Document:

Collateral Trust Agreement

 Exhibit 10.3 
 EXECUTION COPY 
  
  
 COLLATERAL TRUST AGREEMENT 

Dated as of March 31, 2010 
 among 
 BLOCKBUSTER CANADA CO., 
 WARNER HOME VIDEO, 
 a division of Warner Bros. Home Entertainment Inc., 
 TWENTIETH CENTURY FOX HOME ENTERTAINMENT LLC, 
 SONY PICTURES HOME ENTERTAINMENT INC. 
 and 
 HOME TRUST COMPANY, 
 as Collateral Trustee 
  
  

					
	SECTION 1.	  	DEFINED TERMS	  	2
	 1.1
	  	Definitions	  	2
	SECTION 2	  	ACCELERATION OF SECURED OBLIGATIONS	  	9
	 2.1
	  	Notices of Acceleration	  	9
	 2.2
	  	General Authority of the Collateral Trustee over the Collateral	  	10
	 2.3
	  	Right to Initiate Judicial Proceedings	  	11
	 2.4
	  	Right to Appoint a Receiver	  	11
	 2.5
	  	Exercise of Powers	  	11
	 2.6
	  	Remedies Not Exclusive	  	12
	 2.7
	  	Waiver and Estoppel	  	13
	 2.8
	  	Limitation on Collateral Trustee’s Duty in Respect of Collateral	  	14
	 2.9
	  	Limitation by Law	  	14
	 2.10
	  	Collateral Use Prior to Acceleration	  	14
	SECTION 3.	  	COLLATERAL ACCOUNT; DISTRIBUTIONS	  	15
	 3.1
	  	The Collateral Account	  	15
	 3.2
	  	Control of Collateral Account	  	15
	 3.3
	  	Investment of Funds Deposited in Collateral Account	  	16
	 3.4
	  	Application of Moneys	  	16
	 3.5
	  	Amounts Held for Contingent Secured Obligations	  	16
	 3.6
	  	Collateral Trustee’s Calculations	  	17
	 3.7
	  	Pro Rata Sharing	  	17
	SECTION 4.	  	AGREEMENTS WITH TRUSTEE	  	17
	 4.1
	  	Delivery of Secured Instruments	  	17
	 4.2
	  	Information as to Secured Parties	  	17
	 4.3
	  	Compensation and Expenses	  	18
	 4.4
	  	Stamp and Other Similar Taxes	  	18
	 4.5
	  	Filing Fees, Excise Taxes, Etc	  	18
	 4.6
	  	Indemnification	  	18
	 4.7
	  	Trustee’s Lien	  	19
	 4.8
	  	Further Assurances	  	19
	 4.9
	  	Inspection of Properties and Books	  	19
	SECTION 5.	  	THE COLLATERAL TRUSTEE	  	20
	 5.1
	  	Acceptance of Trust	  	20

  

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	 5.2
	  	Exculpatory Provisions	  	20
	 5.3
	  	Delegation of Duties	  	21
	 5.4
	  	Reliance by Collateral Trustee	  	21
	 5.5
	  	Limitations on Duties of Trustee	  	22
	 5.6
	  	Moneys to be Held in Trust	  	23
	 5.7
	  	Resignation and Removal of the Collateral Trustee	  	23
	 5.8
	  	Status of Successor Collateral Trustee	  	24
	 5.9
	  	Merger of the Collateral Trustee	  	25
	 5.10
	  	Co-Collateral Trustee; Separate Collateral Trustee	  	25
	SECTION 6.	  	MISCELLANEOUS	  	27
	 6.1
	  	Notices	  	27
	 6.2
	  	No Waivers	  	27
	 6.3
	  	Amendments, Supplements and Waivers	  	27
	 6.4
	  	Headings	  	27
	 6.5
	  	Severability	  	27
	 6.6
	  	Successors and Assigns	  	27
	 6.7
	  	Currency Conversions	  	28
	 6.8
	  	Acknowledgements	  	28
	 6.9
	  	Governing Law	  	28
	 6.10
	  	Counterparts	  	28
	 6.11
	  	Termination and Release	  	28
	 6.12
	  	Inspection by Regulatory Agencies	  	29
	 6.13
	  	Confidentiality	  	30
	 6.14
	  	Submission to Jurisdiction; Waivers	  	30
	 6.15
	  	WAIVERS OF JURY TRIAL	  	31
	 6.16
	  	Payment Extension for Trade Agreements	  	31
	SECTION 7.	  	DESIGNATION OF ADDITIONAL SECURED OBLIGATIONS	  	31
	 7.1
	  	Designations of Secured Obligations	  	31
	 7.2
	  	Termination of Designation	  	31
	SECTION 8	  	SUBORDINATION AND INFORMATION	  	32
	 8.1
	  	Subordination	  	32
	 8.2
	  	Information Concerning Financial Condition of Blockbuster and the Grantor	  	32

  

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	ANNEX
		
	I	  	Security Documents
	II	  	Trade Agreements
	
	EXHIBITS
		
	A	  	Form of Notice of Acceleration
	B	  	Form of Notice of Designation of Additional Secured Obligations

  

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 COLLATERAL TRUST AGREEMENT, dated as of March 31, 2010, among BLOCKBUSTER CANADA CO., a
Nova Scotia company (the “Grantor”), each of the movie studios listed on the signature pages hereof or that becomes a party hereto pursuant to subsection 7.1 (each a “Studio” and collectively, the
“Studios”) and Home Trust Company, as collateral trustee (the “Collateral Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, the Grantor is
an indirect wholly-owned subsidiary of Blockbuster Inc. (“Blockbuster”) and, like Blockbuster, relies heavily for the continued viability of its business upon products that are provided to it by the Studios. Accordingly, as a result
of the Studios entering into, and extending trade credit under, the Trade Agreements (as defined herein) with Blockbuster, the Grantor will receive substantial benefits, both direct and indirect, through the agreement of the Studios, as set forth in
the Trade Agreements, to provide Grantor and Blockbuster with extended payment terms and products that are essential to their business, including, but not limited to, titles such as “Alvin and the Chipmunks: The Squeakquel”,
“Avatar”, “The Blind Side”, “Bounty Hunter”, “Invictus”, “Legion” and “Sherlock Holmes”; and 
 WHEREAS, in consideration of the substantial benefits that it will receive, both directly and indirectly, from the Studios in connection with the Trade Agreements, the Grantor has agreed to guarantee
certain liabilities and obligations of Blockbuster from time to time owed and outstanding to the Studios, as applicable, pursuant to the Guarantee (such term and certain other capitalized terms used hereinafter being defined in subsection 1.1) and
to secure such Guarantee pursuant to the Security Documents: 
 DECLARATION OF TRUST: 
 NOW, THEREFORE, in order to secure the prompt and complete payment and performance when due of the Secured Obligations and in consideration
of the premises and the mutual agreements set forth herein, the Collateral Trustee does hereby declare that it holds and will hold as trustee in trust under this Collateral Trust Agreement all of its right, title and interest in, to and under the
Security Documents and the collateral granted to the Collateral Trustee thereunder whether now existing or hereafter arising (and the Grantor does hereby consent thereto). 
 TO HAVE AND TO HOLD the Security Documents and the entire Collateral (the right, title and interest of the Collateral Trustee in the
Security Documents and the Collateral being hereinafter referred to as the “Trust Estate”) unto the Collateral Trustee and its successors in trust under this Collateral Trust Agreement for the sole and exclusive benefit of the
Studios and their respective assigns forever. 
 IN TRUST NEVERTHELESS, under and subject to the conditions herein set forth and
for the benefit of the Secured Parties, and for the enforcement of the payment of all Secured Obligations, and as security for the performance of and compliance with the covenants and conditions of this Collateral Trust Agreement and each of the
Security Documents. 
  

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 PROVIDED, HOWEVER, that these presents are upon the condition that if the Grantor, its
successors or assigns, shall satisfy the conditions set forth in subsection 6.11(a), then this Collateral Trust Agreement, and the estates and rights hereby assigned, shall cease, determine and be void as provided therein; otherwise they shall
remain and be in full force and effect. 
 IT IS HEREBY FURTHER COVENANTED AND DECLARED, that the Trust Estate is to be held and
applied by the Collateral Trustee for the sole and exclusive benefit of the Studios, subject to the further covenants, conditions and trusts hereinafter set forth. 
 SECTION 1. 
 DEFINED TERMS 
 1.1 Definitions. (a) The following terms shall have the respective meanings set forth below: 
 ***** 
 *****Certain information on this page has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

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 ***** 
 “Affiliate” means with respect to any Person, any other Person which, directly or indirectly, controls or is
controlled by, or is under common control with, such Person, and for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used
with respect to any Person, shall have the meaning set out in the Canada Business Corporations Act, provided that the expression “body corporate” used therein shall be interpreted as including non-corporate entities such as
partnerships and limited partnerships. 
 “BIA” shall mean the Bankruptcy and Insolvency Act
(Canada), as amended from time to time. 
 “Bankruptcy Code” shall mean the United States
Bankruptcy Code (11 U.S.C. §101 et seq.), as amended from time to time. 
 “Bankruptcy Law”
shall mean each of the BIA, the Bankruptcy Code and any similar federal, provincial, state or foreign law relating to reorganization, arrangement, compromise or re-adjustment of debt, dissolution, winding-up or for the relief of debtors in the
United States or Canada, as applicable, including, without limitation, the Companies’ Creditors Arrangement Act (Canada) and the Winding-Up Act (Canada). 
 *****Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

  

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 “Blockbuster” shall have the meaning assigned in the
recitals hereto. 
 “Business Day” shall mean any day, other than a Saturday, Sunday or other
day on which banks in the Province of Ontario are permitted to close. 
 “Cash Equivalents”
shall mean (i) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed or insured by the United States Government, the Canadian Government, any provincial or state government or any agency thereof,
(ii) certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition and overnight bank deposits of any commercial bank having capital and surplus in excess of $500,000,000,
(iii) repurchase obligations of any commercial bank satisfying the requirements of clause (ii) of this definition, having a term of not more than 30 days with respect to securities issued or fully guaranteed or insured by the United States
Government or the Canadian Government, (iv) commercial paper of a domestic issuer rated at least A-2 by Standard & Poor’s Rating Services (“S&P”) or P-2 by Moody’s Investors Service, Inc.
(“Moody’s”), (v) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing
authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by
S&P or A by Moody’s (or an equivalent rating for such foreign securities), (vi) securities with maturities of one year or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying
the requirements of clause (ii) of this definition or (vii) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (i) through (vi) of this definition. 

“Collateral” shall mean, collectively, all collateral in which the Collateral Trustee is granted a
security interest pursuant to any Security Document. 
 “Collateral Account” shall have the
meaning assigned in subsection 3.1. 
 “Collateral Enforcement Action” shall mean, with respect
to the Collateral Trustee (for the benefit of the Studios), for the Collateral Trustee, to exercise, seek to exercise, join any Person in exercising or to institute or to maintain or to participate in any action or proceeding with respect to, any
rights or remedies with respect to any Collateral, including (i) instituting or maintaining, or joining any Person in instituting or maintaining, any enforcement, contest, protest, attachment, collection, execution, levy or foreclosure action
or proceeding with respect to any Collateral, whether under any Security Document or otherwise, (ii) exercising any right of set-off with respect to the Grantor, or (iii) exercising any

  

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other right or remedy under the Personal Property Security Act (Ontario) or similar personal property security legislation of any applicable jurisdiction or under any Bankruptcy Law or
other applicable law, provided at all times any such action initiated or taken by the Collateral Trustee is pre-approved by Majority Approval. 
 “Collateral Trust Agreement” shall mean this Collateral Trust Agreement, as the same may be amended, modified, supplemented, extended, renewed, revised, restated, amended and restated
and/or replaced from time to time. 
 “Collateral Trustee” shall mean Home Trust Company, in its
capacity as trustee under this Collateral Trust Agreement, and any successor trustee appointed hereunder. 
 “DIP Financing” shall mean any financing obtained by Blockbuster or the Grantor or any subsidiary of Blockbuster and/or the Grantor during any Insolvency Proceeding or otherwise pursuant to any applicable Bankruptcy Law.

