Document:

EX-10.3

 Exhibit 10.3 

SUB-ADMINISTRATION SERVICING AGREEMENT 

THIS AGREEMENT is made and entered into as of the last date written on the signature block, by and between ONEX Falcon Direct Lending BDC
Fund, a Delaware Statutory Trust (the “Fund”), ONEX FALCON INVESTMENT ADVISORS, LLC, a Delaware limited liability company, (the “Administrator”), and U.S. BANCORP FUND SERVICES, LLC d/b/a/ U.S. Bank Global Fund
Services, a Wisconsin limited liability company (“USBFS”). 
 WHEREAS, the Administrator has entered into an Administration
Agreement with Onex BDC (the “Fund”), a that is a closed-end management investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as
amended (the “1940 Act”); 
 WHEREAS, the Administrator desires to retain USBFS to provide
sub-administrative services with respect to the Fund in the manner and on the terms hereinafter set forth; and 

WHEREAS, USBFS is willing to provide sub-administrative services with respect to the Fund on the terms
and conditions hereafter set forth. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, and other
good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 
  

	1.	 Engagement of USBFS as Sub-Administrator 

The Administrator hereby engages USBFS to act as sub-administrator with respect to the Fund on the
terms and conditions set forth in this Agreement, and USBFS hereby accepts such engagement and agrees to perform the services and duties set forth in this Agreement. 
  

	2.	 Services and Duties of USBFS 

USBFS shall provide the following fund administration services: 
  

	 	A.	 General Fund Management: 

 

	 	(1)	 Act as liaison among all Fund service providers, including, but not limited to, the Fund’s investment
adviser(s), investment sub-adviser(s), authorized participants, external legal counsel, independent audit firms, external compliance consultants, custodians, transfer agents and dividend reinvestment plan
administrators. 

  

	 	(2)	 Supply non-investment related statistical and research data as
requested. 

  

	 	(3)	 Audits: 

  

	 	a.	 Prepare appropriate schedules and assist independent auditors. 

 

	 	b.	 Provide information to the Securities Exchange Commission (the “SEC”) if requested, and facilitate
audit process. 

  

	 	c.	 Provide office facilities, if necessary, in connection with such audits. 

  
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	 	(4)	 Monitor arrangements under shareholder services or similar plan. 

 

	 	(5)	 Monitor and communicate activity under share repurchase or tender offer plans. 

 

	 	(6)	 Keep the Fund’s governing documents, including its charter, bylaws and minute books, but only to the
extent such documents are provided to USBFS by the Administrator, the Fund or its representatives for safe-keeping. 

B.    Compliance: 
  

	 	(1)	 Regulatory and Internal Revenue Service (the “IRS”) Compliance: 

 

	 	a.	 Monitor compliance with the 1940 Act requirements applicable to business development companies and the
Fund’s status as a regulated investment company under Subchapter M, including: 

(i)    Maintenance of books and records under Rule 31a-3 of the 1940 Act. 

(ii)    IRC Section 851 - 90% Qualifying income 

(iii)    IRC Section 851 - Annual Distribution Requirement 

(iv)    IRC Section 851 - Fund Diversification 

(v)    Section 12(d)(1)(A) of the 1940 Act - Diversification Requirement 

(vi)    Section 55(a) of the 1940 Act - 70% Eligible Assets Requirement 

(vii)    Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act - 200% Asset Coverage Requirement 

 

	 	b.	 Maintain awareness of applicable regulatory and operational service issues. 

 

	 	c.	 Monitor Fund compliance with the policies and investment limitations as set forth in its registration
statement. 

  

	 	d.	 Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Administrator in connection with: (i) any certification required of the Fund pursuant to the Sarbanes-Oxley Act of 2002 (the “SOX Act”) or any rules or
regulations promulgated by the SEC thereunder, and (ii) the operation of USBFS’s compliance program as it relates to the Fund, provided the same shall not be deemed to change USBFS’s standard of care as set forth herein.

  

	 	e.	 In order to assist the Fund in satisfying the requirements of Rule
38a-1 under the 1940 Act (the “Rule”), USBFS will provide the Fund’s Chief Compliance Officer with reasonable access to USBFS’ fund records relating to the services provided by it under
this Agreement, and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the Rule) involving USBFS that affect or could affect the Fund. 

  
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	 	(2)	 SEC Reporting: 

  

	 	a.	 Prepare financial statements for inclusion in Form 10-Q, Form 10-K and Form 8-K filings, as applicable. 

  

	 	b.	 Prepare and file fidelity bond under Rule 17g-1 of the 1940 Act.

  

	 	c.	 Prepare and file reports and other documents required by the SEC and any U.S. stock exchanges on which the
Fund’s shares may be listed. 

  

	 	C.	 SEC Inspections: 

  

	 	(1)	 Assist in producing materials requested by the SEC. 

 

	 	(2)	 Maintain records of all materials produced as requested by the SEC. 

 

	 	D.	 Financial Reporting: 

 

	 	(1)	 Provide financial data for inclusion in the Fund’s registration statements filed under the Securities Act
of 1933 and/or Securities Exchange Act of 1934, as applicable. 

  

	 	(2)	 Prepare financial reports for officers, shareholders, tax authorities, performance reporting companies, the
Board of Trustees, the SEC and the independent auditor. 

  

	 	(3)	 Supervise the Fund’s custodian and fund accountants in the maintenance of the Fund’s general ledger
and the preparation of the Fund’s financial statements, including oversight of expense accruals and payments, of the determination of net asset value of the Fund’s shares, and of the declaration and payment of dividends and other
distributions to shareholders. 

  

	 	(4)	 Compute the yield, total return and expense ratio of the Fund and the Fund’s portfolio turnover rate.

  

	 	(5)	 Monitor expense accruals and make adjustments as necessary; notify Management of adjustments expected to
materially affect a Fund’s expense ratio. 

  

	 	(6)	 Prepare quarterly and annual financial statements, which include without limitation the following items:

 a.    Schedule of Investments. 

b.    Consolidated Balance Sheet. 

c.    Statement of Operations. 

d.    Statement of Changes in Net Assets. 

e.    Statement of Cash Flows. 

f.    Notes to the quarterly and annual financial statements. 

g.     Financial Highlights. 
  

	 	(7)	 Coordinate certification requirements pursuant to the Sarbanes-Oxley Act of 2002 (the “SOX Act”).

  
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	 	(8)	 Compute Total return calculations for market and net asset value. 

 

	 	(9)	 Assist the Fund’s Chief Executive Officer and Chief Financial Officer in connection with establishing and
maintaining internal control over financial reporting (as defined in Rules 13a-15(f) and 15-d(f) under the Securities Exchange Act of 1934 (the “1934 Act”))
for the Fund. 

  

	 	E.	 Tax Reporting: 

  

	 	(1)	 File Form 1099 Miscellaneous for payments to Directors and other service providers. 

 

	 	(2)	 Prepare tax schedules, which include without limitation the following items: 

 

	 	a.	 Fiscal Distribution Schedule (including recorded ROSCOP journal entry to general ledger).

  

	 	b.	 Excise Distribution Schedule. 

 

	 	(3)	 Prepare for the review of the independent accountants and/or Fund management the federal and state tax returns
including without limitation, Form 1120 RIC and applicable state returns including any necessary schedules. USBFS will prepare annual Fund federal and state income tax return filings as authorized by and based on the instructions received by Fund
management and/or its independent accountant. File on a timely basis appropriate federal and state tax returns including, without limitation, Forms 1120/8613, with any necessary schedules. 

 

	 	(4)	 Provide the Fund’s management and Fund’s independent accountant with tax reporting information
pertaining to the Fund and available to USBFS as required in a timely manner. 

  

	 	a.	 Prepare Fund financial statement tax footnote disclosures for the review and approval of Fund management and/or
the Fund’s independent accountant. 

  

	 	3.	 License of Data; Warranty; Termination of Rights 

 

	 	A.	 USBFS has entered into agreements with various data service providers (each, a “Data Provider”),
including, without limitation, MSCI index data services (“MSCI”), Standard & Poor Financial Services LLC (“S&P”), Morningstar, Broadridge, FTSE, and ICE to provide data services that may include, without limitation,
index returns and pricing information (collectively, the “Data”) to facilitate the services provided by USBFS to each Fund. These Data Providers have required USBFS to include certain provisions regarding the use of the Data in this
Agreement attached hereto as Exhibit B. The Data is being licensed, not sold, to the Fund. The Fund acknowledges and agrees that certain Data Providers may also require the Fund or one or more Funds to enter into an agreement directly with
the Data Provider for the use of that Data Provider’s Data. The provisions in Exhibit B shall not have any effect upon the standard of care and liability USBFS has set forth in Section 6 of this Agreement. 

 

	 	B.	 The Fund agrees to indemnify and hold harmless USBFS, its information providers, and any other third
party involved in or related to the making or 

  
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compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees and agents from and against any claims, losses, damages, liabilities, costs and
expenses, including reasonable attorneys’ fees and costs, as incurred, arising in and any manner out of the Fund’s or any third party’s use of, or inability to use, the Data or any breach by the Fund of any provision contained in this
Agreement regarding the Data. The immediately preceding sentence shall not have any effect upon the standard of care and liability of USBFS as set forth in Section 6 of this Agreement. 

 

	4.	 Compensation 

USBFS shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit
A hereto (as amended from time to time in writing by the parties to this Agreement). USBFS shall also be reimbursed for such reasonable and documented miscellaneous expenses as set forth on Exhibit A hereto as are reasonably incurred by
USBFS in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The
Administrator and/or the Fund shall notify USBFS in writing within thirty (30) calendar days following receipt of each invoice if the Administrator and/or the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts
within thirty (30) calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 11⁄2% per month after the due date. 
  

	5.	 Representations and Warranties 

 

	 	A.	 The Administrator hereby represents and warrants to USBFS, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that: 

  

	 	(1)	 It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its respective obligations hereunder; 

  

	 	(2)	 This Agreement has been duly authorized, executed and delivered by the Administrator in accordance with all
requisite action and constitutes a valid and legally binding obligation of the Administrator, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the
rights and remedies of creditors and secured parties; and 

  

	 	(3)	 It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its organizational documents or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement. 

  
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	 	(4)	 All records of the Fund provided to USBFS by the Administrator or by a prior service provider of the Fund are
accurate and complete and USBFS is entitled to rely on all such records in the form provided. 

  

	 	B.	 USBFS hereby represents and warrants to the Administrator, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that: 

  

	 	(1)	 It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

  

	 	(2)	 This Agreement has been duly authorized, executed and delivered by USBFS in accordance with all requisite
action and constitutes a valid and legally binding obligation of USBFS, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies
of creditors and secured parties; and 

  

	 	(3)	 It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its organizational documents or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement. 

