Document:

EX-10.7

 Exhibit 10.7 

FORWARD PURCHASE AGREEMENT 

This Forward Purchase Agreement (this “Agreement”) is made and entered into as of this 15th day of September, 2021 by
and between Onex Credit Finance II Corporation, a Delaware corporation (“Seller”) and Onex Falcon Direct Lending BDC Fund, a Delaware statutory trust that intends to elect to be regulated as a business development company
(“Buyer”). (Buyer and Seller may be referred to individually herein as a “Party” and collectively as the “Parties”). 

WHEREAS, Seller is currently the owner of the Purchased Assets (as defined below); 

WHEREAS, Seller desires to sell the Purchased Assets and assign the Assumed Obligations (as defined below) to Buyer, and Buyer desires to
purchase the Purchased Assets and to assume the Assumed Obligations from Seller, all on the terms and subject to the conditions set forth herein; 

WHEREAS, such purchase and sale may be pursuant to an Assignment and Assumption Agreement (collectively, the “Assignment and
Assumption Agreements”) in the form set forth in the credit agreement for the applicable Purchased Asset or Assumed Obligation (each, a “Credit Agreement”) (or if no such form is set forth in the applicable Credit
Agreement, the standard Loan Syndication and Trading Association) as of a date no later than the Maturity Date (as defined herein) subject to the conditions and limitations described herein; 

WHEREAS, the Parties intend that the purchase and sale transaction contemplated by this Agreement constitute a true and absolute sale
transaction without recourse, except as expressly provided in this Agreement (including without limitation in Article 7); 
 NOW
THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows:

 1.    Sale of Portfolio Investments. 

1.1    Purchased Assets. Upon the terms and subject to the conditions of this Agreement, Seller hereby agrees to
and does sell, transfer, assign, convey and deliver to Buyer, and Buyer hereby agrees to and does purchase and assume from Seller, all of Seller’s right, title and interest in, to and under the following assets, each listed on Schedule I,
wherever located: 
 (a)    each purchased contract including, to the extent permitted to be assigned
under applicable law, all claims, suits, causes of action and any other right of the relevant Seller under the transaction documents against any person, whether known or unknown, arising under or in connection with the transaction documents or in
any way based on or related to any of the foregoing; 
 (b)    the contact files relating to such
purchased contracts, including but not limited to, the fully executed original of each related notes and the other transaction documents, to the extent such related documents have been executed and delivered, the

 
original file-stamped (or the electronic equivalent of) Uniform Commercial Code financing statements and continuation statements (including amendments or modifications thereof) authorized by the
applicable obligor thereof or by another person on such obligor’s behalf in respect of such contract.; 

(c)    the equity securities, including warrants, if any; and 

(d)    all other properties, assets and rights owned by Seller as of the Acquisition Date (as defined
below), or in which Seller has an interest with respect to each of the assets set forth in Schedule I. 
 The assets referred to in this
Section 1.1 are collectively referred to as the “Purchased Assets”. 

1.2    Assumed Obligations. Buyer hereby agrees to and does assume the unfunded commitments (for the avoidance of
doubt, only to the extent identified on the Schedule I) and all other obligations (other than the unfunded commitments) (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether
liquidated or unliquidated, and whether due or to become due) under the applicable transaction documents to the extent, and only to the extent, that (i) such obligations arise out of or relate to facts, events or circumstances arising or
occurring on or after the Acquisition Date and (ii) such obligations arise out of or relate to Buyer’s or its subsidiaries’ failure to comply with the terms of any contract with respect to its or their obligations to satisfy any
unfunded commitment assumed hereunder (collectively, the “Assumed Obligations”). 
 1.3    Excluded
Obligations. Notwithstanding anything to the contrary contained in this Agreement, Buyer shall not, as a result of the transactions contemplated by this Agreement, assume or become liable for any obligations of Seller other than the Assumed
Obligations, including (i) Seller’s breach of any contract relating to such Assumed Obligations, or (ii) taxes arising with respect to the Purchased Assets and the Assumed Obligations for or allocable to the period prior to the
Acquisition Date, and Seller’s share of any transfer taxes (collectively, the “Excluded Obligations”). 

1.4    True Sale. The Parties expressly intend that the purchase and sale transaction contemplated by this
Agreement shall constitute an absolute conveyance of the Purchased Assets to Buyer without recourse, except as expressly provided in this Agreement (including without limitation in Article 7). In furtherance of the foregoing, on the
Acquisition Date Seller shall update its books and records to reflect the fact that the Purchased Assets have been sold and that Seller no longer retains any ownership interest therein. The Parties agree not to take any action inconsistent with such
treatment. 
 1.5    Purchase Timing. Each of the Purchased Assets and Assumed Obligations shall be acquired from
Seller at the Forward Purchase Price (as defined below), in one or more transactions pursuant to an Assignment and Assumption Agreement for each such Purchase Asset and Assumed Obligation, on a pro rata basis (each such date of acquisition, an
“Acquisition Date”) until all of the Purchased Assets and Assumed Obligations are acquired. Buyer shall provide a 4 business days’ prior written notice of each purchase hereunder and such

  
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notice shall include a calculation of the applicable Forward Purchase Price together with backup calculations therefor. Each such Purchased Asset and Assumed Obligation shall be sold without
recourse and without representation or warranty except as herein provided and with all rights and obligations related thereto, including all rights and obligations of Seller pursuant to any Credit Agreements. For the avoidance of doubt, prior to an
Event of Default hereunder, Seller may not dispose of any Purchased Asset or Assumed Obligation during the term of this Agreement except by selling them to Buyer pursuant to this Agreement. 

1.6    Capital Condition. For the avoidance of doubt, the Parties agree that, notwithstanding any provision to the
contrary herein, Buyer shall not be required to purchase or assume any Purchased Asset or Assumed Obligation unless and until the earlier of the date on which (a) the Capital Condition is satisfied or (b) Buyer waives the Capital
Condition. “Capital Condition” means a condition that shall be satisfied on and after the date on which Buyer (i) receives aggregate subscriptions of $200,000,000 or greater or (ii) provides written notice to Seller that
is has been waive. 
 2.    Purchase Price for the Purchased Assets and Assumed Obligation. 

