Associate General Counsel
	
	LICENSEE:
	Onex Falcon Direct Lending BDC Fund
		
	By:	 	 /s/ Steven Gutman

		 	Name: Steven Gutman
		 	Title: General Counsel

  
 5EX-10.6

 Exhibit 10.6 

ONEX FALCON DIRECT LENDING BDC FUND 

Amended and Restated Dividend Reinvestment Plan 

This Dividend Reinvestment Plan (the “Plan”) provides holders of common shares of beneficial interest (the
“Shares”) of Onex Falcon Direct Lending BDC Fund (the “Fund”) enrolled in the Plan (the “Participants”) with a convenient method of purchasing additional Shares by automatically reinvesting all or a
portion of cash dividends on Shares. Each holder of Shares (a “Shareholder”) is advised as follows: 
 1. Enrollment of
Participants. A Shareholder automatically participates in the Plan, unless the Shareholder affirmatively elects in the Fund’s subscription documents not to participate. A Shareholder whose Shares are registered in the name of a nominee
(such as an intermediary firm through which the Shareholder acquired Shares (an “Intermediary”)) must contact the nominee regarding the Shareholder’s status under the Plan. 

2. The Plan Administrator. U.S. Bank (the “Plan Administrator”) acts as Plan administrator for each Participant. The
Plan Administrator or its delegee Plan administrator will open an account for each Participant under the Plan in the same name as the one in which the Participant’s outstanding Shares are registered. 

3. Distributions. The Fund will declare all income dividends and/or capital gains distributions (collectively,
“Distributions”) payable in Shares (or, as discussed below, at the option of Shareholders solely upon an affirmative election, in cash). To the extent that a Participant reinvests Distributions in additional Shares, the Participant
will receive an amount of Shares equal to the amount of the Distribution on that Participant’s Shares divided by the most recent fiscal quarter-end net asset value per Share that is available on the date
such Distribution was paid (unless the Fund’s board of directors (the “Board”) determines to use the net asset value per share as of another time) (the “Reference NAV”). Shareholders receiving Distributions in the form of
additional Shares will be treated for tax purposes as receiving a Distribution in the amount of cash that they would have received if they had elected to receive the Distribution in cash, unless the Fund issues additional Shares with a fair market
value equal to or greater than the Reference NAV, in which case such Shareholders will be treated as receiving a Distribution in the amount of the fair market value of the distributed Shares. 

4. Withdrawing from the Plan. A Participant may terminate its participation in the Plan at any time by sending a written notice to U.S.
Bank at alternativefundsupport@usbank.com, who, upon receipt of such notice, will cause the Participant to receive both income dividends and capital gain distributions, if any, in cash. A Participant may choose to terminate a partial amount of its
Participation in the plan. A Participant holding Shares through an Intermediary may elect to receive cash by notifying the Intermediary (who should be directed to inform the Fund). A Shareholder is free to change this election at any time. If,
however, a Shareholder requests to change its election within 10 business days prior to a Distribution, the request will be effective only with respect to Distributions after the 10 business day period. 

 

 5. Recordkeeping. The Plan Administrator will reflect each Participant’s Shares
acquired pursuant to the Plan together with the Shares of other Shareholders of the Fund acquired pursuant to the Plan in non-certificated form. Each Participant will be sent a confirmation by the Plan
Administrator of each acquisition made for its account as soon as practicable, but not later than 60 days after the date thereof. Distributions on fractional Shares will be credited to each Participant’s account to three decimal places. In the
event of termination of a Participant’s account under the Plan, the Plan Administrator will adjust for any such undivided fractional interest in cash of the Reference NAV of the affected class of Shares at the time of termination. Any Share
Distributions or split Shares distributed by a Fund on Shares held by the Plan Administrator for Participants will be credited to their accounts. 

6. Fees. The Plan Administrator’s service fee for handling Distributions will be paid by the Fund. 

7. Termination of the Plan. The Plan may be terminated by the Fund at any time upon 30 days written notice to the Participants. 

8. Amendment of the Plan. These terms and conditions may be amended by the Fund at any time or times but, except when necessary or
appropriate to comply with applicable law or any applicable rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by sending written notice to the Participants at least 30 days prior to the effective
date thereof. The amendment shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Administrator receives written notice of the termination of the Participant’s account under the Plan. 

9. Standard of Care. The Plan Administrator shall at all times act in good faith and agree to use its best efforts within reasonable
limits to insure the accuracy of all services performed under the Plan and to comply with applicable law, but the Plan Administrator assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by
the negligence, bad faith or willful misconduct of the Plan Administrator or its employees. 
 10. Applicable Law. These terms and
conditions shall be governed by the laws of the State of New York. 

  
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