  

	6.	 Standard of Care; Indemnification; Limitation of Liability 

 

	 	A.	 USBFS shall exercise reasonable care in the performance of its duties under this Agreement. USBFS shall not be
liable for any error of judgment or mistake of law or for any loss suffered by the Administrator or the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or
power supplies beyond USBFS’ control, except a loss arising out of or relating to USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence, or willful misconduct in the performance of its
duties under this Agreement or breach of this Agreement. Notwithstanding any other provision of this Agreement, if USBFS has used best efforts and exercised reasonable care in the performance of its duties under this Agreement, the Administrator
shall indemnify and hold harmless USBFS from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable and documented attorneys’ fees) that USBFS may sustain or incur or that may be
asserted against USBFS by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reasonable

  
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reliance upon any written or oral instruction provided to USBFS by the Administrator or the Fund’s investment adviser or by any duly authorized officer of the the Fund, as approved by the
Board of Trustees of the Fund, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to USBFS’ refusal or failure to comply with the terms of this Agreement, breach of this Agreement, or from its
bad faith, fraud, negligence or willful misconduct in the performance of its duties under this Agreemen. This indemnity shall be a continuing obligation of the the Administrator, its successors and assigns, notwithstanding the termination of this
Agreement; provided that the Administrator’s continuing obligations to indemnify USBFS after the termination of this Agreement shall relate to solely those claims, demands, losses, expenses, and liabilities of any and every nature (including
reasonable attorneys’ fees) sustained in connection with USBFS’ provision of services pursuant to this Agreement. As used in this paragraph, the term “USBFS” shall include USBFS’ directors, officers and employees.

 USBFS shall indemnify and hold the Administrator and the Fund harmless from and against any and all claims, demands, losses,
expenses, and liabilities of any and every nature (including reasonable attorneys’ fees) that the Administrator or the Fund may sustain or incur or that may be asserted against the Administrator or the Fund by any person arising out of any
action taken or omitted to be taken by USBFS as a result of USBFS’ refusal or failure to comply with the terms of this Agreement, breach of this Agreement, or from its bad faith, negligence, or willful misconduct in the performance of its
duties under this Agreement. This indemnity shall be a continuing obligation of USBFS, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the terms the “Administrator” and the
“Fund” shall include each entity’s directors, officers and employees. 
 In no case shall either party be liable to the other
for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such); or (ii) any delay by reason of circumstances beyond its control, which may include acts of civil or military
authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply. 

In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, USBFS shall take all reasonable steps
to minimize service interruptions for any period that such interruption continues. USBFS shall as promptly as possible under the circumstances notify the Administrator in the event of any service interruption that materially impacts USBFS’s
services under this Agreement. USBFS will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of USBFS as soon as practicable. USBFS agrees that it shall, at all
times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available.
Representatives of the Administrator shall be entitled to inspect USBFS’ premises 

  
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and operating capabilities, books and records maintained on behalf of the Fund at any time during regular business hours of USBFS, upon reasonable notice to USBFS. Moreover, USBFS shall obtain
and provide the Administrator, at such times as they may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of USBFS relating to the services provided by USBFS under this Agreement. 

Notwithstanding the above, USBFS reserves the right to reprocess and correct non-material
administrative errors at its own expense. USBFS shall promptly notify the Administrator upon discovery of any material administrative error, and shall consult with the Administrator about the actions it intends to take to correct the error prior to
taking such actions. A “material administrative error” means any error which the Administrator or the Fund’s management, including its Chief Compliance Officer, would reasonably need to know to oversee Fund compliance. 

 

	 	B.	 In order that the indemnification provisions contained in this section shall apply, it is understood that if in
any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will
use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any
claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such
situation initiate no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify
the indemnitee except with the indemnitor’s prior written consent. 

  

	 	C.	 The indemnity and defense provisions set forth in this Section 5 shall indefinitely survive the
termination and/or assignment of this Agreement. 

  

	 	D.	 If USBFS is acting in another capacity for the Administrator or the Fund pursuant to a separate agreement,
nothing herein shall be deemed to relieve USBFS of any of its obligations in such other capacity. 

  

	7.	 Proprietary and Confidential Information 

USBFS agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the
Administrator and the Fund all records and other information relative to the Administrator and the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders) including all shareholder trading information, and
not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Administrator, which approval shall not be
unreasonably withheld and may not be withheld where USBFS may be exposed 

  
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to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, provided that USBFS shall promptly notify
the Administrator of such request to the extent permitted by applicable law, or (iii) when so requested by the Administrator. USBFS acknowledges that it may come into possession of material nonpublic information with respect to the Adminstrator
or the Fund and confirms that it has in place effective procedures to prevent the use of such information in violation of applicable insider trading laws. 

Further, USBFS will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley Act, as may be
modified from time to time (the “Act”). In this regard, USBFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent
unauthorized access to or use of, records and information relating to the Fund and its shareholders. In addition, USBFS has implemented and will maintain an effective information security program reasonably designed to protect information relating
to Shareholders (such information, “Personal Information”), which program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) insure the security and
confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use
of such Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the “Information Security Program”). The Information Security Program complies and shall comply with reasonable information
security practices within the industry. Upon written request from the Administrator, USBFS shall provide a written description of its Information Security Program. USBFS shall promptly notify the Administrator in writing of any breach of security,
misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any information of the Fund (any or all of the foregoing referred to individually and collectively for purposes of this provision as a “Security
Breach”). USBFS shall promptly investigate and remedy, and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. USBFS shall bear the cost of the Security Breach only if USBFS is
determined to be responsible for such Security Breach. In addition to, and without limiting the foregoing, USBFS promptly cooperate with the Administrator, the Fund or any of their affiliates’ regulators at USBFS’s expense (only if USBFS
is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding
any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement. 
 USBFS will
provide the Administrator with certain copies of third party audit reports (e.g., SSAE 16 or SOC 1) through access to USBFS’s CCO Portal (limited to two persons) to the extent such reports are available and related to services performed or made
available by USBFS under this Agreement. The Administrator acknowledges and agrees that such reports are confidential and that it will not disclose such reports except to its employees and service providers who have a need to know and have agreed to
obligations of confidentiality applicable to such reports. 

  
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 Notwithstanding the foregoing, USBFS will not share any nonpublic personal information
concerning any of the Fund’s shareholders to any third party unless specifically directed by the Administrator or allowed under one of the exceptions noted under the Act. 

 

	8.	 Term of Agreement; Amendment 

This Agreement shall become effective as of the last date written in the signature block below and will continue in effect for a period of two
(2) years. However, this Agreement may be terminated by either party upon giving ninety (90) days’ prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the
foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within fifteen (15) days of notice of such breach to the breaching party. In
addition, the Fund may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for USFBS by regulatory authorities or upon the happening of a like event at the direction of an appropriate
regulatory agency or court of competent jurisdiction. This Agreement may not be amended or modified in any manner except by written agreement executed by the parties. 
  

	9.	 Records 

USBFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem
advisable and is agreeable to the Administrator, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBFS agrees that all such records
prepared or maintained by USBFS relating to the services to be performed by USBFS hereunder are the property of the Administrator and/or the Fund, as applicable, and will be preserved, maintained, and made available in accordance with such
applicable sections and rules of the 1940 Act and will be promptly surrendered to the Administrator and/or the Fund on and in accordance with its request. USBFS agrees to provide any records necessary to the Fund to comply with the Fund’s
disclosure controls and procedures and internal control over financial reporting adopted in accordance with the SOX Act. Without limiting the generality of the foregoing, USBFS shall cooperate with the Administrator and assist the Fund, as
necessary, by providing information to enable the appropriate officers of the Fund to (i) execute any required certifications and (ii) provide a report of management on the Fund’s internal control over financial reporing (as defined
in Sections 13a-15(f) or 15a-15(f) of the 1934 Act). Notwithstanding the foregoing, USBFS may retain such copies of such records in such form as may be required to
comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction. 
  

	10.	 Governing Law 

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the
extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the
1940 Act or any rule or order of the SEC thereunder. 

  
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	11.	 Duties in the Event of Termination 

In the event that, in connection with termination, a successor to any of USBFS’ duties or responsibilities hereunder is designated by the
Administrator by written notice to USBFS, USBFS will promptly, upon such termination, except in the case of a material breach by USBFS, in which case all expenses should be borne by USBFS, and at the expense of the Administrator (which shall include
only reasonable and documented miscellaneous expenses), transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBFS under this Agreement in a form reasonably acceptable to the
Administrator (if such form differs from the form in which USBFS has maintained the same, the Administrator shall pay any reasonable and documented miscellaneous expenses associated with transferring the data to such form), and will cooperate in the
transfer of such duties and responsibilities, including provision for assistance from USBFS’ personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and
other data shall be returned to the Administrator. 
  

	12.	 No Agency Relationship 

USBFS shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized
herein, have no authority to act for or represent the Administrator or the Fund in any way or otherwise be deemed an agent of the Administrator or the Fund, or conduct business in the name, or for the account, of the Administrator or the Fund. 

 

	13.	 Data Necessary to Perform Services 

The Administrator or its agents shall furnish to USBFS the data necessary to perform the services described herein at such times and in such
form as mutually agreed upon. If USBFS is also acting in another capacity for the Administrator or the Fund, nothing herein shall be deemed to relieve USBFS of any of its obligations in such capacity. 

  
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	14.	 Assignment 

This Agreement may not be assigned by either party without the prior written consent of the other party. 

 

	15.	 Compliance with Laws 

The Administrator has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to
compliance with the 1940 Act, the Internal Revenue Code of 1986, as amended, the SOX Act, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism of 2001 and the policies and limitations of
the Fund related to its portfolio investments as set forth in its registration statement. USBFS’ services hereunder shall not relieve the Administrator of its responsibilities for assuring such compliance or the Board of Directors’
oversight responsibility with respect thereto. 
 The foregoing shall not affect USBFS’ responsibilities for compliance and related
matters delegated to USBFS as expressly provided herein. USBFS shall comply with changes to all regulatory requirements affecting its services hereunder and shall implement any necessary modifications to the services prior to the deadline imposed,
or extensions authorized by, the regulatory or other governmental body having jurisdiction for such regulatory requirements. 
  

	16.	 Legal-Related Services 

Nothing in this Agreement shall be deemed to appoint USBFS and its officers, directors and employees as the Administrator’s or the
Fund’ attorneys, form attorney-client relationships or require the provision of legal advice. The Administrator acknowledges that in-house USBFS attorneys exclusively represent USBFS and rely on outside
counsel retained by the Administrator or the Fund to review all services provided by in-house USBFS attorneys and to provide independent judgment on the Administrator’s or the Fund’s behalf. Because
no attorney-client relationship exists between in-house USBFS attorneys and the Administrator or the Fund, any information provided to USBFS attorneys may not be privileged and may be subject to compulsory
disclosure under certain circumstances. USBFS represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis. 