2.1    Forward Purchase Price. The purchase price for each Purchased Asset and Assumed Obligation shall be equal to
the fair value of each Purchased Asset and Assumed Obligation, established by an independent third-party valuation firm mutually agreed upon by Seller and Buyer, as of September 13, 2021 (the “Valuation Date”), and approved by
the Buyer’s Board of Trustees, in each case, as indicated in Schedule I; as may be adjusted to take into account (i) any principal amortization on the investments that has occurred between the Valuation Date and an Acquisition Date and
(ii) the accrual interest income and the receipt of any cash and non-cash payments at any time beginning on the Valuation Date through and until one business day after the Acquisition Date (the
“Forward Purchase Price”). 
 2.2    Payment of the Forward Purchase Price. The Forward Purchase
Price with respect to a Purchased Asset or Assumed Obligation shall be paid by wire transfer on the Acquisition Date with respect to such Purchased Asset or Assumed Obligation, as applicable, to an account designated by Seller by written notice
provided in accordance with the terms hereof. 
 3.    Term and Termination. 

3.1    The term of this Agreement shall extend until (i) the first anniversary of its effective date (the
“First Anniversary”), unless it has been extended in accordance with Section 3.2 or (ii) it has been terminated prematurely in accordance
with Section 3.3 (the earlier of clauses (i) and (ii), the “Maturity Date”). 

3.2    Extension of Term. Buyer may request that Seller agree to extend the term of this Agreement to a date not
more than six calendar months after the First Anniversary, by sending a written request to Seller no later than sixty (60) days prior to the First Anniversary, or such shorter notice period as Seller may agree to accept, requesting that Seller
agree to extend the term of this Agreement, Seller in its sole discretion may accept or reject the offer to extend the term of this Agreement, which acceptance, if any, will be in writing to Buyer within 15 days from such notice from Buyer and shall
be binding on the Parties. 

  
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 3.3    Early Termination. Notwithstanding anything to the
contrary in Section 3.1 or Section 3.2, this Agreement may terminated at any time, or as of a date certain, by Seller providing written notice to Buyer if an Event of Default (as defined
below) has occurred under this Agreement, which has not been cured within any available grace period. 

3.4    Events of Default. An event of default (an “Event of Default”) shall have been deemed to
occur, upon the occurrence of any of the following events: 
 (a)    Buyer has suspended or terminated
its fund raising efforts prior to the earlier of the termination of this Agreement. 
 (b)    Buyer has
materially breached this Agreement; provided that if such breach is capable of cure, as reasonably determined by Seller, and Buyer has provided a plan of cure that has been fully implemented within 30 days of such breach, such breach shall not be an
Event of Default. 
 (c)    If any representation or warranty made by Buyer in this Agreement or any
Assignment and Assumption Agreement shall have been untrue at the time such representation or warranty was made in any material respect. 

(d)    Buyer or any of its senior executive officers involved in the performance of Buyer’s duties
hereunder takes any action that constitutes fraud or criminal activity in connection with the performance of Buyer’s obligations under this Agreement or in connection with the general management of Buyer. 

(e)    Buyer shall have (i) been dissolved or liquidated; (ii) become insolvent or unable to pay
its debts as they become due; (iii) shall have made a general assignment, arrangement or composition with or for the benefit of its creditors; (iv) shall have instituted or have had instituted against it a proceeding seeking a judgment of
insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, which in
the case of a proceeding instituted against it shall have remained undismissed and unstayed for thirty (30) days; (v) shall have had a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger); (vi) shall have sought or become subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar
official for it or for all or substantially all of its property; (vii) shall have had a secured party take possession of all or substantially all of its property or have a distress, execution, attachment, sequestration or other legal process
(which legal process remains undismissed for thirty (30) days) levied, enforced or sued on or against all or substantially all of its property; (viii) shall have caused or become subject to any event with respect to which it, under the
applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (i) to (viii) (inclusive); or (ix) shall have taken any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts. 

  
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 3.5    Remedies. Seller may, at any time following an Event of
Default, provide notice to Buyer of its intent to exercise one or more of the following remedies: 

(a)    Subject to the right of Buyer set forth in clause (b) below, terminate this Agreement as
provided in this Section 3.5, unless Buyer immediately purchases all of the Purchased Assets and Assumed Obligations from Seller at their Forward Purchase Price. 

(b)    In the case of an Event of Default under Section 3.4 (other than
Section 3.4(a)), liquidate, sell or dispose of some or all of the Purchased Assets and Assumed Obligations, free and clear of any obligations to or rights of Buyer; unless Buyer has provided written notice to Seller of its
intent to purchase such Purchased Assets and Assumed Obligations for the Forward Purchase Price within 5 business days from the date on which Buyer obtained notice or knowledge of such Event of Default, and Buyer has so purchased such Purchased
Assets and Assumed Obligations, or arranged for another party to so purchase, within 30 business days from the date of such notice given to Seller by Buyer. 

(c)    Subject to the right of Buyer set forth in clause (b) above, cancel any obligation under this
Agreement to transfer any Purchased Assets and Assumed Obligations to the Buyer, void or cancel any outstanding Assignment and Assumption Agreement related to a Purchased Asset or Assumed Obligation for which Buyer has not paid the Forward Purchase
Price. 
 (d)    Claim against Buyer a “broken deal” fee with respect to any Purchased Assets
and Assumed Obligations sold or disposed of by Seller pursuant to Section 3.5(b) equal in amount to the net difference between the Forward Purchase Price of all Purchased Assets and Assumed Obligations sold
pursuant to such Section and the price Seller obtains in connection with such dispositions; provided that such dispositions are conducted on reasonable market terms in light of then existing market conditions and pursuant to arms’ length
transactions. 
 (e)    Any other applicable rights under any other document or agreement contemplated
herein. 
 4.    Representations and Warranties of Seller. Seller hereby represents and warrants to Buyer as
follows as of the date hereof: 
 4.1    Ownership of Portfolio Investments. Seller will represent as of the
Acquisition Date with respect to each Purchased Asset and Assumed Obligation that Seller has valid title to and ownership over such Purchased Asset and Assumed Obligation beneficially and of record, free and clear of all liens, charges, pledges,
restrictions and encumbrances whatsoever of any kind or nature, except customary restrictions on transfer under applicable federal and state securities laws and as set forth in the respective agreements and liens released upon the sale hereunder.

 4.2    Authorization; Enforceability. The execution, delivery and performance of this Agreement and Assignment
and Assumption Agreements and the consummation of the transactions contemplated hereby, have been, or will be at the time of execution of such 

  
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agreements, duly authorized by all necessary action on the part of Seller. This Agreement has been, and each Assignment and Assumption Agreement will be at the time it is executed, duly executed
and delivered by Seller and this Agreement is, and the Assignment and Assumption Agreements will be, the legal, valid and binding obligations of Seller enforceable against Seller in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, moratorium, fraudulent conveyance and other similar laws affecting creditors’ rights generally. 

