Document:

Exhibit 4.9

 

COMMON STOCK PURCHASE WARRANT

 

kiora
pharmaceuticals, inc.

 

	Warrant Shares:                       	Issue
                                            Date:                      ,
                                            2022

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received,                                    or
its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after the later of (i) the Authorized Share Increase Date and (ii) the
date Shareholder Approval is received and effective (the “Initial Exercise Date”) and on or prior to 5:00
p.m. (New York City time) on the fifth anniversary of the Initial Exercise Date (the “Termination Date”) but
not thereafter, to subscribe for and purchase from Kiora Pharmaceuticals, Inc., a Delaware corporation (the
 “Company”), up to                   shares
(as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of
Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially
be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee
(“DTC”) shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect
to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall
not apply.

 

Section 1.     Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Amendment”
means the amendment to the Company’s certificate of incorporation that effects a reverse stock split such that, following such reverse
stock split, there are authorized and unissued shares of Common Stock sufficient for the issuance of the Warrant Shares upon the exercise
of any purchase rights under this Warrant.

 

“Authorized
Share Approval” means approval of the Amendment by the shareholders of the Company.

 

“Authorized
Share Increase Date” means, subject to Authorized Share Approval, the date on which the Amendment is filed and accepted with
the State of Delaware.

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading
Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New
York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock
is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

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“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized
or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” 
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally
are open for use by customers on such day.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Registration
Statement” means the Company’s registration statement on Form S-1 (File No. 333-264641).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

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“Shareholder
Approval” means such approval as may be required by the applicable rules and regulations of the Nasdaq Capital Market (or
any successor entity) from the shareholders of the Company to permit the exercise of the Warrants.

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed
or acquired after the date hereof.

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock
Exchange (or any successors to any of the foregoing).

 

“Transfer
Agent” means VStock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 18 Lafayette Place,
Woodmere, New York 11598, and any successor transfer agent of the Company.

 

“Underwriting
Agreement” means the underwriting agreement, dated as of                       ,
2022, among the Company and Ladenburg Thalmann & Co. Inc. as representative of the underwriters named therein, as amended,
modified or supplemented from time to time in accordance with its terms.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume
weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if
the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the
Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per
share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined
by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably
acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“Warrant
Agency Agreement” means that certain warrant agency agreement, dated on or about the Issue Date, between the Company and the
Warrant Agent.

 

“Warrant
Agent” means the Transfer Agent and any successor warrant agent of the Company.

 

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“Warrants”
means this Warrant and other Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

 

Section 2.     Exercise.

 

a)            Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on
or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted
by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within
the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as
defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States
bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.
No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of
any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of
the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of
this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

 

Notwithstanding
the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing
this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect
exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate
instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation,
as applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant
Agency Agreement, in which case this sentence shall not apply.

 

b)            Exercise
Price. The exercise price per share of Common Stock under this Warrant shall be $           ,
subject to adjustment hereunder (the “Exercise Price”).

 

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c)            Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may only be exercised, in whole or in
part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant
Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is
(1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed
and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as
defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a
Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular
trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable
Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered
pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

(B) = the
Exercise Price of this Warrant, as adjusted hereunder; and

 

(X) = the
number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise
were by means of a cash exercise rather than a cashless exercise.

 

If Warrant Shares
are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities
Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any
position contrary to this Section 2(c).

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

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		d)	Mechanics of Exercise.

 

		i.	Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased
hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s
balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance
of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise,
and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its
designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder
in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of
the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the
number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date,
the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate
purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective
of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless
exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the
Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder
the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as
liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock
on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the third Trading Day after
the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or
Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this
Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement
period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect
on the date of delivery of the Notice of Exercise.

 

ii.            Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant.

 

iii.            Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by
the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

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iv.            Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if
the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above
pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase
(in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver
in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been
issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common
Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with
an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence
the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit
a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree
of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock
upon exercise of the Warrant as required pursuant to the terms hereof.

 

v.            No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall,
at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the
Exercise Price or round up to the next whole share.

 

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vi.            Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as
a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all
Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vii.            Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

 

e)            Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to
exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such
issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates,
and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
 “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its
Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion
or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution
Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be
calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder,
it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with
Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in
accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of
whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and
Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the
submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in
relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this
Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to
verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may
rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual
report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more
recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. 
Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder
the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or
its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The
 “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any
Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the
Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event
exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of
Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to
apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is
delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or
inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or
desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder
of this Warrant.

 

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Section 3.     Certain
Adjustments.

 

a)            Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in
shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares,
(iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or
(iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the
Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding
treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of
Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be
proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged, subject to the limitation on
fractional shares in Section 2(d)(v). Any adjustment made pursuant to this Section 3(a) shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall
become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)            Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders
of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the
terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the
number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common
Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s
right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder
shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as
a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until
such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

c)            Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) other than a dividend or other distribution of the type described
in Section 3(a) above (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is
taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to
be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder's right
to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall
not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a
result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder
until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

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d)            Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all
of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance
or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or
indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which
holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been
accepted by the holders of 50% or more of the outstanding Common Stock or 50% or more of the voting power of the common equity of
the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires 50% or more of the outstanding shares of Common Stock or 50% or more of the voting power
of the common equity of the Company (each a “Fundamental Transaction”), then, upon any subsequent exercise of
this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise
immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation
in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock
for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in
Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in
respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the
Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate
Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a
Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any
exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a
Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at
any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the
public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder the
Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such
Fundamental Transaction using the same type or form of consideration (and in the same proportion) that is being offered and paid to
the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration be in the form
of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among
alternative forms of consideration in connection with the Fundamental Transaction; provided, further, that if holders
of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common
Stock will be deemed to have received common stock of the Successor Entity (which Entity may be the Company following such
Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant
based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P.
(“Bloomberg”) determined as of the day of consummation of the applicable contemplated Fundamental Transaction for
pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the
time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an
expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the
Trading Day immediately following the public announcement of the applicable contemplated Fundamental Transaction, (C) the
underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the
value of any non-cash consideration, if any, being offered in such Fundamental Transaction, and (D) a remaining option time
equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and the
Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other
consideration) within five Business Days of the Holder’s election (or, if later, on the date of consummation of the
Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the
survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant
in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably
satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall,
at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a
written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of
shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and
receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such
Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but
taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such
shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the
economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably
satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity
shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this
Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power
of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor
Entity had been named as the Company herein. For the avoidance of doubt, except as expressly set forth in this Warrant, in no event
does this agreement result in the Company having an obligation to issue cash or other assets to the Holder.

 

    10 

     

    

 

e)            Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For
purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be
the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

f)            Notice
to Holder.

 

i.            Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number
of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.            Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all
or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash
or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs
of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall
appear upon the Warrant Register of the Company, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to
such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to
deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to
be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a
Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of
such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    11 

     

    

 

g)            Voluntary
Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may, but in no event shall be
obligated to, at any time during the term of this Warrant, reduce the then current Exercise Price to any amount and for any period of
time deemed appropriate by the board of directors of the Company.

 

Section 4.     Transfer
of Warrant.

 

a)            Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment,
the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the
denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this
Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the
date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly
assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant
issued.

 

b)            New
Warrants. If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined
with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names
and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a),
as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants
in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or
exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of
Warrant Shares issuable pursuant thereto.

 

c)            Warrant
Register. The Warrant Agent shall register this Warrant, upon records to be maintained by the Warrant Agent for that purpose (the
 “Warrant Register”), in the name of the record Holder hereof from time to time. The Company and the Warrant Agent may
deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

    12 

     

    

 

Section 5.     Miscellaneous.

 

a)            No
Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant
to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in
no event shall the Company be required to net cash settle an exercise of this Warrant.

 

b)            Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

c)            Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.

 

d)            Authorized
Shares.

 

The Company
covenants that, during the period the Warrant is outstanding, it will seek Authorized Share Approval to effectuate the Amendment in
order to reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the
Warrant Shares upon the exercise of any purchase rights under this Warrant and upon such Authorized Share Approval will reserve from
its duly authorized unissued Common Stock a sufficient number of shares for issuances of the Warrant Shares upon the exercise of any
purchase rights under this Warrant. Until such time as the Amendment has been approved and deemed effective and the Company shall
have reserved for issuance the maximum number of shares of Common Stock issuable upon exercise of the Warrants, any newly available
authorized and unreserved shares of Common Stock (including, without limitation, because of an Authorized Share Approval, a reverse
stock split, stock combination or similar transaction) shall first be reserved for issuance to exercise the Warrants (ratably among
all Warrants) before being used for any other purpose. The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of
the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such
Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the
Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the
exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant
and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).

 

    13 

     

    

 

Except and to the
extent as necessary in connection with the Authorized Share Approval or otherwise waived or consented to by the Holder, the Company shall
not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against
impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares
above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as
may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon
the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant.

 

Before taking any
action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

    14 

     

    

 

e)            Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of
law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough
of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in
such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

f)            Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)            Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this
Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages
to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but
not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts
due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

    15

     

    

 

h)            Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice
of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed
to the Company, at 1371 East 2100 South, Suite 200, Salt Lake City, UT 84105, Attention: Chief Executive Officer, email address:
bstrem@kiorapharma.com, or such other email address or address as the Company may specify for such purposes by notice to the Holders.
Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally,
by e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the e-mail address or address of such
Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective
on the earliest of (i) the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set
forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of
transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section on a day that
is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following
the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to
whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public
information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K.

 

i)            Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.

 

j)            Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.

 

k)            Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant Shares.

 

l)            Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and
the Holder or the beneficial owner of this Warrant, on the other hand.

 

m)            Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

    16

     

    

 

n)            Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

o)            Warrant
Agency Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject
to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency
Agreement, the provisions of this Warrant shall govern and be controlling.

 

********************

 

(Signature Page Follows)

 

    17

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	kiora pharmaceuticals, inc.
	 	 
	                                          	By:	                      
	 	 	Name:
	 	 	Title:  

 

    18

     

    

 

NOTICE OF EXERCISE

 

To:     kiora
pharmaceuticals, inc.

 

(1)           The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)           Payment
shall take the form of (check applicable box):

 

 ̈
in lawful money of the United States; or

 

 ̈
if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless
exercise procedure set forth in subsection 2(c).

 

(3)           Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The Warrant Shares shall be delivered to the following
DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	 

	Signature of Authorized
    Signatory of Investing Entity:	 

	Name of Authorized Signatory:	 

	Title of Authorized Signatory:	 

	Date:	

 

     

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute this
form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant and
all rights evidenced thereby are hereby assigned to

 

	Name:	
	 	(Please Print)
	 	 
	Address:	
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address:	 
	 	 
	Dated: _______________ __, ______	 

 

	Holder’s Signature:	 	 
	 	 	 
	Holder’s Address:EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 3 TO LOAN AND SERVICING AGREEMENT, dated as of July 14, 2022 (this “Amendment”), among Onex Falcon Direct
Lending BDC SPV, LLC, a Delaware limited liability company (the “Borrower”), Onex Falcon Direct Lending BDC Fund, as collateral manager (the “Collateral Manager”), Société Générale, as
agent (the “Agent”) and lender agent (the “Lender Agent”) and Multicurrency Lender, Dollar Lender and as a Revolving Lender, U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank
National Association), as collateral agent (the “Collateral Agent”), U.S. Bank National Association, as collateral custodian (the “Collateral Custodian”) and each of the Lenders party hereto (the
“Lenders”). 
 WHEREAS, the Borrower, the Collateral Manager, Onex Falcon Direct Lending BDC Fund, as equityholder, the
Collateral Agent, the Collateral Custodian, the Lenders and the Agent are party to the Loan and Servicing Agreement, dated as of October 4, 2021 (as amended, supplemented, amended and restated and otherwise modified from time to time, the
“Loan Agreement”); 
 WHEREAS, Centennial Bank shall become a Lender under the Loan Agreement as of the date hereof; and

 WHEREAS, the Borrower, the Agent, the Lender Agent, Customers Bank, Centennial Bank, the Collateral Agent, the Collateral Custodian, and
the Collateral Manager have agreed to amend the Loan Agreement in accordance with the terms and conditions set forth herein. 
 NOW
THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be
legally bound, hereby agree as follows: 
 ARTICLE I 

Definitions 
 SECTION 1.1
Defined Terms. Terms used but not defined herein have the respective meanings given to such terms in the Loan Agreement. 
 ARTICLE
II 
 Amendments to the Loan Agreement 

SECTION 2.1 As of the date of this Amendment, the Loan Agreement is hereby amended to delete the stricken text (indicated textually in the
same manner as the following example: stricken text) and to add the bold and double-underlined text
(indicated textually in the same manner as the following example: bold and double-underlined text) as set forth on
the pages of the Loan Agreement attached as Appendix A hereto. 

 Amendments to the Exhibits and Schedules to the Loan Agreement 

SECTION 2.2 As of the date of this Amendment, the Exhibits and Schedules to the Loan Agreement are hereby amended to delete the stricken text
(indicated textually in the same manner as the following example: stricken text) and to add the bold and
double-underlined text (indicated textually in the same manner as the following example: bold and double-underlined
text) as set forth on the pages of the Exhibits and Schedules to the Loan Agreement attached as Appendix B hereto. 