 

	17.	 Insurance 

USBFS shall maintain a fidelity bond covering larceny and embezzlement, an insurance policy with respect to directors and officers errors and
omissions coverage and electronic data processing insurance coverage, in amounts that are appropriate in light of its duties and responsibilities hereunder. Upon the request of the Administrator, USBFS shall provide evidence that coverage is in
place. USBFS shall notify the Administrator should its insurance coverage with respect to professional liability or errors and omissions coverage be reduced or canceled. Such notification shall include the date of cancellation or reduction and the
reasons therefore. USBFS shall notify the Administrator promptly 

  
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of any material claims against it with respect to services performed under this Agreement, whether or not they may be covered by insurance, and shall notify the Administrator promptly should the
total outstanding claims made by USBFS under its insurance coverage materially impair, or threaten to materially impair, the adequacy of its coverage. 
  

	18.	 Notices 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the
date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party’s
address set forth below: 
 Notice to USBFS shall be sent to: 

U.S. Bancorp Fund Services, LLC 

777 East Wisconsin Avenue 
 MK-WI-J1S 
 Milwaukee, WI 53202 

and notice to the Administrator shall be sent to: 

Onex Falcon Investment Advisors, LLC 

21 Custom House Street, 10th Floor 

Boston, Massachusetts 02110 
  

	19.	 Multiple Originals 

This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original, but such
counterparts shall together constitute but one and the same instrument. 
  

	20.	 Construction 

Any reference in this Agreement to a form, statute or regulation shall include any successor thereto. 

 

	21.	 Entire Agreement 

This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, constitutes the entire agreement
of the parties with respect to the subject matter hereof and supersedes all prior agreements, arrangements and understandings, whether written or oral. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly
authorized officer on one or more counterparts as of the date written below. 
  

									
	Onex Falcon Direct Lending BDC Fund	 	        	  	U.S. Bancorp Fund Services, LLC

									
					
	By:	 	 /s/ Steven Gutman
	 	        	  	By:	 	 /s/ Anita Zagrodnik

									
					
	Name:	 	 Steven Gutman
	 	        	  	Name:	 	 Anita Zagrodnik

									
					
	Title:	 	 General Counsel
	 	        	  	Title:	 	 Senior Vice President

									
					
	Date:	 	 September 16, 2021
	 	        	  	Date:	 	 September 16, 2021

	
	Onex Falcon Investment Advisors, LLC

									
					
	By:	 	 /s/ Blair J. Fleming
	 	        	  		 	

									
					
	Name:	 	 Blair J. Fleming
	 	        	  		 	

									
					
	Title:	 	 Managing Director
	 	        	  		 	

									
					
	Date:	 	 September 16, 2021
	 	        	  		 	

  
 14EX-10.4

 Exhibit 10.4 

 
  

CUSTODIAL AGREEMENT 
  

 
 dated as of
September 16, 2021 
 by and between 

ONEX FALCON DIRECT LENDING BDC FUND 

(“Fund”) 
 and

 U.S. BANK NATIONAL ASSOCIATION 

(“Custodian”) 
  

 
  

 THIS CUSTODIAL AGREEMENT (this
“Agreement”) is dated as of September 16, 2021 and is by and between ONEX FALCON DIRECT LENDING BDC FUND, a Delaware Statutory Trust (together with its
successors and permitted assigns, the “Fund”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as custodian (in its capacity as custodian under this Agreement, or any
successor or permitted assign acting in such capacity, the “Custodian”). 
 WHEREAS, the Fund desires to
engage the Custodian to act as custodian for the Fund with respect to the Accounts (as defined below), and in that regard the Fund desires to engage the Custodian to provide the custodial services specifically set forth in this Agreement, upon and
subject to the terms of this Agreement; and 
 WHEREAS, the Fund, from time to time, may purchase Loans (as defined herein)
and desires to engage the Custodian to act as custodian for the Fund with respect to such Loans and the accounts established herein with respect thereto; 

WHEREAS, the Custodian is willing to act in such capacity as custodian under and subject to the terms of this Agreement; and

 WHEREAS, the Custodian is qualified to act as a “Qualified Custodian” pursuant to the requirements of the Investment Advisers
Act of 1940, as amended, and the rules and regulations promulgated thereunder (the “Advisers Act”). 
 NOW
THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 

SECTION 1. DEFINITIONS. 

Section 1.1. The following words have these meanings as used in this Agreement: 

“1940 Act” shall have the meaning assigned in Section 12(b). 

“Accounts” shall mean the Interest Cash Account, the Principal Cash Account and the Custodial Account as specified in each
currency as identified on Schedule I hereto, and any additional account established with the Custodian pursuant to or as permitted under this Agreement, collectively. 

“Advisers Act” shall have the meaning assigned in the recitals. 

“Authorized Person” shall have the meaning assigned in Section 3.8(a). 

“Bond” means a debt security (other than a Loan) issued by a corporation, limited liability company, partnership or
trust. 
 “Business Day” means any day that is not a Saturday or Sunday and is not a legal holiday or a day on which
banking institutions generally are authorized or obligated by law or regulations to remain closed in New York, New York, or Chicago, Illinois (or other city in which the corporate trust office of the Custodian is located). 

 “Cash Account” shall have the meaning set forth in Section 2.2(b).

 “Certificated Loan” shall have the meaning set forth in Section 3.1(b). 

“Custodial Account” shall have the meaning set forth in Section 2.2(a). 

“Custodial Assets” means, collectively, the (i) Bonds, Securities and Loans delivered to the Custodian by the Fund
pursuant to the terms of this Agreement for credit to the Custodial Account, and (ii) all Proceeds thereof received by the Custodian and any Eligible Investments related thereto, including any dividends in kind (e.g., non-cash dividends). 
 “Custodial Assets Database” shall have the meaning set forth in
Section 5. 
 “Custodian” shall have the meaning set forth in the first paragraph of this Agreement. 

“Delivery Date” means such date or dates on which Custodial Assets may be delivered to the Custodian from time to time
pursuant to the terms of this Agreement (it being hereby expressly acknowledged that there may be more than one Delivery Date). 

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

(a) direct obligations of, or obligations fully guaranteed by, the United States of America or certain agencies thereof in each
case backed by the full faith and credit of the United States; 
 (b) (i) demand and time deposits in, certificates of
deposit of, bankers’ acceptances issued by, or federal funds sold by, any depository institution or trust company incorporated under the laws of the United States of America or any state thereof and subject to supervision and examination by
federal and/or state banking authorities (including the Custodian), provided that the short-term deposit rating of such institution at the time of such acquisition or contractual commitment providing for such investment has a credit rating of
“P-1” (or its equivalent) or better by any nationally recognized statistical rating organization, and (ii) any other demand or time deposit or certificate of deposit that is fully insured by the
Bank Insurance Fund or the Savings Association Insurance Fund administered by the FDIC; 
 (c) commercial paper having at the
time of such acquisition therein a credit rating of “P-1” (or its equivalent) or better by any nationally recognized statistical rating organization; 

  
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 (d) repurchase agreements with respect to the assets specified above, issued
by any bank (which may include the Custodian) or any corporation or broker-dealer the long-term debt obligations of which are rated “AA” (or its equivalent) or better by any nationally recognized statistical rating organization; and 

(e) any money market funds (whether U.S. or non-U.S.) denominated in U.S. Dollars and
rated at least “AAA” (or its equivalent) by any nationally recognized statistical rating organization. 
 “Federal Reserve
Bank Book-Entry System” means a depository and securities transfer system operated by the Federal Reserve Bank of the United States on which are eligible to be held all United States Government direct obligation bills, notes and bonds. 

“Financing Documents” shall have the meaning set forth in Section 3.1(b). 

“Foreign Intermediaries” shall have the meaning set forth in Section 3.5(a). 

“Foreign Securities Systems” shall have the meaning set forth in Section 3.5(a). 

“Foreign Subcustodians” shall have the meaning set forth in Section 3.5(a). 

“Instrument” shall have the meaning set forth in Section 3.1(b). 

“Interest Cash Account” shall have the meaning set forth in Section 2.2(b). 

“Investment Adviser” means, Onex Falcon Investment Advisors, LLC, a Delaware limited liability company,
or any successor Investment Adviser identified to the Custodian by the Fund in writing. 
 “Loan” means any commercial
loan, or participation therein, made by a bank or other financial institution or funding source that by its terms provides for payments of principal and/or interest, including discount obligations and payment-
in-kind obligations, acquired or otherwise held by the Fund from time to time. 
 “Loan
Assignment Agreement” shall have the meaning set forth in Section 3.1(b). 
 “Fund” shall have the meaning
set forth in the first paragraph of this Agreement. 
 “Person” means any individual, corporation, partnership, limited
liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof. 

“Principal Cash Account” shall have the meaning set forth in Section 2.2(b). 

  
 - 3 - 

 “Proceeds” means, collectively, (i) all distributions, earnings,
interest, dividends and other payments paid on the Custodial Assets’ by or on behalf of the issuer or obligor thereof, or applicable paying agent or administrative agent, and received by the Custodian during the term hereof, and (ii) the
net proceeds of the sale or other disposition of the Custodial Assets pursuant to the terms of this Agreement and received by the Custodian during the term hereof (and any Reinvestment Earnings from investment of the foregoing, as defined in
Section 3.4(b) hereof). 
 “Proper Instructions” means instructions received by the Custodian, in form acceptable to
it, from the Fund or any Authorized Person in any of the following forms acceptable to the Custodian: 
 (a) in writing
signed by an Authorized Person (and delivered by hand, by mail, by overnight courier or by telecopier); or 
 (b) an
electronic mail (or other electronic communication) from an Authorized Person; or 
 (c) in a communication utilizing access
codes effected between electro mechanical or electronic devices; or 
 (d) in connection with any purchase, acquisition,
sale, disposition or other transfer of a Custodial Asset, a trade ticket, confirmation of trade, instruction to post or to commit to the trade or similar instrument or document or other written instruction provided by an Authorized Person, including
by electronic mail or other electronic communication; or 
 (e) such other means as may be agreed upon from time to time by the Custodian
and the party giving such instructions. 
 “Reinvestment Earnings” shall have the meaning set forth in Section 3.4(b).

 “Securities System” means the Federal Reserve Bank Book Entry System, a clearing agency which acts as a securities
depository, including The Depository Trust Company, or another book entry system for the central handling of securities. 

