Document:

Amendment No. 2 to the Credit Agreement, dated August 12, 2005

 Exhibit 10.11 
 AMENDMENT NO. 2 TO CREDIT AGREEMENT 
 This AMENDMENT NO. 2 to the
CREDIT AGREEMENT, dated as of August 12, 2005, among DOLLARAMA GROUP L.P., a limited partnership organized under the laws of Quebec, Canada (“Dollarama”), ARIS IMPORT INC., a corporation organized
under the Canada Business Corporations Act (“Aris”, and together with Dollarama, the “Borrowers” and each, a “Borrower”), DOLLARAMA HOLDINGS L.P., a limited partnership organized under the
laws of Quebec, Canada (“Holdings”), the Lenders (as defined below) party hereto, the Additional Term B Lenders (as defined below) and the Administrative Agent (as defined below), amends certain provisions of the Credit Agreement
dated as of November 18, 2004 (as amended by Amendment No.1, dated as of December 20, 2004, as further amended, supplemented or otherwise modified, the “Credit Agreement”), among each Borrower, Holdings, each lender from
time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), ROYAL BANK OF CANADA (“RBC”), as Administrative Agent, CITIBANK CANADA, as Syndication Agent, THE BANK OF NOVA
SCOTIA and JPMORGAN CHASE BANK, as Co-Documentation Agents, CITIGROUP GLOBAL MARKETS INC., as Joint Lead Arranger and Joint Book-Running Manager, RBC Capital Markets, as Joint Lead Arranger and Joint Book-Running Manager for the Term A Facility and
Revolving Credit Facility and J.P. MORGAN SECURITIES INC., as Joint Lead Arranger and Joint Book-Running Manager for the Term B Loan Facility. 
 PRELIMINARY STATEMENTS 
 Capitalized terms defined in the Credit Agreement and not otherwise defined
in this Amendment are used herein as therein defined. 
 The Borrowers have requested that the Term B Facility be increased by a principal
amount of US$45,000,000 and that loans be made to Dollarama under such Additional Term B Facility by the Lenders party hereto as Additional Term B Lenders. 
 The Borrowers have also requested that the Administrative Agent and the Lenders constituting the Required Lenders under the existing Credit Agreement consent to the amendments to the Credit Agreement set forth herein.

 On or prior to the Effective Date (as defined below), Dollarama shall issue new senior subordinated notes (the “New Senior
Subordinated Notes”) in an aggregate amount not less than US$200,000,000, the net proceeds of which (together with available cash or Revolving Credit Loans, to the extent that the proceeds of the New Senior Subordinated Notes are not
sufficient) shall be used immediately upon issuance to repay in full the Senior Subordinated Loans. 
 The parties hereto agree to amend the
Credit Agreement on the terms and subject to the conditions set forth in this Amendment as follows: 
 SECTION 1. Amendments. Subject
to the satisfaction of the conditions precedent set forth in Section 2 hereof, the Credit Agreement is hereby amended as follows: 
 (a)
Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended: 
 (i) by inserting the following definitions among the
existing definitions set forth in such section in alphabetical order: 
 “Additional Term B Closing Date “
means the Effective Date (as defined in Amendment No. 2). 

 “Additional Term B Commitment” means, with respect to each Additional
Term B Lender, the commitment of such Lender to make Additional Term B Loans to Dollarama in the aggregate principal amount outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01A (Additional Term B
Commitments). 
 “Additional Term B Facility” means the Additional Term B Commitments and the provisions
herein related to the Additional Term B Loans. 
 “Additional Term B Lender” means each Lender that has an
Additional Term B Commitment or holds an Additional Term B Loan. 
 “Additional Term B Loans” has the meaning
specified in Section 2.01(a)(iii). 
 “Amendment No. 2” means the Amendment No. 2,
dated as of August 12, 2005 among the Borrowers, Holdings, the Lenders and RBC, to this Agreement. 
 “Original
Term B Commitment” means, with respect to each Original Term B Lender, the commitment of such Lender to make Original Term B Loans to Dollarama in the aggregate principal amount outstanding not to exceed the amount set forth opposite such
Lender’s name on Schedule 2.01 (Commitments) under the caption “Commitments—Term B Facility” as amended to reflect each Assignment and Acceptance executed by such Lender and as such amount may be reduced
pursuant to this Agreement. 
 “Original Term B Facility” means the Original Term B Commitments and the
provisions herein related to the Original Term B Loans. 
 “Original Term B Lender” means each Lender that
holds an Original Term B Loan. 
 “Original Term B Loans” has the meaning specified in
Section 2.01(a)(ii). 
 (ii) by deleting the definitions of “Term B Commitment”, “Term B
Facility” and “Term B Loan” in their entirety and replacing them, respectively, with the following: 
 “Term B Commitment” means, with respect to each Term B Lender, the Original Term B Commitments and the Additional Term B Commitments of such Term B Lender. 
 “Term B Facility” means each of the Original Term B Facility and the Additional Term B Facility. 
 “Term B Loan” means any Original Term B Loan or any Additional Term B Loan. 
  