ARTICLE III 
 Conditions
to Effectiveness 
 SECTION 3.1 This Amendment shall become effective as of the date first written above upon the satisfaction of each
of the following conditions: 
 (a) the execution and delivery of this Amendment by each party hereto; 

(b) the Agent’s receipt of a legal opinion of counsel for the Borrower, in form and substance reasonably satisfactory to the Agent
covering such matters as the Agent may reasonably request; 
 (c) the Agent’s receipt of a good standing certificate for the Borrower
and the Collateral Manager issued by the applicable office body of its jurisdiction of organization; and 
 (d) payment of all fees due and
owing to the Agent on or prior to the date of 
 this Amendment. 

ARTICLE IV 

Representations and Warranties 

SECTION 4.1 The Borrower hereby represents and warrants to the Agent that, as of the date first written above, (i) no Event of Default or
Unmatured Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the Loan Agreement are true and correct in all material respects on and as of such day (other than any
representation and warranty that is made as of a specific date). 
 ARTICLE V 

Miscellaneous 
 SECTION
5.1 Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
 -2- 

 SECTION 5.2 Severability Clause. In case any provision in this Amendment shall be
invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 5.3 Ratification. Except as expressly amended and waived hereby, the Loan Agreement is in all respects ratified and confirmed
and all the terms, conditions and provisions thereof shall remain in full force and effect. This Agreement shall form a part of the Loan Agreement for all purposes and is therefore a Transaction Document. 

SECTION 5.4 Entire Agreement. The only amendments being made to the Loan Agreement are those that are set forth in this Agreement; no
other amendments are being made. This Agreement, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, both written and oral, among
the parties hereto with respect to the subject matter of this Agreement. Neither this Agreement nor any provision hereof is intended to confer upon any Person other than the parties hereto and the other parties hereto. 

SECTION 5.5 Counterparts. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall
constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof. 

SECTION 5.6 Headings. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not
be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 SECTION 5.7 Electronic Signatures. The words
“execution,” “signed,” “signature,” and words of like import in this Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

SECTION 5.8 Fair Market Value. The parties hereto acknowledge and agree that this Amendment is being entered into between them pursuant
to arms’-length negotiations, and further acknowledge and agree that the fair market value of the Loans prior to this Amendment having been entered into is substantially equivalent to the fair market value of the Loans after this Amendment has
been entered into. 
 [Signature pages follow] 

  
 -3- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first written above. 
  

			
	ONEX FALCON DIRECT LENDING BDC SPV, LLC, as Borrower
		
	By:	 	 /s/ Steven Gutman

		 	Name: Steven Gutman
		 	Title: General Counsel

 [Signature Page to Third Amendment to Loan and Servicing Agreement] 

 
			
	SOCIÉTÉ GÉNÉRALE, as Agent
		
	By:	 	 /s/ Julien Thinat

		 	Name: Julien Thinat
		 	Title: Authorized Signatory

 [Signature Page to Third Amendment to Loan and Servicing Agreement] 

 
			
	SOCIÉTÉ GÉNÉRALE, as a Lender Agent,
		 	Multicurrency Lender, Dollar Lender and as a Revolving Lender
		
	By:	 	 /s/ Julien Thinat

		 	Name: Julien Thinat
		 	Title: Authorized Signatory

 [Signature Page to Third Amendment to Loan and Servicing Agreement] 

 
			
	 ONEX FALCON DIRECT LENDING BDC

FUND, as Collateral Manager

		
	By:	 	 /s/ Steven Gutman

		 	Name: Steven Gutman
		 	Title: General Counsel

 [Signature Page to Third Amendment to Loan and Servicing Agreement] 

 
			
	U.S. BANK TRUST COMPANY,
	NATIONAL ASSOCIATION, as
	Collateral Agent
		
	By:	 	 /s/ Maria D. Calzado

		 	Name: Maria D. Calzado
		 	Title: Senior Vice President

 [Signature Page to Third Amendment to Loan and Servicing Agreement] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as
		 	Collateral Custodian
		
	By:	 	 /s/ Kevin E. Brown

		 	Name: Kevin E. Brown
		 	Title: Vice President

 [Signature Page to Third Amendment to Loan and Servicing Agreement] 

 
			
	CUSTOMERS BANK, as a Lender
		
	By:	 	 /s/ Lyle P. Cunningham

		 	Name: Lyle P. Cunningham
		 	Title: Executive Vice President

 [Signature Page to Third Amendment to Loan and Servicing Agreement] 

  

			
	CENTENNIAL BANK, as a Lender
		
	By:	 	 /s/ Stephen O’Keefe

		 	Name: Stephen O’Keefe
		 	Title: Managing Director

 [Signature Page to Third Amendment to Loan and Servicing Agreement] 

 APPENDIX A 

 EXECUTION VERSION 

CONFORMED THROUGH AMENDMENT NO. 23 
 LOAN AND
SERVICING AGREEMENT 
 dated as of October 4, 2021 

ONEX FALCON DIRECT LENDING BDC SPV, LLC, 

as Borrower 
 ONEX FALCON DIRECT
LENDING BDC FUND, 
 as Equityholder 

ONEX FALCON DIRECT LENDING BDC FUND, 

as Collateral Manager 
 THE LENDERS
FROM TIME TO TIME PARTIES HERETO, 
 SOCIÉTÉ GÉNÉRALE, 

as Agent 
 THE OTHER LENDER AGENTS
PARTIES HERETO, 
 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, 

as Collateral Agent 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Collateral Custodian 

 For first lien-types of eligible MML 

 

					
	 MML type
	  	Advance Rate	 
	 First Lien A Loan
	  	 	70	% 
	 First Lien B Loan
	  	 	60	% 
	 First Lien C Loan
	  	 	50	% 
	 First Lien D Loan
	  	 	35	% 
	 First Lien E Loan
	  	 	0	% 

  

	
	 For unitranche-types of eligible
MML

  

					
	 MML type
	  	Advance Rate	 
	 Unitranche A Loan
	  	 	70	% 
	 Unitranche B Loan
	  	 	60	% 
	 Unitranche C Loan
	  	 	50	% 
	 Unitranche D Loan
	  	 	30	% 
	 Unitranche E Loan
	  	 	0	% 

  

	
	 For recurring
revenue eligible MML

  

					
	MML type	  	Advance Rate	 
	 Recurring Revenue A
Loan
	  	 	55	% 
	 Recurring Revenue B
Loan
	  	 	45	% 
	 Recurring Revenue C
Loan
	  	 	0	% 

  

	
	 For second lien-types of eligible
MML

  

					
	 MML type
	  	Advance Rate	 
	 FILO A Loan
	  	 	65	% 
	 FILO B Loan
	  	 	55	% 
	 FILO C Loan
	  	 	45	% 
	 FILO D Loan
	  	 	25	% 
	 FILO E Loan
	  	 	0	% 
	 Deemed Second Lien A Loan
	  	 	30	% 
	 Deemed Second Lien B Loan
	  	 	20	% 
	 Deemed Second Lien C Loan
	  	 	0	% 

  

			
	 Advance Rates for Diversity Score equal to or below 8
	  	Same as above, capped at 50%

 ; provided that with respect to any Collateral Obligation that is approved by the Agent as an Eligible
Collateral Obligation despite one or more of the criteria in the definition thereof not being satisfied as of such date of determination, such Eligible Collateral Obligation shall have the Advance Rate assigned by the Agent in its sole discretion on
the related Approval Notice. 
 “Adverse Claim” means any claim of ownership or any Lien, title retention, trust or other
charge or encumbrance, or other type of preferential arrangement having the effect or purpose of creating a Lien, other than Permitted Liens. 

  
 -3- 

 Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools (January 2013), or (iv) any document
supplementing, clarifying or otherwise relating to any of the foregoing, or (b) any accord, treaty, statute, law, rule, regulation, guideline or pronouncement (whether or not having the force of law) of any governmental authority implementing,
furthering or complementing any of the principles set forth in the foregoing documents of strengthening capital and liquidity, in each case as from time to time amended, restated, supplemented or otherwise modified. Without limiting the generality
of the foregoing, “Basel III Regulation” shall include Part 6 of the European Union regulation on prudential requirements for credit institutions and investment firms and any law, regulation, standard, guideline, directive or other
publication supplementing or otherwise modifying the CRR. 
 “Benchmark” means, 

(a) for any Loan denominated in U.S. dollars, Term SOFR; provided that if a Benchmark Transition Event, and the related Benchmark
Replacement Date have occurred with respect to Term SOFR, or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior Benchmark rate
pursuant to Section 17.2; and 
 (b) for any Loan denominated in CADs, Euros and GBPs, initially, CDOR Rate, EURIBOR or SONIA, as
applicable; provided that if a replacement of the Benchmark for Loans denominated in such Eligible Currency has occurred pursuant to Section 17.2 then “Benchmark” means the applicable Benchmark Replacement to the extent
that such Benchmark Replacement has replaced such prior benchmark rate. 
 Any reference to “Benchmark” shall include, as
applicable, the published component used in the calculation thereof. 
 “Benchmark Replacement” means,: 
 (a) for purposes of Section 17.2(b)(1) with respect to U.S. dollars, for any
Available Tenor, the first alternative set forth in the order below that can be determined by the Agent for the applicable Benchmark Replacement Date: 

(1) Daily Simple SOFR; or 

(2) the sum of: (i) the alternate benchmark rate that has been selected by the Agent and the Borrower as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (x) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body
and/or (y) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and
(ii) the related Benchmark Replacement Adjustment; and 
 (b) for purposes of Section 17.2(b)(2) with respect to any other
Eligible Currency, the Benchmark Replacement determined in accordance with the preceding clause (a)(2); 

  
 -10- 

 of the definition thereof has occurred if, at such time, no Benchmark Replacement has replaced such
then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 17.2(b), and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all
purposes hereunder and under any Transaction Document in accordance with Section 17.2(b). 
 “Beneficial Ownership
Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial
Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association. 

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the
assets of any such “employee benefit plan” or “plan”. 
 “BHC Act Affiliate” of a party means an
“affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

“Borrower” has the meaning set forth in the Preamble. 

“Borrower Assigned Agreements” has the meaning set forth in Section 12.1(c). 

“Borrowing Base” means (a) for each Eligible Collateral Obligation that is not a Broadly Syndicated Loan, the lower of
(i) the sum of the product of (x) the weighted average of the Advance Rates with respect to each of the Eligible Collateral Obligations provided that such weighted average shall be calculated, for the avoidance of doubt, using the
Collateral Obligation Amount for each such Eligible Collateral Obligation net of the Excess Concentration Amount attributable to such Eligible Collateral Obligation and (y) the sum of the Collateral Obligation Amounts for all Eligible
Collateral Obligations minus the Excess Concentration Amount attributable to such Eligible Collateral Obligations on such date, and (ii) the sum of the product of
(x) 55(A) if the
Diversity Score is lower than 15 at the funding of such Eligible Collateral Obligation, 55.0% and (B) otherwise, 57.0% and (y) the sum of the Collateral Obligation Amounts for all
Eligible Collateral Obligations minus the Excess Concentration Amount attributable to such Eligible Collateral Obligations on such date plus (b) for each Broadly Syndicated Loans, the sum of the product of (x) the weighted average of the
Advance Rates with respect to each of the Eligible Collateral Obligations provided that such weighted average shall be calculated, for the avoidance of doubt, using the Collateral Obligation Amount for each such Eligible Collateral Obligation net of
the Excess Concentration Amount attributable to such Eligible Collateral Obligation and (y) the sum of the Collateral Obligation Amounts for all Eligible Collateral Obligations minus the Excess Concentration Amount attributable to such Eligible
Collateral Obligations on such date, minus (b) the Unsettled Amount plus (c) the equivalent in Dollars of the amount of Principal Collections on deposit in the Principal 

  
 -13- 

 “Corporate Trust Office” means the designated corporate trust office of the
Collateral Agent or the Collateral Custodian, as applicable, specified on Annex A, or such other address within the United States as it may designate from time to time by notice to the Agent. 

“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an
interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“Covered Entity” means any of the following: 

(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); 

(ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or 

(iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 

“Covered Party” has the meaning set forth in Section 17.23. 

“CRR” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council (as the same may be effective
from time to time together with any amendments or any successor or replacement provisions included in any European Union directive or regulation), together with any implemented or delegated regulations, technical standards and guidance related
thereto as may be amended, replaced or supplemented from time to time. 
 “Currency” means United States dollars and each
Eligible Currency. 
 “Custodial Account” means a segregated account which is created and maintained on the books and
records of the Securities Intermediary entitled “Custodial Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant to
Section 8.1(a) hereof and the Account Control Agreement. 
 “Cut-Off Date” means, with respect to each
Collateral Obligation, the date such Collateral Obligation becomes a part of the Collateral. 
 “Daily Commitment Fee”
means, on any date, (A) the product of (x) the Commitment Fee Rate and (y) the Undrawn Commitment divided by (B) 365. 