4.3    Noncontravention. The execution, delivery and performance of this Agreement by Seller, and the consummation
by Seller of the transactions contemplated hereby, will not conflict with, or result in the breach of any term of, or constitute a default under, or require the consent of any third party or governmental authority under, or create a lien, charge or
other encumbrance on any of the Purchased Assets and Assumed Obligations or any note, mortgage, deed of trust or other agreement or instrument to which Seller is a party or by which Seller is bound, or any law or order, rule, regulation, judgment,
decree, writ or injunction of any governmental body having jurisdiction or regulatory authority over Seller or any of its properties, assets or rights. 

4.4    Filings. Except as set forth in writing on or prior to the Acquisition Date, including in a schedule to an
Assignment and Assumption Agreement, no filings or registrations are required in connection with the transfer of the Purchased Assets and Assumed Obligations hereunder or thereunder. 

4.5    Negotiated Terms. Each of the Purchased Assets and Assumed Obligations in transactions in which the only
term negotiated by or on behalf of Seller and its affiliates was price in reliance on one of SMC Capital, Inc., SEC No-Action Letter (pub. avail. Sept. 5, 1995) or Massachusetts Mutual Life Insurance Company,
SEC No-Action Letter (pub. avail. June 7, 2000). 

5.    Representations and Warranties of Buyer. Buyer hereby represents and warrants to Seller as follows as of the
date hereof: 
 5.1    Authorization; Enforceability. The execution, delivery and performance of this Agreement
and Assignment and Assumption Agreements and the consummation of the transactions contemplated hereby and thereby have been, or will be at the time of execution of such agreements, duly authorized by all necessary action on the part of Buyer,
including any necessary determination required by its Board of Trustees under the Investment Company Act of 1940, as amended. This Agreement has been, and each of the Assignment and Assumption Agreements will be, duly executed and delivered by Buyer
and this Agreement is, and the Assignment and Assumption Agreements will be, the legal, valid and binding obligations of Buyer enforceable against Buyer in accordance with their terms, except as such enforceability may be limited by bankruptcy,
insolvency, moratorium, fraudulent conveyance and other similar laws affecting creditors’ rights generally. 

5.2    Noncontravention. The execution, delivery and performance of this Agreement by Buyer, and the consummation
by Buyer of the transactions contemplated hereby, will not conflict with, or result in the breach of any term of, or constitute a default under, or require the consent of any third party or governmental authority under, or create a lien, charge or
other 

  
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encumbrance on any of the Purchased Assets and Assumed Obligations or any note, mortgage, deed of trust or other agreement or instrument to which Buyer is a party or by which Buyer is bound, or
any law or order, rule, regulation, judgment, decree, writ or injunction of any governmental body having jurisdiction or regulatory authority over Buyer or any of its properties, assets or rights. 

5.3    Investment Intent. Buyer is acquiring the Purchased Assets and Assumed Obligations for its own account for
investment purposes and not with any view to, or for resale in connection with, any distribution or public offering in violation of the Securities Act of 1933, as amended (the “Act”). 

5.4    Absence of Registration. Buyer understands that the Purchased Assets and Assumed Obligations have not been
registered under the Act or applicable state securities laws, and that such Purchased Assets and Assumed Obligations are being sold hereunder in reliance on exemption from registration under the Act and applicable state securities laws. 

5.5    Securities Laws Limitations on Resale. Buyer is fully informed and aware of the restrictions upon the resale
of the Purchased Assets and Assumed Obligations (if securities) under the Act and any applicable state securities laws. Buyer understands that the Purchased Assets and Assumed Obligations (if securities) may not be resold unless they are registered
under the Act and any applicable state securities laws or unless an exemption from such registration is available, that the availability of an exemption may depend on factors over which Buyer has no control, that unless so registered or exempt from
registrations, the Purchased Assets and Assumed Obligations may be required to be held of an indefinite period and that the reliance of Seller upon the exemptions from registration referred to in Section 5.3 and this
Section 5.5 is predicated in part upon the representations and warranties in this Article 5. 

6.    Undertaking by Seller. Seller undertakes to deliver the Assignment and Assumption Agreements to the
respective administrative agents on or before the Acquisition Dates and the receipt of the Forward Purchase Price with respect to each Purchased Asset and Assumed Obligation for purposes of having the applicable administrative agent take all action
required for each Assignment and Assumption Agreement to become effective for purposes of the respective Credit Agreement as of the Acquisition Date with respect to such Purchased Asset and Assumed Obligation, provided however, the failure of any
applicable administrative agent to take such action shall not diminish, impair or negate the binding effect of this Agreement or any Assignment and Assumption Agreement. 

7.    Indemnification. 

7.1    Indemnification by Seller. From and after the Acquisition Date and subject to the limitations of this
Article 7, Seller shall indemnify and hold Buyer and its “Affiliates” (defined as any other person that directly or indirectly controls, is controlled by or is under common control with Buyer), its and their respective
successors and assigns, and in each such case its and their respective present or former directors, trustees, officers, shareholders, employees and agents (“Buyer Indemnified Parties”) harmless from and against any and all losses at
any time incurred by any Buyer Indemnified Party in connection with, resulting from, related to or arising from: 

  
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 (a)    any material breach by Seller of any of its
representations or warranties (with materiality determined, where applicable, by reference to the purchased contract that is the subject of the relevant representation or warranty) in this Agreement, the Assignment and Assumption Agreements, or in
any other agreement entered into in connection with this Agreement; 
 (b)    any material breach or
nonfulfillment of any agreement or covenant (in each case with materiality determined, where applicable, by reference to the purchased contract that is the subject of the relevant agreement or covenant) to be performed by Seller pursuant to this
Agreement, the Assignment and Assumption Agreements, or in any other agreement entered into in connection with this Agreement; 

(c)    any claim by an obligor or a third party in connection with Seller’s making or collecting loans
or performing any transactions under the applicable transaction documents prior to or at the Acquisition Date; or 

(d)    any failure by Seller to pay or perform, or any claim against a Buyer Indemnified Party by a third
party that, if successful, would give rise to, any of the Excluded Obligations. 
 Notwithstanding anything to the contrary contained in this Agreement,
Seller has made no representations or warranties, and therefore provide no indemnification, regarding: (i) the creditworthiness, solvency or financial ability of any obligor or guarantor or any other obligor, including any pledgor, any letter
of credit issuer or insurer to pay or to perform any of its liabilities or obligations with respect to the Purchased Assets and Assumed Obligations, or (ii) any obligor’s or guarantor’s paying or performing pursuant to the terms of
any purchased contract. 
 7.2    Indemnification by Buyer. From and after the Acquisition Date and subject to
the limitations of this Article 7, Buyer agrees to indemnify and hold Seller and its Affiliates, including its and their respective successors and assigns, and in each case its and their respective present or former directors, officers,
shareholders, employees and agents (“Seller Indemnified Parties”) harmless from and against any and all losses at any time incurred by the Seller Indemnified Party in connection with, resulting from, related to or arising from
Buyer’s failure to comply with its obligations to fund any Assumed Obligations after the Acquisition Date. 