 2 

 (b) Section 2.01(a) (The Term Loan Borrowings) is hereby deleted in its entirety and replaced
with the following: 
 (a) The Term Loan Borrowings. Subject to the terms and conditions set forth herein,
(i) each Term A Lender severally made to Dollarama on the Closing Date a single loan denominated in Canadian Dollars (each, a “Term A Loan” and, collectively, the “Term A Loans”) in an amount equal to such Term
A Lender’s Term A Commitment, (ii) each Original Term B Lender severally made to Dollarama on the Closing Date a single loan denominated in U.S. Dollars (each, a “Original Term B Loan” and, collectively, the
“Original Term B Loans”) in an amount equal to such Original Term B Lender’s Original Term B Commitment and (iii) each Additional Term B Lender severally agrees to make to Dollarama on the Additional Term B Closing Date a
single loan denominated in U.S. Dollars (each, an “Additional Term B Loan” and, collectively, the “Additional Term B Loans”) in an amount equal to such Additional Term B Lender’s Additional Term B Commitment.
Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed. Term A Loans may be BA Rate Loans or Canadian Prime Rate Loans and Term B Loans may be Eurodollar Rate Loans or U.S. Base Rate Loans. 
 (c) Section 2.05(b)(vii) (Prepayments) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 

(vii) Each prepayment of Term Loans pursuant to this Section 2.05(b) shall be applied (x) other than with respect to
clause (vi), first, to repay the outstanding principal balance of the Term A Loans, until all Term A Loans shall have been prepaid in full; and second, to repay the outstanding principal balance of the Term B Loans, until such
Term B Loans shall have been repaid in full and (y) with respect to clause (vi) as directed by Dollarama. All such prepayments shall be applied (x) other than with respect to clause (vi), to reduce ratably the remaining
installments of such outstanding principal amounts of the Term Loans (provided that, at Dollarama’s election, such prepayments may first be applied to up to the next four quarterly installments of the relevant Term Loan following the
date of such prepayment, in the stated order of their maturities) and (y) with respect to clause (vi) as directed by Dollarama; provided, however, that (x) prior to the fifth anniversary of (i) the Closing Date,
such mandatory prepayments shall not be applied to prepayment of the Original Term B Loans to the extent that any such prepayment, when aggregated with all other scheduled or mandatory principal payments made or required to be made thereunder prior
to the fifth anniversary of such date, would exceed 25% of the aggregate principal amount of the Original Term B Loans on the Closing Date and (ii) the Additional Term B Closing Date, such mandatory prepayments shall not be applied to
prepayment of the Additional Term B Loans to the extent that any such prepayment, when aggregated with all other scheduled or mandatory principal payments made or required to be made thereunder prior to the fifth anniversary of such date, would
exceed 25% of the aggregate principal amount of the Additional Term B Loans on the Additional Term B Closing Date and (y) such mandatory prepayments, to the extent not applied to the Term B Loans pursuant to clause (x) above,
(A) in the case of clause (vi) above shall be applied in prepayment of the Term A Loans to the extent outstanding and (B) in all other cases, may be retained by Dollarama; provided, further however, that Dollarama shall,
on the next Business Day following the date of the fifth anniversary of (i) the Closing Date, prepay the Original Term B Loans in an aggregate amount equal to all such amounts retained by Dollarama with respect to such Original Term B Loans
pursuant to clause (y)(B) above and (ii) the Additional Term B Closing Date, prepay the Additional Term B Loans, in an aggregate amount equal to all such amounts retained by Dollarama with respect to such Additional Term B Loans pursuant
to clause (y)(B) above. 
  