“Daily Simple SOFR “ means, for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day
(such day “SOFR Determination Date”) that is five U.S. Government Securities Business DayDays prior to (i) if such SOFR Rate Day is a U.S. Government
Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is
published by the SOFR Administrator on the SOFR Administrator’s Website. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

  
 -19- 

 “Daily Simple SONIA” means, for any day (a “SONIA Interest
Day”), an interest rate per annum equal to the greater of: 
 (a) SONIA for the day that is five GBP Business Days prior to,
(i) if such SONIA Interest Day is a GBP Business Day, such SONIA Interest Day, and (ii) if such SONIA Interest Day is not a GBP Business Day, the GBP Business Day immediately preceding such SONIA Interest Day, and 

(b) the Floor. 
 Any change in
Daily Simple SONIA due a change in SONIA shall be effective from and including the effective date of such change in SONIA without notice to the Borrower. 

“Debt Fund Affiliate” shall mean any Affiliate of the Borrower that is primarily engaged in making, purchasing, holding or
otherwise investing in commercial loans, notes, bonds and similar extensions of credit in the ordinary course. 
 “Debt-to-Recurring Revenue Ratio” means with respect to any Obligor as of the latest quarterly calculation (on an
annualized basis), the ratio of (i) Indebtedness of such Obligor to (ii) the Recurring Revenue of such Obligor, as calculated by the Collateral Manager in good faith using information from and calculations consistent with the relevant
compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the related Underlying Instrument. 

“Deemed Second Lien A Loan” means a Deemed Second Lien Loan that, as of any date of determination, has a Total Net Leverage
Ratio less than or equal to 6.5x. 
 “Deemed Second Lien B Loan” means a Deemed Second Lien Loan that is not a Deemed
Second Lien A Loan and, as of any date of determination, has a Total Net Leverage Ratio less than or equal to 7.5x. 
 “Deemed
Second Lien C Loan” means a Deemed Second Lien Loan that is not a Deemed Second Lien A Loan or Deemed Second Lien B Loan and, as of any date of determination, has a Total Net Leverage Ratio greater than 7.5x. 

“Deemed Second Lien Loan” means any Loan which would have constituted a FILO Loan but for the fact that it fails to meet the
requirement of sub-clause (y) in the definition thereof. 
 “Default Rights” has the meaning assigned to that term in,
and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 “Defaulted Collateral
Obligation” means any Collateral Obligation as to which any one of the following events has occurred: 

  
 -20- 

 “Eligible Account” means (i) a segregated trust account or (ii) a
segregated direct deposit account, in each case, maintained with a securities intermediary or trust company organized under the laws of the United States of America, or any of the States thereof, or the District of Columbia, having a certificate of
deposit, short term deposit or commercial paper rating of at least A-1 by Standard & Poor’s and P-1 by Moody’s. In either case, such depository institution or trust company shall have been approved by the Agent, acting in its
reasonable discretion, by written notice to the Borrower, U.S. Bank National Association is deemed to be a securities intermediary that is acceptable and approved by the agent. 

“Eligible Collateral Obligation” means, as of the Cut-Off Date (and solely with respect to clauses (c) and (aa), as of
each Measurement Date), each Collateral Obligation that satisfies the following conditions (unless otherwise waived by the Agent and the Majority Lenders in their respective sole discretion on the applicable Approval Notice): 

(a) the Agent in its sole discretion has delivered an Approval Notice with respect to such Collateral Obligation within three (3) Business
Days of receipt of the related Asset Approval Request; provided that if an Approval Notice is not received within the time period set forth above, such Collateral Obligation shall be deemed to have not been approved by the Agent; 

(b) such Collateral Obligation is a Broadly Syndicated Loan, a First Lien Loan, a Deemed Second Lien Loan, a Unitranche Loan, a Recurring Revenue Loan or a FILO Loan; 

(c) such Collateral Obligation is not a Defaulted Collateral Obligation; 

(d) such Collateral Obligation is not an Equity Security and is not convertible into an Equity Security at the option of the applicable Obligor
or any other Person other than the Borrower; 
 (e) such Collateral Obligation is not a Structured Finance Obligation; 

(f) such Collateral Obligation is denominated in an Eligible Currency and is not convertible by the Obligor thereof into any currency other
than an Eligible Currency; 
 (g) such Collateral Obligation is not a single-purpose real estate based loan (unless the related real estate
is a hotel, casino, data center or other operating company), a construction loan or a project finance loan (it being understood that loans relating to the expansion of data center facilities shall not be construed as construction or project finance
loans); 
 (h) such Collateral Obligation is not a lease (including a financing lease); 

(i) such Collateral Obligation has a Purchase Price of at least 80%, unless otherwise approved by the Agent in its sole discretion; 

(j) such Collateral Obligation is not a trade claim; 

  
 -24- 

(k)
 if such Collateral Obligation is a Recurring Revenue Loan, at the time of acquisition by the Borrower, the Obligor has
sufficient Liquidity to fund operations for the next 18 months based on the projections provided by the Obligor (as determined by the Collateral Manager); 

(l)
 (k) if such Collateral Obligation is a Broadly Syndicated
Loan, it has either (i) a Moody’s Rating equal to or above “B3,” (ii) an S&P Rating equal to or above “B-” or (iii) a Fitch Rating equal to or above “B-”; 

(m)
 (l) the Obligor with respect to such Collateral Obligation
is an Eligible Obligor; 

(n)
 (m) such Collateral Obligation is not Margin Stock; 

(o)
 (n) such Collateral Obligation is not a security or swap
transaction that has payments associated with either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation; 

(p)
 (o) such Collateral Obligation provides for the periodic
payment of cash 
 interest; 

(q)
 (p) such Collateral Obligation is not subject to
substantial non-credit related risk, as determined by the Collateral Manager in accordance with the Collateral Manager Standard, other than non-credit related risks that have previously been disclosed to the Agent during the process of obtaining an
Approval Notice with respect to such Collateral Obligation; 

(r)
 (q) the acquisition of which will not cause the Borrower to be deemed to own 5.0% or more of any class of voting securities of any Obligor or 25.0% or more of the total equity of any Obligor or any
securities that are immediately convertible into or immediately exercisable or exchangeable for 5.0% or more of any class of voting securities of any Obligor or 25.0% or more of the total equity of any Obligor, in each case as determined by the
Collateral Manager; 

(s)
 (r) the Underlying Instrument for which does not contain
confidentiality provisions that restrict the ability of the Agent to exercise its rights under the Transaction Documents, including, without limitation, its rights to review such debt obligation or participation, the Underlying Instrument and
related documents and credit approval file, so long as the Agent or each Lender, as applicable, has agreed to maintain the confidentiality of such information in accordance with the provisions of such Underlying Instruments; 

(t)
 (s) the acquisition of which is not in violation of
Regulations T, U or X of the FRS Board; 

(u)
 (t) such Collateral Obligation is capable of being
transferred to and owned by the Borrower (whether directly or by means of a security entitlement) and of being pledged, assigned or novated by the owner thereof or of an interest therein (a) subject to customary qualifications for instruments
similar to such Collateral Obligation, to the Agent, (b) subject to 

  
 -25- 

 
customary qualifications for instruments similar to such Collateral Obligation, to any assignee of the Agent permitted or contemplated under this Agreement, (c) subject to customary
qualifications for instruments similar to such Collateral Obligation, to any Person at any foreclosure or strict sale or other disposition initiated by a secured creditor in furtherance of its security interest, and (d) subject to customary
qualifications for instruments similar to such Collateral Obligation, to commercial banks, financial institutions, offshore and other funds (in each case, including transfer permitted by operation of the Uniform Commercial Code); 

(v)
 (u) the proceeds of such Collateral Obligation will not be
used to finance activities of the type engaged in by businesses classified under NAICS Codes 2361 (Residential Building Construction), 2362 (Nonresidential Building Construction), 2371 (Utility System Construction), or 2372 (Land Subdivision);

(w)
 (v) the Related Security for such Collateral Obligation is
primarily located in an Eligible Jurisdiction; 

(x)
 (w) such Collateral Obligation has a stated maturity that
does not exceed eight years from the related issuance date; 

(y)
 (x) such Collateral Obligation has (i) an Interest
Coverage Ratio for the current fiscal year (on a trailing twelve-month basis) and, except with respect to acquisition financings, the prior fiscal year of the related Obligor of more than 1.50x and (ii) a Total Net Leverage Ratio of for the
current fiscal year (on a trailing twelve-month basis) and, except with respect to acquisition financings, the prior fiscal year of the related Obligor of less than 6.50x; 

(z)
 (y) such Collateral Obligation is a part of a loan tranche
with a minimum initial face value of at least $10,000,000; 

(aa)
 (z) if such Collateral Obligation is a Deferrable
Collateral Obligation, it has at least 1.00% cash pay; 

(bb)
 (aa) such Collateral Obligation is secured by a valid and
enforceable security interest; and 

(cc)
 (bb) if an acquisition or substitution of a Collateral
Obligation occurs on such date of determination, as of such date, or, if not, as of the most recent date preceding such date of determination on which an acquisition or substitution of a Collateral Obligation occurred, the aggregate outstanding
principal amount of all Collateral Obligations held by the Borrower (immediately following any acquisition or substitution of any Collateral Obligations on such date of determination) in respect of which the Retention Holder, either itself or
through related entities (including the Borrower), directly or indirectly, was involved or will be involved in negotiating the original agreement which created the relevant Collateral Obligation is greater than 50% of the aggregate outstanding
principal amount of all Collateral Obligations then held by the Borrower. 
 “Eligible Currency” means CADs,
Dollars, Euros and GBPs. 
 “Eligible Currency Loan” means any Loans made in CADs, Dollars, Euros and GBPs. 

  
 -26- 

 than two such rates are displayed, or if no such rate is relevant, the EURIBOR Rate shall be a rate per
annum at which deposits in Euros are offered by the principal office of the Agent in Brussels, Belgium to prime banks in the euro interbank market at 11:00 a.m. (Brussels time) two Business Days before the first day of such Accrual Period for
delivery on such first day and for a period equal to such Accrual Period. 
 “Euro”, “Euros”,
“euro” and “€” mean the lawful currency of the Member States of the European Union that have adopted and retain the single currency in accordance with the treaty establishing the European Community, as amended
from time to time. 
 “Euro Loan” means each Loan made in Euros. 

“European Supervisory Authorities” means, together, the EBA, the ESMA and the EIOPA. 

“Evaluation Event” means the occurrence of any of the following with respect to any Eligible Collateral Obligation: 

(a) such Collateral Obligation becomes a Defaulted Collateral Obligation under clause (a) or (b) of the definition
thereof; 
 (b) occurrence of a Material Modification with respect to such Collateral Obligation that is not approved by the
Agent, in its sole discretion; 
 (c) the related Obligor fails to deliver to the Borrower or the Collateral Manager any
annual audited financial information as required by the Underlying Instruments of such Collateral Obligation (including any grace periods thereunder); 

(d) the related Obligor fails to deliver to the Borrower or the Collateral Manager any quarterly unaudited financial
information as required by the Underlying Instruments of such Collateral Obligation (including any grace periods thereunder); 

(e) for
 any Collateral Obligation (other than a Recurring Revenue Loan), the Senior Net Leverage Ratio related to such Collateral Obligation (x) increases by 0.5x (or any subsequent increase of an
additional 0.5x) compared to the Senior Net Leverage Ratio as of the later of the Approval Date or the last Evaluation Event date with respect to such Collateral Obligation, as applicable, and (y) is above 4.5x; provided that in
connection with any Revenue Recognition Implementation or any Operating Lease Implementation, the Agent may waive any Evaluation Event resulting from such implementation pursuant to this clause (c); 

(f) for
 any Collateral Obligation (other than a Recurring Revenue Loan), the Interest Coverage Ratio related to such Collateral Obligation (x) decreases by 15% (or any subsequent decrease of an
additional 15%) compared to the Interest Coverage Ratio as of the later of the Approval Date or the last Evaluation Event date with respect to such Collateral Obligation, as applicable, and (y) such ratio is below 1.5x; 

  
 -29- 

(g) for
 any Recurring Revenue Loan, the Debt-to-Recurring Revenue Ratio related to such Collateral Obligation increases by 0.25x (or any subsequent increase of an additional 0.25x) compared to the Debt-to-Recurring Revenue Ratio as of the later of the
Approval Date or the last Evaluation Event date with respect to such Collateral Obligation, as applicable; 

(h)
 (g) a waiver, extension, deferment or
postponement of any payment with respect to such Collateral Obligation; or 
 (i) (h) the Collateral Manager determines, in its sole discretion, in accordance with the Collateral Manager Standard,
that all or a material portion of such Collateral Obligation is not collectible or otherwise places such Collateral Obligation on non-accrual status. 

“Event of Default” means any of the events described in Section 13.1. 