7.3    Limitations on Indemnification. 

(a)    Notwithstanding anything to the contrary contained in this Article 7, except in the case of
fraudulent misrepresentation or a material breach of this Agreement, in no event shall Seller’s aggregate liability for losses that may be recovered by any Buyer Indemnified Party for any breach by Seller of any of its representations or
warranties in this Agreement, the Assignment and Assumption Agreements, or in any other agreement entered into in connection with this Agreement exceed the portion of the Forward Purchase Price actually received by Seller. 

  
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 (b)    Notwithstanding any provision in this Agreement
to the contrary, in no event shall Buyer have any liability for any punitive, exemplary or special damages or opportunity costs, except to the extent awarded in connection with a third party claim. 

(c)    Notwithstanding any provision in this Agreement to the contrary, all losses for which any
Indemnified Party would otherwise be entitled to indemnification under Section 7.1 or Section 7.2 shall be reduced by the amount of insurance proceeds, indemnification payments and other
third-party recoveries actually realized in respect of any losses incurred by such Indemnified Party. In the event any Indemnified Party is entitled to any insurance proceeds, indemnity payments or any third-party recoveries in respect of any losses
for which such Indemnified Party is entitled to indemnification pursuant to Section 7.1 or Section 7.2, such Indemnified Party shall use reasonable efforts to obtain, receive or realize such
proceeds, benefits, payments or recoveries. In the event that any such insurance proceeds, indemnification payments or other third-party recoveries are realized by an Indemnified Party subsequent to receipt by such Indemnified Party of any
indemnification payment hereunder in respect of the claims to which such insurance proceeds, indemnification payments or other third-party recoveries relate, the Indemnified Party shall promptly remit all or the relevant portion of such
indemnification payment to the Indemnifying Party. 
 (d)    In the event both Buyer and Seller are
liable hereunder with respect to a loss that constitutes both an Assumed Obligation and an Excluded Obligation, the amount payable by Buyer and Seller with respect thereto shall be in such proportion as shall reflect the relative fault of each
Party. 
 7.4    Notice of Claims. Promptly upon the sooner to occur of (a) a party’s acquisition of
knowledge of facts or circumstances which could serve as the basis for a claim under this Article 7, or (b) receipt of notice of any claim, demand or assessment or the commencement of any suit, action, arbitration or proceeding in
respect of which indemnity may be sought on account of the indemnity agreement contained in this Article 7, the party seeking indemnification (the “Indemnified Party”) shall give written notice to the party obligated to
provide indemnification to such Indemnified Party (the “Indemnifying Party”) describing in reasonable detail the facts giving rise to any claim for indemnification hereunder and a reference to the provision of this Agreement or any
other agreement, document or instrument executed hereunder or in connection herewith upon which such claim is based and within sufficient time to respond to such claim or answer or otherwise plea in such action; provided that failure to give such
notice shall not relieve the Indemnifying Party of its obligations hereunder except to the extent it shall have been materially prejudiced by such failure. 

7.5    Third Party Claims. In the event that any person not a party to this Agreement shall make any demand or
claim or file or threaten to file any lawsuit, which demand, claim or lawsuit may result in any losses to one party hereto of the kind for which such party is entitled to indemnification pursuant to this Article 7, then, after written notice
is provided by the Indemnified Party, the Indemnifying Party shall have the option, at its expense, to provide legal counsel for the Indemnified Party (such counsel shall be reasonably satisfactory to the Indemnified Party) to defend any such
demand, claim or lawsuit. In effecting the settlement of any such demand, claim or lawsuit, an Indemnified Party shall act in good faith, shall consult 

  
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with the Indemnifying Party and shall enter into only such settlement as the Indemnifying Party shall approve, which approval shall not be unreasonably withheld or delayed. The Indemnifying Party
may settle any third party claim without the consent of the Indemnified Party provided that such settlement provides for a release of the Indemnified Party with respect to all such third party claims and does not contain any restriction on the
activities of the Indemnified Party or any finding of fault. Each party will cooperate with the other party in connection with any claim, make personnel, books and records relevant to such claim available to the other party, and grant such
authorizations or limited powers of attorney to the agents, representatives and counsel of such other party as such party may reasonably consider desirable in connection with the defense of any such claim. 

7.6    General. The Indemnified Party shall be obligated in connection with any claim for indemnification under
this Article 7 to use commercially reasonable efforts to mitigate all losses upon and after becoming aware of any event which could reasonably be expected to give rise to such losses. In addition, in the event that a claim is made against an
Indemnified Party by a third-party and (i) an Indemnifying Party incurs costs or expenses for indemnification under this Article 7 in connection therewith, and (ii) any of such costs or expenses are chargeable by such Indemnified
Party to an obligor (whether pursuant to contractual indemnification or otherwise), the Indemnified Party agrees to use reasonable commercial efforts to obtain such chargeable amounts from such obligor and remit such amounts to the Indemnifying
Party promptly after receipt thereof. 
 7.7    Survival of Representations and Warranties. The representations,
warranties and covenants of Seller and Buyer contained in this Agreement or in any agreement, certificate or instrument delivered pursuant to this Agreement shall survive beyond the Acquisition Date; provided, however, Seller or Buyer, as
applicable, will have liability for any breach of their or its representations or warranties in this Agreement, the Assignment and Assumption Agreements, or in any other agreement entered into in connection with this Agreement only if, on or before
the second anniversary of the Acquisition Date, Buyer or Seller, as applicable, notifies the other Party of a claim specifying the factual basis of such claim in reasonable detail (a “Claim Notice”); and provided, further, that in
all cases, a party’s liability for such breach shall not terminate with respect to any claim for which such party has been given a Claim Notice prior to the expiration of such two-year period, until the
final disposition of such claim. 
 7.8    Exclusive Remedies. Following the Acquisition Date and other than in
the case of fraud of a party hereto, the indemnification provisions contained in this Article 7 will constitute the sole and exclusive recourse and remedy of the Buyer with respect to any breach of any of the representations or warranties by
the Seller contained in this Agreement, the Assignment and Assumption Agreements, or in any other agreement entered into in connection with this Agreement or any covenants or other obligations contained in this Agreement to be performed prior to or
at the Acquisition Date; provided, that nothing in this Agreement shall limit in any way the availability of specific performance, injunctive relief or other equitable remedies to which a party may otherwise be entitled. 