 3 

 (d) Section 2.07(b) (Term B Loans) of the Credit Agreement is hereby deleted in its entirety
and replaced with the following: 
 (b) Term B Loans. Dollarama shall repay, to the Administrative Agent for the
account of (i) the Original Term B Lenders, the Original Term B Loans in installments which are each equal to 0.25% of the initial aggregate principal amount of the Original Term B Loans made on the Closing Date to be applied to such Original
Term B Loans and (ii) the Additional Term B Lenders, the Additional Term B Loans in installments which are equal to 0.25% of the initial aggregate principal amount of the Additional Term B Loans made on the Additional Term B Closing Date to be
applied to such Additional Term B Loans, in each case on the last business day of each January, April, July and October, commencing April 30, 2005 (in the case of the Original Term B Loans) and October 31, 2005 (in the case of the
Additional Term B Loans) (which installments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05); provided, that the final principal repayment
installment of the Term B Loans shall be repaid on the Maturity Date for the Term B Facility and in any event shall be in an amount equal to the aggregate principal amount of all Term B Loans outstanding on such date. 
 (e) Section 6.01 (Financial Statements) of the Credit Agreement is hereby amended by replacing the word “Holdings” in each place
where it appears in Section 6.01 with the word “Dollarama”. 
 (f) Section 7.06(l) (Restricted Payments) of the
Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 (l) (i) Dollarama and Holdings may
make Restricted Payments from the proceeds of Incremental Refinancing Debt for the purposes specified in, and incurred pursuant to, Section 7.03(b)(ii), (ii) Dollarama and Holdings may make Restricted Payments from the proceeds of
the Additional Term B Loans (together with available cash or Revolving Credit Loans to the extent that the proceeds of the Additional Term B Loans are not sufficient) for the purposes of repaying or redeeming in full the Canadian Holdco Senior Notes
together with accrued interest thereon; provided, however, that the aggregate amount of Restricted Payments made pursuant to clauses (i) and (ii) shall not exceed CA$54,000,000 (or the U.S. Dollar
equivalent thereof), and (iii) Holdings may make additional Restricted Payments from the proceeds of Permitted Holdco Debt. 
 (g)
Section 7.14 (Prepayments, Etc. of Indebtedness) of the Credit Agreement is hereby amended by deleting clause (a)(iii) of such Section and replacing it with the following: 
 (iii) the refinancing of Indebtedness outstanding pursuant to the Senior Subordinated Facility or the Subordinated Exchange Securities
pursuant to the a Permitted Refinancing thereof (including pursuant to an offering of high yield notes); provided, however that if the gross proceeds of such Permitted Refinancing are not less than US$200,000,000, then Dollarama may use
available cash or Revolving Credit Loans to pay any outstanding principal and interest with respect to the Senior Subordinated Facility or the Subordinated Exchange Securities to the extent that the net proceeds of such Permitted Refinancing are not
sufficient to pay such amount, 
 (h) Section 10.07(b) (Successors and Assigns) of the Credit Agreement is hereby amended by
adding the following after the words “Assignment and Assumption” in clause (v) thereof: 
 (which shall
identify whether the assignment is with respect to the Revolving Credit Facility, the Term A Facility, the Original Term B Facility or the Additional Term B Facility) 
  