 “Distribution Date” shall mean each date fixed by the Collateral Trustee for a distribution
to the Studios of funds held in the Collateral Account for and on behalf of the Studios, the first of which shall be within 120 days after the Collateral Trustee receives and acts on a Notice of Acceleration based on Majority Approval and the
remainder of which shall be monthly thereafter (or more frequently if requested by the Collateral Trustee with Majority Approval) on the day of the month corresponding to the first Distribution Date (or, if there be no such corresponding day, the
last day of such month) provided that if any such day is not a Business Day, such Distribution Date shall be the next Business Day. 
 “Effective Date” shall mean March 31, 2010. 
 “Governmental Authority” shall mean any federal, state, provincial, municipal or other governmental department, commission, board, bureau, agency or instrumentality, or any federal, state, provincial or municipal court, in
each case whether of the United States, Canada or other nation or state. 
 “Grantor” shall have
the meaning assigned in the preamble hereto. 
 “Guarantee” shall mean the Guarantee of
Blockbuster Canada Co., dated as of the Effective Date, delivered by the Grantor in favor of the Collateral Trustee for the benefit of the Studios, as the same may be amended, modified, supplemented, extended, renewed, revised, restated, amended and
restated and/or replaced from time to time. 
 “Hypothec” shall mean that certain Deed of
Hypothec, dated as of the Effective Date, executed and delivered by the Grantor in favor of the Collateral Trustee. 
  

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 “Indebtedness” shall mean, of any Person at any date, all
liabilities, indebtedness and obligations of such Person for borrowed money, the deferred purchase price of property or services, or any obligation evidenced by a note, bond, debenture or any other similar instrument. 
 “Insolvency Proceeding” shall mean each of the following, in each case with respect to Blockbuster or the
Grantor or any property or Indebtedness of Blockbuster, the Grantor, or any subsidiary of Blockbuster or the Grantor (a)(i) any voluntary or involuntary case or proceeding under any Bankruptcy Law or any other voluntary or involuntary insolvency,
reorganization or bankruptcy case or proceeding, (ii) any case or proceeding seeking receivership, liquidation, reorganization, winding up or other similar case or proceeding, (iii) any case or proceeding seeking arrangement, adjustment,
protection, relief or composition of any debt and (iv) any case or proceeding seeking the entry of an order for relief or the appointment of a custodian, receiver, trustee or other similar official and (b) any general assignment for the
benefit of creditors. 
 “Lien” shall mean any mortgage, pledge, lien, security interest,
charge, statutory deemed trust, conditional sale or other title retention agreement or other similar encumbrance. 
 “Majority Approval” shall mean as of any date of any determination to be made hereunder, the action or consent of the Studio(s) owed greater than 50% of the outstanding Trade Agreement Obligations as of such date, but in no
event less than a Majority of the Studios. 
 “Majority of the Studios” shall mean, (i) in
the event that there are outstanding Trade Agreement Obligations owed to two or fewer Studios, the action or consent of such Studio(s), (ii) in the event that there are outstanding Trade Agreement Obligations owed to three Studios, the action
or consent of two of such Studios, and (iii) in the event that there are outstanding Trade Agreement Obligations owed to four or more Studios, the action or consent of three of such Studios. 
 “Notice of Acceleration” shall mean a written notice delivered to the Collateral Trustee, while any Secured
Obligations are outstanding, by a Studio, which must be supported by Majority Approval, stating that the relevant Secured Obligations have not been paid in full at the stated date for payment. Each Notice of Acceleration shall be in substantially
the form of Exhibit A and may only be acted on by the Collateral Trustee if supported by Majority Approval. 
 “Notice of Designation” shall have the meaning assigned in subsection 7.1. 
 “Opinion of Counsel” shall mean an opinion in writing signed by legal counsel reasonably satisfactory to the Studios and the Collateral Trustee, who may be counsel regularly retained by the Collateral Trustee or counsel to
Grantor. 
  

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 “Permitted Lien” shall mean: 
 (a) any “purchase money security interests” or vendor’s hypothecs or other similar liens, security interests,
charges or other encumbrances which are assumed, created or reserved to secure the unpaid purchase price of, or future lease payments for, assets which have been or may in the future be acquired by the Grantor. 
 (b) any liens, security interests, charges or other encumbrances arising by operation of applicable laws, including, without
limitation, for carriers, warehousemen, repairers’, taxes, assessments, statutory obligations and government charges and levies for amounts not yet due and payable or which may be past due but which are being contested in good faith by
appropriate proceedings (and as to which there are no other enforcement proceedings or they shall have been effectively stayed); 
 (c) zoning restrictions, easements, licenses, covenants and other restrictions affecting the use of real property which do not interfere in any material respect with the use of such real property or
ordinary conduct of the business of the Grantor as presently conducted thereon or materially impair the value of the real property which may be subject thereto; 
 (d) the rights reserved to or vested in any person by the terms of any lease, license or permit held by the Grantor or by any
statutory provision, to terminate any such lease, license or permit, or to require annual or periodic payments as a condition to the continuance thereof. 
 (e) liens, security interests, charges or other encumbrances (including servicing agreements, development agreements, site plan agreements and other agreements) with or given to a public utility or any
municipality or governmental or other public authority, provided that such liens, security interests, charges or other encumbrances do not interfere in any material respect with the use of the real property affected thereby or ordinary conduct of
the business of the Grantor as presently conducted; 
 (f) applicable municipal and other governmental
restrictions, including municipal by-laws and regulations, affecting the use of land or the nature of any structures which may be erected thereon, provided such restrictions have been complied with and do not interfere in any material respect with
the use of the real property affected thereby or ordinary conduct of the business of the Grantor as presently conducted; 
 (g) security deposits held by landlords or service providers in the ordinary course of business; 
  

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 (h) statutory or inchoate liens in favour of Governmental Authorities for
taxes or other amounts owing or payable, provided that the obligations of the Grantor with respect thereto are not in default; 
 (i) RPMRR conventional hypothec without delivery #01-0181494-0001 against the Grantor in Quebec in favour of Du Bocage Co-Propriete Enr., Rene Beaucage, acting under the business name Du Bocage
Co-Propriete Enr., Joseph Beaucage, acting under the business name Du Bocage Co-Propriete Enr., Gerald Beaucage, acting under the business name Du Bocage Co-Propriete Enr.; 
 (j) liens, security interests, charges or other encumbrances in the nature of title retention provisions contained in any
agreements to which the Grantor is a party (and as the same have been or may in the future be perfected by registrations under applicable personal property security regimes in Canada); 
 (k) encumbrances resulting from the deposit of cash or securities in connection with contracts, tenders or expropriation
proceedings, or to secure workers’ compensation, surety or appeal bonds, costs of litigation when required by law and public and statutory obligations, liens or claims incidental to construction and mechanics’, warehouseman’s,
carriers’ and other similar liens; and 
 (l) liens, security interests, charges or other encumbrances in
favour of the Secured Parties. 
 “Person” shall mean an individual, partnership, corporation,
limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 
 “Proceeds” shall mean all “proceeds” as such term is defined in the Personal Property Security
Act (Ontario), as amended from time to time. 
 “Pro Rata” shall mean, with respect to a
Studio, the proportion that the Secured Obligations owed by Blockbuster to the applicable Studio under its respective Trade Agreement(s) on the date of delivery of a Notice of Acceleration bears to the total amount of the Secured Obligations on such
date. 
 “Requirement of Law” shall mean, as to any Person, any law, treaty, rule or regulation
or determination of an arbitrator or a court of competent jurisdiction or other Governmental Authority, in each case applicable to and binding upon such Person and any of its property, and to which such Person and any of its property is subject

 “Secured Obligations” shall mean the Trade Agreement Obligations. 
 “Secured Parties” shall mean, collectively, (i) the Collateral Trustee, and (ii) each Studio.

  

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 “Security Agreement” shall mean that certain General
Security Agreement, dated as of the Effective Date, made by the Grantor to and in favour of the Collateral Trustee for the benefit of the Studios, as the same may be amended, modified, supplemented, extended, renewed, revised, restated, amended and
restated and/or replaced from time to time. 
 “Security Documents” shall collectively mean each
of the instruments described in Annex I to this Collateral Trust Agreement and all other security documents hereafter delivered to the Collateral Trustee granting a Lien on any property of any Person to secure the Secured Obligations from
time to time. 
 “Studios” shall have the meaning assigned in the preamble hereto. 

“Trade Agreement Obligations” shall mean all payment obligations owed by Blockbuster to a Studio under
the Trade Agreements from time to time; provided, however, that to the extent any payment with respect to the Trade Agreement Obligations (whether by or on behalf of the Grantor, as proceeds of Collateral, enforcement of any right of
set off or otherwise) is declared to be fraudulent or preferential in any respect, set aside or required to be paid to a debtor in possession, trustee, receiver or similar Person, then the obligation or part thereof originally intended to be
satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred. 
 “Trade
Agreements” shall collectively mean each trade agreement listed on Annex II hereto, as the same may be updated from time to time as provided in the Guarantee. 
 “Trust Estate” shall have the meaning assigned in the Declaration of Trust in this Collateral Trust
Agreement. 
 “Trustee Fees” shall mean all fees, costs and expenses of the Collateral Trustee
of the types described in subsections 4.3, 4.4, 4.5 and 4.6. 
 (b) The words “hereof”, “herein” and
“hereunder” and words of similar import when used in this Collateral Trust Agreement shall refer to this Collateral Trust Agreement as a whole and not to any particular provision of this Collateral Trust Agreement, and section and
subsection references are to this Collateral Trust Agreement unless otherwise specified. References to agreements defined in subsection 1.1(a) shall, unless otherwise specified, be deemed to refer to such agreements as the same may be amended,
modified, supplemented, extended, renewed, revised, restated, amended and restated and/or replaced from time to time. 
 SECTION
2. 
 ACCELERATION OF SECURED OBLIGATIONS 
 2.1 Notices of Acceleration. (a) Upon receipt by the Collateral Trustee of a Notice of Acceleration, the Collateral Trustee shall immediately notify the Grantor of

  

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the receipt and contents thereof and of the Majority Approval in respect thereof and provide to the Grantor true and complete copies of the same. So long as such Notice of Acceleration is in
effect, the Collateral Trustee shall exercise the rights and remedies provided in this Collateral Trust Agreement and in the Security Documents subject at all times to the direction of the Studios pursuant to Majority Approval. The Collateral
Trustee is not empowered to exercise any remedy hereunder or thereunder unless a Notice of Acceleration with Majority Approval is in effect. 
 (b) A Notice of Acceleration delivered by one or more Studios shall become effective upon receipt thereof by the Collateral Trustee subject to Majority Approval. A Notice of Acceleration, once effective,
shall remain in effect unless and until it is cancelled as provided in subsection 2.1(c). 
 (c) The Studios shall be entitled
to direct the Collateral Trustee to cancel a Notice of Acceleration by delivering a written notice of cancellation to the Collateral Trustee by Studios acting with Majority Approval (i) before the Collateral Trustee takes any action to exercise
any remedy with respect to the Collateral or (ii) thereafter, if the Collateral Trustee has Majority Approval and believes that all actions it has taken to exercise any remedy or remedies with respect to the Collateral can be reversed without
undue difficulty; provided that no Notice of Acceleration shall be cancelled more than 60 days after it is received by the Collateral Trustee. The Collateral Trustee shall immediately notify the Grantor as to the receipt and contents of any such
notice of cancellation. 
 (d) At any time after the receipt of a Notice of Acceleration, the Collateral Trustee shall:

 (i) automatically without further instruction, unless the Collateral Trustee has received written instructions
to the contrary from the Studios by Majority Approval, make a demand on the Grantor as provided in the Collateral Trust Agreement; and 
 (ii) take such other action, or refrain from taking such other action, with respect to such Notice of Acceleration (including with respect to the exercise of any right or remedies under the Security
Agreement) as the Collateral Trustee shall be instructed in writing by the Studios acting by Majority Approval. 
 In the
absence of actual knowledge of a responsible officer of the Collateral Trustee, the Collateral Trustee shall not be deemed to have knowledge of any Insolvency Proceeding or event leading to a Notice of Acceleration unless notified in writing of such
by a Studio. 
 2.2 General Authority of the Collateral Trustee over the Collateral. Grantor hereby irrevocably and
unconditionally constitutes and appoints the Collateral Trustee and any officer or agent thereof, with full power of substitution, as its true and lawful attorney in fact with full power and authority in its or his own name, from time to time in the
Collateral Trustee’s discretion, subject to subsection 2.1, so long as any

  

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Notice of Acceleration is in effect, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to carry out the terms of this
Collateral Trust Agreement and the Security Documents and accomplish the purposes hereof and thereof and, without limiting the generality of the foregoing, the Grantor hereby gives the Collateral Trustee, subject to subsection 2.1, the power and
right on behalf of the Grantor, without notice to or further assent by the Grantor, so long as any Notice of Acceleration is in effect, to take any Collateral Enforcement Actions permitted under the Security Documents and to do, at its option and at
the expense and for the account of the Grantor, all acts and things which the Collateral Trustee deems necessary to protect or preserve the Collateral and to realize upon the Collateral in accordance with the provisions of the Security Documents.