8.    Notices. All notices, demands, instructions and other communications required or permitted to be given to or
made upon either party hereto shall be in writing and shall be personally delivered or sent by registered, certified or express mail, postage prepaid, prepaid 

  
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courier service or electronic mail (if the recipient has provided an email address), and shall be deemed to be given for purposes of this Agreement on the day that such writing is received by the
intended recipient thereof in accordance with this Article 8. Such notice, demands, instructions and other communications shall be effective if delivered to such addresses as each party from time to time shall provide the other for
notice purposes hereunder. 
 9.    Miscellaneous. This Agreement and the Assignment and Assumption Agreements
contain the complete agreement among all of the parties hereto and thereto with respect to the purchase and sale of the Purchased Assets and Assumed Obligations and supersedes all prior agreements and understandings among the parties hereto and
thereto with respect to the purchase and sale of the Purchased Assets and Assumed Obligations. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. This Agreement and each of the Assignment and
Assumption Agreements may be executed in any number of counterparts, and all of such counterparts of each such agreement together shall constitute one document. This Agreement and the Assignment and Assumption Agreements may be amended only by a
written instrument signed by all of the parties hereto or thereto, as applicable. 
 10.    Survival. Any and all
claims that Seller may have against Buyer hereunder, or in connection with this Agreement, for any failure of Buyer to pay any amount due by it hereunder or any failure by Buyer to purchase any Purchased Asset or Assumed Obligation hereunder in
accordance with the terms hereof shall survive the termination of this Agreement. 
 11.    No Waivers of Rights
hereunder; Rights Cumulative. No failure to exercise or delay in exercising, on the part of Seller, any of its options, powers or rights, or partial or single exercise thereof, shall constitute a waiver thereof. The remedies herein provided are
cumulative and are not exclusive of any other rights or remedy provided by law, in equity, or under any agreement or instrument. 
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remainder of this page intentionally left blank; signature pages follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed this Forward Purchase Agreement as
of the date and year first above written. 
  

			
	Seller:
	
	Onex Credit Finance II Corporation
		
	By:	 	 /s/ David Copeland

	Name:	 	 David Copeland

	Title:	 	Managing Director
	
	Buyer:
	
	Onex Falcon Direct Lending BDC Fund
		
	By:	 	 /s/ Steven Gutman

	Name:	 	Steven Gutman
	Title:	 	General Counsel

  
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 Schedule I 

PURCHASED ASSETS AND ASSUMED OBLIGATIONS 
  

																									
	 Company
	  	Industry	 	Type of
Investment	 	Acquisition
Date	 	 	(Face Value -
Paydowns)
Outstanding
Principal	 	 	(Original Invested
Cost - Paydowns)
Cost	 	 	(Remaining Cost +
Accrued Interest)
Fair Value	 	 	Maturity Date	 
	 Sontiq, Inc
	  	Business
equipment &
services	 	First Lien Term
Loan	 	 	5/28/2021	 	 	$	7,980,000	 	 	$	7,980,000	 	 	$	8,176,090	 	 	 	3/1/2026	 
	 Wholesale Supplies Plus
	  	Containers & glass
products	 	First Lien Term
Loan	 	 	6/15/2021	 	 	$	19,048,175	 	 	$	18,582,175	 	 	$	18,632,044	 	 	 	4/27/2027	 
	 Wholesale Supplies Plus
	  	Containers & glass
products	 	Common	 	 	6/15/2021	 	 	$	3,400,000	 	 	$	3,400,000	 	 	$	3,400,000	 	 			
	 Engineered Controls International
	  	Industrial equipment	 	First Lien Term
Loan	 	 	6/23/2021	 	 	$	9,945,449	 	 	$	9,945,449	 	 	$	10,107,477	 	 	 	11/5/2024	 
	 Connect America
	  	Health care	 	First Lien Term
Loan	 	 	6/30/2021	 	 	$	21,086,957	 	 	$	20,665,217	 	 	$	21,016,667	 	 	 	6/30/2026	 
	 KeyData
	  	Telecommunications	 	First Lien Term
Loan	 	 	7/16/2021	 	 	$	11,314,500	 	 	$	11,046,315	 	 	$	11,194,100	 	 	 	7/16/2026	 
	 KeyData
	  	Telecommunications	 	Common—Class A	 	 	7/16/2021	 	 	$	992,500	 	 	$	988,750	 	 	$	988,750	 	 			
	 Schumacher Electric Corporation
	  	Automotive	 	First Lien Term
Loan	 	 	8/3/2021	 	 	$	15,000,000	 	 	$	14,850,000	 	 	$	14,986,667	 	 	 	6/1/2027	 
	 Jackson Paper Manufacturing
	  	Containers & glass
products	 	First Lien Term
Loan	 	 	8/26/2021	 	 	$	12,380,000	 	 	$	12,071,450	 	 	$	12,119,680	 	 	 	8/26/2026	 
	 Total
	  		 		 				 	$	101,147,581	 	 	$	99,529,357	 	 	$	100,621,476	 	 			

  
 1EX-10.8

 Exhibit 10.8 

TRANSFER AGENT SERVICING AGREEMENT 

THIS AGREEMENT is made and entered into as of the last date on the signature page, by and among ONEX FALCON DIRECT LENDING BDC FUND, a Delaware
Statutory Trust (the “Fund”), and U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. Bank Global Fund Services, a Wisconsin limited liability company (“USBFS”). 

WHEREAS, the Fund 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” or the “Act”); 

WHEREAS, the Fund is authorized to offer and sell shares of the Fund’s common stock, par value $0.001 (collectively, the
“Shares”); 
 WHEREAS, USBFS is, among other things, in the business of administering transfer agent functions for the benefit of
its customers; and 
 WHEREAS, the Fund desires to retain USBFS to provide transfer agent services. 

NOW, THEREFORE, in consideration of the promises and mutual 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.	 Appointment of USBFS as Transfer Agent 

The Fund hereby appoints USBFS as transfer agent of the Fund on the terms and conditions set forth in this Agreement, and USBFS hereby accepts
such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of USBFS shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted
against USBFS hereunder. 
  