 4 

 (i) A new Schedule 2.01(A) (Additional Term B Commitments) to the Credit Agreement, in the form
attached hereto as Annex I, is hereby deemed inserted immediately after Schedule 2.01 (Commitments) to the Credit Agreement. 
 SECTION 2. Conditions to Effectiveness. This Amendment shall become effective on the date when each of the following conditions precedent have first been satisfied (the “Effective Date”): 
 (a) the Administrative Agent shall have received counterparts of this Amendment executed by each Borrower, Holdings, the Required Lenders under the
existing Credit Agreement and each Additional Term B Lender making Additional Term B Loans in connection herewith or, as to any of the Additional Term B Lenders, evidence satisfactory to the Administrative Agent that such Additional Term B Lender
has executed this Amendment; 
 (b) the Administrative Agent shall have received a Committed Loan Notice with respect to the Additional Term
B Loans in accordance with the requirements of the Credit Agreement; 
 (c) the Administrative Agent shall have received from each Guarantor
its duly executed and delivered consent to this Amendment in the form attached hereto; 
 (d) the Administrative Agent shall have received,
in form and substance reasonably satisfactory to it, a certificate from a Responsible Officer of Dollarama attesting to the Solvency of Holdings and its Subsidiaries (taken as a whole) after giving effect to the borrowing of the Additional Term B
Loans and the application of the proceeds thereof to make Restricted Payments in redemption or repayments of the Canadian Holdco Senior Notes, the issuance of the New Senior Subordinated Notes, the repayment of the Senior Subordinated Loans and the
other transactions contemplated hereby; 
 (e) the Administrative Agent shall have received, in form and substance reasonably satisfactory to
it, such certificates or resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as any Agent may reasonably require evidencing the identity, authority and capacity of each Loan Party
and Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which such Loan Party is a party or is to be a party; 
 (f) the Administrative Agent shall have received opinions from (i) Ropes & Gray LLP, New York counsel to the Loan Parties and
(ii) Stikeman Elliott LLP, Canadian counsel to the Loan Parties, each addressed to the Syndication Agent, the Administrative Agent and each Lender and each in form and substance reasonably satisfactory to the Syndication Agent and the
Administrative Agent; 
 (g) Dollarama shall have received proceeds from the issuance by it of the New Senior Subordinated Notes in an
aggregate amount of not less than US$200,000,000, and the net proceeds of which shall have been applied (together with available cash or Revolving Credit Loans, to the extent that the net proceeds of the New Senior Subordinated Notes are not
sufficient) to repay in full, and which proceeds shall have been applied in the repayment in full of, the Senior Subordinated Loans and all other amounts outstanding under the Senior Subordinated Credit Agreement and the terms of the 
  

 5 

 New Senior Subordinated Notes and the indenture and all documentation with respect thereto shall be consistent with the
preliminary offering memorandum for the New Senior Subordinated Notes and otherwise be satisfactory in form and substance to the Syndication Agent and the Administrative Agent; and 
 (h) all fees and expenses payable in connection with this Amendment or otherwise required to be paid pursuant to the Credit Agreement shall have been
paid in full. 
 Furthermore this Amendment is subject to the provisions of Section 10.01 of the Credit Agreement.

 SECTION 3. Construction with the Loan Documents. 
 (a) On and after this Amendment becoming effective in accordance with Section 2, each reference in the Credit Agreement to “this Agreement,” “hereunder,”
“hereof,” “herein,” or words of like import, and each reference in the other Loan Documents to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby, and this Amendment and
the Credit Agreement shall be read together and construed as a single instrument. The table of contents, signature pages and list of Exhibits and Schedules of the Credit Agreement shall be deemed modified to reflect the changes made by this
Amendment. 
 (b) Except as expressly amended hereby, all of the terms and provisions of the Credit Agreement and all other Loan Documents
are and shall remain in full force and effect and are hereby ratified and confirmed, including the respective guarantees and security interests granted pursuant to the respective Loan Documents. 
 (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power
or remedy of the Lenders, the L/C Issuers, the Arrangers or the Agents under any of the Loan Documents, nor constitute a waiver or amendment of any provision of any of the Loan Documents or for any purpose except as expressly set forth herein.

 (d) This Amendment is a Loan Document. 
 (e) This Amendment shall not extinguish or otherwise constitute a novation of the Obligations outstanding under the Credit Agreement or discharge or release the Lien or priority of any Loan Document or any other
security therefor or any guarantee thereof. The Credit Agreement and each of the other Loan Documents (as defined in the Credit Agreement) shall remain in full force and effect, except as modified hereby or thereby in connection herewith or
therewith. 
 (f) Each Additional Term B Lender that executes this Amendment shall upon this Amendment becoming effective in accordance with
Section 2 hereof and thereafter be deemed to be a “Lender” under the Credit Agreement. 
 SECTION 4. Governing Law.
This Amendment is governed by, and shall be construed in accordance with, the law of the State of New York. 
 SECTION 5. Representations
And Warranties. Each of Dollarama and Holdings hereby represents and warrants that each of the representations and warranties made by it in the Credit Agreement, as amended hereby, and the other Loan Documents to which it respectively is a party
or by which it is bound, shall be true and correct in all material respects on and as of the date 
  