“Security” means any Bond, financial instrument, security, equity interest, subordinated note, subordinated fee note or other
similar asset including, without limitation, as “security” is defined in Article 8 of the UCC. 
 “Street Name”
means the form of registration in which the securities are held by a broker who is delivering the securities to another broker for the purposes of sale, it being an accepted custom in the United States securities industry that a security in Street
Name is in proper form for delivery to a buyer and that a security may be re-registered by a buyer in the ordinary course. 

  
 - 4 - 

 “UCC” means the Uniform Commercial Code as in effect from time, in the
State of New York or, if different, in the State of the United States that governs the perfection of the relevant security interest. 

“Uncertificated Loan” shall have the meaning set forth in Section 3.1(b). 

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

(a) a reference to this Agreement or another instrument refers to such agreement or instrument as the same may be amended,
modified or otherwise rewritten from time to time; 
 (b) a reference to a statute, ordinance, code or other law includes
regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them; 

(c) the singular includes the plural and vice versa; 

(d) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Section or other subdivision; and Section references refer to Sections of this Agreement; 

(e) the words “include”, “includes”, and “including” are not limiting; 

(f) a reference to a Person includes a reference to the Person’s executors, administrators, successors and permitted
assigns; 
 (g) an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly
and severally; 
 (h) an agreement, representation or warranty on the part of two or more Persons binds them jointly and
severally; and 
 (i) a reference to any accounting term is to be interpreted in accordance with generally accepted
principles and practices in the United States, consistently applied, unless otherwise instructed by the Fund or the Investment Adviser on its behalf. 

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

SECTION 2. APPOINTMENT OF CUSTODIAN AND DESIGNATION
OF ACCOUNTS. 
 Section 2.1. Appointment of Custodian. (a) The Fund hereby
appoints the Custodian to serve as the custodian for the Custodial Assets and Proceeds pursuant to this Agreement, and in such capacity appoints the Custodian to act as custodial agent on behalf of the Fund with respect thereto. The Fund shall
notify the Custodian from time to time of the Custodial Assets to be delivered to the Custodian, and such other information or agreements as may be reasonably requested by the Custodian in connection therewith or otherwise agreed upon. 

  
 - 5 - 

 (b) All Custodial Assets and Proceeds delivered to the Custodian shall be held and
maintained in accordance with this Agreement. The Custodian shall not be responsible for any property held, owned or received by the Fund and not delivered to the Custodian pursuant to the terms of this Agreement. At the time of each delivery of
Custodial Assets to the Custodian by or on behalf of the Fund, the Fund agrees that it shall expressly identify the same to the Custodian as Custodial Assets, as the case may be, being delivered under this Agreement. 

(c) The Custodian accepts its appointment as custodian hereunder, and agrees to receive and hold, as custodian for the Fund pursuant to the
terms of this Agreement, the Custodial Assets delivered and identified to it by the Fund on each Delivery Date and any Proceeds received from time to time therefrom. The Fund and the Custodian shall revise Schedule I from time to time and as agreed
upon, without the need for any further amendment to this Agreement. 
 Section 2.2. Establishment of Accounts.
(a) There shall be established at the Custodian a securities account to which the Custodian shall deposit and hold the Custodial Assets received by it (and any Proceeds received by it from time to time in the form of dividends in kind) as
directed by the Fund in writing pursuant to this Agreement, which account shall be designated the “Custodial Account” (the “Custodial Account”). The Custodial Account for the Fund may contain any such sub-accounts as the Custodian may determine are necessary for the administration of such account. 
 (b)
There shall be established at the Custodian securities accounts to which the Custodian shall deposit and hold any cash Proceeds received by it from time to time from or with respect to the Custodial Assets as directed by the Fund in writing, which
accounts shall be designated the “Interest Cash Account” (the “Interest Cash Account”) and the “Principal Cash Account” (the “Principal Cash Account” and, together with the Interest Cash Account,
the “Cash Account”). 
 (c) Subject to the terms of this Agreement, the Accounts shall be under the complete control and
dominion of the Fund, and the Fund, shall be entitled to make deposits, withdrawals, transfers and payments to and from the Accounts from time to time as it may determine. Custodial Assets held in the Custodial Account may be withdrawn by the Fund
from time to time pursuant to Section 3.2 below. Amounts held in the Cash Account from time to time may be withdrawn by the Fund upon receipt of Proper Instructions therefor, and may be invested upon and pursuant to specific direction of the
Fund in the form of Proper Instructions, pursuant to Section 3.4 below. Any Account may include for administrative or ministerial purposes subaccounts thereof. Without limiting the generality of the foregoing, the Custodian has no
responsibility for the Fund’s compliance with the 1940 Act, any restrictions, covenants, limitations or obligations to which the Fund may be subject or for which it may have obligations to third-parties in respect of the Accounts, and the
Custodian shall have no liability for the application of any funds made at the direction of the Fund. 

  
 - 6 - 

 Section 3. Custodial Duties. 

Section 3.1. Holding Custodial Assets. (a) The Custodian shall hold and segregate for the account of the Fund,
all Custodial Assets received by it pursuant to this Agreement other than Custodial Assets which are held in a Securities System and shall properly account for all Custodial Assets held in a Securities System and identify the same on its books and
records as held for the account of the Fund. 
 (b) It is hereby expressly acknowledged that (a)(i) certain Loans may be acquired by the Fund
from time to time which are evidenced by, or accompanied by delivery of, an instrument (an “Instrument”), as that term is defined in Section 9-102(a)(4a) of the UCC (any such Loan, a
“Certificated Loan”), (ii) certain Loans may be acquired by the Fund from time to time which are not evidenced by, or accompanied by delivery of, an Instrument (any such Loan, an “Uncertificated Loan”), and such
Loans may instead be evidenced solely by delivery to the Custodian of a facsimile or electronic copy of an assignment agreement (“Loan Assignment Agreement”) in favor of the Fund as assignee or, in respect of any Loan acquired as a
participation interest, a participation agreement (“Participation Agreement”) in favor of the Fund as the participant, (iii) for Uncertificated Loans (A) any such Loan Assignment Agreement (and the registration of the
related Uncertificated Loans on the books and records of the applicable obligor or bank agent) shall be registered in the name of the Fund (or its nominee) or (B) any such Participation Agreement (and the registration of the related
Uncertificated Loan on the books and records of the participating lender (or, if applicable, other party responsible for maintaining a participant register)) shall be registered in the name of the Fund (or its nominee) and (iv) any duty on the
part of the Custodian with respect to any Loan shall be limited to the exercise of reasonable care by the Custodian in the physical custody of any such Instrument, in the case of a Certificated Loan, or any such Loan Assignment Agreement or
Participation Agreement, in the case of an Uncertificated Loan, which has been delivered to it in accordance with the terms herein, and (b) nothing herein shall require the Custodian to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) any such Uncertificated Loan or other asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or
to “maintain” a sufficient quantity thereof. Except as expressly provided above, the Custodian is not under any duty to hold custody of any related instrument, security, credit agreement and/or other agreements or documents, if any
(collectively, “Financing Documents”) related to a Loan. The Custodian has no obligation to examine or determine the validity, sufficiency, marketability or enforceability of any Instrument, Loan Assignment Agreement, Participation
Agreement or other Financing Document (and shall have no responsibility for the genuineness or completeness thereof), or for the Fund’s title to any related Loan. The Custodian may assume the genuineness of each such Instrument, Loan Assignment
Agreement or Participation Agreement it may receive and the genuineness and due authority of any signatures (including any electronic signatures) appearing thereon, and shall be entitled to assume that each such Instrument, Loan Assignment Agreement
or Participation Agreement, as the case may be, it may receive is what it purports to be. If an original Instrument is or shall be or becomes available with respect to any Uncertificated Loan, it shall be the sole responsibility of the Fund to make
or cause delivery thereof to the Custodian, and the Custodian shall not be under any obligation at any time to determine whether any such original Instrument has been or is required to be issued or made available in respect of any Uncertificated
Loan or to compel or cause delivery thereof to the Custodian. 

  
 - 7 - 

 Section 3.2. Release of Custodial Assets. The Custodian shall
release and deliver Custodial Assets of the Fund held by the Custodian from time to time upon receipt of Proper Instructions (which shall, among other things, specify the Custodial Assets to be released, with such delivery and other information as
may be necessary to enable the Custodian to perform; provided, that, except to the extent the Fund provides instructions to the contrary, Proper Instructions authorizing the release and delivery of Custodial Assets (which may, in the case of
Custodial Assets which are Loans, consist of a trade ticket provided by an Authorized Person) shall be deemed to have been provided in the following cases: 

(i) upon a sale of such Custodial Assets by or on behalf of the Fund as directed by Proper Instructions: 

(A) delivery in accordance with the customary or established practices and procedures in the jurisdiction or market where the
transactions occur, including, without limitation, delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving same day payment; or 

(B) in the case of a sale effected through a Securities System, in accordance with the rules governing the operations of the
Securities System; 
 (ii) delivery of Custodial Assets that are the subject of a repurchase agreement upon the receipt of
payment under such repurchase agreement; 
 (iii) delivery of Custodial Assets to the depositary agent in connection with
tender or other similar offers for such Custodial Assets; 
 (iv) delivery of Custodial Assets to the issuer thereof or its
agent when such Custodial Assets are called, redeemed, retired or otherwise become payable and, unless otherwise directed by Proper Instructions, the cash or other consideration is to be delivered to the Custodian; 

(v) delivery of Custodial Assets to an issuer thereof, or its agent, for transfer into the name of the Custodian or for
exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; 

(vi) delivery of Custodial Assets to brokers, clearing banks or other clearing agents for examination in accordance with
“street delivery” custom; 

  
 - 8 - 

 (vii) delivery of Custodial Assets for exchange or conversion pursuant to
any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to any deposit agreement and, unless otherwise directed by Proper Instructions, the new securities
and cash, if any, are to be delivered to the Custodian; 
 (viii) in the case of warrants, rights or similar securities, the
surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities and, unless otherwise directed by Proper Instructions, the new securities and/or
cash, if any, are to be delivered to the Custodian; and 
 (ix) for any other purpose, but only upon receipt of Proper
Instructions specifying the Custodial Assets to be delivered and naming the Person or Persons to whom delivery of such Custodial Assets shall be made. 