 2.3 Right to Initiate Judicial Proceedings. If a Notice of Acceleration is in effect, the Collateral Trustee, subject
to the provisions of subsection 2.1(c), subsection 2.5 and Section 5, (i) shall have the right and power to institute and maintain such suits and proceedings as it may deem appropriate to protect and enforce the rights vested in it by this
Collateral Trust Agreement and each Security Document and (ii) may, either after entry, or without entry, proceed by suit or suits at law or in equity to enforce such rights and to foreclose upon the Collateral and to sell all or, from time to
time, any of the Collateral under the judgment or decree of a court of competent jurisdiction. 
 2.4 Right to Appoint a
Receiver. If a Notice of Acceleration is in effect, upon commencement of judicial proceedings to enforce the rights of the Collateral Trustee under this Collateral Trust Agreement or any Security Document, the Collateral Trustee shall, to the
extent permitted by law, with notice to the Grantor but without notice to any party claiming through the Grantor, without regard to the solvency or insolvency at the time of any Person then liable for the payment of any of the Secured Obligations,
without regard to the then value of the Trust Estate, and without requiring any bond from any complainant in such proceedings, be entitled as a matter of right to the appointment of a receiver or receivers (who may be the Collateral Trustee) of the
Trust Estate, or any part thereof, and of the rents, issues, tolls, profits, royalties, revenues and other income thereof, pending such proceedings, with such powers as the court making such appointment shall confer, and to the entry of an order
directing that the rents, issues, tolls, profits, royalties, revenues and other income of the property constituting the whole or any part of the Trust Estate be segregated, sequestered and impounded for the benefit of the Collateral Trustee and the
Secured Parties, and the Grantor irrevocably and unconditionally consents to the appointments of such receiver or receivers and to the entry of such order; provided that, notwithstanding the appointment of any receiver, the Collateral Trustee
shall be entitled to retain possession and control of all cash and Cash Equivalents held by or deposited with it pursuant to this Collateral Trust Agreement or any Security Document. 
 2.5 Exercise of Powers (a) All of the powers, remedies and rights of the Collateral Trustee as set forth in this Collateral
Trust Agreement may be exercised by the Collateral Trustee in respect of any Security Document as though set forth in full therein and all of the powers, remedies and rights of the Collateral Trustee and the other Secured Parties as set forth in any
Security Document may be exercised from time to time as herein and therein provided. 
  

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 (b) Whether or not any Insolvency Proceeding has been commenced by or against the Grantor,
no Secured Party shall do (and no Secured Party shall direct the Collateral Trustee to do) any of the following without the prior written consent of the Collateral Trustee acting with Majority Approval: (i) take any Collateral Enforcement
Action or commence, seek to commence or join any other Person in commencing any Insolvency Proceeding; or (ii) object to, contest or take any other action that is reasonably likely to hinder (1) any Collateral Enforcement Action initiated
by the Collateral Trustee, (2) any release of Collateral permitted under subsection 6.11, whether or not done in consultation with or with notice to such Secured Party or (3) any decision by the Collateral Trustee to forbear or refrain
from bringing or pursuing any such Collateral Enforcement Action or to effect any such release. 
 (c) Upon written instructions
at any time and from time to time of the Studios given by Majority Approval, and not otherwise, the Collateral Trustee shall take such of the following actions as may be specified in such written instructions: (i) exercise such election or
option, or make such decision or determination, or give such notice, consent, waiver or approval or exercise such right, remedy or power or take such other action hereunder or under the Security Agreement or in respect of any part or all of the
Collateral as shall be specified in such written instructions; (ii) approve as satisfactory to the Collateral Trustee all matters expressly required by the terms hereof or of the Security Agreement to be satisfactory to the Collateral Trustee,
it being understood that without the written instructions, the Collateral Trustee shall not approve any such matter as satisfactory to the Collateral Trustee; (iii) take such action with respect to, or to preserve or protect, the Collateral
(including the discharge of security interests) as shall be specified in such written instructions and as are consistent with this Agreement and the Security Agreement; and (iv) take such other action in respect of the subject matter of this
Agreement as shall be specified in such written instructions. No implied duties or obligations shall be read into this Agreement, the Collateral Trust Agreement or the Security Agreement against the Collateral Trustee. The Collateral Trustee agrees
to provide to the Studios, concurrently with the taking by the Collateral Trustee of any action, with notice of the taking of such action by the Collateral Trustee; provided that the failure to give any such notice to such persons shall not
affect the validity of such exercise. 
 2.6 Remedies Not Exclusive. (a) No remedy conferred upon or reserved to the
Collateral Trustee herein or in the Security Documents is intended to be exclusive of any other remedy or remedies, but every such remedy shall be cumulative and shall be in addition to every other remedy conferred herein or in any Security Document
or now or hereafter existing at law or in equity or by statute. 
 (b) No delay or omission by the Collateral Trustee to
exercise any right, remedy or power hereunder or under any Security Document shall impair any such right, remedy or power or shall be construed to be a waiver thereof, and every right, power and remedy given by this Collateral Trust Agreement or any
Security Document to the Collateral Trustee may be exercised from time to time and as often as may be deemed expedient by the Collateral Trustee. 
  

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 (c) If the Collateral Trustee shall have proceeded to enforce any right, remedy or power
under this Collateral Trust Agreement or any Security Document and the proceeding for the enforcement thereof shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Collateral Trustee, then the
Grantor, the Collateral Trustee and the Secured Parties shall, subject to any determination in such proceeding, severally and respectively be restored to their former positions and rights hereunder or thereunder with respect to the Trust Estate and
in all other respects, and thereafter all rights, remedies and powers of the Collateral Trustee shall continue as though no such proceeding had been taken. 
 (d) All rights of action and of asserting claims upon or under this Collateral Trust Agreement and the Security Documents may be enforced by the Collateral Trustee without the possession of any instrument
evidencing any Secured Obligation or the production thereof at any trial or other proceeding relative thereto, and any suit or proceeding instituted by the Collateral Trustee shall be, subject to subsections 5.5(c) and 5.10(c)(ii), brought in its
name as Collateral Trustee and any recovery of judgment shall be held as part of the Trust Estate. 
 2.7 Waiver and
Estoppel. (a) The Grantor agrees, to the extent it may lawfully do so, that it will not at any time in any manner whatsoever claim, or take the benefit or advantage of, any appraisement, valuation, stay, extension, moratorium, turnover or
redemption law, or any law permitting it to direct the order in which the Collateral shall be sold, now or at any time hereafter in force, which may delay, prevent or otherwise affect the performance or enforcement of this Collateral Trust Agreement
or any Security Document and hereby waives all benefit or advantage of all such laws and covenants that it will not hinder, delay or impede the execution of any power granted to the Collateral Trustee in this Collateral Trust Agreement or any
Security Document but will suffer and permit the execution of every such power as though no such law were in force; provided that nothing contained in this subsection 2.7(a) shall be construed as a waiver of any rights of the Grantor under
any Security Document or applicable Bankruptcy Law. 
 (b) The Grantor, to the extent it may lawfully do so, on behalf of itself
and all who may claim through or under it, including without limitation any and all subsequent creditors, vendees, assignees and lienors, waives and releases all rights to demand or to have any marshalling of the Collateral upon any sale, whether
made under any power of sale granted herein or in any Security Document or pursuant to judicial proceedings or upon any foreclosure or any enforcement of this Collateral Trust Agreement or any Security Document and consents and agrees that all the
Collateral may at any such sale be offered and sold as an entirety. 
 (c) The Grantor waives, to the extent permitted by
applicable law, presentment, demand, protest and any notice of any kind (except notices explicitly required hereunder or under any other Security Document) in connection with this Collateral Trust Agreement and the Security Documents and any action
taken by the Collateral Trustee with respect to the Collateral. 
  

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 2.8 Limitation on Collateral Trustee’s Duty in Respect of Collateral. Beyond its
duties as to the custody thereof expressly provided herein or in any Security Document and to account to the Secured Parties and the Grantor for moneys and other property received by it hereunder or under any Security Document, the Collateral
Trustee shall not have any duty to the Grantor or to the Secured Parties as to any Collateral in its possession or control or in the possession or control of any of its agents or nominees, or any income thereon or as to the preservation of rights
against prior parties or any other rights pertaining thereto. 
 2.9 Limitation by Law. Notwithstanding any other
provisions of this Collateral Trust Agreement or any Security Document, all rights, remedies and powers provided in this Collateral Trust Agreement or any Security Document may be exercised only to the extent that the exercise thereof does not
violate any applicable Requirement of Law, and all the provisions hereof are intended to be subject to all applicable mandatory Requirements of Law which may be controlling and to be limited to the extent necessary so that they will not render this
Collateral Trust Agreement invalid, unenforceable in whole or in part or not entitled to be recorded, registered or filed under the provisions of any applicable law. 
 2.10 Collateral Use Prior to Acceleration. (a) So long as no Notice of Acceleration is in effect, the Grantor shall have the right: (i) to remain in possession and retain exclusive
control of the Collateral with power freely and without let or hindrance on the part of the Secured Parties to operate, manage, develop, use and enjoy the Collateral, to receive the rents, issues, tolls, profits, royalties, revenues and other income
thereof, and (ii) to sell or otherwise dispose of, free and clear of the Lien created by the Security Documents and this Collateral Trust Agreement, any Collateral in the ordinary course of its business. The Collateral Trustee shall have no
duty to monitor the exercise by the Grantor of its rights under this subsection 2.10(a). 
 (b) When a Notice of Acceleration is
in effect, cash Proceeds received by the Collateral Trustee or the Grantor, as applicable, in connection with the sale or other disposition of Collateral shall be deposited in the Collateral Account and any such Proceeds may not be made available to
or otherwise withdrawn by the Grantor without the prior written consent of the Collateral Trustee acting on Majority Approval. Any such Proceeds received by the Grantor shall be held by the Grantor in trust for the Collateral Trustee, shall be
segregated from other funds of the Grantor and shall, forthwith upon receipt by the Grantor, be turned over to the Collateral Trustee (as the Collateral Trustee may direct), in the same form as received by the Grantor (duly indorsed to the
Collateral Trustee, if required) for deposit in the Collateral Account. Notwithstanding anything to the contrary in this Collateral Trust Agreement, unless a Notice of Acceleration is in effect, the Grantor may upon written or oral request
(confirmed in writing to the Collateral Trustee) obtain the prompt release to it or its order of funds in the Collateral Account, provided that the failure to confirm an oral request in writing shall not affect the validity of such request and the
Collateral Trustee’s obligations to

  

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promptly release such funds. Any written or oral request or instruction by the Grantor pursuant to the preceding sentence shall be full authority for and direction to the Collateral Trustee to
make the requested release, and the Collateral Trustee shall promptly do so. The Collateral Trustee in so doing shall have no liability to any Person. 
 (c) When a Notice of Acceleration is in effect, any insurance proceeds in respect of any Collateral, any Proceeds from the exercise of rights of eminent domain or condemnation in respect of any Collateral
and any liquidating dividends paid in respect of any Collateral received by the Grantor shall be deposited in the Collateral Account to be held therein and applied by the Collateral Trustee in accordance with Section 3 hereof. If for any reason
the Grantor shall receive or hold any insurance proceeds, condemnation proceeds or liquidating dividends that are required to be held by the Collateral Trustee pursuant to the first sentence of this subsection, such Grantor shall hold such proceeds
or dividends in trust for the Collateral Trustee and the Secured Parties and shall, as promptly as practicable, deliver such proceeds or dividends to the Collateral Trustee to be held in accordance with the provision of this subsection. 

SECTION 3. 
 COLLATERAL ACCOUNT; DISTRIBUTIONS 
 3.1 The Collateral Account. On the Effective Date, there shall be
established and, at all times thereafter until the trusts created by this Collateral Trust Agreement shall have terminated, there shall be maintained in the name of the Collateral Trustee at the head office of the Collateral Trustee designated by it
pursuant to Subsection 6.1 an account which is entitled the “Blockbuster Collateral Account” (the “Collateral Account”). All moneys which are required by this Collateral Trust Agreement or any Security Document to be
delivered to the Collateral Trustee while a Notice of Acceleration is in effect or which are received by the Collateral Trustee or any agent or nominee of the Collateral Trustee in respect of the Collateral, whether in connection with the exercise
of the remedies provided in this Collateral Trust Agreement or any Security Document or otherwise, while a Notice of Acceleration is in effect shall be deposited in the Collateral Account to be held by the Collateral Trustee as part of the Trust
Estate and applied by the Collateral Trustee only in accordance with the terms of this Collateral Trust Agreement. Upon the cancellation of all Notices of Acceleration pursuant to subsection 2.1(c) or the receipt by the Collateral Trustee of any
moneys at any time when no Notice of Acceleration is in effect, the Collateral Trustee shall (subject to the first sentence of subsection 3.4(a)) cause all funds on deposit in the Collateral Account or otherwise received by the Collateral Trustee to
be paid over to the Grantor. 
 3.2 Control of Collateral Account. All right, title and interest in and to the Collateral
Account shall vest in the Collateral Trustee, and funds on deposit in the Collateral Account shall constitute part of the Trust Estate. The Collateral Account shall be subject to the exclusive dominion and control of the Collateral Trustee. The
Grantor hereby irrevocably and unconditionally grants a security interest in the Collateral Account to the Collateral Trustee for the benefit of the Secured Parties, as collateral security for the Secured Obligations. 
  

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 3.3 Investment of Funds Deposited in Collateral Account. The Collateral Trustee
shall, at the written direction of the Studios acting with Majority Approval, invest and reinvest moneys on deposit in the Collateral Account at any time in Cash Equivalents. All such investments and the interest and income received thereon and the
net proceeds realized on the sale or redemption thereof shall be held in the Collateral Account as part of the Trust Estate. Neither the Collateral Trustee nor any other Secured Party shall be responsible for any diminution in funds resulting from
such investments or any liquidation prior to maturity. In the absence of such directions, the Collateral Trustee shall have no obligation to invest or reinvest moneys. 
 3.4 Application of Moneys. (a) The Collateral Trustee shall have the right (pursuant to subsection 4.7) at any time and from time to time to apply moneys held by it in the Collateral Account
to the payment of due and unpaid Trustee Fees in priority to all other amounts that may be due and owing to the Studios from time to time. 
 (b) All moneys held by the Collateral Trustee in the Collateral Account while a Notice of Acceleration is in effect shall, to the extent available for distribution (it being understood that the Collateral
Trustee may liquidate investments prior to maturity in order to make a distribution pursuant to this subsection 3.4(b)), be distributed (subject to the provisions of subsection 3.5) by the Collateral Trustee on each Distribution Date (with such
distributions being made by the Collateral Trustee to the Secured Parties entitled thereto as provided in subsection 3.4(c), and the Collateral Trustee shall be responsible for insuring that amounts distributed to the Secured Parties are distributed
on a Pro Rata basis). 
 (c) The Collateral Trustee shall make all payments and distributions under this subsection 3.4 on
account of the Secured Obligations to the Secured Parties on a Pro Rata basis. 
 (d) Unless the Collateral Trustee shall have
received written instructions from the Studios given by Majority Approval as to the times at which any amounts are to be distributed, all distributions shall be made at such times and as promptly as the Collateral Trustee shall in its good faith and
discretion determine to be reasonable and practicable under the circumstances, but in accordance with the terms of this Collateral Trust Agreement including the required Distribution Date. The Collateral Trustee shall at all times have the right to
request distribution instructions, including as to the time of such distribution from the Studios given by Majority Approval. 
 3.5 Amounts Held for Contingent Secured Obligations. In the event any Secured Party shall be entitled to receive any moneys in respect of the unliquidated, unmatured or contingent portion of the outstanding Secured Obligations, then
the Collateral Trustee shall invest such moneys in obligations of the kinds referred to in subsection 3.3 maturing within three months after they are acquired by the Collateral Trustee and shall hold all such amounts so distributable, and all such
investments and the net proceeds thereof, in trust solely for the benefit of such Secured Party and for no other purpose until (i) such Secured Party shall have notified the Collateral Trustee that all or part of such unliquidated, unmatured or
contingent claim

  

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shall have become matured or fixed, in which case the Collateral Trustee shall distribute from such investments and the proceeds thereof an amount equal to such matured or fixed claim to such
Secured Party for application to the payment of such matured or fixed claim, and shall promptly give notice thereof to the Grantor and the other Secured Parties or (ii) all or part of such unliquidated, unmatured or contingent claim shall have
been extinguished, in which case (x) such Secured Party shall, as soon as practicable thereafter, notify the Grantor and the other Secured Parties and the Collateral Trustee and (y) such investments, and the proceeds thereof, shall be held
in the Collateral Account in trust for all Secured Parties pending application in accordance with the provisions of subsection 3.4. 
 3.6 Collateral Trustee’s Calculations. In making the determinations and allocations required by subsection 3.4, the Collateral Trustee may conclusively rely upon information supplied by the Studios as to the amounts outstanding
with respect to the Secured Obligations and the Collateral Trustee shall have no liability to any of the Secured Parties for actions taken by it in reliance on such information, provided that nothing in this sentence shall prevent the Grantor from
contesting any amounts claimed by the Studios or any Secured Party in any information so supplied. All distributions made by the Collateral Trustee pursuant to subsection 3.4 shall be (subject to subsection 3.7 and to any decree of any court of
competent jurisdiction) final (absent manifest error). 
 3.7 Pro Rata Sharing. If, through the operation of any
Bankruptcy Law or otherwise, the Collateral Trustee’s security interest hereunder and under the Security Documents is enforced with respect to some, but not all, of the Secured Obligations then outstanding, the Collateral Trustee shall
nonetheless apply the proceeds of the Collateral for the benefit of the holders of all Secured Obligations in the proportions specified herein; provided, however, that nothing in this subsection 3.7 shall be deemed to require the
Collateral Trustee to disregard or violate any court order binding upon it. 
 SECTION 4. 
 AGREEMENTS WITH TRUSTEE 
 4.1 Delivery of Secured Instruments. On the Effective Date, the Grantor shall deliver to the Collateral Trustee copies of each Security Document then in effect. The Grantor shall deliver to the Collateral Trustee, promptly upon the
execution thereof, a copy of all amendments, modifications or supplements to any Security Documents entered into after the Effective Date. 
 4.2 Information as to Secured Parties. The Grantor shall deliver to the Collateral Trustee, not later than 90 days after the Effective Date, and from time to time upon request of the Collateral
Trustee when a Notice of Acceleration shall be in effect, a list setting forth as of the Effective Date in the case of the initial list or as of a date not more than 60 days prior to the date of such delivery in the case of any subsequent list, the
aggregate principal amount of the Secured Obligations outstanding. 
  

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 4.3 Compensation and Expenses. The Grantor agrees to pay to the Collateral Trustee,
from time to time upon demand, (i) reasonable compensation (which shall not be limited by any Requirement of Law in regard to compensation of fiduciaries or of a trustee of an express trust) for its services hereunder and under the Security
Documents and for administering the Trust Estate and (ii) all of the reasonable fees, costs and expenses of the Collateral Trustee (including, without limitation, the reasonable fees and disbursements of its counsel, advisors and agents)
(A) arising in connection with the preparation, execution, delivery, modification, and termination of this Collateral Trust Agreement and each Security Document or the enforcement of any of the provisions hereof or thereof, (B) incurred or
required to be advanced in connection with the administration of the Trust Estate, the sale or other disposition of Collateral pursuant to any Security Document and the preservation, protection or defense of the Collateral Trustee’s rights
under this Collateral Trust Agreement and the Security Documents and in and to the Collateral and the Trust Estate, (C) incurred by the Collateral Trustee in connection with the removal of the Collateral Trustee pursuant to subsection 5.7(a) or
(D) incurred in connection with the execution of the directions provided by the Studios. Such fees, costs and expenses are intended to constitute expenses of administration under any Bankruptcy Law. The obligations of the Grantor under
this subsection 4.3 shall survive the termination of the other provisions of this Collateral Trust Agreement and the resignation or removal of the Collateral Trustee hereunder. 
 4.4 Stamp and Other Similar Taxes. The Grantor agrees to indemnify and hold harmless the Collateral Trustee and each Secured Party
from any present or future claim for liability for any stamp or any other similar tax, and any penalties or interest with respect thereto, which may be assessed, levied or collected by any jurisdiction in connection with this Collateral Trust
Agreement, any Security Document, the Trust Estate or any Collateral. The obligations of the Grantor under this subsection 4.4 shall survive the termination of the other provisions of this Collateral Trust Agreement and the resignation or
removal of the Collateral Trustee hereunder. 
 4.5 Filing Fees, Excise Taxes, Etc. The Grantor agrees to pay or to
reimburse the Collateral Trustee promptly upon request for any and all payments made by the Collateral Trustee in respect of all search, filing, recording and registration fees, taxes, excise taxes and other similar imposts which may be payable or
determined to be payable in respect of the execution and delivery of this Collateral Trust Agreement and each Security Document, unless such taxes are imposed on or measured by compensation paid to the Collateral Trustee under subsection 4.3. The
obligations of the Grantor under this subsection 4.5 shall survive the termination of the other provisions of this Collateral Trust Agreement and the resignation or removal of the Collateral Trustee hereunder. 
 4.6 Indemnification. The Grantor agrees to pay, indemnify, and hold the Collateral Trustee (and its directors, officers, agents and
employees) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including, without limitation, the reasonable fees and expenses of counsel, advisors and agents) or
disbursements of any kind or nature

  

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whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Collateral Trust Agreement and the Security Documents, unless arising from the gross
negligence or willful misconduct of the indemnified party or any of its affiliates or any of their respective directors, officers, agents or employees, including for taxes in any jurisdiction in which the Collateral Trustee is subject to tax by
reason of actions hereunder or under the Security Documents, unless such taxes are imposed on or measured by compensation paid to the Collateral Trustee under subsection 4.3. In any suit, proceeding or action brought by the Collateral Trustee under
or with respect to any contract, agreement, interest or obligation constituting part of the Collateral for any sum owing thereunder, or to enforce any provisions thereof, the Grantor will save, indemnify and keep the Collateral Trustee harmless from
and against all expense, loss or damage suffered by reason of any defense, setoff, counterclaim, recoupment or reduction of liability whatsoever thereunder, arising out of a breach by the Grantor of any obligation thereunder, and all such
obligations of the Grantor shall be and remain enforceable against and only against the Grantor and shall not be enforceable against the Collateral Trustee. The agreements in this subsection 4.6 shall survive the termination of the other provisions
of this Collateral Trust Agreement and the resignation or removal of the Collateral Trustee hereunder. 
 4.7 Trustee’s
Lien. Notwithstanding anything to the contrary in this Collateral Trust Agreement, as security for the due and punctual payment of Trustee Fees (i) the Collateral Trustee is hereby granted a lien upon all Collateral which shall have
priority ahead of all other Secured Obligations secured by such Collateral and (ii) the Collateral Trustee shall have the right to use and apply any of the funds held by the Collateral Trustee in the Collateral Account to cover all such Trustee
Fees then due and outstanding. 
 4.8 Further Assurances. At any time and from time to time, upon the written request of
the Collateral Trustee, and at the expense of the Grantor, the Grantor will promptly execute and deliver any and all such further instruments and documents and take such further action as is necessary or reasonably requested further to perfect, or
to protect the perfection of, the liens and security interests granted under the Security Documents, including, without limitation, the filing of any financing or continuation statements under the Personal Property Security Act (Ontario) or
similar personal property security legislation in effect in any Canadian jurisdiction; provided, however, that notwithstanding anything to the contrary contained herein or in any Security Document, the Grantor shall not be required to
perfect the security interests granted by it in any Collateral by any means other than by (a) filings pursuant to the Personal Property Security Act (Ontario) or similar personal property security legislation in effect in any Canadian
jurisdiction and (b) such additional actions as may be required pursuant to any or Security Document. Notwithstanding the foregoing, in no event shall the Collateral Trustee have any obligation to monitor the perfection or continuation of
perfection or the sufficiency or validity of any security interest in or related to the Collateral. 
 4.9 Inspection of
Properties and Books. So long as a Notice of Acceleration shall be in effect, the Grantor shall give the Collateral Trustee access, at its request, to all Collateral and to all books, records, documents and information related thereto in the
possession of the Grantor. 
  

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 SECTION 5. 
 THE COLLATERAL TRUSTEE 
 5.1 Acceptance of Trust. The Collateral Trustee,
for itself and its successors, hereby accepts the trusts created by this Collateral Trust Agreement upon the terms and conditions hereof. 
 5.2 Exculpatory Provisions. (a) The Collateral Trustee shall not be responsible in any manner whatsoever for the correctness of any recitals, statements, representations or warranties herein,
all of which are made solely by the Grantor. The Collateral Trustee makes no representations as to the value or condition of the Trust Estate or any part thereof, or as to the title of the Grantor thereto or as to the security afforded by this
Collateral Trust Agreement or any Security Document, or as to the validity, execution (except its execution), enforceability, legality or sufficiency of this Collateral Trust Agreement, the Security Documents or the Secured Obligations, and the
Collateral Trustee shall incur no liability or responsibility in respect of any such matters. 
 (b) The Collateral Trustee
shall not be required to ascertain or inquire as to the performance by the Grantor of any of the covenants or agreements contained herein or in any Security Document. Whenever it is necessary, or in the opinion of the Collateral Trustee advisable,
for the Collateral Trustee to ascertain the amount of Secured Obligations then held by the Secured Parties, the Collateral Trustee may rely on a certificate of each Studio. Nothing in this subsection 5.2(b) shall prevent the Grantor from contesting
any amounts claimed by any Secured Party in any certificate so supplied. Notwithstanding anything to the contrary set forth in this subsection 5.2(b), so long as no Notice of Acceleration is in effect, the Collateral Trustee may rely conclusively on
a certificate of an authorized officer of the Grantor with respect to the matters set forth in the second sentence of this subsection 5.2(b). 
 (c) The Collateral Trustee shall be under no obligation or duty to take any action under this Collateral Trust Agreement or any Security Document if taking such action (i) would subject the
Collateral Trustee to a tax in any jurisdiction where it is not then subject to a tax or (ii) would require the Collateral Trustee to qualify to do business in any jurisdiction where it is not then so qualified, unless the Collateral Trustee
receives security or indemnity satisfactory to it against such tax (or equivalent liability), or any liability resulting from such qualification, in each case as results from the taking of such action under this Collateral Trust Agreement or any
Security Document. 
 (d) The Collateral Trustee shall have the same rights with respect to any Secured Obligation held by it as
any other Secured Party and may exercise such rights as though it were not the Collateral Trustee hereunder, and may accept deposits from, lend money to, and generally engage in any kind of banking or trust business with, the Grantor as if it were
not the Collateral Trustee. 
  

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 (e) Notwithstanding any other provision of this Collateral Trust Agreement, the Collateral
Trustee shall not be liable for any action taken or omitted to be taken in accordance with this Collateral Trust Agreement or the Security Documents except for its own gross negligence, bad faith or willful misconduct. 
 5.3 Delegation of Duties. (a) The Collateral Trustee may execute any of the trusts or powers hereof and perform any duty
hereunder either directly or by or through agents or attorneys-in-fact. The Collateral Trustee shall be entitled to advice of counsel concerning all matters pertaining to such trusts, powers and duties. The Collateral Trustee shall not be
responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it without gross negligence, bad faith or willful misconduct. 
 (b) The Studios hereby authorize and direct the Collateral Trustee (i) to execute and deliver the Security Documents and such other documents relating to the transactions contemplated by the
Collateral Trust Agreement as the Studios may from time to time direct, by Majority Approval, to carry out its duties and powers as Collateral Trustee with respect to the Collateral and in distributing the proceeds realized by it from the Collateral
on behalf of the Studios, (ii) to execute and deliver all other documents contemplated by the documents referred to in clause (i) above, (iii) to take whatever action shall be required to be taken by the Collateral Trustee by the
terms of, and to exercise its rights and perform its duties under, each of the documents referred to in clauses (i) and (ii) above as set forth therein and (iv) subject to the terms of the foregoing as the Studios may from time to
time direct by Majority Approval. 
 5.4 Reliance by Collateral Trustee. (a) Whenever in the administration of this
Collateral Trust Agreement or the Security Documents the Collateral Trustee shall deem it necessary or desirable that a factual matter be proved or established in connection with the Collateral Trustee taking, suffering or omitting any action
hereunder or thereunder, such matter (unless other evidence in respect thereof is herein specifically prescribed) may be deemed to be conclusively proved or established by a certificate of an authorized officer of the Grantor delivered to the
Collateral Trustee, and such certificate shall be full warrant to the Collateral Trustee for any action taken, suffered or omitted in reliance thereon, subject, however, to the provisions of subsection 5.5. 
 (b) The Collateral Trustee may consult with counsel, and any Opinion of Counsel shall be full and complete authorization and protection in
respect of any action taken or suffered by it hereunder or under any Security Document in accordance therewith. While a Notice of Acceleration is in effect, the Collateral Trustee shall have the right at any time to seek instructions concerning the
administration of this Collateral Trust Agreement and the Security Documents from any court of competent jurisdiction. 
  

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 (c) The Collateral Trustee may rely, and shall be fully protected in acting, upon any
resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document which it has no reason to believe to be other than genuine and to have been signed or presented by the proper party or
parties or, in the case of cables, telecopies and telexes, to have been sent by the proper party or parties. As to the amount of any Secured Obligation owing to the Studios from time to time, the Collateral Trustee may rely upon any and all
certificates signed by authorized officers of the Studios from time to time. In the absence of its own gross negligence, bad faith or willful misconduct, the Collateral Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Collateral Trustee and conforming to the requirements of this Collateral Trust Agreement. 
 (d) The Collateral Trustee shall not be under any obligation to exercise any of the rights or powers vested in the Collateral Trustee by
this Collateral Trust Agreement and the Security Documents, at the request or direction of a Studio pursuant to this Collateral Trust Agreement or otherwise, unless the Collateral Trustee shall have been provided adequate security and indemnity
against the costs, expenses and liabilities which may be incurred by the Collateral Trustee in compliance with such request or direction, including such reasonable advances as may be requested by the Collateral Trustee. 
 (e) Upon any application or demand by the Grantor (except any such application or demand which is expressly permitted to be made orally) to
the Collateral Trustee to take or permit any action under any of the provisions of this Collateral Trust Agreement or any Security Document, the Grantor shall furnish to the Collateral Trustee a certificate of an authorized officer of the Grantor
stating that all conditions precedent, if any, provided for in this Collateral Trust Agreement or in any relevant Security Document relating to the proposed action have been complied with, and in the case of any such application or demand as to
which the furnishing of any document is specifically required by any provision of this Collateral Trust Agreement or a Security Document relating to such particular application or demand, such additional document shall also be furnished. 

(f) Any Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate of an authorized officer of the
Grantor provided to such counsel in connection with such opinion or representations made by such authorized officer in a writing filed with the Collateral Trustee. 
 5.5 Limitations on Duties of Trustee. (a) Unless a Notice of Acceleration is in effect, the Collateral Trustee shall be obligated to perform such duties and only such duties as are
specifically set forth in this Collateral Trust Agreement and the Security Documents, and no implied covenants or obligations shall be read into this Collateral Trust Agreement or any Security Document against the Collateral Trustee. If and so long
as a Notice of Acceleration is in effect, the Collateral Trustee shall, subject to the provisions of subsection 2.5, exercise the rights and powers vested in the Collateral Trustee by this Collateral Trust Agreement and the Security Documents, and
shall not be liable with respect to any action taken, or omitted to be taken, in accordance with the direction of the Studios acting with Majority Approval. 
  

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 (b) Except as herein otherwise expressly provided, the Collateral Trustee shall not be under
any obligation to take any action which is discretionary with the Collateral Trustee under the provisions hereof or of any Security Document, except upon the written request of one or more Studios representing Majority Approval at such time. The
Collateral Trustee shall make available for inspection and copying by the Studios, each certificate or other paper furnished to the Collateral Trustee by the Grantor under or in respect of this Collateral Trust Agreement or any of the Collateral.

 (c) No provision of this Collateral Trust Agreement or of any Security Document shall be deemed to impose any duty or
obligation on the Collateral Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the Collateral Trustee shall be unqualified or
incompetent, to perform any such act or acts or to exercise any such right, power, duty or obligation or if such performance or exercise would constitute doing business by the Collateral Trustee in such jurisdiction or impose a tax on the Collateral
Trustee by reason thereof or to risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder. 
 5.6 Moneys to be Held in Trust. All moneys received by the Collateral Trustee under or pursuant to any provision of this Collateral Trust Agreement or any Security Document (except Trustee Fees)
shall be held in trust for the purposes for which they were paid or are held. 
 5.7 Resignation and Removal of the
Collateral Trustee. (a) The Collateral Trustee may at any time, by giving a minimum of 90 days’ written notice to the Grantor and each Studio, resign and be discharged of the responsibilities hereby created, such resignation to become
effective upon (i) the appointment of a successor Collateral Trustee, (ii) the acceptance of such appointment by such successor Collateral Trustee and (iii) the approval of such successor Collateral Trustee evidenced by one or more
instruments signed by the Studios representing Majority Approval and, so long as no Notice of Acceleration is then in effect, by the Grantor (which approval, in each case, shall not be unreasonably withheld or delayed). If no successor Collateral
Trustee shall be appointed and shall have accepted such appointment within 90 days after the Collateral Trustee gives the aforesaid notice of resignation, the Collateral Trustee, the Grantor (so long as no Notice of Acceleration is then in effect)
or, if a Notice of Acceleration is in effect, the Studios representing Majority Approval may apply to any court of competent jurisdiction to appoint a successor Collateral Trustee to act until such time, if any, as a successor Collateral Trustee
shall have been appointed as provided in this subsection 5.7. Any successor so appointed by such court shall immediately and without further act be superseded by any successor Collateral Trustee appointed by the Grantor or the Studios representing
Majority Approval, as the case may be, as provided in subsection 5.7(b). While a Notice of Acceleration is in effect, the Studios representing Majority Approval may, at any time upon giving 30 days’ prior written notice thereof to the
Collateral Trustee and the Grantor, remove the Collateral Trustee

  

 23 

 
and appoint a successor Collateral Trustee, such removal to be effective upon the acceptance of such appointment by the successor. The Collateral Trustee shall be entitled to Trustee Fees to the
extent incurred or arising, or relating to events occurring, before such resignation or removal. 
 (b) If at any time the
Collateral Trustee shall resign or be removed or otherwise become incapable of acting, or if at any time a vacancy shall occur in the office of the Collateral Trustee for any other cause, a successor Collateral Trustee may be appointed by the
Studios representing Majority Approval with the consent (not to be unreasonably withheld or delayed) of the Grantor, if no Notice of Acceleration is in effect, and otherwise by the Studios representing Majority Approval. The powers, duties,
authority and title of the predecessor Collateral Trustee shall be terminated and cancelled without procuring the resignation of such predecessor and without any other formality (except for the consent of the Studios representing Majority Approval
referred to above and as may be required by applicable law) than appointment and designation of a successor in writing duly delivered to the predecessor and the Grantor. Such appointment and designation shall be full evidence of the right and
authority to make the same and of all the facts therein recited, and this Collateral Trust Agreement and the Security Documents shall vest in such successor, without any further act, deed or conveyance, all the estates, properties, rights, powers,
trusts, duties, authority and title of its predecessor; but such predecessor shall, nevertheless, on the written request of the Studios, the Grantor, or the successor, execute and deliver an instrument transferring to such successor all the estates,
properties, rights, powers, trusts, duties, authority and title of such predecessor hereunder and under the Security Documents and shall deliver all Collateral held by it or its agents to such successor. Should any deed, conveyance or other
instrument in writing from the Grantor be required by any successor Collateral Trustee for more fully and certainly vesting in such successor the estates, properties, rights, powers, trusts, duties, authority and title vested or intended to be
vested in the predecessor Collateral Trustee, any and all such deeds, conveyances and other instruments in writing shall, on request of such successor, be executed, acknowledged and delivered by the Grantor. If the Grantor shall not have executed
and delivered any such deed, conveyance or other instrument within 10 days after it received a written request from the successor Collateral Trustee to do so, or if a Notice of Acceleration is in effect, the predecessor Collateral Trustee shall at
the direction of the Studios representing Majority Approval execute the same on behalf of the Grantor and any such act shall be binding on the Grantor as if executed by the Grantor. The Grantor hereby appoints any predecessor Collateral Trustee as
its agent and attorney to act for it as provided in the next preceding sentence. 
 5.8 Status of Successor Collateral
Trustee. Every successor Collateral Trustee appointed pursuant to subsection 5.7 shall be a bank or trust company in good standing and having power to act as Collateral Trustee hereunder, incorporated under the laws of Canada and having its
principal corporate trust office within Canada and shall also have capital, surplus and undivided profits of not less than CDN $500,000,000, if there be such an institution with such capital, surplus and undivided profits willing, qualified and able
to accept the trust hereunder upon reasonable or customary terms. 
  

 24 

 5.9 Merger of the Collateral Trustee. Any corporation into which the Collateral
Trustee may be merged, or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Collateral Trustee shall be a party, shall be Collateral Trustee under this Collateral Trust Agreement and the
Security Documents without the execution or filing of any paper or any further act on the part of the parties hereto. 
 5.10
Co-Collateral Trustee; Separate Collateral Trustee. (a) If at any time or times it shall be necessary or prudent in order to conform to any law of any jurisdiction in which any of the Collateral shall be located, or to avoid any
violation of law or imposition on the Collateral Trustee of taxes by such jurisdiction not otherwise imposed on the Collateral Trustee, or the Collateral Trustee shall be advised by counsel, satisfactory to it, that it is necessary or prudent in the
interests of the Secured Parties, or the Collateral Trustee shall deem it desirable for its own protection in the performance of its duties hereunder or under any Security Document, the Collateral Trustee and the Grantor shall execute and deliver
all instruments and agreements necessary or proper to constitute another bank or trust company, or one or more persons approved by the Collateral Trustee and the Grantor, either to act as co trustee or co trustees of all or any of the Collateral
under this Collateral Trust Agreement or under any of the Security Documents, jointly with the Collateral Trustee originally named herein or therein or any successor Collateral Trustee, or to act as separate trustee or trustees of any of the
Collateral. If the Grantor shall not have joined in the execution of such instruments and agreements within 10 days after it receives a written request from the Collateral Trustee to do so, or if a Notice of Acceleration is in effect, the Collateral
Trustee shall at the direction of the Studios representing Majority Approval act under the foregoing provisions of this subsection 5.10(a) without the concurrence of the Grantor and execute and deliver such instruments and agreements on behalf of
the Grantor and any such act shall be binding on the Grantor as if executed by the Grantor. The Grantor hereby appoints the Collateral Trustee as its agent and attorney to act for it under the foregoing provisions of this subsection 5.10(a) in
either of such contingencies. 
 (b) Every separate trustee and every co-trustee, other than any successor Collateral Trustee
appointed pursuant to subsection 5.7, shall, to the extent permitted by law, be appointed and act and be such, subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred upon the Collateral Trustee in respect of the custody, control and
management of moneys, papers or securities shall be exercised solely by the Collateral Trustee or any agent appointed by the Collateral Trustee; 
 (ii) all rights, powers, duties and obligations conferred or imposed upon the Collateral Trustee hereunder and under the relevant Security Document or Documents shall be conferred or imposed and exercised
or performed by the Collateral Trustee and such separate trustee or separate trustees or co-trustee or co-trustees, jointly, as shall be provided in the instrument appointing such separate trustee or separate trustees or co-trustee or co-trustees,
except to the

  

 25 

 
extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Collateral Trustee shall be incompetent or unqualified to perform such act or acts, or
unless the performance of such act or acts would result in the imposition of any tax on the Collateral Trustee which would not be imposed absent such joint act or acts, in which event such rights, powers, duties and obligations shall be exercised
and performed by such separate trustee or separate trustees or co trustee or co trustees; 
 (iii) no power given
hereby or by the relevant Security Documents to, or which it is provided herein or therein may be exercised by, any such co-trustee or co-trustees or separate trustee or separate trustees shall be exercised hereunder or thereunder by such co-trustee
or co-trustees or separate trustee or separate trustees except jointly with, or with the consent in writing of, the Collateral Trustee, anything contained herein to the contrary notwithstanding; 
 (iv) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

 (v) the Grantor and the Collateral Trustee, at any time by an instrument in writing executed by them jointly,
may accept the resignation of or remove any such separate trustee or co-trustee and, in that case by an instrument in writing executed by them jointly, may appoint a successor to such separate trustee or co-trustee, as the case may be, anything
contained herein to the contrary notwithstanding. If the Grantor shall not have joined in the execution of any such instrument within 10 days after it receives a written request from the Collateral Trustee to do so, or if a Notice of Acceleration is
in effect, the Collateral Trustee shall have the power to accept the resignation of or remove any such separate trustee or co-trustee and to appoint a successor without the concurrence of the Grantor, the Grantor hereby appointing the Collateral
Trustee its agent and attorney to act for it in such connection in such contingency. If the Collateral Trustee shall have appointed a separate trustee or separate trustees or co-trustee or co-trustees as above provided, the Collateral Trustee may at
any time, by an instrument in writing, accept the resignation of or remove any such separate trustee or co-trustee and the successor to any such separate trustee or co-trustee shall be appointed by the Grantor and the Collateral Trustee, or by the
Collateral Trustee alone pursuant to this subsection 5.10(b). 
 5.11 The Collateral Trustee shall have no duty to see to any
registration of the Security Documents or any other document, or to see to the maintenance of any such registration, recording or filing or to see to the payment or discharge of any lien of any kind against any part of the Collateral. 
  

 26 

 SECTION 6. 
 MISCELLANEOUS 
 6.1 Notices. Unless otherwise specified herein, all
notices, requests, demands or other communications given to the Grantor, the Studios and the Collateral Trustee shall be given in writing or by electronic transmission and shall be deemed to have been duly given when personally delivered or when
duly deposited in the mails, registered or certified mail postage prepaid, or when transmitted by electronic transmission, to an electronic mail address (in PDF or by other means of electronic delivery) addressed to such party at its address
specified on the signature pages hereof or any other address which such party shall have specified as its address for the purpose of communications hereunder, by notice given in accordance with this subsection 6.1 to the party sending such
communication; provided that any notice, request or demand to the Collateral Trustee shall not be effective until received by the Collateral Trustee in writing from time to time. 
 6.2 No Waivers. No failure on the part of the Collateral Trustee, any co-trustee, or any separate trustee, or the Studios
representing Majority Approval to exercise, no course of dealing with respect to, and no delay in exercising, any right, power or privilege under this Collateral Trust Agreement or any Security Document shall operate as a waiver thereof nor shall
any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 
 6.3 Amendments, Supplements and Waivers. With the written consent of the Studios representing Majority Approval, the Collateral
Trustee and the Grantor may, from time to time, enter into written agreements supplemental hereto or to any Security Document for the purpose of adding to, or waiving any provisions of, this Collateral Trust Agreement or any Security Document or
changing in any manner the rights of the Collateral Trustee, the Secured Parties or the Grantor hereunder or thereunder. Any such supplemental agreement shall be binding upon the Grantor, the Secured Parties and the Collateral Trustee and their
respective successors. 
 6.4 Headings. The table of contents and the headings of Sections and subsections have been
included herein and in the Security Documents for convenience only and should not be considered in interpreting this Collateral Trust Agreement or the Security Documents. 
 6.5 Severability. Any provision of this Collateral Trust Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate 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. 
 6.6 Successors and Assigns. This Collateral Trust Agreement shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns and shall inure
to the benefit of each of the Secured Parties

  

 27 

 
and their respective successors and assigns, and nothing herein is intended or shall be construed to give any other Person any right, remedy or claim under, to or in respect of this Collateral
Trust Agreement or any Collateral. 
 6.7 Currency Conversions. In calculating the amount of Collateral Proceeds for any
purpose hereunder, the amount of any Proceeds denominated in a currency other than US Dollars shall be converted by the Collateral Trustee into US Dollars at the spot rate for purchasing US Dollars with such currency as set forth in The Wall
Street Journal on the Business Day prior to the date on which such calculation is to be made. 
 6.8
Acknowledgements. The Grantor hereby acknowledges that: 
 (a) it has been advised by counsel in the
negotiation, execution and delivery of this Collateral Trust Agreement; 
 (b) neither the Collateral Trustee nor
any Secured Party has any fiduciary relationship with or duty to the Grantor arising out of or in connection with this Collateral Trust Agreement, and the relationship between the Grantor, on the one hand, and the Collateral Trustee and Secured
Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (c)
no joint venture is created hereby or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or among the Grantor and the Secured Parties. 
 6.9 Governing Law. This Collateral Trust Agreement shall be governed by, and construed and interpreted in accordance with, the laws
of the Province of Ontario and the federal laws of Canada applicable therein. 
 6.10 Counterparts. This Collateral Trust
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart by facsimile
transmission or electronic mail shall be effective as delivery of a manually executed counterpart. 
 6.11 Termination and
Release. (a) Upon either (i) receipt by the Collateral Trustee from the Studios representing unanimous consent of written directions to cause the Liens created by subsection 4.7 and by the Security Documents to be released and
discharged or (ii) receipt by the Collateral Trustee of a written request of the Grantor following the payment and satisfaction of the Secured Obligations to cause the Liens created by subsection 4.7 and by the Security Documents to be released
and discharged, the Liens created by subsection 4.7 and by the Security Documents shall terminate forthwith and all right, title and interest of the Collateral Trustee in and to the Collateral shall revert to the Grantor, their successors and
assigns. 
  

 28 

 (b) Upon the termination of the Liens and the release of the Collateral in accordance with
subsection 6.11(a), the Collateral Trustee and the Studios will promptly, at the Grantor’s written request and expense, (i) execute and deliver to the Grantor such documents as the Grantor shall reasonably request to evidence the
termination of such Liens or the release of the Collateral and (ii) deliver or cause to be delivered to the Grantor all property of the Grantor then held by the Collateral Trustee or any agent thereof. 
 (c) Upon the sale of all or any portion of the Collateral to any Person, and as long as no Notice of Acceleration is then in effect, the
security interests created by the Security Documents in such Collateral shall terminate and such Collateral shall be automatically released from the Liens created by the Security Documents. Upon any such release, the Collateral Trustee will promptly
at the Grantor’s request and expense execute and deliver such documents as the Grantor shall reasonably request to evidence the termination of such Liens and the release of such Collateral. 
 (d) Upon (i) receipt by the Collateral Trustee of written notice from the Studios representing Majority Approval directing the
Collateral Trustee to cause the Liens on a portion of the Collateral identified in such notice to be released and discharged and (ii) a certificate of the Grantor confirming that the Collateral identified in such notice in clause (i) above
does not constitute all or substantially all of the Collateral, the Liens created by the Security Documents in such Collateral shall terminate forthwith and all right, title and interest of the Collateral Trustee in and to such Collateral shall
revert to the Grantor, its successors and assigns. 
 (e) Notwithstanding anything to the contrary contained in any Security
Document, the Liens granted under the Security Documents shall not extend to any property of the Grantor (and to the extent such Liens have attached such Liens are hereby automatically released) to the extent, and only for so long as, such property
is subject to another Lien which restricts the granting of additional Liens on such property and such property shall not constitute Collateral as long as such property is subject to such Lien; provided that (i) such Lien is a Permitted
Lien, (ii) the restriction on the granting of additional Liens extends only to the property subject to such Permitted Lien and the Proceeds thereof and (iii) effective upon the termination of such Lien, such property and any Proceeds
thereof shall constitute Collateral (to the extent provided in the Security Documents without reference to this subsection 6.11(e)) and the Collateral Trustee shall have, and from the later of the date hereof and the date such property was acquired
shall be deemed to have had, a Lien in such property. 
 (f) This Collateral Trust Agreement shall terminate when the Liens
granted under the Security Documents have terminated and the Collateral has been released as provided in subsection 6.11(a); provided that the provisions of subsections 4.3, 4.4, 4.5 and 4.6 shall not be affected by any such termination.

 6.12 Inspection by Regulatory Agencies. The Collateral Trustee shall make available, and shall cause each custodian
and agent acting on its behalf in connection with this Collateral Trust Agreement to make available, all Collateral in such

  

 29 

 
Person’s possession at all times for inspection by any regulatory agency having jurisdiction over the Grantor to the extent required by such regulatory agency in its discretion. 

6.13 Confidentiality. The Collateral Trustee agrees to keep confidential any written information (a) provided to it by or on
behalf of Blockbuster or the Grantor pursuant to or in connection with this Collateral Trust Agreement or any Security Document or (b) obtained by the Collateral Trustee based on a review of the books and records of the Grantor; provided that
nothing herein shall prevent the Collateral Trustee from disclosing any such information (i) to the Studios, (ii) to its employees, directors, agents, attorneys, accountants and other professional advisors, (iii) upon the request or
demand of any Governmental Authority having jurisdiction over the Collateral Trustee or as shall be required pursuant to any Requirement of Law, (iv) in response to any order of any court or other Governmental Authority or as may otherwise be
required pursuant to any Requirement of Law, (v) in connection with any litigation to which the Collateral Trustee is a party related to the Collateral Trust Agreement or the transactions contemplated hereby, (vii) which has been publicly
disclosed other than in breach of this Collateral Trust Agreement, or (viii) to the extent reasonably necessary, in connection with the exercise of any remedy hereunder. Notwithstanding the aforementioned, the Collateral Trustee shall not be
required to share or otherwise provide any Studio-specific information (financial or otherwise) that is marked “Confidential” with the other Studios without the prior written consent of the Studio in question; provided,
however, such restriction shall not prohibit the Collateral Trustee from disclosing from time to time the amount of Trade Agreement Obligations outstanding to any or all Studios and the Pro Rata proportions applicable thereto. 
 6.14 Submission to Jurisdiction; Waivers. The Grantor hereby irrevocably and unconditionally (i) submits for itself and its
property in any legal action or proceeding relating to this Agreement and any other security instruments contemplated hereby to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general
jurisdiction of the courts of Ontario, and appellate courts from any thereof; (ii) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such
action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; (iii) agrees that, subject to compliance with Requirements of Law, service of process in
any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Grantor as provided herein or at such other address of which the Studios and
the Collateral Trustee shall have been notified pursuant thereto; (iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other
jurisdiction; and (v) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this paragraph any special, exemplary, punitive or consequential damages.

  

 30 

 6.15 WAIVERS OF JURY TRIAL. THE COLLATERAL TRUSTEE AND THE GRANTOR HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS COLLATERAL TRUST AGREEMENT OR ANY OTHER SECURITY DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 6.16 Payment Extension for Trade Agreements. Each Studio hereby agrees and acknowledges that from and after the Effective Date all
required payment dates in respect of any amounts owing to such Studio by Blockbuster or any of its Affiliates under any Trade Agreement shall be automatically extended *****. 
 SECTION 7. 
 DESIGNATION OF ADDITIONAL SECURED OBLIGATIONS

 7.1 Designations of Secured Obligations. In the event that a Studio and Blockbuster amend, modify, supplement, extend,
renew, revise, restate, amend and restate or replace any Trade Agreement or enter into additional trade agreements after the Effective Date that such parties mutually agree shall be included as “Trade Agreements” hereunder, the Grantor
shall promptly deliver a written certification substantially in the form of Exhibit D (each, a “Notice of Designation”) to the Collateral Trustee designating such obligations as Secured Obligations hereunder. The Guarantor hereby
confirms, acknowledges and agrees that each such agreement shall be automatically included on Schedule 1 as a “Trade Agreement” and that the obligations of the Grantor will extend to such Trade Agreement as of the execution thereof.
The designation of such additional obligations as Secured Obligations shall be binding among the other holders of Secured Obligations for purposes of this Collateral Trust Agreement; provided, however, that nothing in this sentence
shall constitute a waiver of any right or remedy that any Studio may have under any Secured Documents with respect to the incurrence or designation of such obligations. Any obligations to be designated under this Section 7 that are owed to any
entity that is not party hereto on the Effective Date shall be, upon the joinder of such entity to this Collateral Trust Agreement and subject to the written consent of the Collateral Trustee with the prior written approval and consent of each of
the Studios, designated as additional obligations hereunder as obligations secured by the Collateral as provided herein. 
 7.2
Termination of Designation. Once designated as secured pursuant to this Section 7, the relevant Secured Obligations shall remain secured pursuant to this Collateral Trust Agreement until the first to occur of (i) the termination of
this Collateral Trust Agreement in accordance with Section 6.11, (ii) the payment in full of such Secured Obligations and (iii) the delivery to the Collateral Trustee of the written consent of the Studios constituting Majority
Approval to the release of the security interest in the Collateral securing such Secured Obligations. 
 *****Certain information on this page
has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 31 

 SECTION 8. 
 SUBORDINATION AND INFORMATION 
 8.1 ***** 
 8.2 Information Concerning Financial Condition of Blockbuster and the Grantor. Each Secured Party hereby assumes responsibility for
keeping itself informed of the financial condition of Blockbuster and the Grantor and all other circumstances bearing upon the risk of nonpayment of the Secured Obligations. No Secured Party shall have any duty to advise any other Secured Party of
information known to it regarding such condition or any such circumstances. In the event any Secured Party, in its sole discretion, undertakes at any time or from time to time to provide any information to any other Secured Party, it shall be under
no obligation (a) to provide any such information to such other Secured Party or any other party on any subsequent occasion, (b) to undertake any investigation not a part of its regular business routine, or (c) to disclose any other
information. Furthermore, the Collateral Trustee shall not be required to share or otherwise provide any Studio-specific information (financial or otherwise) that is marked “Confidential” to the other Studios without the prior written
approval and consent of the Studio in question as set forth in subsection 6.13 hereof; provided, however, such restriction shall not prohibit the Collateral Trustee from disclosing from time to time the amount of Trade Agreement
Obligations owed to any or all Studios or the Pro Rata proportions applicable thereto. 
 [THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.] 
 *****Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

  

 32 

 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Agreement to be
duly executed by their respective authorized officers as of the day and year first written above. 
  

					
	BLOCKBUSTER CANADA CO.
		
	By:	 	 /s/ Steve Medlar

		 	Name:	 	Steve Medlar
		 	Title:	 	Vice President and Chief Financial Officer
	
	Address for Notices:
	
	 401 The West Mall, Suite 1100
 Toronto, ON M9C 5J5
 Fax: (416) 621-1976
 Attention: Steve Medlar

	
	with a copy to:
	
	 Blockbuster Inc.
 1201 Elm Street Dallas, TX 75270
 Fax: (214) 854-4848
 Attention: Russell Birk and Rod McDonald

  

 33 

					
	WARNER HOME VIDEO,
	a division of Warner Bros. Home Entertainment Inc.
		
	By:	 	 /s/ Ron Sanders

		 	Name:	 	Ron Sanders
		 	Title:	 	President
	
	Address for Notices:
	
	 Warner Home Video
 c/o Beth Baier
 Sr. VP, Business & Legal Affairs/Gen. Counsel
 4000 Warner Blvd
 Bldg 160, Suite 11088
 Burbank, CA 91522

  

 34 

					
	TWENTIETH CENTURY FOX HOME ENTERTAINMENT LLC
		
	By:	 	 /s/ Harris Kane

		 	Name:	 	Harris Kane
		 	Title:	 	Senior Vice President Legal and Business Affairs Twentieth Century Fox and Twentieth Century Fox Home Entertainment LLC
	
	Address for Notices:
	
	 Twentieth Century Fox Home Entertainment LLC
 Attn: Home Entertainment Legal Dept.
 2121 Avenue of the Stars, Suite 1450
 Los Angeles, CA 90067

  

			
	Approved by:	 	 DBF

		 	Dennis Franks

  

 35 

					
	SONY PICTURES HOME ENTERTAINMENT INC.
		
	By:	 	 /s/ William V. Stellmach

		 	Name:	 	William V. Stellmach
		 	Title:	 	SVP, CFO
	
	Address for Notices:
	
	 Sony Pictures Home Entertainment Inc.
 Attn: Michael Schillo, Executive Director, Credit & Customer Finance
 10202 West
Washington Blvd, SPP 2414
 Culver City, California 90232

  

 36 

					
	 HOME TRUST COMPANY,
 as Collateral Trustee

		
	By:	 	 /s/ John Harry

		 	Name:	 	John Harry
		 	Title:	 	Vice President
		
	By:	 	 /s/ Chris Ahlvik

		 	Name:	 	Chris Ahlvik
		 	Title:	 	Vice President
	
	Address for Notices:
	
	 Home Trust Company
 Attn: John Harry, Vice President
 145 King Street West, Suite 2300
 Toronto, Ontario
 M5H 1J8

  

 37 

 ANNEX I 
 Security Documents 
  

	1.	Guarantee, dated as of March 31, 2010, made by Blockbuster Canada Co. in favor of the Collateral Trustee for and on behalf of the Studios.

  

	2.	Security Agreement, dated as of March 31, 2010, made by Blockbuster Canada Co. in favour of the Collateral Trustee for and on behalf of the Studios.

  

	3.	Deed of Hypothec, dated as of March 31, 2010, made by Blockbuster Canada Co. in favour of the Collateral Trustee, as Fonde de pouvoir. 

  

	4.	Bond No.01, dated as of March 31, 2010, made by Blockbuster Canada Co. in the principal amount of CDN $260,000,000 in favour of the Collateral Trustee.

  

	5.	Bond Pledge Agreement, dated as of March 31, 2010, made by Blockbuster Canada Co. in favour of Collateral Trustee. 

 ANNEX II 
 Trade Agreements 

 EXHIBIT A 
 FORM OF NOTICE OF ACCELERATION 
 [Date] 
  

	To:	Home Trust Company, as Collateral Trustee 

  

	Re:	Collateral Trust Agreement, dated as of March 31, 2010, among Blockbuster Canada Co., [Warner Home Video, a division of Warner Bros. Home Entertainment Inc.,
Twentieth Century Fox Home Entertainment LLC, Sony Pictures Home Entertainment Inc.,] and Home Trust Company, as Collateral Trustee (the “Collateral Trust Agreement”). 

 Certain of the Secured Obligations have not been paid in full at the stated date for payment. 
 The undersigned Studios hereby represent that as of the date hereof, such Studios are owed
$[            ] (or     %) of the outstanding Trade Agreement Obligations. 
 Terms defined in the Collateral Trust Agreement and used herein shall have the meanings given to them in the Collateral Trust Agreement. 
  

					
	[INSERT NAME OF STUDIO]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 EXHIBIT B 
 FORM OF NOTICE OF DESIGNATION OF ADDITIONAL SECURED OBLIGATIONS 
 [Date] 
  

	To:	Home Trust Company, as Collateral Trustee 

  

	Re:	Collateral Trust Agreement, dated as of March 31, 2010, among Blockbuster Canada Co. (the “Grantor”), [Warner Home Video, a division of Warner
Bros. Home Entertainment Inc., Twentieth Century Fox Home Entertainment LLC, Sony Pictures Home Entertainment Inc.,] and Home Trust Company, as Collateral Trustee (the “Collateral Trust Agreement”). 

 Pursuant to Section 7.1 of the Collateral Trust Agreement, the Grantor hereby designates the payment obligations of Blockbuster
incurred pursuant to [            ] as additional “Secured Obligations” under the Collateral Trust Agreement. 
 The designation of such obligations as provided above is permitted in accordance with the terms and provisions of the Guarantee, but subject
to the terms of the Collateral Trust Agreement. 
 The undersigned Studios hereby represent that as of the date hereof, such
Studios are owed $[            ] (or     %) of the outstanding Trade Agreement Obligations. 
 Terms defined in the Collateral Trust Agreement and used herein shall have the meanings given to them in the Collateral Trust Agreement.

  

					
	BLOCKBUSTER CANADA CO.
		
	By:	 	  

		 	Name:	 	
		 	Title:Share Handling Regulations

 EXHIBIT 4.2 
 (Translation) 
 SHARE HANDLING REGULATIONS 
 OF 
 NOMURA
HOLDINGS, INC. 
 (Nomura Horudingusu Kabushiki Kaisha) 
 CHAPTER I 
 GENERAL PROVISIONS 
 Article 1. (Purpose) 
 The handling
business relating to the shares of the Company and the procedures for exercise of shareholders’ right shall be governed by the provision set forth by Japan Securities Depository Center, Inc. (hereinafter referred to as “JASDEC”) and
the account management institutions including securities company, etc. (hereinafter referred to as “Securities Company, etc.”), with which shareholders have their transfer accounts, and by the provision of Article 12 (Share Handling
Regulations) of the Articles of Incorporation. 
 Article 2. (Share Registrar) 
 The share registrar of the Company and its handling place of business shall be as follows: 
  

	 	(1)	Share registrar 

 Mitsubishi UFJ
Trust and Banking Corporation 
 4-5, Marunouchi 1-chome, Chiyoda-ku, Tokyo 
  

	 	(2)	Its handling place of business 

 Securities Agency Department, 
 Mitsubishi UFJ Trust and Banking Corporation 
 4-5, Marunouchi 1-chome, Chiyoda-ku, Tokyo 
 CHAPTER II 
 RECORDS TO THE REGISTER OF SHAREHOLDERS 
 Article 3. (Records to the Register of Shareholders) 
 1. Any change of records in the register of shareholders shall be made by notices such as the notice of general shareholders from JASDEC (other than the notice (hereinafter referred to as the
“Individual Shareholders Notice”) as stipulated in Article 154, Paragraph 3 of the Law Concerning Book-Entry Transfer of Corporate Bonds, Stocks, etc. (hereinafter referred to as the “Transfer Law”)). 
 2. Other than the case as set forth above, in issuance of new shares or in other cases as required by the relevant laws or ordinances,
changes in the register of shareholders shall be made without notices from JASDEC. 
 3. Records in the register of shareholders
shall be made with the characters and symbols designated by JASDEC. 
 Article 4. (Notification relating to the Register of Shareholders)

 A shareholder shall register its name and address through Securities Company, etc. and JASDEC in accordance with the
procedures provided by JASDEC. The same shall apply to any change thereof. 
 Article 5. (Representatives of Corporate Shareholders) 

If a shareholder is a corporation, one (1) representative of such corporation shall be notified through Securities Company, etc. or
JASDEC in accordance with the procedures as provided by JASDEC. The same shall apply to any change thereof. 

 Article 6. (Representatives of Joint Owned Shares) 
 Shareholders who jointly own shares shall appoint one (1) representative, and submit a notification thereof through Securities Company,
etc. and JASDEC in accordance with the procedures as provided by JASDEC. The same shall apply to any change thereof. 
 Article 7. (Legal
Representative) 
 A legal representative such as a person having parental authority or a guardian of a shareholder shall notify
its name and address through Securities Company, etc. and JASDEC in accordance with the procedures as provided by JASDEC. The same shall apply to any change or removal thereof. 
 Article 8. (Notification of Address by Foreign Resident Shareholders, etc.) 
 A
shareholder residing in a foreign country or its legal representative shall appoint its standing proxy in Japan, or designate a mailing address in Japan to receive notices. The name and address of the standing proxy or the mailing address to receive
notices shall be notified through Securities Company, etc. and JASDEC in accordance with the procedures as provided by JASDEC. The same shall apply to any change or removal thereof. 
 Article 9. (Confirmation of Notification Made by way of JASDEC) 
 A notification by
shareholders, which is submitted through Securities Company, etc. and JASDEC, shall be deemed as a notification from the shareholder. 
 Article
10. (Registered Pledgees for Shares) 
 The provisions of this Chapter shall apply mutatis mutandis to the registered
pledgees for shares. 
 CHAPTER III 
 IDENTIFICATION OF SHAREHOLDERS 
 Article 11. (Identification of Shareholders) 

1. If a shareholder (including a shareholder to whom the Individual Shareholders Notice is given) claims or exercises other shareholder
rights (hereinafter collectively referred to as the “Claims, etc.”), such shareholder shall attach or provide an evidence to support that the shareholder is the very person who made such Claims, etc. (hereinafter referred to as the
“Evidencing Materials, etc.”), unless otherwise verified by the Company that the Claims, etc. were made by the said shareholder. 
 2. The Claims, etc. made by any shareholder to the Company through the Securities Company, etc. and JASDEC shall be deemed as the Claims, etc. made by such shareholder, and submission of the Evidencing
Materials, etc is not required. 
 3. The Claims, etc. by a proxy shall be made pursuant to the provisions of the preceding two
paragraphs with a letter of proxy attached thereto, bearing a signature or the name and seal of the shareholder. In such a letter of proxy, the name and address of a delegate shall be indicated. 
 4. Provisions of the preceding paragraphs 1 and 2 shall apply mutatis mutandis to the proxy. 

 CHAPTER IV 
 PROCEDURES FOR EXERCISING SHAREHOLDER’S RIGHTS, ETC. 
 Article
12. (Minority Shareholders’ Right, etc.) 
 When a shareholder exercises his/her minority shareholders’ rights etc.,
defined in Article 147, Paragraph 4 of the Transfer Law, except as otherwise set forth herein, directly towards the Company, that shareholder shall make his request for such exercise by submitting a document bearing the signature or the name and
seal along with making a request for an Individual Shareholder’s Notice. 
 Article 13. (Description of Shareholder Proposals in Reference
Materials for General Meeting of Shareholders) 
 In the event a shareholder submits a proposal in the general meeting of
shareholders, the length of the proposal shall be as follows, as determined by the Company in accordance with Article 93, Paragraph 1 of the Regulations for Enforcement of the Companies Act. 
  

	 	(1)	Reasons for proposal 

 Four
hundred (400) characters in length for each proposal 
  

	 	(2)	Matters to be included in reference materials for general meeting of shareholders concerning the proposal for election of officers 

 Four hundred (400) characters in length for each candidate 
 Article 14. (Methods of Filing Requests) 
 When any shareholder exercises rights by
an electronic method pursuant to laws or ordinances, such shareholder shall do so on the website of the Company (http://www.nomuraholdings.com/jp/investor/shareholders/sstep.html). 
 CHAPTER V 
 PURCHASE OF LESS-THAN-A-FULL-UNIT SHARES

 Article 15. (Method of Requesting Purchase of Less-than-a-Full-Unit) 
 In case that purchase of less-than-a-full-unit shares is requested, such request shall be made through Securities Company, etc. and JASDEC in
accordance with the procedures as provided by JASDEC. 
 Article 16. (Determination of Purchase Price) 
 1. The purchase price per share for a purchase request in accordance with the preceding Article 15 shall be the closing price per share at
the Tokyo Stock Exchange, Inc. (“TSE”) on the day on which the purchase request is received at the Share Registrar’s handling place of business; provided, however, that if no sales of the share take place on the said day, or the said
day fall on a holiday of the said stock exchange, the purchase price per share shall be the price per share settled at the first sale thereafter. 
 2. The purchase price shall be the amount obtained by multiplying the purchase price per share referred to in the preceding paragraph by the number of shares requested for purchase. 
 Article 17. (Payment of Purchase Price) 
 1. The Company shall pay the amount of the purchase price (hereinafter referred to as the “Purchase Price”) calculated pursuant to the preceding Article 16 after deduction of the handling fees set forth in Article 26, unless
otherwise set forth thereby, the purchase price on the fourth business day from the following day on which the purchase price per share is determined in accordance with the procedure as provided by JASDAC; provided, however, that if the purchase
price contains the right to dividend from surplus or stock split, etc., the Company shall pay the Purchase Price no later than the record date thereof. 
 2. A person requesting share purchase may request payment of the Purchase Price to be transferred to the bank deposit account designated by such person or in cash through Japan Post Bank Co., Ltd.

 Article 18. (Transfer of Purchased Shares) 
 The less-than-a-full-unit shares requested for purchase shall be transferred to the transfer account of the Company on the date of payment or completion of the procedures for payment of the Purchase Price
in accordance with the preceding Article 17. 

 CHAPTER VI 
 ADDITIONAL PURCHASE OF LESS-THAN-A-FULL-UNIT SHARES 
 Article 19.
(Method of Requesting for Additional Purchase of Less-than-a-full-unit Shares) 
 In case that a shareholder who holds
less-than-a-full-unit shares requests the Company to sell him / her shares in such number that will constitute one (1) unit when added to such less-than-a-unit shares (hereinafter referred to as the “Request for Additional Purchase”),
such request shall be made through Securities Company, etc. and JASDEC in accordance with the procedures as provided by JASDEC. 
 Article 20.
(Request for Additional Purchase in Excess of Available Treasury Shares) 
 If the aggregated number of shares requested in the
Request for Additional Purchase on a same day exceeds the number of treasury shares available for transfer by the Company, none of the Request for Additional Purchase on the said day shall come into effect. 
 Article 21. (Effective Date of Request for Additional Purchase) 
 A Request for Additional Purchase shall come into effect on the day when the said Request for Additional Purchase is received at the Share Registrar’s handling place of business. 
 Article 22. (Determination of Purchase Price) 
 1. The additional purchase price per share of less-than-a-full-unit share shall be the closing price on the TSE on the effective date of the Request for Additional Purchase; provided, however, that if no
sales of the share take place on the said day, or the said day fall on a holiday of the said stock exchange, the purchase price per share shall be the price per share settled at the first sale thereafter. 
 2. The additional purchase price shall be the amount obtained by multiplying the additional purchase price per share referred to in the
preceding paragraph by the number of shares requested for purchase. 
 Article 23. (Transfer of Additionally Purchased Shares) 
 Application for transfer of treasury shares to the shareholder’s transfer account in a number equal to the number of shares subject to a
Request for Additional Purchase shall be made on the day on which it has been confirmed that the sum calculated by adding the handling fees set forth in Article 26 to the additional purchase price has been remitted to the bank deposit account
designated by the Company through Securities Company, etc. in accordance with the procedures as provided by JASDEC. 
 Article 24. (Period of
Suspension for Additional Purchase Request) 
 1. The Company shall suspend the acceptance of Request for Additional Purchase
every year from the period starting from the tenth business day prior to and ending on the respective dates listed below: 
  

	 	(1)	March 31; 

  

	 	(2)	June 30; 

  

	 	(3)	September 30; 

  

	 	(4)	December 31; and 

  

	 	(5)	Any other dates as provided by JASDEC, such as the record date of shareholders, etc. 

 2. Notwithstanding the preceding paragraph, the Company may, when it deems necessary, set additional periods for suspension of the
acceptance of Request for Additional Purchase. 

 CHAPTER VII 
 SPECIAL TREATMENT OF SPECIAL ACCOUNT 
 Article 25. (Special Treatment
of Special Account) 
 Identification of a shareholder who opened a special account and other treatments related to the special
account shall be in accordance with the procedures as provided by JASDEC as well as by the account management institution of the said special account. 
 CHAPTER VIII 
 HANDLING FEES 
 Article 26. (Handling Fees) 
 Handling fees with respect to a purchase of less-than-one-unit shares pursuant to Article 15 and a Request for Additional Purchase of less-than-one-unit shares pursuant to Article 19 shall as follows: 
 An amount obtained in accordance with the following formula as equivalent to the brokerage commission for 100 shares, prorated according to
the number of shares so purchased or additionally purchased, for each case of purchase. 
 (Formula) 
 The handling fee shall be measured through the way where at first, the purchase price per share determined under Article 16 or the additional
purchase price per share determined under Article 22 shall be multiplied by 100 shares (the “assumed total amount”) and then calculated by using the following ratios to the assumed total amount. 
  

				
	 The first 1,000,000 yen
	  	1.150	% 
	 More than 1,000,000 yen to 5,000,000 yen (inclusive)
	  	0.900	% 
	 More than 5,000,000 yen to 10,000,000 yen (inclusive)
	  	0.700	% 
	 More than 10,000,000 yen to 30,000,000 yen (inclusive)
	  	0.575	% 
	 More than 30,000,000 yen to 50,000,000 yen (inclusive)
	  	0.375	% 
	 (If there is any fraction of 1 yen, it shall be disregarded.)
	  		

 Provided, however, that if the amount so obtained per 100 shares falls under 2,500 yen, it shall
be 2,500 yen. 
 2. Notwithstanding the preceding paragraph, the Executive Officers designated by the resolution of the Board of
Directors are authorized to determine the period the Company does not charge handling fees for a purchase of less-than-a-full-unit shares or an additional purchase of shares up to a whole unit. 
 _____         

 Supplementary Provision 
 Article 1. (Enforcement) 
 These Regulations shall come into force as from
January 5, 2009. 
 Article 2. (Amendment to the number of Article 1 in relation to the Amendment to the Articles of Incorporation)

 When an article number of the Article 12 (Share Handling Regulations) of the Article of Incorporation is amended in the
general meeting of shareholders, “Article 12” as provided in Article 1 shall refer to the amended article number. 
 Dates of
Amendments 
  

							
	 January 15, 2002
	 	June 17, 2002	 	April 1, 2003	 	
	 June 26, 2003
	 	June 25, 2004	 	October 1, 2004	 	
	 January 4, 2005
	 	October 1, 2005	 	May 1, 2006	 	
	 June 28, 2006
	 	June 27, 2007	 	September 25, 2008	 	
	 November 26, 2008
	 	May 15, 2009	 	January 6, 2010

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