 6 

 hereof (other than representations and warranties in any such Loan Document which expressly speak as of a specific date,
which shall have been true and correct in all material respects as of such specific date) and no Default or Event of Default has occurred and is continuing as of the date hereof. 
 SECTION 6. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties in separate
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. Signature pages may be detached from multiple separate counterparts and attached to a single
counterpart so that all signature pages are attached to the same document. Delivery of an executed counterpart by telecopy shall be effective as delivery of a manually executed counterpart of this Amendment. 
 [SIGNATURE PAGES FOLLOW] 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  

			
	DOLLARAMA GROUP L.P.,
	herein acting and represented by:
	 DOLLARAMA GROUP GP INC., its general partner,
             as Borrower

		
	By:	 	 /s/ Nicholas Nomicos

	Name:	 	Nicholas Nomicos
	Title:	 	 Senior Vice President, Interim Chief Financial
 Officer
and Secretary

	
	 ARIS IMPORT INC.,
             as Borrower

		
	By:	 	 /s/ Nicholas Nomicos

	Name:	 	Nicholas Nomicos
	Title:	 	 Senior Vice President, Interim Chief Financial
 Officer
and Secretary

	
	 DOLLARAMA HOLDINGS L.P.,
 herein acting and
represented by:

	 DOLLARAMA HOLDINGS GP INC., its general partner,
             as Holdings

		
	By:	 	 /s/ Nicholas Nomicos

	Name:	 	Nicholas Nomicos
	Title:	 	 Senior Vice President, Interim Chief Financial
 Officer
and Secretary

			
	ROYAL BANK OF CANADA,
		 	as Administrative Agent
		
	By:	 	 /s/ David Wheatley

	Name:	 	David Wheatley
	Title:	 	Manager, Agency

 [SIGNATURE PAGE TO AMENDMENT
NO. 2 TO CREDIT AGREEMENT] 

			
	ROYAL BANK OF CANADA,
	            as Administrative Agent
		
	By:	 	 /s/ Glen D. Carter

	Name:	 	Glen D. Carter
	Title:	 	Attorney-in-fact

 [SIGNATURE PAGE TO AMENDMENT
NO. 2 TO CREDIT AGREEMENT] 

			
	HSBC BANK CANADA
	As Revolving Credit Lender, and Term A Lender
		
	By:	 	/s/ Olivier Charron
	Name:	 	Olivier Charron
	Title:	 	Senior Account Manager
		
	By:	 	/s/ Jossia Belisle
	Name:	 	Jossia Belisle
	Title:	 	Assistant Vice President

			
	BNP Paribas (CANADA)
	As Revolving Credit Lender, and Term A Lender
		
	By:	 	/s/ James Goodall
	Name:	 	James Goodall
	Title:	 	Managing Director
		 	Leveraged Finance & Real Estate Finance
		
	By:	 	/s/ Donald Ma
	Name:	 	Donald Ma
	Title:	 	Director, Asian Banking

			
	CANADIAN WESTERN BANK
	As Revolving Credit Lender, and Term A Lender
		
	By:	 	/s/ Richard Hallson
	Name:	 	Richard Hallson
	Title:	 	Assistant Vice President

			
	CITIBANK CANADA
	As Revolving Credit Lender, and Term A Lender
		
	By:	 	/s/ Isabelle Cote
	Name:	 	Isabelle Cote
	Title:	 	Director

			
	Canadian Imperial Bank of Commerce
	As Revolving Credit Lender
		
	By:	 	/s/ Scott Black
	Name:	 	Scott Black
	Title:	 	Director
		
	By:	 	/s/ Tim Thomas
	Name:	 	Tim Thomas
	Title:	 	Executive Director

			
	Canadian Imperial Bank of Commerce
	As Term A Lender
		
	By:	 	/s/ Scott Black
	Name:	 	Scott Black
	Title:	 	Director
		
	By:	 	/s/ Tim Thomas
	Name:	 	Tim Thomas
	Title:	 	Executive Director

			
	 JPMORGAN CHASE, N.A.,
 TORONTO
BRANCH

	As Revolving Credit Lender, Term A Lender
		
	By:	 	/s/ Drew McDonald
	Name:	 	 Drew McDonald

	Title:	 	Vice President

			
	NORTHWOODS CAPITAL III, LIMITED
	BY: ANGELO, GORDON & CO., L.P.,
	AS COLLATERAL MANAGER
	As Revolving Credit Lender
		