	2.	 Services and Duties of USBFS 

USBFS shall provide the following transfer agent services to the Fund: 

 

	 	(1)	 Receive and process orders for the purchase of Shares in accordance with applicable rules under the 1940 Act
and other applicable regulations, and as specified in the Fund’s registration statement and other operative documents. 

  

	 	(2)	 Process subscription agreements received from prospective holders of Shares (such holders of Shares,
“Shareholders”). 

  

	 	(3)	 Process purchase orders with prompt delivery, where appropriate, of payment and supporting documentation to the
Fund’s custodian(s), and issue the appropriate number of uncertificated Shares with such uncertificated Shares being held in the appropriate Shareholder account. 

	 	(4)	 Arrange for issuance of Shares obtained through transfers of funds from Shareholders’ accounts at
financial institutions. 

  

	 	(5)	 Process tender offers and related repurchase requests received in good order and, where relevant, deliver
appropriate documentation to the Fund. 

  

	 	(6)	 Pay monies upon receipt from the Fund where relevant, in accordance with the instructions of redeeming
Shareholders. 

  

	 	(7)	 Process transfers of Shares in accordance with the Shareholder’s instructions and as permitted by the
Fund’s registration statement and other operative documents. 

  

	 	(8)	 Prepare and transmit payments for distributions declared by the Fund, after deducting any amount required to be
withheld by any applicable laws, rules and regulations and in accordance with Shareholder instructions. 

  

	 	(9)	 Make changes to Shareholder records, including, but not limited to, address changes. 

 

	 	(10)	 Prepare ad-hoc reports as necessary at prevailing rates. Any such ad-hoc reporting to exceed $500 in cost to be explicitly approved by the Fund. 

  

	 	(11)	 Provide Shareholder account information upon Shareholder or Fund request and prepare and mail confirmations and
statements of account to Shareholders for all purchases, redemptions, and other confirmable transactions as agreed upon with the Fund. 

  

	 	(12)	 Mail account statements and performance reports in a form approved by the Fund to Shareholders on a monthly
basis and shareholder reports on annual basis. 

  

	 	(13)	 Prepare and file U.S. Treasury Department Forms 1099 and other appropriate information required with respect to
dividends, distributions and repurchases for all shareholders. 

  

	 	(14)	 Reimburse the Fund each month for all material losses resulting from “as of” processing errors for
which USBFS is responsible in accordance with the “as of” processing guidelines set forth on Exhibit A hereto. 

  

	 	(16)	 Answer correspondence from shareholders, securities brokers and others relating to USBFS’s duties
hereunder within required time periods established by applicable regulation. 

  

	 	(17)	 Provide service and support to financial intermediaries including but not limited to trade placements,
settlements and corrections. 

  
 2 

	 	(18)	 Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Fund in connection with any certification required of the Fund pursuant to the Sarbanes-Oxley Act of 2002 (“SOX Act”) or any rules or regulations promulgated
by the U.S. Securities and Exchange Commission (“SEC”) thereunder, provided the same shall not be deemed to change USBFS’ standard of care as set forth herein. 

 

	 	(19)	 In order to assist the Fund in satisfying the requirements of Rule
38a-1 under the 1940 Act, 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 (as defined in the 1940 Act) involving USBFS that affect or could affect the Fund. 

  

	3.	 Lost Shareholder Due Diligence Searches and Servicing 

The Fund hereby acknowledges that USBFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Costs associated with such searches will be passed through to the Fund as a miscellaneous expense in accordance with the
fee schedule set forth in Exhibit B hereto. If a shareholder remains lost and the shareholder’s account unresolved after completion of the mandatory Rule 17Ad-17 search, the Fund hereby authorizes
vendor to enter, at its discretion, into fee sharing arrangements with the lost shareholder (or such lost shareholder’s representative or executor) to conduct a more in-depth search in order to locate the
lost shareholder before the shareholder’s assets escheat to the applicable state. The Fund hereby acknowledges that USBFS is not a party to these arrangements and does not receive any revenue sharing or other fees relating to these
arrangements. Furthermore, the Fund hereby acknowledges that vendor may receive up to 35% of the lost shareholder’s assets as compensation for its efforts in locating the lost shareholder. USBFS shall report, or arrange to have reported, to the
Fund shareholder account information where such accounts or funds have been turned over to applicable state authorities. 
  

	4.	 Anti-Money Laundering and Red Flag Identity Theft Prevention Programs 

The Fund acknowledges that it has had an opportunity to review and consider the written procedures provided by USBFS describing various tools
used by USBFS which are designed to promote the detection and reporting of potential money laundering activity and identity theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer’s
identity (collectively, the “Procedures”). Further, the Fund has determined that the Procedures, as part of the Fund’s overall anti-money laundering program and Red Flag Identity Theft Prevention program, are reasonably designed to:
(i) prevent the Fund from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii) to achieve compliance with the applicable provisions of the Bank Secrecy Act, Fair and Accurate
Credit Transactions Act of 2003 and the USA Patriot Act of 2001 and the implementing regulations thereunder. 

  
 3 

 Based on this determination, the Fund hereby instructs and directs USBFS to implement the
Procedures, as applicable on the Fund’s behalf, as such may be amended or revised from time to time. It is contemplated that these Procedures will be amended from time to time by USBFS as additional regulations are adopted and/or regulatory
guidance is provided relating to the Fund’s anti-money laundering and identity theft responsibilities.. Should the Fund desire that USBFS perform services not provided for in the Procedures, such additional services and the associated cost must
be specifically detailed in the attached fee schedule. 
 USFBS agrees to provide to the Fund: 

(a) Prompt written notification of any transaction or combination of transactions that USFBS believes, based on the Procedures, evidence money
laundering, activity that may warrant a suspicious activity report or identity theft activities in connection with the Fund or any shareholder of the Fund; 

(b) Prompt written notification of any customer(s) that USFBS reasonably believes, based upon the Procedures, to be engaged in money
laundering, activity that may warrant a suspicious activity report or identity theft activities, provided that the Fund agrees not to communicate this information to such customer; 

(c) Any reports received by USFBS from any government agency or applicable industry self-regulatory organization pertaining to Fund Services
anti-money laundering monitoring or the Red Flag Identity Theft Prevention Program on behalf of the Fund; 
 (d) Prompt written notification
of any action taken in response to anti-money laundering violations or identity theft activity as described in (a), (b) or (c); and 
 (e)
Certified quarterly reports of its monitoring activities on behalf of the Fund, including an annual certification that USFBS has applied and followed the Procedures during the relevant reporting period. 