“Excess Concentration Amount” means, during the Revolving Period, as of the most recent Measurement Date (and after giving
effect to all Collateral Obligations to be purchased or sold by the Borrower on such date), the sum, without duplication, of the following amounts, in each case, as applicable to each individual Collateral Obligation: 

(a) the excess, if any and without duplication, of the sum of the Collateral Obligation Amounts with respect to all Eligible Collateral
Obligations that are Deemed Second Lien Loans over 10.0% of the Excess Concentration Measure; 
 (b) the excess, if any, of the sum of the
Collateral Obligation Amounts with respect to all Eligible Collateral Obligations that are obligations of any single Obligor (other than an Obligor described in the following proviso) over 5.0% of the Excess Concentration Measure; provided,
that (x) with respect to any Obligor that has Collateral Obligation Amounts with respect to Eligible Collateral Obligations in excess of all other single Obligors, the sum of the Collateral Obligation Amounts with respect to all Eligible
Collateral Obligations that are obligations of such Obligor may be up to 10.0% of the Excess Concentration Measure and (y) with respect to any two Obligors that represent Collateral Obligation Amounts with respect to all Eligible Collateral
Obligations in excess of all other single Obligors (other than the Obligor described in clause (x)), the sum of the Collateral Obligation Amounts with respect to all Eligible Collateral Obligations that are obligations of each of such Obligors may
be up to 7.5% of the Excess Concentration Measure; 
 (c) the excess, if any, of the sum of the Collateral Obligation Amounts with respect to
all Eligible Collateral Obligations in any single Moody’s Industry Classification (other than the “Oil & Gas” Moody’s Industry Classification) other than a Moody’s Industry Classification described in the following
proviso over
1515.0% of the Excess Concentration Measure;
provided, that (x) the sum of the Collateral Obligation Amounts with respect to all Eligible Collateral Obligations that are obligations of Obligors in the largest Moody’s Industry Classification (other than the “Oil &
Gas” Moody’s Industry Classification) may be up to
3030.0
% of the Excess Concentration Measure, (y) the sum of the Collateral Obligation Amounts with respect to all Eligible Collateral Obligations that are obligations of Obligors in the

  
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second largest Moody’s Industry Classification (other than the “Oil & Gas” Moody’s Industry Classification) other than the Moody’s Industry Classification
specified in clause (x) may be up to
2020.0% of the Excess Concentration Measure and
(z) the Moody’s Industry Classification of “Oil & Gas” may be up to 10% of the Excess Concentration Measure; 

(d) the excess, if any, of the sum of the Collateral Obligation Amounts with respect to all Eligible Collateral Obligations that are Fixed Rate
Collateral Obligations over 5.0% of the Excess Concentration Measure; 
 (e) the excess, if any and without duplication, of the sum of the
Collateral Obligation Amounts with respect to all Eligible Collateral Obligations that are Specified Loans over 50.0% of the Excess Concentration Measure; 

(f) the excess, if any and without duplication of the Collateral Obligation Amounts with respect to all Eligible Collateral Obligations, which
have an Obligor organized in a country other than the United States over 20.0% of the Excess Concentration Measure; 
 (g) the excess, if
any, of the sum of the Collateral Obligation Amounts with respect to all Eligible Collateral Obligations that are Deferrable Collateral Obligations over 5.0% of the Excess Concentration Measure; 

(h) the excess, if any, of the sum of the Collateral Obligation Amounts with respect to all Eligible Collateral Obligations that are Variable
Funding Assets over 10.0% of the Excess Concentration Measure; 
 (i) the excess, if any and without duplication of the Collateral Obligation
Amounts with respect to all Eligible Collateral Obligations that are denominated in a currency other than Dollars over 20.0% of the Excess Concentration Measure; 

(j) the excess, if any and without duplication, of the sum of the Collateral Obligation Amounts of all Collateral Obligations whose Obligors
have a trailing twelve month EBITDA of less than $20,000,000, as measured at the applicable Cut-Off Date, over 20.0% of the Excess Concentration Measure; 

(k) the excess, if any and without duplication, of the sum of the Collateral Obligation Amounts of all Collateral Obligations whose Obligors
have a trailing twelve month EBITDA of less than $15,000,000, as measured at the applicable Cut-Off Date, over 5.07.5% of the Excess Concentration Measure; 

(l) the excess, if any and without duplication, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are Broadly
Syndicated Loans which cause the contribution of Broadly Syndicated Loans to the Borrowing Base to be (i) in excess of 50.0% of the total Borrowing Base for the period from and including the Effective Date to the six-month anniversary of the
Effective Date, (ii) in excess of 30.0% of the total Borrowing Base for the period from and including the six-month anniversary of the Effective Date to the nine-month anniversary of the Effective Date and (iii) in excess of 25.0% of the
total Borrowing Base thereafter; and 

  
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 (m) the excess, if any and without duplication, of the sum of the Collateral Obligation
Amounts of all Collateral Obligations that are attributable to Obligors that are not majority Controlled, direct or indirectly, by one or more private equity institutions or are non-public controlled or at least BB rated corporate Eligible Loans
over 4040.0% of the
Excess Concentration Measure; and 
 (n) the excess, if any, of the sum of the Collateral Obligation Amounts with respect to all Eligible Collateral Obligations that
are Recurring Revenue Loans over 5.0% of the Excess Concentration Measure. 

“Excess Concentration Measure” means (a) during the Ramp-up Period, the Target Portfolio Amount, and (b) after the
Ramp-up Period, the sum of (w) the Aggregate Eligible Collateral Obligation Amount, (x) all Principal Collections on deposit in the Principal Collection Account, (y) all amounts on deposit in the Unfunded Exposure Account and
(z) plus any unused portion of the Commitments. 
 “Excess Funds” as of any date of determination and with respect to
any Conduit Lender, funds of such Conduit Lender not required, after giving effect to all amounts on deposit in its commercial paper account, to pay or provide for the payment of (i) all of its matured and maturing commercial paper notes on
such date of such determination, (ii) the principal of and interest on all of its loans outstanding on such date of such determination and (iii) and other amounts in accordance with its commercial paper notes and applicable transaction
documents. 
 “Excluded Amounts” means (i) any amount received in the Collection Account with respect to any
Collateral Obligation, which amount is attributable to the reimbursement of payment by the Borrower of any Tax, fee or other charge imposed by any Official Body on such Collateral Obligation or on any Related Security, (ii) any interest or fees
(including origination, agency, structuring, management or other up-front fees) that are for the account of the applicable Person from whom the Borrower purchased such Collateral Obligation, (iii) any reimbursement of insurance premiums,
(iv) any escrows relating to Taxes, insurance and other amounts in connection with Collateral Obligations which are held in an escrow account for the benefit of the Obligor and the secured party pursuant to escrow arrangements under Underlying
Instruments, (v) any amount deposited into the Collection Account in error or (vi) payments by the Obligors of indemnification obligations and reimbursements for actually incurred out-of-pocket expenses, in each case that are not received in
lieu of principal, interest or fees owed under the related Underlying Instruments. 
 “Excluded Taxes” means any of the
following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in
each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the
Obligations pursuant to a law in effect on the date on which (i) such Lender acquires such 

  
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interest in the Obligations (other than pursuant to Section 17.17) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to
Section 4.3, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes
attributable to such Recipient’s failure to comply with Section 4.3(f) and (d) any Taxes imposed under FATCA. 

“Executive Officer” means, with respect to the Borrower, the Collateral Manager or the Equityholder, the Chief Executive
Officer, the Chief Operating Officer, the Executive Vice President of such Person or any other Person included on the incumbency of the Borrower, Collateral Manager or Equityholder, as applicable, delivered hereunder and, with respect to any other
Person, the President, Chief Financial Officer, Executive Vice President or any Vice President. 
 “Exposure Amount” means,
as of any date of determination and with respect to any Variable Funding Asset, the excess of (a) the Borrower’s maximum funding commitment thereunder over (b) the Principal Balance of such Variable Funding Asset. For the
avoidance of doubt, the Exposure Amount in respect of a Defaulted Collateral Obligation shall be included in the calculation of the Exposure Amount if the Borrower is at such time subject to contractual funding obligations with respect to such
Defaulted Collateral Obligation and such obligation has not ceased to be enforceable under the Bankruptcy Code. 
 “Extension
Request” has the meaning set forth in Section 2.6. 
 “Facility” means the loan facility to be
provided to the Borrower pursuant to, and in accordance with, this Agreement. 
 “Facility Amount” means $200,000,000340,000,000
. 
 “Facility Termination Date” means the earlier of
(i) October 2, 2026 and (ii) the effective date on which the facility hereunder is terminated pursuant to Section 13.2. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal
or regulatory legislation, rules or practices adopted pursuant to, any intergovernmental agreement, treaty or convention among Official Bodies and implementing such Sections of the Code. 

“Federal Funds Rate” means, for any period, the greater of (a) 0.0% and (b) a fluctuating rate per annum
equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a
Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the
Agent from three federal funds brokers of recognized standing selected by it. 

  
 -33- 

 “Interest Coverage Ratio” means respect to any Collateral Obligation for
any Relevant Test Period, either (a) the meaning of “Interest Coverage Ratio” or comparable definition set forth in the Underlying Instruments for such Collateral Obligation, or (b) in the case of any Collateral Obligation with
respect to which the related Underlying Instruments do not include a definition of “Interest Coverage Ratio” or comparable definition, the ratio of (i) EBITDA to (ii) Cash Interest Expense of such Obligor as of such Relevant Test
Period, as calculated by the Collateral Manager in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor in accordance with the
requirements of the Underlying Instruments. 
 “Interest Rate” means, for any Accrual Period and any Lender, a rate per
annum equal to the sum of (a) the Applicable Margin and (b) the Base Rate for such Accrual Period and such Lender. 

“IRS” means the United States Internal Revenue Service. 

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or
any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor
thereto. 
 “Lender” means each Conduit Lender, each Committed Lender, each Uncommitted Lender, each Revolving Lender, each
Multicurrency Lender, each Dollar Lender and each Term Lender, as the context may require. 
 “Lender Agent” has the
meaning set forth in the Preamble. 
 “Lender Group” means each Lender and related Lender Agent from time to time
party hereto. 
 “Lien” means any security interest, lien, charge, pledge, preference, equity or encumbrance of any kind,
including tax liens, mechanics’ liens and any liens that attach by operation of law. 
 “Liquidity” means with respect to any Recurring Revenue Loan for any Relevant Test Period, either (1) the
amount of (i) Unrestricted Cash and cash equivalents plus (ii) any unfunded revolving commitments for which such Obligor can satisfy the conditions to draw any such amounts or (2) upon the request of the Borrower and approved
in writing by the Agent (which may be approved via email), the meaning of “Liquidity” or any comparable definition in the applicable Underlying Instruments. 

“Liquidity Agreement” means any agreement entered into in connection with this Agreement pursuant to which a Liquidity Bank
agrees to make purchases from or advances to, or purchase assets from, any Conduit Lender in order to provide liquidity support for such Conduit Lender’s Loans hereunder. 

  
 -41- 

 Collateral Obligation, or reduces the spread or coupon with respect to such Collateral
Obligation (other than in connection with applicable pricing grids or benchmark replacement interest rate provisions); 
 (v)
contractually or structurally subordinates such Collateral Obligation by operation of a priority of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor (other than pursuant to permitted asset sale
or transfer provisions of the applicable Underlying Instruments) or the granting of Liens (other than “permitted liens” as defined in the Underlying Instruments for such Loan or such comparable definition if “permitted liens” is
not defined therein) on any of the Related Property securing such Collateral Obligation; or 
 (vi) substitutes, alters or
releases the underlying collateral securing such Collateral Obligation and any such substitution, alteration or release, as determined in the sole discretion of the Agent, materially and adversely affects the value of such Eligible Collateral
Obligation; provided that the foregoing shall not apply to any release in conjunction with a relatively contemporaneous disposition by the related Obligor accompanied by a mandatory reinvestment of net proceeds or mandatory repayment of the
related loan facility with the net proceeds; or 
 (b) the Borrower shall promptly notify the Agent of the occurrence any
Material Modification with respect to a particular Eligible Collateral Obligation; 
 provided that, for the avoidance of doubt, “Material
Modification” shall not include any change to the base rate in respect of a Collateral Obligation from LIBOR to an alternative rate, including any applicable spread or payment frequency adjustments thereto that in the Collateral Manager’s
commercially reasonable judgment is consistent with the successor for LIBOR. 
 “Maximum Weighted Average Life Test” means
a test that will be satisfied on any date of determination if the Weighted Average Life of all Eligible Collateral Obligations included in the Collateral is less than or equal to 7.5 years. 

“Measurement Date” means each of the following, as applicable: (i) the Effective Date; (ii) each Determination Date;
(iii) each Funding Date; (iv) the date of any repayment or prepayment pursuant to Section 2.4; (v) the date that the Collateral Manager has actual knowledge of the occurrence of any Evaluation Event with respect to any
Collateral Obligation; (vi) the date of any optional repurchase or substitution pursuant to Section 7.11; and (vii) the date of any Optional Sale. 

“Minimum Commitment Usage” means (i) from
the Third Amendment Effective Date to and including April 4January
13,
20222023, 0.0%,$150,000,000.00
and (ii) from April 5, 2022 to and including June 27, 2022, 37.5% and (iii) thereafter,
75%$255,000,000.00. 

“Minimum Weighted Average Spread Test” means a test that will be satisfied on any date of determination, if the Weighted
Average Spread of all Eligible Collateral Obligations included in the Collateral on such day is equal to or greater than 4.00%. 

  
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 “Purchase Price” means, as of any date of determination, (a) with
respect to any Collateral Obligation acquired by the Borrower in connection with its primary origination for a purchase price (as a percentage of par) equal to or greater than 97%, 100%, and (b) the actual price paid by the Borrower for such
Collateral Obligation expressed as a percentage of par; provided that, any purchase price deduction attributable to transaction costs, fees and expenses in an amount up to 2% of the total purchase price shall be excluded in the calculation
set forth above. 
 “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be
interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” has the meaning set forth in
Section 17.23. 
 “Ramp-up Period” means the period from and including the Effective Date to the six-month
anniversary of the Third Amendment Effective Date. 

“Rating Agencies” means Standard & Poor’s, Morningstar Credit Ratings, LLC, Moody’s and any other rating
agency that has been requested to issue a rating with respect to the commercial paper notes issued by any Conduit Lender. 

“Recipient” means (a) the Agent, (b) any Lender Agent, (c) any Lender and (d) any other recipient of a
payment hereunder. 
 “Records” means the Collateral Obligation File for any Collateral Obligation and all other material
documents, books, records and other written information prepared and maintained by or on behalf of the Borrower with respect to any Collateral Obligation and the Obligors thereunder, including all material documents, books, records and other written
information prepared and maintained by the Borrower or the Collateral Manager with respect to such Collateral Obligation or Obligors. 
 “Recurring Revenue” means the definition of annualized recurring revenue used in the Underlying Instruments for
each such Eligible Collateral Obligation, or any comparable term for “Revenue”, “Recurring Revenue” or “Adjusted Revenue” in the Underlying Instruments for each such Eligible Collateral Obligation or if there is no such
term in the Underlying Instruments, all recurring maintenance, service, support, hosting, subscription and other revenues identified by the Collateral Manager (including, without limitation, software as a service subscription revenue), of the
related obligor and any of its parents or subsidiaries that are obligated with respect to such Eligible Collateral Obligation pursuant to its Underlying Instruments (determined on a consolidated basis without duplication in accordance with
GAAP). 
 “Recurring Revenue A Loan” means a Recurring Revenue A Loan that, as of any date of determination, has an Effective
LTV of less than or equal to 20% and Debt-to-Recurring Revenue Ratio less than or equal to 1.0x. 

“Recurring
 Revenue B Loan” means a Recurring Revenue A Loan that, as of any date of determination, has an Effective LTV of less than or equal to 40% and Debt-to-Recurring Revenue Ratio less than or equal to 2.0x. 

  
 -48- 

“Recurring
 Revenue C Loan” means a Recurring Revenue Loan that is not a Recurring Revenue A Loan or a Recurring Revenue B Loan. 

“Recurring
 Revenue Loan” means a First Lien Loan that (i) is underwritten to Recurring Revenue, (ii) requires the Obligor to comply with a maximum Recurring Revenue Multiple or minimum Recurring Revenue financial covenant, (iii) at the
time of origination of the Loan, does not include and would not customarily be expected to include (as determined by the Collateral Manager) a financial covenant based on “debt to EBITDA”, “debt to EBIT” or a similar multiple of
debt to operating cash flow and (iv) is not subordinate to a working capital loan. 

“Recurring
 Revenue Multiple” means either (a) the meaning of “Recurring Revenue Multiple” or comparable definition set forth in the Underlying Instrument for such Recurring Revenue Loan, or (b) in the case of any Recurring Revenue
Loan with respect to which the related Underlying Instrument does not include a definition of “Recurring Revenue Multiple” or comparable definition, an amount equal to the difference of “total indebtedness” (as defined in the
Underlying Instruments or comparable definition thereof, including such Eligible Collateral Obligation) less unencumbered cash and cash equivalents divided by Recurring Revenue. 

“Reference Time” means, with respect to any setting of the then-current Benchmark, (i) if such Benchmark is based on
Term SOFR, then two Business Days prior to such setting, or (ii) in the case of any other Benchmark, the time determined by the Agent in its reasonable discretion. 

“Reinvestment” has the meaning given in Section 8.3(b). 

“Reinvestment Date” has the meaning given in Section 8.3(b). 

“Reinvestment Request” has the meaning given in Section 8.3(b). 

“Related Collateral Obligation” means any Collateral Obligation where the Equityholder or any Subsidiary of the Equityholder
owns a Variable Funding Asset pursuant to the same Underlying Instruments; provided that any such asset will cease to be a Related Collateral Obligation once all commitments by the Equityholder or any such Subsidiary to make advances or fund
such Variable Funding Asset to the related Obligor expire or are irrevocably terminated or reduced to zero. 
 “Related
Property” means, with respect to a Collateral Obligation, any property or other assets designated and pledged or mortgaged as collateral to secure repayment of such Collateral Obligation, including, without limitation, any pledge of the
stock, membership or other ownership interests in the related Obligor or its subsidiaries, all Warrant Assets with respect to such Collateral Obligation and all proceeds from any sale or other disposition of such property or other assets. 

  
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 “Related Security” means, with respect to each Collateral Obligation: 

(a) any Related Property securing a Collateral Obligation, all payments paid in respect thereof and all monies due, to become due and paid in
respect thereof accruing after the applicable Loan Date and all liquidation proceeds thereof; swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including
any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any transactions of any kind, and the related confirmations, which are subject to the terms and
conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. (“ISDA”), any International Foreign Exchange Master Agreement, or any other master agreement,
including any such obligations or liabilities under any such agreement. 
 “Target Portfolio Amount” means $370,000,000620,000,000
. 
 “Taxes” means all present or future taxes, levies, imposts, duties,
deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto. 

“Term Commitment” means, with respect to each Term Lender, the commitment of such Term Lender to make Term Loans to the
Borrower on the Effective Date, pursuant to an Assignment Agreement or on any Conversion Date in the amount of the total Term Loans as set forth on Annex B, as such amount may be terminated or reduced from time to time in accordance with the
terms of this Agreement; provided that any reduction of a Term Loan shall result in a dollar for dollar reduction of the applicable Term Commitment. 

“Term Lender” means each Person that is listed as a “Term Lender” on the signature pages hereto or any Assignment
Agreement, any Person that shall have become a party hereto pursuant to this Agreement in respect of a Term Loan, any Person that shall have converted all or a portion of its Revolving Loans into Term Loans pursuant to Section 2.4(c) of
this Agreement and, in each case, their respective successors, in each case other than any such Person that ceases to be a party hereto. 

“Term Loan” has the meaning assigned to such term in Section 2.1(b). 

“Term SOFR” means, with respect to any Term SOFR Loan and for any tenor comparable to the applicable Accrual Period, the Term
SOFR Reference Rate at approximately 5:00 a.m. (Chicago time) one U.S. Government Securities Business Day prior to the commencement of such Accrual Period or Funding Date (such day, a “Term SOFR Determination Day”), as such rate is
published by the CME Term SOFR Administrator. If by 5:00 p.m. (New York City time) on such Term SOFR Determination Day, “Term SOFR” for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark
Replacement Date with respect to the Term SOFR Rate has not occurred, then the Term SOFR for such Term SOFR Determination Day will be the Term SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such
Term SOFR was published by the CME Term SOFR Administrator, so long as such first preceding Business Day is not more than three Business Days prior to such Term SOFR Determination Day. 

  
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 “Term SOFR Determination Day” has the meaning specified in the definition
of “Term SOFR.” 
 “Term SOFR Loan” means a Loan that bears interest at a rate based on Term SOFR. 

“Term SOFR Reference Rate” means the forward-looking term rate based on SOFR. 

“Third
Amendment Effective Date” means July 14, 2022. 
 “Total Term
Commitment” means, as of any date of determination, the aggregate amount of the Term Commitments on such date, which as of the Effective Date is $0. 

“Total Net Leverage Ratio” means respect to any Collateral Obligation for any Relevant Test Period either (a) the
meaning of “Total Net Leverage Ratio” or any comparable definition set forth in the Underlying Instruments for such Collateral Obligation, or (b) in the case of any Collateral Obligation with respect to which the related Underlying
Instruments do not include a definition of “Total Net Leverage Ratio” or comparable definition, the ratio of (i) Indebtedness (including, without limitation, such Collateral Obligation) of the applicable Obligor as of the date of
determination minus the unrestricted cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Collateral Manager in good faith using information from and
calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor in accordance with the requirements of the Underlying Instruments. 

“Tranche Size” means, in respect of any Collateral Obligation, the aggregate principal amount of all of the borrowing
facilities available to the Obligor under the terms of the relevant Underlying Instrument as of the original effective date of the Underlying Instrument. For purposes of determining the Tranche Size in respect of any Collateral Obligation:
(1) for Collateral Obligations that are, in accordance with then-prevailing market practice, typically bought and sold together, the respective aggregate principal amount of the borrowing facilities available to the Obligor under the facilities
evidenced by the relevant Underlying Instrument shall be aggregated (and, for the avoidance of doubt, the respective aggregate principal amounts of all revolving facilities, term loan “A” tranches, term loan “B” tranches and
similar loan tranches issued under a single credit agreement shall be aggregated); (2) the respective principal amounts of lines of credit and delayed draws that, in accordance with then-prevailing market practice, trade with any Collateral
Obligation shall be aggregated; and (3) the respective principal amount of any borrowing facilities that are, under then prevailing market practice, considered add-on facilities in respect of any Collateral Obligation shall be aggregated with
the principal amount of such Collateral Obligation; provided that, in the case of clauses (1), (2) and (3) above, such facilities are pari passu in terms of repayment seniority. 

“Transaction Documents” means this Agreement, the Notes, the Sale Agreement, the Collateral Agent/Collateral Custodian Fee
Letter, each Fee Letter, the Account Control Agreement, the Retention Letter and the other documents to be executed and delivered in connection with this Agreement, specifically excluding from the foregoing, however, Underlying Instruments delivered
by the Borrower or the Collateral Manager in connection with this Agreement. 

  
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 “Unitranche D Loan” means a Unitranche Loan that is not a Unitranche A
Loan, a Unitranche B Loan or a Unitranche C Loan and, as of any date of determination, has Total Net Leverage Ratio less than or equal to 7.5x. 

“Unitranche E Loan” means a Unitranche Loan that is not a Unitranche A Loan, a Unitranche B Loan, a Unitranche C Loan or a
Unitranche D Loan. 
 “Unitranche Loan” means any commercial loan that (i) is not (and is not expressly permitted by
its terms to become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of collateral, which security
interest is validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable Underlying Instrument that are reasonable for similar loans, and liens accorded priority by law in favor of any Official Body),
and (iii) the Collateral Manager determines in good faith that the value of the collateral for such loan or the applicable enterprise value or expected future cash flows on or about the time of acquisition equals or exceeds the outstanding
principal balance of the loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by a first priority Lien over the same collateral as the applicable Collateral Obligation. 

“Unmatured Event of Default” means any event that, if it continues uncured, will, with lapse of time or notice or lapse of
time and notice, constitute an Event of Default. 
 “Unmatured Collateral Manager Event of Default” means any event that,
if it continues uncured, will, with lapse of time or notice or lapse of time and notice, constitute a Collateral Manager Event of Default. 

“Unrestricted
 Cash” has the meaning of “Unrestricted Cash” or any comparable definition in the Underlying Instruments for each Collateral Obligation, and in any case that “Unrestricted Cash” or such comparable definition is not defined
in such Underlying Instruments, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes or subject to any lien (other than blanket liens
permitted under or granted in accordance with such Underlying Instruments), as reflected on the most recent financial statements of the relevant Obligor that have been delivered to the Borrower.

 “Unsettled Amount” means, as of any date, all amounts due in respect of any Collateral Obligations that the
Borrower has entered into a binding commitment to acquire but has not yet settled. 
 “USA Patriot Act” means the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107 56. 

“U.S. Borrower” means a Borrower that is a “United States person” as defined in Section 7701(a)(30) of the
Code. 

  
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 claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits
received by such Indemnitee, on the one hand, and the Borrower and its Affiliates, on the other hand, but also the relative fault of such Indemnitee, on the one hand, and the Borrower and its Affiliates, on the other hand, as well as any other
relevant equitable considerations. 
 Section 16.4 Net After-Tax Basis. Indemnification under Section 16.1 and
Section 16.2 shall be in an amount necessary to make the Indemnitee whole after taking into account any Tax consequences, on a net after-Tax basis (including, for example, taking into account the deductibility of an applicable underlying
damage, cost or expense) to the Indemnitee of the receipt of the indemnity provided hereunder (or of the incurrence of such applicable underlying damage, cost or expense), including the effect of such Tax or refund on the amount of Tax measured by
net income or profits that is or was payable by the Indemnitee. 
 ARTICLE XVII 

MISCELLANEOUS 

Section 17.1 No Waiver; Remedies. No failure on the part of any Lender, the Agent, the Collateral Agent, the Collateral Custodian,
any Lender Agent, any Indemnitee or any Affected Person to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any of them of any right, power or
remedy hereunder preclude any other or further exercise thereof, or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Without limiting the foregoing, each
Lender is hereby authorized by the Borrower during the existence of an Event of Default, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other indebtedness at any time owing by it to or for the credit or the account of the Borrower to the amounts owed by the Borrower under this Agreement, to the Agent, the Collateral Agent, any Lender Agent, any Affected Person, any Indemnitee or
any Lender or their respective successors and assigns. 
 Section 17.2 Amendments,; Waivers; Permanent Discontinuance of SOFR and other Benchmarks; Benchmark Exculpation. (a) This Agreement may not be amended, supplemented or modified nor may any provision hereof be waived except in
accordance with the provisions of this Section 17.2. The Borrower and the Agent may, upon written notice to the Collateral Manager and each Lender Agent, from time to time enter into written amendments, supplements, waivers or
modifications hereto for the purpose of adding any provisions to this Agreement or changing in any manner the rights of any party hereto or waiving, on such terms and conditions as may be specified in such instrument, any of the requirements of this
Agreement; provided, that no such amendment, supplement, waiver or modification shall (i) reduce the amount of or extend the maturity of any payment with respect to a Revolving Loan or reduce the rate or extend the time of payment of
Interest thereon, or reduce or alter the timing of any other amount payable to any Revolving Lender hereunder, in each case without the consent of each Lender affected thereby, (ii) amend, modify or waive any provision of this
Section 17.2 or Section 17.12, or reduce the percentage specified in the definition of Required Lenders, in each case without the written consent of all Revolving Lenders, (iii) amend, modify or waive any provision
adversely affecting the Collateral Agent or the Collateral Custodian, in each case without the prior written 

  
 -147- 

 
consent of the Collateral Agent or the Collateral Custodian, as applicable, (iv) amend, modify or waive any provision adversely affecting the obligations or duties of the Agent, in each case
without the prior written consent of the Agent, (v) constitute a Fundamental Amendment without the prior written consent of each Lender, (vi) waive any Event of Default or Collateral Manager Event of Default without the prior written
consent of the Majority Lenders or (vii) materially affect the rights or duties of the Collateral Manager unless the Collateral Manager has consented thereto. 

(b) Notwithstanding anything to the contrary herein or in any other Transaction Document (and any Swap Contract shall be deemed not to be a
“Transaction Document” for purposes of this Section 17.2), 
 (1) if a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of Term SOFR, then:

 (x) (i) if a Benchmark Replacement is determined in accordance with clause (a)(1) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date or (ii) if a Benchmark Replacement is determined in accordance with clause (a)(2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date and such
Benchmark Replacement as so determined is a SOFR-based rate (including SOFR, Daily Simple SOFR or any other rate based on SOFR), such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in
respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document, and 

(y) if a Benchmark Replacement is determined in accordance with clause (a)(2) of the definition of “Benchmark Replacement” for such
Benchmark Replacement Date and such Benchmark Replacement as so determined is not a SOFR-based rate (including SOFR, Daily Simple SOFR or any other rate based on SOFR), such Benchmark Replacement will replace such Benchmark for all purposes
hereunder and under any Transaction Document in respect of any Benchmark setting effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders (without
any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document), so long as the Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders
comprising the Required Lenders; and 
 (2) if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior
to the Reference Time in respect of any other Benchmark, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark setting effective at 5:00 p.m. (New York City
time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders (without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction
Document), so long as the Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. 

  
 -148- 

 Annex B 
  

									
	 Lender
	  	 Dollar or Multicurrency Lender
	  	Commitment as of
the
FirstThird Amendment
Effective Date	 	  	 Revolving or Term Commitment

	 Société Générale
	  	Multicurrency Lender	  	$
	40,000,000$68,000,000
	 	  	Revolving Commitment
	 Société Générale
	  	Dollar Lender	  	$
	60,000,000$72,000,000
	 	  	Revolving Commitment
	 Customers Bank
	  	Dollar Lender	  	$	100,000,000	 	  	Revolving Commitment
	 Centennial
Bank
	  	Dollar Lender	  	$	100,000,000	 	  	Revolving Commitment

  
 B-1 

 APPENDIX B 

CONFORMED THROUGH AMENDMENT
NO. 3 
 SCHEDULES AND EXHIBITS 

TO 
 LOAN AND
SERVICING AGREEMENT 
 Dated as of October 4, 2021 

(ONEX FALCON DIRECT LENDING BDC SPV, LLC) 

EXHIBITS 
  

			
	EXHIBIT A	  	Form of Note
	EXHIBIT B	  	Audit Standards
	EXHIBIT C-1	  	Form of Loan Request
	EXHIBIT C-2	  	Form of Reinvestment Request
	EXHIBIT C-3	  	Form of Asset Approval Request
	EXHIBIT C-4	  	Form of FX Reallocation Notice
	EXHIBIT D	  	Form of Monthly Report
	EXHIBIT E	  	Form of Approval Notice
	EXHIBIT F-1	  	Authorized Representatives of Collateral Manager
	EXHIBIT F-2	  	Request for Release and Receipt
	EXHIBIT F-3	  	Request for Release of Request for Release and Receipt
	EXHIBIT G-1	  	U.S. Tax Compliance Certificate (Foreign Lender - non-Partnerships)
	EXHIBIT G-2	  	U.S. Tax Compliance Certificate (Foreign Participant - non-Partnerships)
	EXHIBIT G-3	  	U.S. Tax Compliance Certificate (Foreign Participants - Partnerships)
	EXHIBIT G-4	  	U.S. Tax Compliance Certificate (Foreign Lenders - Partnerships)
	EXHIBIT H	  	Schedule of Collateral Obligations Certification
	EXHIBIT I	  	Form of Assignment Agreement
	EXHIBIT J	  	Retention Letter
	EXHIBIT K	  	Form of Document Checklist

 SCHEDULES 

 

			
	SCHEDULE 1	  	Diversity Score Calculation
	SCHEDULE 2	  	Moody’s Industry Classification Group List
	SCHEDULE 3	  	Collateral Obligations

 EXHIBIT A 

NOTE 
 THIS NOTE HAS NOT BEEN AND
WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAW, AND MAY NOT BE DIRECTLY OR INDIRECTLY OFFERED OR SOLD OR OTHERWISE DISPOSED OF BY THE OWNER HEREOF UNLESS (1) SUCH
TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE ACT AND SUCH STATE LAWS, (2) THE TRANSFEREE IS EITHER (A) A “QUALIFIED PURCHASER” (AS DEFINED FOR PURPOSES OF SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT) OR (B) NOT A U.S.
PERSON AND (3) SUCH TRANSACTION WILL NOT BE A “PROHIBITED TRANSACTION” UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”). BY ACCEPTANCE OF THIS NOTE, THE HOLDER AGREES TO BE BOUND BY ALL THE
TERMS OF THE LOAN SERVICING AGREEMENT (AS DEFINED BELOW). 
  

			
	$[__]	  	[__], 20[__]

 FOR VALUE RECEIVED, the undersigned, Onex Falcon Direct Lending BDC SPV, LLC, a Delaware limited liability company (the
“Borrower”), promises to pay to the order of [            ], as Lender Agent for the related Lender Group (the “Lender Agent”) the principal sum of
[__] ($[__]) or, if less, the aggregate unpaid principal amount of all Loans shown on the schedule attached hereto (and any continuation thereof) and/or in the records of the Lender Agent made by the Lenders in the related Lender Group pursuant to
that certain Loan and Servicing Agreement, dated as of October 4, 2021 (together with all amendments and other modifications, if any, from time to time thereafter made thereto, the “Loan Servicing Agreement”), among the
Borrower, Onex Falcon Direct Lending BDC Fund, as Equityholder, Onex Falcon Direct Lending BDC Fund, as Collateral Manager, U.S. Bank
Trust Company, National Association (as successor in interest to U.S. Bank National Association), as Collateral Agent, U.S. Bank National Association, as Collateral
Custodian, the Lender Agents and Lenders from time to time parties thereto, and Société Générale, as Agent, with the unpaid balance hereof due and payable in full on the Facility Termination Date. Unless otherwise
defined, capitalized terms used herein have the meanings provided in the Loan Servicing Agreement. 
 The Borrower also promises to
pay Interest on the unpaid principal amount hereof from time to time outstanding from the date hereof until maturity (whether by acceleration or otherwise) and, after maturity, until paid, at the rates per annum and on the dates specified in the
Loan Servicing Agreement. 
 Payments of both principal and Interest are to be made in lawful money of the United States of America in same
day or immediately available funds to the account designated by the Lender to the Agent pursuant to the Loan Servicing Agreement. 
 This
Note is one of the Notes referred to in, and evidences indebtedness incurred under, the Loan Servicing Agreement, and the holder hereof is entitled to the benefits of the Loan Servicing Agreement, to which reference is made for a description of the
security for this Note 

 EXHIBIT C-1 

FORM OF LOAN REQUEST 

Société Générale 
 as Agent 

245 Park Avenue 
 New York, New York 10167 

Attention: Julien Thinat 
 Tel.: (212)-278-4125; (212)-278-7598

 Email:
julien.thinat@sgcib.com 
 with a copy to : 

Société Générale 
 480 Washington
Blvd 
 Jersey City, NJ 07310 
 Tel.: (201)-839-8460 

Fax: 201-693-4233 
 Attention: Cheriese Brathwaite 

Email:
oper-fin-serv.us@sgss.socgen.com 
 U.S. Bank Trust Company, National Association as Collateral Agent 

190 S. LaSalle Street, 8th Floor 

Chicago, Illinois 60603 
 Attention: Global Corporate Trust —
Onex Falcon Direct Lending BDC SPV, LLC 
 Email: OnexFunds@usbank.com 

Each Lender Agent at the address set forth in Annex A to the Loan Servicing Agreement 

            , 201_ 

RE: Loan Request: 

$[            ][Euro           
 ][GBP            ][CAD            ] 

Gentlemen and Ladies: 
 This Loan Request is
delivered to you pursuant to Section 2.2 of the Loan and Servicing Agreement, dated as of October 4, 2021 (together with all amendments, if any, from time to time made thereto, the “Loan Servicing Agreement”), among
Onex Falcon Direct Lending BDC SPV, LLC, as Borrower (the “Borrower”), Onex Falcon Direct Lending BDC Fund, as Collateral Manager, Onex Falcon Direct Lending BDC Fund, as Equityholder, U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as
Collateral Agent, U.S. Bank National Association, as Collateral Custodian, the Lender Agents and Lenders from time to time parties thereto, and Société Générale, as Agent. Unless otherwise defined 

 EXHIBIT C-2 

FORM OF REINVESTMENT REQUEST 

Société Générale 
 as Agent 

245 Park Avenue 
 New York, New York 10167 

Attention: Julien Thinat 
 Tel.: (212)-278-4125; (212)-278-7598

 Email:
julien.thinat@sgcib.com 
 with a copy to : 

Société Générale 
 480 Washington
Blvd 
 Jersey City, NJ 07310 
 Tel.: (201)-839-8460 

Fax: 201-693-4233 
 Attention: Cheriese Brathwaite 

Email:
oper-fin-serv.us@sgss.socgen.com 
 U.S. Bank Trust Company, National Association as Collateral Agent 

190 S. LaSalle Street, 8th Floor 

Chicago, Illinois 60603 
 Attention: Global Corporate Trust —
Onex Falcon Direct Lending BDC SPV, LLC 
 Email: OnexFunds@usbank.com 

U.S. Bank National Association 
 as Collateral Custodian 

1133 Rankin Street, Suite 100 
 St. Paul, Minnesota 55116 

Attention: Global Corporate Trust — Onex Falcon Direct Lending BDC SPV, LLC 

Email: OnexFunds@usbank.com 
 Each Lender Agent at the address
set forth in Annex A to the Loan Servicing Agreement 
             ,
201     
 RE: Reinvestment Request: 

$[            ][Euro           
 ][GBP            ][CAD            ] 

Gentlemen and Ladies: 

 This Reinvestment Request is delivered to you pursuant to Section 8.3(b) of the
Loan and Servicing Agreement, dated as of October 4, 2021 (together with all amendments, if any, from time to time made thereto, the “Loan Servicing Agreement”), among Onex Falcon Direct Lending BDC SPV, LLC, as Borrower, Onex
Falcon Direct Lending BDC Fund, as Collateral Manager, Onex Falcon Direct Lending BDC Fund, as Equityholder, U.S. Bank
Trust Company, National Association (as successor in
interest to U.S. Bank National Association), as Collateral Agent, U.S. Bank National Association, as Collateral Custodian, the Lender Agents and Lenders from time to time parties thereto, and
Société Générale, as Agent. Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Loan Servicing Agreement. 

The Borrower hereby requests that the Collateral Agent provide to the Agent, by facsimile, a statement reflecting the total amount on deposit
on such day in the Collection Account. 
 [INCLUDE IN THE CASE OF A REINVESTMENT TO FUND THE ACQUISITION OF ELIGIBLE COLLATERAL OBLIGATIONS:

 The Borrower hereby requests that: 
  

	 	1.	 The Collateral Agent withdraw from the Collections held in the Collection Account an amount equal to
$[            ] (the “Reinvestment Amount”). 

  

	 	2.	 The Reinvestment Amount be delivered to the Borrower on
[            ] (the “Reinvestment Date”). 

  

	 	3.	 The Reinvestment Amount be wired by the Collateral Agent to (or on behalf of) the Borrower on the Reinvestment
Date pursuant to the following wiring instructions: 

 Bank: [__] 

ABA #: [__] 
 Account Name: [__]

 Account Number: [__] 
 Ref:
[__] 
 Attached hereto is a Schedule of Collateral Obligations setting forth information required in the Loan Servicing Agreement with
respect to the Collateral Obligations to be acquired by the Borrower on the Reinvestment Date. 
 After giving effect to the Reinvestment
and the Collateral Obligation(s) to be purchased by the Borrower with the Reinvestment Amount, as calculated as of the Reinvestment Date, (i) no Unmatured Event of Default of an Event of Default exists or is continuing, (ii) no Borrowing
Base Deficiency exists, (iii) no Applicable Law is violated and (iv) the Foreign Currency Loan Amount does not exceed the Foreign Currency Sublimit. 

 EXHIBIT C-3 

FORM OF ASSET APPROVAL REQUEST 

Société Générale 
 as Agent 

245 Park Avenue 
 New York, New York 10167 

Attention: Julien Thinat 
 Tel.: (212)-278-4125; (212)-278-7598

 Email:
julien.thinat@sgcib.com 
 with a copy to : 

Société Générale 
 480 Washington
Blvd 
 Jersey City, NJ 07310 
 Tel.: (201)-839-8460 

Fax: 201-693-4233 
 Attention: Cheriese Brathwaite 

Email:
oper-fin-serv.us@sgss.socgen.com 
 U.S. Bank Trust Company, National Association as Collateral Agent 

190 S. LaSalle Street, 8th Floor 

Chicago, Illinois 60603 
 Attention: Global Corporate Trust —
Onex Falcon Direct Lending BDC SPV, LLC 
 Email: OnexFunds@usbank.com 

U.S. Bank National Association 
 as Collateral Custodian 

1133 Rankin Street, Suite 100 
 St. Paul, Minnesota 55116 

Attention: Global Corporate Trust — Onex Falcon Direct Lending BDC SPV, LLC 

Email: OnexFunds@usbank.com 
 Each Lender Agent at the address
set forth in Annex A to the Loan Servicing Agreement 
             ,
201     
 RE: Asset Approval Request 

Gentlemen and Ladies: 
 This Asset Approval
Request is delivered to you pursuant to [Section 2.2(a)][Section 8.3(b)(i)] of the Loan Servicing Agreement, dated as of October 4, 2021 (together with all amendments, if any, from time to time made thereto, the “Loan Servicing
Agreement”), among 

 Onex Falcon Direct Lending BDC SPV, LLC, as Borrower, Onex Falcon Direct Lending BDC Fund, as Collateral
Manager, Onex Falcon Direct Lending BDC Fund, as Equityholder, U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National
Association), as Collateral Agent, U.S. Bank National Association, as Collateral Custodian, the Lender Agents and Lenders from time to time parties thereto, and Société
Générale, as Agent. Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Loan Servicing Agreement. 

The Borrower hereby requests that the Agent deliver to the Borrower an Approval Notice in connection with this Asset Approval Request. 

Attached hereto is a Schedule of Collateral Obligations setting forth information required in the Loan Servicing Agreement with respect to the
Collateral Obligations to be acquired by the Borrower on the [Loan Date][Reinvestment Date]. 
 The proposed date of the acquisition of the
Collateral Obligations to be acquired by the Borrower is [            ]. 

As of the date hereof, with respect to the Collateral Obligations to be acquired by the Borrower in connection herewith: 

 

	 	1.	 the Total Net Leverage Ratio of each such Collateral Obligation is
[            ]; 

  

	 	2.	 the Effective LTV of such Collateral Obligation is
[            ]; 

  

	 	3.	 the applicable Eligible Jurisdiction is
            ; 

  

	 	4.	 the applicable Eligible Currency is
[            ]; 

  

	 	5.	 [add requested non-cash charges to be included in EBITDA for such Collateral Obligation].

 [After giving effect to the [Loan][Reinvestment] and the Collateral Obligation(s) to be purchased by the Borrower with
the [Loan][Reinvestment Amount], as calculated as of the [Loan Date][Reinvestment Date], (i) no Unmatured Event of Default of an Event of Default exists or is continuing, (ii) no Borrowing Base Deficiency exists and (iii) no
Applicable Law is violated. 
 By [its acceptance of the Loans][making the Reinvestment], the Borrower represents that the conditions
described in Section 6.2 of the Loan Servicing Agreement have been satisfied with respect to such [Loans][Reinvestment]. 
 The
Borrower agrees that if, prior to the [Loan Date][Reinvestment Date], any matter certified to herein by it will not be true and correct in all material respects at such time as if then made, it will promptly so notify the Agent. Except to the
extent, if any, that prior to the time of the [Loan][Reinvestment] requested hereby the Agent shall receive written notice to the contrary from the Borrower, each matter certified to herein shall be deemed once again to be certified as true and
correct at the date of such [Loan][Reinvestment] as if then made.] 

 EXHIBIT C-4 

FORM OF FX REALLOCATION NOTICE 

Société Générale 
 as Agent 

245 Park Avenue 
 New York, New York 10167 

Attention: Julien Thinat 
 Tel.: (212)-278-4125; (212)-278-7598

 Email:
julien.thinat@sgcib.com 
 with a copy to : 

Société Générale 
 480 Washington
Blvd 
 Jersey City, NJ 07310 
 Tel.: (201)-839-8460 

Fax: 201-693-4233 
 Attention: Cheriese Brathwaite 

Email:
oper-fin-serv.us@sgss.socgen.com 
 U.S. Bank Trust Company, National Association as Collateral Agent 

190 S. LaSalle Street, 8th Floor 

Chicago, Illinois 60603 
 Attention: Global Corporate Trust —
Onex Falcon Direct Lending BDC SPV, LLC 
 Email: OnexFunds@usbank.com 

U.S. Bank National Association 
 as Collateral Custodian 

1133 Rankin Street, Suite 100 
 St. Paul, Minnesota 55116 

Attention: Global Corporate Trust — Onex Falcon Direct Lending BDC SPV, LLC 

Email: OnexFunds@usbank.com 

            , 201     

RE: FX Reallocation 
 Gentlemen and Ladies: 

This FX Reallocation Notice is delivered to you pursuant to Section 2.2(d) of the Loan and Servicing Agreement, dated as of
October 4, 2021 (together with all amendments or any 

 other modifications, if any, from time to time made thereto, the “Loan and Servicing
Agreement”), among Onex Falcon Direct Lending BDC SPV, LLC, as Borrower, Onex Falcon Direct Lending BDC Fund, as Collateral Manager, Onex Falcon Direct Lending BDC Fund, as Equityholder, U.S. Bank Trust Company, National Association (as successor in interest to
U.S. Bank National Association), as Collateral Agent,
U.S. Bank National Association, as Collateral Custodian, the Lender Agents and Lenders from time to time parties thereto, and Société Générale, as Agent. Unless otherwise defined herein or the context otherwise requires,
capitalized terms used herein have the meanings provided in the Loan Servicing Agreement. 
 The Facility Agent hereby directs each
Lender pursuant to Section 2.2(d) of the Loan and Servicing Agreement to purchase and sell Advances in the following amounts: 
  

																									
	 Lender
	  	Commitment	 	 	Current
Advances
Outstanding	 	  	Pro Rata
Percentage	 	 	Actual Pro
Rata
Percentage
(prior
to purchase/sale)	 	 	Advances
Outstanding to
Purchase	 	  	Advances
Outstanding to
Sell	 
	 Société Générale
	  	$	[	●] 	 	$
  
 

	_______
 Euro______

GBP _____
 CAD _____
	 
  
  

 
	  	 	_____	% 	 	 	_____	% 	 	$
  
 

	_______
 Euro______

GBP _____
 CAD _____
	 
  
  

 
	  	$
  
 

	_______
 Euro______

GBP _____
 CAD _____
	 
  
  

 

	 Total
	  	$	[	●] 	 	$
  
 

	_______
 Euro______

GBP _____
 CAD _____
	 
  
  

 
	  	 	100	% 	 	 	100	% 	 	$
  
 

	_______
 Euro______

GBP _____
 CAD _____
	 
  
  

 
	  	$
  
 

	_______
 Euro______

GBP _____
 CAD _____
	 
  
  

 

 EXHIBIT F-2 

REQUEST FOR RELEASE AND RECEIPT 

[For Servicing and Liquidation] 
 To: U.S. Bank
National Association, as Collateral Custodian 
 Collateral Obligation Files 

LOAN INFORMATION 
  

					
	Name of Obligor:	  	              
	  	
			
	Loan No.:	  	              
	  	

 This Request for Release and Receipt is made in accordance with the Loan and Servicing Agreement dated
as of October 4, 2021, among Onex Falcon Direct Lending BDC SPV, LLC, as Borrower, Onex Falcon Direct Lending BDC Fund, as Collateral Manager, Onex Falcon Direct Lending BDC Fund, as Equityholder, U.S. Bank Trust Company, National Association
(as successor in interest to U.S. Bank National
Association), as Collateral Agent, U.S. Bank National Association, as Collateral Custodian, the Lender Agents and Lenders from time to time parties thereto, and Société
Générale, as Agent (the “Loan Servicing Agreement”). All capitalized terms not otherwise defined in this Request for Release and Receipt shall have the meanings ascribed to them in the Loan Servicing Agreement.

 In connection with the administration of the Collateral Obligation Files held by you as the Collateral Custodian on behalf of the
Collateral Agent, we request the release, to the Collateral Manager of the documents listed on Schedule 1 attached hereto (the “Documents”) for the Collateral Obligation described above, for the reasons indicated: [indicate
reason] 
 The undersigned hereby acknowledges and agrees that upon receipt from Collateral Custodian of the Documents: 

 

	 	(1)	 The undersigned shall hold and retain possession of the Documents in trust for the benefit of the Collateral
Agent, solely for the purposes provided in the Loan Servicing Agreement, unless the Collateral Obligation related to the Documents has been liquidated or unless the Document (or asset related thereto) was disposed of by the related Obligor;

  

	 	(2)	 The undersigned represents that no Unmatured Event of Default, Event of Default, Unmatured Collateral Manager
Event of Default or Collateral Manager Event of Default has occurred and is continuing, or if such has occurred and is continuing, the consent of the Agent has been obtained with respect to this request, unless the Collateral Obligation related to
the Documents has been liquidated or unless the Document (or asset related thereto) was disposed of by the related Obligor. 

 EXHIBIT F-3 

REQUEST FOR RELEASE OF REQUEST FOR RELEASE AND RECEIPT 

[Liquidated Collateral Obligations and Optional Sales] 

Collateral Obligation Files 
 This Request For Release of
Request For Release and Receipt is made pursuant to the Loan and Servicing Agreement, dated as of October 4, 2021, among Onex Falcon Direct Lending BDC SPV, LLC, as Borrower, Onex Falcon Direct Lending BDC Fund, as Collateral Manager, Onex
Falcon Direct Lending BDC Fund, as Equityholder, U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National
Association), as Collateral Agent, U.S. Bank National Association, as Collateral Custodian, the Lender Agents and Lenders from time to time parties thereto, and Société
Générale, as Agent (the “Loan Servicing Agreement”). 

[            ] hereby certifies that he/she is an Executive Officer (as the term is defined
in the Loan Servicing Agreement) of Onex Falcon Direct Lending BDC SPV, LLC, and hereby further certifies in such capacity and not in an individual capacity as follows: 

With respect to the Collateral Obligation(s) (as the term is defined in the Loan Servicing Agreement) described in Schedule 1 attached hereto: 

 

	1.	 [Such Collateral Obligation(s) has or have been liquidated and all amounts received or to be received in
connection with such liquidation that are required to be deposited have been or will be so deposited as required by the Loan Servicing Agreement][Such Collateral Obligation(s) have been sold pursuant to an Optional Sale in accordance with
Section 7.10 of the Loan Servicing Agreement]; and 

  

	2.	 [No Unmatured Event of Default, Event of Default, Unmatured Collateral Manager Event of Default or Collateral
Manager Event of Default (as each such term is defined in the Loan Servicing Agreement) has occurred and is continuing (other than any Unmatured Event of Default or Unmatured Collateral Manager Event of Default which will be cured by such Optional
Sale).] [The consent of the Agent has been obtained with respect to this request, as evidenced below.] 

 Dated:
                     

 EXHIBIT G-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to that certain Loan and Servicing Agreement, made and entered into as of October 4, 2021 (as amended restated,
supplemented, or otherwise modified from time to time, the “Agreement”), among Onex Falcon Direct Lending BDC SPV, LLC, a Delaware limited liability company (the “Borrower”), Onex Falcon Direct Lending BDC Fund, as
Collateral Manager, Onex Falcon Direct Lending BDC Fund, as Equityholder, each Lender Agent and Lender from time to time a party thereto, U.S. Bank
Trust Company, National Association (as successor in interest to
U.S. Bank National Association), as Collateral Agent,
U.S. Bank National Association, as Collateral Custodian and Société Générale, as Agent. 
 Pursuant to
the provisions of Section 4.3 of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Obligations (as well as any Note evidencing such Obligations) in respect of which it is
providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and
(iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The
undersigned has furnished the Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this
certificate changes, the undersigned shall promptly so inform the Borrower and the Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Agent with a properly completed and currently effective certificate in
either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement. 

[NAME OF LENDER] 
  

			
	By:	 	              

		 	Name:
		 	Title:

 Date:                  , 20[ ]

 EXHIBIT G-2 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to that certain Loan and Servicing Agreement, made and entered into as of October 4, 2021 (as amended restated,
supplemented, or otherwise modified from time to time, the “Agreement”), among Onex Falcon Direct Lending BDC SPV, LLC, a Delaware limited liability company (the “Borrower”), Onex Falcon Direct Lending BDC Fund, as
Collateral Manager, Onex Falcon Direct Lending BDC Fund, as Equityholder, each Lender Agent and Lender from time to time a party thereto, U.S. Bank
Trust Company, National Association (as successor in interest to
U.S. Bank National Association), as Collateral Agent,
U.S. Bank National Association, as Collateral Custodian and Société Générale, as Agent. 
 Pursuant to
the provisions of Section 4.3 of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a
bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related
to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with a
certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform
such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or
in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Agreement and used
herein shall have the meanings given to them in the Agreement. 
 [NAME OF PARTICIPANT] 

 

			
	By:	 	              

		 	Name:
		 	Title:

 Date:                  , 20[ ]

 EXHIBIT G-3 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to that certain Loan and Servicing Agreement, made and entered into as of October 4, 2021 (as amended restated,
supplemented, or otherwise modified from time to time, the “Agreement”), among Onex Falcon Direct Lending BDC SPV, LLC, a Delaware limited liability company (the “Borrower”), Onex Falcon Direct Lending BDC Fund, as
Collateral Manager, Onex Falcon Direct Lending BDC Fund, as Equityholder, each Lender Agent and Lender from time to time a party thereto, U.S. Bank
Trust Company, National Association (as successor in interest to
U.S. Bank National Association), as Collateral Agent,
U.S. Bank National Association, as Collateral Custodian and Société Générale, as Agent. 
 Pursuant to
the provisions of Section 4.3 of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered
into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its
partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such
partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the
Agreement and used herein shall have the meanings given to them in the Agreement. 
 [NAME OF PARTICIPANT] 

 

			
	By:	 	              

		 	Name:
		 	Title:

 Date:                  , 20[ ]

 EXHIBIT G-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to that certain Loan and Servicing Agreement, made and entered into as of October 4, 2021 (as amended restated,
supplemented, or otherwise modified from time to time, the “Agreement”), among Onex Falcon Direct Lending BDC SPV, LLC, a Delaware limited liability company (the “Borrower”), Onex Falcon Direct Lending BDC Fund, as
Collateral Manager, Onex Falcon Direct Lending BDC Fund, as Equityholder, each Lender Agent and Lender from time to time a party thereto, U.S. Bank
Trust Company, National Association (as successor in interest to
U.S. Bank National Association), as Collateral Agent,
U.S. Bank National Association, as Collateral Custodian and Société Générale, as Agent. 
 Pursuant to
the provisions of Section 4.3 of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Obligations (as well as any Note evidencing such Obligations) in respect of which it is providing this
certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Obligations (as well as any Note evidencing such Obligations), (iii) with respect to the extension of credit pursuant to this Agreement or any
other Transaction Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect
partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The
undersigned has furnished the Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E
or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned
agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Agent with a
properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement. 

[NAME OF LENDER] 
  

			
	By:	 	              

		 	Name:
		 	Title:

 Date:                  , 20[ ]

 EXHIBIT H 

SCHEDULE OF COLLATERAL OBLIGATIONS CERTIFICATION 

This Schedule of Collateral Obligations Certification is made pursuant to the Loan and Servicing Agreement, dated as of October 4, 2021, among Onex
Falcon Direct Lending BDC SPV, LLC, as Borrower, Onex Falcon Direct Lending BDC Fund, as Collateral Manager, Onex Falcon Direct Lending BDC Fund, as Equityholder, U.S.
Bank Trust Company, National Association
(as successor in interest to U.S. Bank National Association), as Collateral Agent, U.S. Bank National Association, as Collateral Custodian, the Lender Agents and Lenders from time to time parties thereto, and Société Générale, as Agent (the
“Loan Servicing Agreement”). 
 [            ] hereby certifies that
he/she is an Executive Officer (as the term is defined in the Loan Servicing Agreement) of Onex Falcon Direct Lending BDC SPV, LLC, and hereby further certifies and not in an individual capacity as follows: 

With respect to the Collateral Obligation(s) (as the term is defined in the Loan Servicing Agreement) described in Annex 1 attached hereto: 

 

	1.	 The Collateral Obligation Files delivered to the Collateral Custodian include all of the documents required to
be delivered to the Collateral Custodian under the Loan Servicing Agreement, except for variances from the documents identified in the Document Checklist with respect to the related Collateral Obligation Files and those documents that do not exist
with respect to such Collateral Obligation(s), in each case as indicated on Annex 1 (each, an “Exception”); 

  

	2.	 Any Exception satisfies the requirements of the Loan Servicing Agreement; and 

 

	3.	 All of the documents and the information contained on Annex 1 are complete and correct in all material
respects. 

 Dated:
                     
  

 

			
	 ONEX FALCON DIRECT LENDING BDC SPV, LLC

		
	By:	 	              

	Name:
	Title:

 EXHIBIT I 

FORM OF ASSIGNMENT AGREEMENT 

ASSIGNMENT AGREEMENT, dated as of the date set forth in Item 1 of Schedule I hereto, among the financial institution identified in
Item 2 of Schedule I hereto, Onex Falcon Direct Lending BDC SPV, LLC, as the borrower (the “Borrower”) and Société Générale, as Agent (the “Agent”). 

WHEREAS, this Assignment Agreement is being executed and delivered under Section 15.4 of the Loan and Servicing Agreement, dated
as of October 4, 2021 (as amended, modified, supplemented or restated from time to time, the “Loan and Servicing Agreement”), by and among the Borrower, Onex Falcon Direct Lending BDC Fund, as Collateral Manager (the
“Collateral Manager”), Onex Falcon Direct Lending BDC Fund, as Equityholder (the “Equityholder”), U.S. Bank
Trust Company, National Association (as successor in interest
to U.S. Bank National Association), as Collateral
Agent, U.S. Bank National Association, as Collateral Custodian, the Lender Agents and Lenders from time to time parties thereto, and the Agent. Capitalized terms used but not defined herein shall have the meaning provided in the Loan and Servicing
Agreement; and 
 WHEREAS, the party set forth in Item 2 of Schedule I hereto (the “Proposed Lender”) wishes to
become a Lender party to the Loan and Servicing Agreement; 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 

(a) Upon receipt by the Agent of an executed counterpart of this Assignment Agreement, to which is attached a fully completed Schedule I and
Schedule II, which has been executed by the Proposed Lender[, the Borrower and the Agent,]4 the Agent will transmit to the Proposed Lender and the Borrower, an Assignment Effective Notice,
substantially in the form of Schedule III to this Assignment Agreement (an “Assignment Effective Notice”). Such Assignment Effective Notice shall be executed by the Agent and shall set forth, inter alia, the date on which the
assignment effected by this Assignment Agreement shall become effective (the “Assignment Effective Date”). From and after the Assignment Effective Date, the Proposed Lender shall be a Lender party to the Loan and Servicing Agreement
for all purposes thereof. 
 (b) Each of the parties to this Assignment Agreement agrees and acknowledges that at any time and from time to
time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Assignment Agreement. 

(c) By executing and delivering this Assignment Agreement, the Proposed Lender confirms to and agrees with the Agent and the other Lenders as
follows: (i) none of the Agent and the other Lenders makes any representation or warranty or assumes any responsibility with 
  

 

	4 	 To be included only if Borrower/Agent consent is required under the Loan and Servicing Agreement.

 SCHEDULE I TO 

ASSIGNMENT AGREEMENT 

COMPLETION OF INFORMATION AND 

SIGNATURES FOR ASSIGNMENT AGREEMENT 
  

	Re:	 Loan and Servicing Agreement, dated as of October 4, 2021 (as amended, modified, supplemented or restated
from time to time, the “Loan and Servicing Agreement”), by and among Onex Falcon Direct Lending BDC Fund, as the Collateral Manager (the “Collateral Manager”), Onex Falcon Direct Lending BDC Fund, as Equityholder
(the “Equityholder”), Onex Falcon Direct Lending BDC SPV, LLC, as the borrower (the “Borrower”), Société Générale, as the Agent, each of the Lenders from time to time party thereto, U.S.
Bank Trust Company, National Association
(as successor in interest to U.S. Bank National Association), as
Collateral Agent and U.S. Bank National Association, as Collateral Custodian. 

  

			
	Item 1: Date of Assignment Agreement:	  	                                      
  
		
	Item 2: Proposed Lender:	  	                                      
                              
		
	Item 3: Assignor Lender:	  	                                      
                              
		
	Item 4:	  	Commitment - $______________5
		  	Facility Termination Date:
	Item 5: Signatures of Parties to Agreement:	  	
		  	                                      
                              , as
		  	Proposed Lender

  

			
	By:	 	  

		 	Name:
		 	Title:

  
  

	5 	 Such Commitment shall be at least $250,000. 

 SCHEDULE III TO 

ASSIGNMENT AGREEMENT 
 FORM
OF 
 ASSIGNMENT EFFECTIVE NOTICE 
  

	To:	 [Name and address of the Borrower, Agent and Proposed Lender] 

This Assignment Effective Notice is delivered to you pursuant to Section (a) of the Assignment Agreement by the undersigned, as the Agent
under the Loan and Servicing Agreement, dated as of October 4, 2021 (as amended, modified, supplemented or restated from time to time, the “Loan and Servicing Agreement”), by and among Onex Falcon Direct Lending BDC Fund, as
the Collateral Manager (the “Collateral Manager”), Onex Falcon Direct Lending BDC Fund, as Equityholder (the “Equityholder”), Onex Falcon Direct Lending BDC SPV, LLC, as the borrower (the
“Borrower”), Société Générale, as Agent, each of the Lenders from time to time party thereto, U.S. Bank
Trust Company, National Association (as successor in interest
to U.S. Bank National Association), as Collateral Agent
and U.S. Bank National Association, as Collateral Custodian. [Note: attach copies of Schedules I and II from the applicable Assignment Agreement.] Terms defined in such Assignment Agreement are used herein as therein defined. 

Pursuant to such Assignment Agreement, you are advised that the Assignment Effective Date for [Name of Proposed Lender] will be
[                    ]8 with a Commitment of
$                    . 
  

			
	Very truly yours,
	
	SOCIÉTÉ GÉNÉRALE, as Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

  
  

	8 	 To be the date of the Assignment Agreement from Schedule I of the applicable Assignment Agreement.

 Société Générale 

480 Washington Blvd 
 Jersey City, NJ 07310 

Tel.: (201)-839-8460 
 Fax: 201-693-4233 

Attention: Cheriese Brathwaite 
 Email: oper-fin-serv.us@sgss.socgen.com 

[Lender(s)] 
  

	Re:	 Retention of Net Economic Interest 

1. This letter is being delivered in connection with the Loan and Servicing Agreement dated as of October 4, 2021 (the “Loan and Servicing
Agreement”) among Onex Falcon Direct Lending BDC SPV, LLC, as borrower (the “Borrower”), the financial institutions referred to as “Lenders” in the Loan and Servicing Agreement, Onex Falcon Direct Lending BDC Fund, as
Collateral Manager, Onex Falcon Direct Lending BDC Fund, as Equityholder, U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National
Association), as Collateral Agent, U.S. Bank National Association, as Collateral Custodian, the Lender Agents and Lenders from time to time parties thereto, and Société
Générale, as Agent. All capitalized terms used but not defined herein have the respective meanings given to such terms in the Loan and Servicing Agreement and Sale and Contribution Agreement, as applicable. 

2. It is acknowledged that clause (bb) of the definition of “Eligible Collateral Obligation” in the Loan and Servicing Agreement
provides for the following requirements to be satisfied as of the date of each acquisition of a Collateral Obligation (including in connection with a substitution pursuant to Section 7.11) of the Loan and Servicing Agreement): 

“(bb) if an acquisition or substitution of a Collateral Obligation occurs on such date of determination, as of such date,
or, if not, as of the most recent date preceding such date of determination on which an acquisition or substitution of a Collateral Obligation occurred, the aggregate outstanding principal amount of all Collateral Obligations held by the Borrower
(immediately following any acquisition or substitution of any Collateral Obligations on such date of determination) in respect of which the Retention Holder, either itself or through related entities (including the Borrower), directly or indirectly,
was involved or will be involved in negotiating the original agreement which created the relevant Collateral Obligation is greater than 50% of the aggregate outstanding principal amount of all Collateral Obligations then held by the Borrower.”

 3. The Retention Holder hereby irrevocably and unconditionally undertakes and agrees for the benefit of the Borrower, the Agent and each
Lender for so long as any Obligation remains outstanding and the EU Retention Requirements so require: 
 a. that it will retain as
originator for the purposes of the EU Retention Requirements, on an ongoing basis, a material net economic interest in the securitisation

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