	By:	 	/s/ Bruce Martin
	Name:	 	 Bruce Martin

	Title:	 	Managing Director

			
	NORTHWOODS CAPITAL III, LIMITED
	BY: ANGELO, GORDON & CO., L.P.,
	AS COLLATERAL MANAGER
	As Term A Lender
		
	By:	 	/s/ Bruce Martin
	Name:	 	 Bruce Martin

	Title:	 	Managing Director

			
	AURUM CLO 2002-1 LTD.,
	BY: Columbia Management Advisors, Inc.
	as Investment Manager
	As Term B Lender
		
	By:	 	/s/ Colleen Cunniffe
	Name:	 	 Colleen Cunniffe

	Title:	 	Vice President

			
	FLAGSHIP CLO III
	BY: Flagship Capital Management, Inc.
	As Term B Lender
		
	By:	 	/s/ Colleen Cunniffe
	Name:	 	 Colleen Cunniffe

	Title:	 	Director

			
	FLAGSHIP CLO 2001-1
	BY: Flagship Capital Management, Inc.
	As Term B Lender
		
	By:	 	/s/ Colleen Cunniffe
	Name:	 	 Colleen Cunniffe

	Title:	 	Director

			
	WB LOAN FUNDING 2, LLC
	As Term B Lender
		
	By:	 	/s/ Diana M. Himes
	Name:	 	 Diana M. Himes

	Title:	 	Associate

			
	ACA MANAGEMENT, LLC
	As Advisor to ACA CLO 2005-1, LIMITED
	As Additional Term B Lender
		
	By:	 	/s/ Vincent M. Ingato
	Name:	 	 Vincent M. Ingato

	Title:	 	Managing Director

									
	OAK HILL CREDIT PARTNERS I, LIMITED	 		 	OAK HILL CREDIT PARTNERS II, LIMITED
	By:	 	Oak Hill CLO Management I, LLC	 		 	 By:
	 	Oak Hill CLO Management II, LLC
	As Investment Manager	 		 	As Investment Manager

  

									
					
	By:	 	/s/ Scott D. Krase	 		 	By:	 	/s/ Scott D. Krase
	Name:	 	Scott D. Krase	 		 	Name:	 	Scott D. Krase
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	OAK HILL CREDIT PARTNERS III, LIMITED	 		 	OAK HILL CREDIT PARTNERS IV, LIMITED
	By:	 	Oak Hill CLO Management III, LLC	 		 	 By:
	 	Oak Hill CLO Management IV, LLC
	As Investment Manager	 		 	As Investment Manager

  

									
					
	By:	 	/s/ Scott D. Krase	 		 	By:	 	/s/ Scott D. Krase
	Name:	 	Scott D. Krase	 		 	Name:	 	Scott D. Krase
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

			
	 SMBC MVI SPC,

	 On behalf of and for the account of Segregated Portfolio No. 1

	By:	 	Oak Hill Separate Account Management I, LLC
	As Investment Manager

  

			
		
	By:	 	/s/ Scott D. Krase
	Name:	 	Scott D. Krase
	Title:	 	Authorized Person

			
	EAGLE MASTER FUND LTD.
	By: Citigroup Alternative Investments LLC, as Investment Manager for and on behalf of Eagle Master Fund Ltd.
	As Term B Lender

  

			
		
	By:	 	/s/ Maura Connor
	Name:	 	Maura Connor
	Title:	 	VP

			
	 LOAN FUNDING I LLC,
 A wholly owned
subsidiary of Citibank, N.A.

	
	 By: TCW Advisors, Inc.,
 As Portfolio Manager
of Loan Funding I LLC

	As a Term B Lender

  

			
		
	By:	 	/s/ Stephen Suo
	Name:	 	Stephen Suo
	Title:	 	Vice President

  

			
		
	By:	 	/s/ G. Wayne Hosang
	Name:	 	G. Wayne Hosang
	Title:	 	 Vice President

			
	TCW SENIOR SECURED LOAN FUND
	 By: TCW Advisors, