The Onex Debt Opportunity Fund, Ltd. (master fund) is a long/short, event-driven strategy that is focused on investing in senior debt of stressed/distressed companies. The Fund's investment objective is to provide investors with attractive risk-adjusted returns, while emphasizing the preservation of capital. Both long and short investment opportunities will be pursued for the Fund, but it will seek to have a net long exposure to the market for stressed and distressed debt while investing in both senior secured and senior unsecured debt. These instruments will be predominately first-lien leveraged loans and high-yield corporate debt that are issued by financially troubled, distressed, bankrupt or highly leveraged companies, with an emphasis on situations with an event catalyst. The issuers of this debt may be in bankruptcy or may be viewed as likely to file for bankruptcy or pursue an alternative form of debt restructuring, which may be, among other things, a successful financial reorganization, the resolution of litigation, the sale of some or all of a company's assets, an operational turnaround or a change in industry conditions.