The Fund acknowledges and agrees that although it is directing USBFS to implement the Procedures on its behalf, USBFS is implementing the
Procedures as a service provider to the Fund and the Fund is and remains ultimately responsible for complying with all applicable laws, rules, and regulations with respect to anti-money laundering, customer identification, identity theft prevention,
economic sanctions, and terrorist financing, whether under the AML Rules, or otherwise, such as, the establishment and board adoption of its own formal anti-money laundering program and the designation of its own anti-money laundering officer, as
applicable. The Fund further acknowledges and agrees that certain portions of the Procedures are applicable to certain products, entities, structures, or geographies and, accordingly, certain portions of the Procedures may not be implemented with
respect to the Fund. The Fund has had the opportunity to discuss the Procedures with USBFS, and the Fund understands and agrees which portions of the Procedures may not be implemented on behalf of the Fund. Without limitation of the foregoing, USBFS
shall not be responsible for providing anti-money laundering or customer identification services with respect to certain intermediary or dealer-controlled customer accounts (i.e., level 0 sub-accounts through
the Fund/SERV system operated by the National Securities Clearing Corporation) and other fund client relationships where there is a sub-transfer agency or similar arrangement between the Fund and the
intermediary. 

  
 4 

 The Fund hereby directs, and USBFS acknowledges, that USBFS shall (i) permit federal
regulators access to such information and records maintained by USBFS and relating to USBFS’ implementation of the Procedures, on behalf of the Fund, as they may request, and (ii) permit such federal regulators to inspect USBFS’
implementation of the Procedures on behalf of the Fund. 
  

	5.	 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 by consent of both parties to this Agreement). USBFS shall be compensated for such 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. 
  

	6.	 Representations and Warranties 

 

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

  

	 	(1)	 The Fund 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 the Fund in accordance with all requisite
action and constitutes a valid and legally binding obligation of the Fund, 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; 

  
 5 

	 	(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 charter, bylaws or any contract
binding it or affecting its property which would prohibit its execution or performance of this Agreement; 

  

	 	(4)	 All records of the Fund (including, without limitation, all shareholder and account records) provided to USBFS
by the Fund or by a prior transfer agent of the Fund are accurate and complete and USBFS is entitled to rely on all such records in the form provided; and 

  

	 	(5)	 The Fund has a reasonable belief that it knows the true identity of all shareholders of the Fund as of the date
of this Agreement including, to the extent applicable, the beneficial owners of such shareholders, and USBFS is entitled to rely on such identification by the Fund. 

 

	 	B.	 USBFS hereby represents and warrants to the Fund, 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; 

  

	 	(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 charter, bylaws or any contract
binding it or affecting its property which would prohibit its execution or performance of this Agreement; and 

  

	 	(4)	 It is a registered transfer agent under the Exchange Act. 

  
 6 

	7.	 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 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. Notwithstanding any other provision of this Agreement, if USBFS has exercised reasonable care in the performance of its duties under this Agreement, the Fund 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, (ii) in reliance upon any written or oral instruction provided to USBFS by the Fund’s investment adviser or by any duly
authorized officer of the Fund, as approved by the Board of Directors, 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
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 the Fund, its successors and assigns, notwithstanding the termination of this
Agreement. As used in this paragraph, the term “USBFS” shall include USBFS’ directors, officers and employees. 

USBFS shall indemnify and hold 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 Fund may sustain or incur or that may be asserted against 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, 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 term “Fund” shall include the Fund’s directors, officers and employees. 

Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this
Agreement. 
 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 Fund in the event of any service interruption that materially impacts
USBFS’ 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, 

  
 7 

 
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 Fund shall be entitled to inspect USBFS’ premises 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. USBFS shall promptly notify the Fund upon discovery of any material administrative error, and shall consult with the Fund 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 Fund’s management, including its Chief Compliance Officer, would reasonably need to know to oversee Fund compliance. Moreover, USBFS shall obtain and provide the Fund, at
such times as the Fund 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 administrative errors at its own expense. 

 

	 	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 7 shall indefinitely survive the
termination and/or assignment of this Agreement. 

  

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

  
 8 

	8.	 Data Necessary to Perform Services 

The Fund or its agent shall furnish to USBFS the data necessary to perform the services described herein at such times and in such form as
mutually agreed upon. For the avoidance of doubt, USBFS agrees that, to the extent required in order to carry out any of its obligations hereunder, USBFS will coordinate with all other service providers of the Fund as may be requested and authorized
by the Fund, including each custodian of the Fund, as appropriate. If USBFS is also acting in another capacity for the Fund, nothing herein shall be deemed to relieve USBFS of any of its obligations in such capacity. 

 

	9.	 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 Fund,
all records and other information relative to 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 Fund, which approval shall not be unreasonably withheld and may not be withheld where USBFS
may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities provided that to the extent permitted by law, USBFS shall provide the Fund notice
prior to such disclosures, or (iii) when so requested by the Fund. Records and other information which have become known to the public through no wrongful act of USBFS or any of its employees, agents or representatives, and information that was
already in the possession of USBFS prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph. USBFS acknowledges that it may come into possession of material nonpublic information with respect to the Transfer Agent
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. 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 Fund, USBFS shall provide a written description of its Information Security Program. USBFS shall promptly notify the Fund in writing of any breach of security, misuse or misappropriation of, or
unauthorized access to, (in each case, whether actual or alleged) any Personal Information (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. 

  
 9 

 In addition to, and without limiting the foregoing, USBFS will promptly cooperate with 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 Transfer Agent 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 Transfer Agent 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. 

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 Transfer Agent or allowed under one of the exceptions noted under the Gramm Leach Bliley Act. 
  

	10.	 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 Fund, 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 Fund 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 Fund or their designee 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 Transfer Agent 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 reporting (as defined in Sections 13a-15(f) or 15a-15(f) of the Exchange Act). 

  
 10 

	11.	 Compliance with Laws 

 

	 	A.	 The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but
not limited to compliance with the Act, the Internal Revenue Code of 1986, the SOX Act, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its registration statement and
other operative documents. USBFS’ services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance and oversight responsibility with respect thereto. 

 

	 	B.	 The foregoing shall not affect USBFS’ responsibilities for compliance and related matters delegated to
USBFS by the Fund as expressly provided herein. USBFS shall comply with changes to all regulatory requirements affecting its services hereunder to the Fund 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. 

  

	 	C.	 If, and to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended (“GDPR”)
or the Cayman Islands Data Protection Law, 2017, as amended (“DPL”), are applicable to USBGFS and the Fund the following provisions shall apply: 

  

	 	(1)	 The parties agree USBGFS is a “Data Processor” under GDPR and DPL, as applicable, in the performance
of its services under this the Agreement. Notwithstanding the foregoing, the parties agree USBFS is a “Data Controller” under GDPR and DPL, as applicable, solely for the purpose of fulfilling its own
pre-contractual AML/KYC new fund client onboarding obligations. In either case, the Fund shall ensure that all necessary and appropriate consents, disclosures and notices, including data subject consents, are
in place to enable the processing of “Personal Data” (as defined by GDPR and DPL) by USBGFS, the transfer of Personal Data to USBGFS, and the transfer of Personal Data by USBGFS to third countries or regulatory organizations.

  

	 	(2)	 The parties further agree the Fund is a “Data Controller” under GDPR and DPL, as applicable. The
Fund, either alone or jointly with others, determines or controls the content, use, purpose and means of processing the Personal Data. 

  

	 	(3)	 USBGFS shall process the Personal Data: (i) in accordance with instructions of the Fund pursuant to this
Agreement and any authorized persons list executed pursuant thereto, for the purpose of discharging USBGFS’ obligations under the Agreement; and (ii) when required by law or regulation, or required or requested by any court or regulator
(each a “Processing Order”) to which USBGFS is subject. In the event USBGFS receives a request to process Personal Data pursuant to any Processing Order, it shall, to the extent legally permissible and reasonably practicable under the
circumstances, notify the Fund prior to processing. 

  
 11 

	 	(4)	 The Fund is solely responsible for developing and implementing its internal policies and procedures with
respect to GDPR and DPL. 

  

	 	(5)	 USBGFS shall: 

  

	 	i.	 ensure that persons handling Personal Data on its behalf are subject to confidentiality obligations similar to
those contained in this Agreement; 

  

	 	ii.	 implement appropriate technical and organizational measures to protect Personal Data including against
unauthorized or unlawful processing and against accidental loss, damage or destruction; 

  

	 	iii.	 only appoint sub-processors with the prior written consent of the Fund
(standing instructions or general written authorization are sufficient), and only if the sub-processors provide sufficient guarantees in writing to USBGFS that they have implemented appropriate technical and
organizational measures in such a manner that processing will comply with GDPR and DPL, as applicable1; 

  

	 	iv.	 beyond the initial appointment, inform the Fund of any intended material changes concerning the addition or
replacement of sub-processors, thereby giving the Fund the opportunity to object; 

  

	 	v.	 taking into account the nature of the processing, reasonably assist the Fund by appropriate technical and
organizational measures, insofar as possible, to enable the Fund to comply with its obligation to respond to requests for exercising a data subject’s rights under GDPR or DPL; 

 

	 	vi.	 provide reasonable assistance to the Fund in ensuring their compliance with obligations regarding Personal Data
breaches, data protection impact assessments and prior consultation subject to the nature of the processing and the information reasonably available to USBGFS, and inform the Fund of Personal Data breaches without undue delay; 

 

	 	vii.	 at the written direction of the Fund, delete or return all Personal Data to the Fund after the end of the
provision of services under the Agreement relating to processing, and delete existing copies of Personal Data unless applicable law or internal data retention or backup procedures require the storage of such Personal Data; and 

 

	1 	 For the avoidance of doubt, USBFS’ affiliates and third party software providers will be used as sub-processors under this Agreement, and the Fund hereby authorizes such use. 

  
 12 

	 	viii.	 make available to the Fund all information reasonably necessary to demonstrate compliance with GDPR or DPL, as
applicable, and allow for and reasonably cooperate with audits, including inspections, conducted by the Fund or its auditor; and immediately inform the Fund if, in its opinion, the Fund’s instructions regarding this subsection infringes on GDPR
or DPL. 

  

	 	(6)	 Each party shall comply with any other applicable law or regulation which implements GDPR and DPL in relation
to the Personal Data. Nothing in the Agreement shall be construed as preventing either party from taking such other steps as are necessary to comply with GDPR, DPL or any other applicable data protection laws. 

 

	12.	 Term of Agreement; Amendment 

This Agreement shall become effective as of the date first written above and will continue in effect for a period of two (2) years. 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. This Agreement may not be amended or
modified in any manner except by written agreement executed by USBFS and the Fund, and authorized or approved by the Board of Directors. 
  

	13.	 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
Fund by written notice to USBFS, USBFS will promptly, upon such termination and, except in the case of a material breach by USBFS, in which case all expenses shall be borne by USBFS, at the expense of the Fund, 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 Fund (if such form differs from the form in which USBFS has maintained the same, the Fund shall
pay any reasonable and documented 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 Fund. The Fund shall also pay any fees associated with record retention and/or
tax reporting obligations that USBFS is obligated under applicable law, regulation, or rule to continue following the termination. 

  
 13 

	14.	 Assignment 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this
Agreement shall not be assignable by the Fund without the written consent of USBFS, or by USBFS without the written consent of the Fund accompanied by the authorization or approval of the Board of Directors. 

 

	15.	 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 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the Act or
any rule or order of the SEC thereunder. 
  

	16.	 Services not Exclusive 

Nothing in this Agreement shall limit or restrict USBFS from providing services to other parties that are similar or identical to some or all
of the services provided hereunder. 
  

	17.	 No Agency Relationship 

Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to
conduct business in the name, or for the account, of the other party to this Agreement. 
  

	18.	 Invalidity 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties. 

 

	19.	 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 

615 East Michigan Street 

Milwaukee, WI 53202 
 and notice
to the Fund shall be sent to: 
 Onex Falcon Investment Advisors, LLC 

21 Custom House Street, 10th Floor 

Boston, Massachusetts 02110 

  
 14 

	20.	 Multiple Originals 

This Agreement may be executed on 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. 
  

	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. 

[Signature Page Follows] 

  
 15 

 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 first written above. 
  

			
	U.S. BANCORP FUND SERVICES, LLC
		
	By:	 	 /s/ Anita Zagrodnik

			
	Name:	 	 Anita Zagrodnik

			
	Title:	 	 Senior Vice President

			
	Date:	 	 September 16, 2021

			
	
	ONEX FALCON DIRECT LENDING BDC FUND

			
		
	By:	 	 /s/ Steven Gutman

			
	Name:	 	 Steven Gutman

			
	Title:	 	 General Counsel

			
	Date:	 	 September 16, 2021

  
 16

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