Section 3.3. Registration of Custodial Assets. Custodial Assets held by the Custodian (other than bearer securities
or securities held in a Securities System) shall be registered in the name of the Fund or its nominee. Securities held in a Securities System shall be maintained in Street Name or other good deliverable form. The Fund shall instruct each issuer or
obligor (or related paying agent, administrative agent or other agent of such issuer or obligor) of a Custodial Asset to (i) except with respect to bearer securities or securities held in a Securities System, register the Fund on its books and
records as the legal owner of such Custodial Asset, (ii) deliver any certificated security or instrument evidencing such Custodial Asset to the Custodian, appropriately completed and reflecting such ownership, for safekeeping by the Custodian
on behalf of the Fund, (iii) make all payments in respect of such Custodial Asset to the Cash Account and (iv) deliver all notices and other communications in respect of such Custodial Asset to the Fund, (or, alternatively, to the
Custodian at its address for notices pursuant to this Agreement for forwarding to the Fund). 
 Section 3.4. Bank
Accounts, and Management of Cash. (a) Cash Proceeds from the Custodial Assets received by the Custodian from time to time in respect of amounts which constitute interest payments or other payments in respect of income on the Custodial
Assets shall be credited to the Interest Cash Account. Cash Proceeds from the Custodial Assets received by the Custodian from time to time in respect of amounts which constitute principal payments on the Custodial Assets shall be credited to the
Principal Cash Account. The Custodian shall be entitled to request and receive Proper Instructions in respect of any determination regarding whether any Proceeds received by the Custodian should be deposited into the Interest Cash Account or
Principal Cash Account. 
 (b) Amounts held in the Cash Accounts shall remain uninvested, except to the extent that the Fund (or the
Investment Adviser on its behalf) provides a Proper Instruction to invest the amounts in the Cash Account for the Fund in Eligible Investments pursuant to specific Proper Instructions received by the Custodian from the Fund (which may be standing
Proper Instructions). Any such investments shall be subject to availability and the Custodian’s then applicable 

  
 - 9 - 

 
transaction charges (which shall be at the Fund’s expense). Funds may be commingled for purpose of investment, provided however that the Custodian shall properly account for the allocation
of such investments to the related Account. Absent receipt of such written Proper Instructions from the Company regarding investment by or before 2:00 p.m. (Eastern Time) on any Business Day, amounts in the Cash Account shall be invested according
to a standby investment selected pursuant to a standing Proper Instruction; provided, that it is understood and agreed that such standby investment is not available for any Proceeds other than those received in U.S. Dollars, and any investment of
Proceeds received in non-U.S. Dollars shall only be invested upon receipt of Proper Instructions in respect thereof. The Custodian shall have no liability for any loss incurred on any such investment. In no
instance will the Custodian have any obligation to provide investment advice to the Fund. Any earnings from such investment of amounts held in the Cash Account (“Reinvestment Earnings”) from time to time shall be redeposited in the
Interest Cash Account (and may be reinvested at the written direction of an Authorized Person on behalf of the Fund). Eligible Investments may include, without limitation, those investments issued by or made with the Custodian or for which the
Custodian or affiliate of the Custodian provides services and receives compensation. The Custodian shall have no liability for any losses on any Eligible Investments made as described herein. Without limiting the foregoing, in no event shall the
Custodian be liable for any negative interest accrued or applied in respect of any funds received by it or maintained in an Account hereunder. The Fund shall be responsible for the payment of any such negative interest and the Custodian shall be
entitled to deduct from amounts on deposit in the applicable Account an amount necessary to pay such negative interest. For the avoidance of doubt, the reimbursement and indemnification protections afforded to the Custodian hereunder shall apply in
respect of any interest-related expenses incurred by the Custodian in the performance of its duties hereunder. 
 (c) In the event that the
Fund shall at any time request a withdrawal of amounts from the Cash Account which are invested in Eligible Investments as described herein, the Custodian shall be entitled to liquidate or otherwise redeem, and shall have no liability for any loss
incurred as a result of the liquidation of any investment of the funds or redemption of any such Eligible Investments credited to such account as needed to provide necessary liquidity as set forth in Proper Instructions received by the Custodian
from the Fund (which may be standing Proper Instructions). 
 (d) The Fund (or the Investment Adviser on its behalf) is solely responsible
for directing the Custodian with respect to deposits to, withdrawals from and transfers to or from the Accounts. Without limiting the generality of the foregoing, the Custodian has no responsibility for compliance with any restrictions, covenants,
limitations or obligations to which the Fund may be subject or for which it may have obligations to third-parties in respect of the Accounts, and the Custodian shall have no liability for the acts or omissions of any other Person (including, without
limitation, the Fund or the Investment Adviser), or for the application or misapplication of any funds by another Person or by the Custodian at the direction of the Fund. The Fund (or the Investment Adviser on its behalf) shall be solely responsible
for properly instructing all applicable payors to make all appropriate payments to the Custodian for deposit to the Accounts, and for properly instructing the Custodian with respect to the allocation or application of all such deposits. 

  
 - 10 - 

 (e) Subject to the terms of this Agreement, each Account shall otherwise be subject to the
Custodian’s standard terms and conditions applicable to such Account, as amended from time to time, and the Custodian is authorized to follow its usual operating procedures in connection with such Account; and the terms of this Agreement and
operation of the Accounts shall be subject to the requirements and provisions of applicable law and regulation governing such Account, including without limitation with respect to any account adjustments, returned deposit items, chargebacks and
overdrafts associated with the Account, privacy and maintenance of confidentiality. Without limiting the generality of the foregoing, and notwithstanding any term of this Agreement to the contrary, the Custodian shall be responsible only for funds
actually received, and it shall not be obligated to credit or remit payment on any payment item received for deposit to an Account (and any credit given in such respect shall be deemed to be provisional), unless and until settlement of the item is
or becomes final. 
 Section 3.5. Custodial Assets Held Outside of the United States; Foreign Exchange.
(a) The Custodian may employ, as subcustodians for the Custodial Assets maintained outside the United States, foreign banking institutions and foreign securities depositories (collectively, “Foreign Subcustodians”), and
foreign clearing agencies and clearing systems (collectively, “Foreign Securities Systems”), in each case that would constitute a “Qualified Custodian” as defined in Rule 206(4)-2 of
the Advisers Act. The Custodian shall identify on its books as belonging to the Fund, the foreign Custodial Assets held by each Foreign Subcustodian and/or Foreign Securities Systems (collectively, “Foreign Intermediaries”). The
Custodian may hold foreign Custodial Assets and related Proceeds with one or more Foreign Intermediaries in each case in a single account with such Foreign Intermediary that is identified as belonging to the Custodian for the benefit of its
customers, provided however, that the records of the Custodian with respect to Custodial Assets and related Proceeds which are property of the Fund maintained in such account shall identify by book-entry those Custodial Assets and other
property as belonging solely to the Fund. 
 (b) Notwithstanding any provision of this Agreement to the contrary, settlement and payment for
Custodial Assets received by a Foreign Intermediary for the account may be effected in accordance with the customary established securities trading or securities processing practices and procedures in the jurisdiction or market in which the
transaction occurs, including, without limitation, delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such
securities from such purchaser or dealer. The Custodian shall not be responsible for any tax withholdings or calculations in respect of Proceeds received on Custodial Assets. 

(c) The Fund may issue standing Proper Instructions with respect to foreign exchange transactions, in each case to the extent such transaction
is of the type which the Custodian regularly facilitates or has otherwise agreed to facilitate for purposes of this Agreement. Absent the receipt of such Proper Instructions, the Custodian shall have no obligation to effect or carry out any foreign
currency exchange on behalf of the Fund. The Fund shall bear all risks of investing in Custodial Assets denominated in a foreign currency. It is understood and agreed that any foreign exchange transaction effected by the Custodian in connection with
this Agreement may be entered with the Custodian acting as principal or otherwise through customary banking channels. The Custodian 

  
 -11- 

 
shall have no liability for any investment losses incurred in or resulting from the rates obtained in such foreign exchange transactions; and absent specific and acceptable Proper Instructions,
the Custodian shall not be deemed to have any duty to carry out any foreign exchange on behalf of the Fund. The Custodian shall be entitled at all times to comply with any legal or regulatory requirements applicable to currency or foreign exchange
transactions. The Fund acknowledges that the Custodian, any subcustodian or any affiliates of the Custodian or any subcustodian, involved in any such foreign exchange transactions may make a margin or banking income from foreign exchange
transactions entered into pursuant to this section for which they shall not be required to account to the Fund. 

Section 3.6. Payment of Moneys. Upon receipt of Proper Instructions, which may be standing instructions, the
Custodian shall pay out from the Cash Account moneys of the Fund on deposit therein in the following cases: 
 (i) upon the
purchase of Custodial Assets for the Fund pursuant to such Proper Instruction; and such purchase may, unless and except to the extent otherwise directed by Proper Instructions, be carried out by the Custodian; 

(A) in accordance with the customary or established practices and procedures in the jurisdiction or market where the
transactions occur, including, without limitation, delivering money to the seller thereof or to a dealer therefor (or any agent for such seller or dealer) against expectation of same day delivery of such securities; or 

(B) in the case of a purchase effected through a Securities System, in accordance with the rules governing the operation of
such Securities System; 
 (ii) for any other purpose directed by the Fund upon receipt of Proper Instructions specifying the
amount of such payment, and naming the Person or Persons to whom such payment is to be made. 
 Section 3.7.
Proxies. The Custodian will, with respect to Custodial Assets held through a Securities System or otherwise held in “street name”, cause to be made available to the Fund proxies promptly following receipt thereof by the Custodian in
respect of such Custodial Assets. The Fund may respond to such proxies, or may provide Proper Instructions to the Custodian to respond to such Proxies on its behalf. In order for the Custodian to act, it must receive Proper Instructions no later
than the deadline applicable to responses for corporate actions for the bank serving as Custodian. In the absence of such Proper Instructions, or in the event that such Proper Instructions are not received in a timely fashion, the Custodian shall be
under no duty to act with regard to such proxies. 
 Section 3.8. Proper Instructions. (a) The Fund (or the
Investment Adviser) shall provide an incumbency certificate to the Custodian, in the form acceptable to it, specifying the names, titles, contact information (including email addresses) and specimen signatures of persons authorized to give Proper
Instructions (collectively, “Authorized Persons”, and each is an “Authorized Person”) which certificate shall be signed by an officer of the Fund (or an officer of 

  
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the Investment Adviser, as applicable), or by another Authorized Person previously certified to the Custodian. Each Proper Instruction given by an Authorized Person of the Fund shall be deemed
for all purposes to have been given by and on behalf of the Fund. The Custodian shall be entitled to conclusively rely upon the identity and authority of such persons and contact information thereof until it receives written notice from the Fund to
the contrary. Notwithstanding the foregoing, any Authorized Person whose incumbency as such has been certified by an officer of the Fund and who is also an officer of the Fund may at any time revoke the authority to give Proper Instructions of any
Authorized Person who is not an officer of the Fund, and any such person whose authority is so revoked may not thereafter be or become an Authorized Person. 

(b) The Custodian shall have no obligation to act in accordance with Proper Instructions to the extent that they conflict with applicable law
or regulations. The Custodian shall not be liable for any loss resulting from a reasonable delay while it obtains clarification of any Proper Instructions. 

Section 3.9. Actions Permitted Without Proper Instructions. The Fund shall have thirty (30) days to remit
payment to the Custodian once notified of any amounts due and payable; provided that after such period, the Custodian shall be entitled, without express Proper Instructions from the Fund, to: 

(a) pay itself from the Cash Account, whether or not in receipt of express direction or Proper Instruction from the Fund, any
amounts due and payable to it pursuant to Sections 6, 8.4 or 8.7 hereunder; provided that it has made reasonable efforts with the Fund and the Portfolio Manager to obtain Proper Instructions regarding any such amounts due and payable and such
efforts have been unsuccessful and provided further that it only pays itself an amount from the Cash Account that does not exceed net available cash; 

(b) surrender Custodial Assets in temporary form for Custodial Assets in definitive form; and 

(c) in general attend to all nondiscretionary details in connection with the sale, exchange, substitution, purchase, transfer
and other dealings with the securities and property held or to be held in the Accounts. 
 Section 3.10. Evidence of
Authority. The Custodian shall be protected in acting upon any Proper Instructions, certificate, instrument or paper believed by it to be genuine and to have been properly executed or otherwise given by or on behalf of the Fund and/or the
Investment Adviser by an Authorized Person. The Custodian may receive and accept a certificate signed by any Authorized Person as conclusive evidence of: 

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

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

  
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 and such certificate may be considered as in full force and effect until receipt by the Custodian of written
notice to the contrary from an Authorized Person of the Fund and/or the Investment Adviser. The Fund authorizes and directs the Custodian to accept, rely and act upon instruction from the Investment Adviser, acting on behalf and in the name of the
Fund for all purposes hereunder, and the Custodian is authorized to recognize and act upon the instruction of the Investment Adviser, acting alone, on behalf and in the stead of the Fund for all purposes hereunder; provided that such authorization
and direction may be revoked at any time by an Authorized Person who is an officer of the Fund. 
 Section 3.11.
Receipt of Communications; Communications Relating to Custodial Assets. Any communication received by the Custodian on a day which is not a Business Day or after 2:00 p.m. (Eastern Time) (or such other time as is agreed by the Fund and the
Custodian from time to time) on a Business Day will be deemed to have been received on the next Business Day (but in the case of communications so received after 2:00 p.m. (Eastern Time) on a Business Day the Custodian will use reasonable
efforts to process such communications as soon as possible after receipt. For the avoidance of doubt, in no instance shall the Custodian be obligated to provide services on any day that is not a Business Day. 

The Custodian shall transmit promptly to the Fund all copies of notices and other writings received by it in its capacity as Custodian hereunder from the
issuer, obligor or other Person with respect to any Custodial Asset advising the holders of such asset of any rights that the holders might have with respect thereto (including notices of calls and redemptions thereof). The Custodian shall have no
obligation or duty to exercise any right or power in, or otherwise to preserve rights under, to communicate on behalf of the Fund regarding, or to otherwise interact or exercise rights or remedies on behalf of the Fund relating to any Custodial
Assets unless and except to the extent it has received timely Proper Instruction from the Fund with respect thereto. The Custodian will not be liable for any failure or delay in the exercise of any right or power in connection with Custodial Assets
at any time held by the Custodian as a result of any failure or delay on the part of the Fund in providing a Proper Instruction with respect thereto. It shall be the responsibility of the Fund to notify the Custodian of the Person to whom such
communications must be forwarded under this Section. 
 Section 3.12. Records. The Custodian shall create and maintain complete
and accurate records relating to its activities under this Agreement with respect to the Securities, cash or other property held for the Fund under this Agreement, as required by Sections 31 and 64 of the Investment Company Act of 1940 (the
“1940 Act”), and Rules 31a-1 and 31a-2 thereunder. To the extent the Custodian, in its sole opinion, is able to do so, the Custodian will provide assistance to
the Fund (at the Fund’s reasonable request made from time to time) by providing sub-certifications regarding certain of its services performed hereunder to the Fund in connection with the Fund’s
certification requirements pursuant to the Sarbanes-Oxley Act of 2002, as amended. All such records shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized
officers, employees or agents of the Fund, upon reasonable request and at least five Business Days’ prior written notice and at the Fund’s expense. The Custodian shall, at the Fund’s request, supply the Fund with a tabulation of
securities owned by the Fund and held by the Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian, include, to the extent applicable, the certificate numbers in
such tabulations, to the extent such information is available to the Custodian. 

  
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 SECTION 4. REPORTING. 

Section 4.1. Reporting. (a) For each Business Day, the Custodian shall make available to the Fund and the
Investment Adviser on a daily basis a report of (i) all deposits to and withdrawals from the Cash Account for the prior Business Day, and the outstanding balance as of the end of such prior Business Day, and (ii) a report of settled trades
of Custodial Assets for such prior Business Day. The Fund shall in a timely manner provide, or shall cause the Investment Adviser to provide, to the Custodian such information, documents and other items with respect to the Custodial Assets as
necessary and/or appropriate or as reasonably requested by the Custodian in writing in order to enable the Custodian to perform its duties hereunder. 

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

(c) In the event of any discrepancy between any report provided by the Custodian to the Fund and any information contained in the books or
records of the Fund, the Fund (or the Investment Adviser on its behalf) shall promptly notify the Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy. 

(d) The Custodian shall create and maintain all records relating to its activities and obligations under this Agreement in such manner as will
meet the obligations of the Fund under the Advisers Act. All such records shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or
agents of the Fund, the Investment Adviser and employees and agents of the Securities and Exchange Commission. 
 SECTION 5.
CUSTODIAL ASSETS DATABASE. 
 The Fund acknowledges that any data and information held by the
Custodian from time to time concerning the Custodial Assets and to which the Fund may be given access (without herein implying any obligation or agreement by the Custodian to maintain or provide access to any particular information or database) from
time to time at the election of the Custodian (the “Custodial Assets Database”) is unaudited and the Custodian does not independently verify the accuracy of information it receives from third parties concerning the Custodial Assets
(whether from the Fund, from others at the Fund’s behest or on its behalf, or from issuers or obligors of the Custodial Assets or their agents) prior to its inclusion in the Custodial Assets Database. The Custodian will not be liable to the
Fund or any other Person for any loss or damage arising out of or in connection with the relationship established by this Agreement as a result of inaccuracies in any such third-party provided information contained in the Custodial Assets Database
unless such loss or damage is the result of the Custodian’s gross negligence, fraud or willful misconduct. 

  
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 SECTION 6. COMPENSATION OF CUSTODIAN. 

(a) The Custodian shall be entitled to compensation from the Fund for its services as set forth in a separate fee letter agreement between the
Custodian and the Fund (or the Investment Adviser on its behalf). 
 (b) The Fund agrees to pay or reimburse to the Custodian upon its
request from time to time all reasonable and documented out-of-pocket costs, disbursements, advances and expenses (including, without limitation, reasonable and
documented fees and expenses of outside legal counsel) incurred, and any disbursements and advances made (including without limitation any account overdraft resulting from any settlement or assumed settlement, provisional credit, reclaimed payment
or claw-back, or the like), in connection with the preparation or execution of this Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement or performance by the Custodian of its duties and
services under this Agreement from time to time (including, without limitation, reasonable and documented out-of-pocket costs and expenses of any action by the Custodian
to collect any amounts owing to it under this Agreement (including indemnities), so long as the Custodian is awarded all or a part of such costs or expenses). 

SECTION 7. DEPOSIT IN SECURITIES SYSTEMS. 

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

Section 7.1. The Custodian may keep domestic Custodial Assets in a Securities System; provided that such
Custodial Assets are represented by a corresponding position in a financial asset maintained in an account (“Participant Account”) of the Custodian in the Securities System which shall not include any assets of the
Custodian other than assets held by it as a fiduciary, custodian or otherwise for customers. 
 Section 7.2. The
records of the Custodian with respect to Custodial Assets which are maintained in a Securities System shall identify by book-entry those securities belonging to the Fund. 

Section 7.3. Anything to the contrary in this Agreement notwithstanding, the Custodian shall have no liability under
or pursuant to this Agreement or the custodial arrangement established hereby for any direct loss, damage, cost, expense, liability or claim to the Fund resulting from use of the Securities System. 

Section 8. Responsibility of Custodian. 

Section 8.1. General Duties. The Custodian shall have no duties, obligations or responsibilities under this Agreement
or with respect to the Custodial Assets, the Accounts or the Proceeds except for such duties as are expressly and specifically set forth in this Agreement as duties on its part to be performed or observed, and the duties and obligations of the
Custodian shall be determined solely by the express provisions of this Agreement. No implied covenants, duties, obligations or responsibilities shall be read into this Agreement against, or on the part of, the Custodian. 

  
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 Section 8.2. Instructions. (a) The Custodian shall be
entitled to refrain from taking any action unless it has such instruction (in the form of Proper Instructions) from the Fund as the Custodian reasonably deems necessary, and shall be entitled to require, upon written notice to the Fund, that Proper
Instructions to it be in writing. The Custodian shall have no liability for any action (or forbearance from action) taken in good faith in accordance with a Proper Instruction of the Fund. For the avoidance of doubt, a trade ticket provided to the
Custodian by an Authorized Person in respect of an acquisition or disposition of a Loan shall constitute a Proper Instruction to effect such acquisition or disposition. 

(b) Whenever the Custodian is entitled or required to receive or obtain any report, opinion, notice of other information pursuant to or as
contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it; and whenever any report or other information is required to be produced or distributed by the Custodian it
shall be in form, content and medium reasonably acceptable to it. 
 (c) The Fund agrees that it shall reasonably respond promptly to all
inquiries and requests of the Custodian made to the Fund in writing as may be reasonably necessary to enable the Custodian to perform its duties hereunder. 

Section 8.3. General Standards of Care. Notwithstanding any terms herein contained to the contrary, the acceptance
by the Custodian of its appointment hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein): 

(a) The Custodian shall not be responsible for the title, validity or genuineness, including good deliverable form of any
property or evidence of title thereto received by it or delivered by it pursuant to this Agreement. 
 (b) The Custodian may
rely on and shall be protected in acting or refraining from acting upon any written notice Proper Instruction, statement, certificate, request, waiver, consent, opinion, report, receipt, electronic communication or other paper or document furnished
to it (including without limitation any of the foregoing provided to it by telecopier or electronic means), not only as to its due execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good
faith believes to be genuine and signed, sent or presented by the proper person (which in the case of any instruction from or on behalf of the Fund shall be an Authorized Person); and the Custodian shall be entitled to presume the genuineness and
due authority of any signature appearing thereon (including any electronic signature). The Custodian shall not be bound to make any independent investigation into the facts or matters stated in any such notice, instruction, electronic communication,
statement, certificate, statement, request, waiver, consent, opinion, report, receipt, electronic communication or other paper or document. 

  
 - 17 - 

 (c) The Custodian shall not be liable to anyone for any error of judgment,
or for any act done or step taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, unless such action
constitutes gross negligence, willful misconduct or fraud on its part. Except as provided in the immediately preceding sentence, the Custodian shall not be liable for any action taken by it in good faith and believed by it to be within powers
conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action. The Custodian shall not be
under any obligation at any time to ascertain whether the Fund is in compliance with the 1940 Act, the regulations thereunder, or the Company’s investment objectives and policies then in effect. 

(d) In no event shall either party be liable for any punitive, indirect, special or consequential damages (including, without
limitation, lost profits) whether or not it has been advised of the likelihood of such damages and regardless of the form of action; provided that the foregoing shall in no way limit the obligations of the Fund under Section 8.4. 

(e) The Custodian may consult with, and obtain advice from, nationally recognized legal counsel selected in good faith with
respect to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by the Custodian in good faith in reliance upon the opinion or advice of such counsel, and the reasonable and documented out-of-pocket cost of such
services shall be reimbursed pursuant to Section 6(b) above. 
 (f) The Custodian shall not be deemed to have notice of
any fact, claim or demand with respect hereto unless actually known by an officer working in its corporate trust office and charged with responsibility for administering this Agreement or unless (and then only to the extent) received in writing by
the Custodian at the contact information indicated in Section 14 and specifically referencing this Agreement. 
 (g) No
provision of this Agreement shall require the Custodian to expend or risk its own funds, or to take any action (or forbearance from action) hereunder which might in its judgment involve any expense or any financial or other liability unless it shall
be furnished with acceptable indemnification. Nothing herein shall be construed to obligate the Custodian to (i) undertake any collection actions on behalf of the Fund against any issuer or obligor (or agents thereof) of a Custodial Asset or
(ii) commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Fund on its own behalf or otherwise, with respect to any matter arising hereunder or relating to this Agreement or the services contemplated hereby.

 (h) The permissive right of the Custodian to take any action hereunder shall not be construed as duty. 

  
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 (i) The Custodian may act or exercise its duties or powers hereunder through
agents, subcustodians or attorneys, and the Custodian shall not be liable or responsible for the actions or omissions of any such party appointed with reasonable due care. 

(j) All reasonable costs and risks of shipment shall be borne exclusively by the Fund. 

(k) The Custodian has no responsibility to verify or determine whether any purchase or sale of a Custodial Asset satisfies any
transfer restrictions applicable to it, including any transfer restriction imposed by applicable law. 
 (l) The Custodian
shall have no responsibility for performing or monitoring the performance of any anti-money laundering procedures undertaken by the Fund and shall have no liability to the Fund for any violation of any anti-money laundering rules or regulations by
the Fund. 
 (m) Nothing herein shall obligate the Custodian to review or examine the terms of any underlying instrument,
certificate, credit agreement, indenture, loan agreement, promissory note, or other Financing Document evidencing or governing any Custodial Asset, whether for purposes of performing any of its duties hereunder or otherwise. 

(n) Except as otherwise agreed in writing, the Custodian shall have no obligation to take any action to preserve, protect,
enforce or exercise any rights in the Custodial Assets, or under or in respect of the related underlying documents, or to perform any obligations of the Fund thereunder. 

(o) Notwithstanding any other provision of this Agreement, the Custodian shall have no duty or obligation under this Agreement
to monitor, verify or inquire into, and shall not be liable for, (i) the legality of the Custodial Assets, (ii) the purchase, transfer or sale of any Custodial Assets, the sufficiency of the amount to be received or the authority of the
Fund to effect any such purchase, transfer or sale. 
 Section 8.4. Indemnity. The Fund agrees to indemnify,
defend and hold harmless the Custodian and its officers, directors, affiliates and agents against any and all claims, losses, liabilities, damages or expenses (including, but not limited to, reasonable and documented
out-of-pocket attorneys’ fees, court costs, costs of investigation and costs of enforcement of this indemnity) of any kind or nature whatsoever arising out of its
provision of custody services under this Agreement that may be imposed upon, incurred by or asserted against the Custodian (and including claims involving the Fund or any third party); provided, however, that the foregoing indemnity shall not
apply to any such claims, losses, liabilities, damages or expenses arising from or related to the gross negligence, willful misconduct or fraud on the part of the Custodian. The Custodian shall have and is hereby granted a continuing lien upon and
security interest in, and right of set-off against, the Accounts, and any funds (and investments in which such funds may be invested) held therein or credit thereto from time to time, whether now held or
hereafter required, 

  
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and all proceeds thereof, to secure the payment of any amounts that may be owing to the Custodian under or pursuant to the terms of this Agreement, whether now existing or hereafter arising. The
Custodian shall notify the Fund, as soon as possible, in writing of the exercise by it of the foregoing right to set-off. The provisions of this Section 8.4 shall survive the resignation or removal of the
Custodian and the termination of this Agreement. 
 Section 8.5. Force Majeure. Without prejudice to the
generality of the foregoing, the Custodian shall not be liable for any damage or loss resulting from or caused by events or circumstances beyond its reasonable control including nationalization, expropriation, currency restrictions, the
interruption, disruption or suspension of the normal procedures and practices of any securities market, power, mechanical, communications or other technological failures or interruptions, fires, floods, earthquakes or other natural disasters, civil
or military disturbances, acts of war or terrorism, riots, revolution, epidemics, acts of God, work stoppages, strikes or national disasters of any kind. 

Section 8.6. Disputes. If any dispute or conflicting claim is made by any person with respect to securities or other
property held for the Fund, the Custodian shall be entitled to refuse to act until either (a) such dispute or conflicting claim has been finally determined by a court of competent jurisdiction or settled by agreement between conflicting
parties, and the Custodian has received written evidence satisfactory to it of such determination or agreement; or (b) the Custodian has received an indemnity, security or both satisfactory to it and sufficient to hold it harmless from and
against any and all loss, liability and expense which the Custodian may incur as a result of its actions. The Custodian shall notify the Fund if any such dispute or conflicting claim is made by any person other than the Fund. 

Section 8.7. Advances. Under no circumstances shall the Custodian have any responsibility, duty or obligation to
advance its own funds to or for the benefit of the Fund. Notwithstanding the foregoing, if the Custodian at any time or times in connection with this Agreement or the administration of the Account, advances funds in connection with the settlement of
any payment item, returned deposit item or investment, provisional credit or overdraft, then any funds (or investments thereof) at any time held in or credited to any Account hereunder shall be security therefore and shall be subject to a lien and
right of setoff thereon in favor of the Custodian (in addition to any rights or charge of, set off or similar rights it may have under applicable law), and the Custodian shall be entitled to utilize available cash (and dispose of investments in
which such cash may be invested pursuant to the terms hereof) immediately to make itself whole in respect thereof. 

Section 8.8. Patriot Act. To help fight the funding of terrorism and money laundering activities, the Custodian
shall be entitled to obtain, verify, and record information that identifies individuals or entities that establish a relationship or open an account with the Custodian. The Custodian shall be entitled to ask for the name, address, tax identification
number and other information that will allow the Custodian to identify the individual or entity who is establishing the relationship or opening the account. The Custodian may also ask for formation documents such as articles of incorporation, an
offering memorandum, or other identifying documents to be provided. 

  
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 SECTION 9. SECURITY CODES. 

If the Custodian issues to the Fund, security codes, passwords or test keys in order that the Custodian may verify that certain transmissions
of information, including Proper Instructions, have been originated by the Fund, the Fund shall endeavor to safeguard any security codes, passwords, test keys or other security devices which the Custodian shall make available. 

SECTION 10. TAXES. 

For tax reporting purposes, any investment interest or income received by the Custodian from investment (or reinvestment) of funds on deposit
in the Cash Account shall be reported as allocable to the Fund, to the extent reporting is required. The Fund shall provide the Custodian with a properly completed and signed Internal Revenue Service Form W-9
or W-8BEN, as applicable (or applicable successor form). The Fund agrees (i) that the Custodian shall be entitled to withhold or deduct from any payments required to be made pursuant to this Agreement the
amount of any taxes, charges or other withholding required to be so withheld or deducted under applicable law, and (ii) to promptly to provide the Custodian, upon request, with any and all such information as may from time to time be required
by the Custodian to comply with all applicable laws, including information required by the Custodian to determine the amount of any applicable withholding or other tax. In the event the Custodian withholds any amounts inadequately because of
information incorrectly supplied to the Custodian, the Fund hereby agrees to indemnify and reimburse the Custodian for any such amount owing. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the
Fund (or the Custodian as custodian of the Fund), by the tax law of the United States (or any other applicable jurisdiction) or any state or political subdivision thereof. The Custodian shall be kept indemnified by and be without liability to the
Fund for such obligations including taxes, withholding, certification and reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other expenses (including reasonable legal expenses) that may be
assessed against the Fund (or the Custodian as custodian of the Fund). 
 SECTION 11. EFFECTIVE PERIOD,
TERMINATION AND ADDITIONAL PARTIES. 
 Section 11.1.
This Agreement shall become effective as of the due execution and delivery by each of the parties to this Agreement. This Agreement shall continue in full force and effect until terminated as hereinafter provided. This Agreement may be terminated by
the Custodian or the Fund pursuant to Section 11.2. 
 Section 11.2. This Agreement shall terminate upon the
effective date of termination specified in any written notice of termination given by either party (including any resignation by or removal of the Custodian) to the other not later than ninety (90) days prior to the effective date of such
termination specified therein unless a different period is agreed to in writing by the parties; provided that, all Custodial Assets and Proceeds shall have been delivered to the Fund or as it otherwise instructs (subject to Section 11.4
below). 

  
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 Section 11.3. The Custodian may resign at any time under this
Agreement by providing at least ninety (90) days advance written notice to the Fund and the Investment Adviser unless a different period is agreed to in writing by the parties. The Fund may at any time remove the Custodian under this Agreement
by giving not less than ninety (90) days advance written notice to the Custodian. 
 Section 11.4. Prior to
the effective date of termination of this Agreement, or the effective date of the resignation (or removal) of the Custodian, as the case may be, the Fund shall give Proper Instruction to the Custodian to cause the Custodial Assets and Proceeds then
held by the Custodian to be delivered to the Fund, or its designee, or a successor custodian hereunder; and if the Fund shall fail or be unable to do so on a timely basis, the Custodian shall be entitled (but not obligated) to petition a court of
competent jurisdiction (at the Fund’s expense) for such instruction. In addition, the Custodian shall transfer to such successor relevant books, records, correspondence, and other data established or maintained by the Custodian under this
Agreement, and will cooperate in the transfer of such duties and responsibilities. 
 Section 11.5. (a) Upon
termination of this Agreement or resignation (or removal) of the Custodian, the Fund shall pay to the Custodian such compensation as may be due as of the date of such termination or resignation (or removal) and shall likewise reimburse the Custodian
for its reasonable and documented out-of-pocket costs, expenses and disbursements. All indemnifications under this Agreement shall survive the termination of this
Agreement, or any resignation or removal of the Custodian. 
 (b) If Custodial Assets, Proceeds or any other property remain in the
possession of the Custodian after the date of termination hereof or the date of resignation (or removal) of the Custodian, as the case may be, owing to failure of the Fund to give Proper Instructions to the Custodian for delivery thereof, as
referred to in Section 11.4, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian retains possession of such Custodial Assets, funds and other property and the provisions of this Agreement
relating to the duties and obligations of the Custodian shall remain in full force and effect during such period. 
 SECTION 12.
REPRESENTATIONS AND WARRANTIES. 
 (a) The Fund represents and warrants to the Custodian that:

 (i) it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly
authorized and executed this Agreement so as to constitute its valid and binding obligation; 
 (ii) in giving any
instructions which purport to be “Proper Instructions” under this Agreement, the Fund will act in accordance with the provisions of its applicable organizational documents and any applicable laws and regulations; and 

  
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 (iii) the execution and delivery by the Fund of this Agreement and the
performance by the Fund of the related obligations hereunder (including, without limitation, the indemnity provided to the Custodian hereunder) (i) do not and will not (x) contravene any of the terms of the Fund’s declaration of
trust, bylaws or other agreements or documents of formation that govern the affairs and the conduct of the Fund’s business, or (y) conflict with or result in any breach or contravention of, or the creation of any lien or other
subordination under, or require any payment to be made under (A) any contractual obligation to which the Fund is a party or affecting the Fund or the properties or assets of the Fund or (B) any order, injunction, writ or decree of any
governmental authority or any arbitral award to which the Fund or its property is subject, or (z) violate any applicable law. 
 (b) The
Custodian hereby represents and warrants to the Fund that it (a) is qualified to act as a custodian pursuant to Section 17(f)(1) of the Investment Company Act of 1940 (the “1940 Act”), (b) has the power and authority to enter
into and perform its obligations under this Agreement, and (c) it has duly authorized and executed this Agreement so as to constitute its valid and binding obligations. The Custodian further represents that it qualifies as a “Qualified
Custodian” as defined in Rule 206(4)-2 of the Advisers Act. Nothing in this clause (b) shall be deemed to impose any additional duties on the Custodian under the 1940 Act, the Advisers Act or any
rules promulgated thereunder, including any reporting duties under thereunder, other than those duties as expressly set forth herein. 
 (c)
The Fund agrees that the Custodian will in no event be a “fiduciary” with respect to the Accounts and assets held therein under this Agreement or any transaction contemplated hereunder or thereunder within the meaning of Section 3(21)
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Section 3(38) of ERISA, or Section 4975(e) of the Code (including, without limitation, by virtue of the Custodian’s reservation or exercise of any
rights it may have). The Fund hereby represents and warrants to the Custodian that (i) the assets of the Fund will not constitute “plan assets” within the meaning of Department of Labor Regulation
2510.3-101, as modified by Section 3(42) of ERISA and (ii) the Fund shall not, without the prior written consent of the Custodian, permit the portfolio of Custodial Assets or the Custodial Account to
be deemed to be “plan assets”. The Fund acknowledges and agrees that the Custodian shall not grant its consent in either of the foregoing circumstances unless and until the Fund has entered into such amendments to this Agreement and has
provided such assurances and indemnities to the Custodian, as the Custodian reasonably may require to be assured that it will not be subject to ERISA liability. If for any reason the Fund breaches or otherwise fails to comply with the provisions of
this Section, this Agreement and the custodial arrangement provided for thereunder and hereunder may be terminated immediately with respect to the Fund by the Custodian. 

SECTION 13. PARTIES IN INTEREST; NO THIRD PARTY
BENEFIT. 
 This Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the
parties hereto. This Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties. 

  
 - 23 - 

 SECTION 14. NOTICES. 

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

			
	(a) if to the Fund, to	  	
		
		  	Onex Falcon Direct Lending BDC Fund
		  	21 Custom House Street, 10th Floor
		  	Boston, Massachusetts 02110
		  	Attention: Gary Klayn
		  	Email: finance@falconinvestments.com
		
	(b) if to the Custodian, to	  	U.S. Bank National Association
		  	190 S. LaSalle Street, 8th Floor
		  	Chicago, Illinois 60603
		  	Attention: Global Corporate Trust— Onex Falcon Direct Lending BDC Fund
		  	Email: OnexFunds@usbank.com

 The Custodian shall be entitled to accept and act upon Proper Instructions sent by unsecured email,
facsimile transmission or other similar unsecured electronic methods; provided however, that the Custodian has been provided with an incumbency certificate in accordance with Section 3.10. If the Fund (or the Investment Adviser on
its behalf) elects to give the Custodian email or facsimile instructions (or instructions by a similar electronic method) and the Custodian in its discretion elects to act upon such instructions, the Custodian’s reasonable understanding of such
instructions shall be deemed controlling. The Custodian shall not be liable for any losses, costs or expenses arising directly or indirectly from the Custodian’s reliance upon and compliance with such instructions notwithstanding such
instructions conflicting with or being inconsistent with a subsequent written instruction. The Fund agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Custodian, including
without limitation the risk of the Custodian acting on unauthorized instructions and the risk of interception and misuse by third parties, and acknowledges and agrees that there may be more secure methods of transmitting such instructions than the
method(s) selected by it and agrees that the security procedures (if any) to be followed in connection with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and
circumstances. 
 Section 15. Reserved. 

  
 - 24 - 

 SECTION 16. CHOICE OF LAW
AND JURISDICTION. 
 THIS AGREEMENT SHALL BE
CONSTRUED, AND THE PROVISIONS THEREOF INTERPRETED UNDER AND IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK FOR
ALL PURPOSES (WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS); EXCEPT
TO THE EXTENT SUCH LAWS ARE INCONSISTENT WITH FEDERAL SECURITIES LAWS,
INCLUDING THE 1940 ACT, IN WHICH CASE SUCH FEDERAL SECURITIES LAWS SHALL
GOVERN. ALL ACTIONS AND PROCEEDINGS RELATING TO OR ARISING FROM, DIRECTLY
OR INDIRECTLY, THIS AGREEMENT MAY BE BROUGHT IN NEW YORK STATE OR
U.S. FEDERAL COURTS LOCATED WITHIN THE CITY OF NEW YORK, STATE OF NEW
YORK (BOROUGH OF MANHATTAN) AND THE FUND AND THE CUSTODIAN HEREBY
SUBMIT TO PERSONAL JURISDICTION OF SUCH COURTS FOR SUCH ACTIONS OR
PROCEEDINGS. THE FUND AND THE CUSTODIAN EACH HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY AND ANY OBJECTION TO LAYING OF VENUE IN
SUCH COURTS ON GROUNDS OF FORUM NONCONVENIENS IN RESPECT OF ANY CLAIM
BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT. NO
ACTIONS OR PROCEEDINGS RELATING TO OR ARISING FROM, DIRECTLY OR INDIRECTLY,
THIS AGREEMENT SHALL BE BROUGHT IN A FORUM OUTSIDE OF THE UNITED
STATES OF AMERICA. 
 SECTION 17. ENTIRE AGREEMENT
AND COUNTERPARTS. 
 (a) This Agreement shall constitute the complete and exclusive agreement of the parties
with regard to the matters addressed herein and supersedes and terminates as of the date hereof, all prior agreements or understandings, oral or written between the parties to this Agreement relating to such matters. 

(b) This Agreement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg
file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Fund and reasonably available at no undue burden or expense to the Custodian)
and all counterparts taken together shall constitute one instrument. Delivery of an executed counterpart signature page of this Agreement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed
counterpart of this Agreement. The Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any
liability with respect thereto. 
 SECTION 18. AMENDMENT; WAIVER. 

(a) This Agreement may not be amended except by an express written instrument duly executed by each of the Fund and the Custodian. 

(b) In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or term hereunder, unless and
except to the extent such waiver is set forth in an expressly written instrument signed by the party against whom it is to be charged. 

  
 - 25 - 

 SECTION 19. SUCCESSOR AND ASSIGNS. 

(a) The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and their respective
successors and permitted assigns. The Fund shall not be permitted to assign its rights under this Agreement without the written consent of the Custodian. 

(b) Notwithstanding the foregoing, any corporation or association into which either party may be merged or converted or with which it may be
consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian or the Fund, as applicable, shall be a party, or in the case of the Custodian any corporation or association to which the
Custodian transfers all or substantially all of its corporate trust business, shall be the successor of the Custodian or the Fund, as applicable, hereunder, and shall succeed to all of the rights, powers and duties of the Custodian or the Fund, as
applicable, hereunder, without the execution or filing of any paper or any further act on the part of either of the parties hereto. 

SECTION 20. SEVERABILITY. 

The terms of this Agreement are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable,
such determination shall not affect the remaining terms. 
 SECTION 21. REQUEST FOR
INSTRUCTIONS. 
 If, in performing its duties under this Agreement, the Custodian is required to decide between alternative
courses of action, the Custodian may (but shall not be obliged to) request written instructions from the Fund as to the course of action desired by it. If the Custodian does not receive such instructions within five (5) days after it has
requested them, the Custodian may, but shall be under no duty to, take or refrain from taking any such courses of action. The Custodian shall act in accordance with instructions received from the Fund in response to such request after such two-day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions. 

SECTION 22. OTHER BUSINESS. 

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

  
 - 26 - 

 SECTION 23. REPRODUCTION OF DOCUMENTS. 

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

[SIGNATURE PAGE FOLLOWS] 

 

  
 - 27 - 

 IN WITNESS WHEREOF, both parties have caused
this Agreement to be executed and delivered by a duly Authorized Person intending the same to take effect as of the date first above written. 
  

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

	Name:	 	Steven Gutman
	Title:	 	General Counsel

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Custodian
		
	By:	 	 /s/ Maria D. Calzado

	Name:	 	Maria D. Calzado
	Title:	 	Senior Vice President

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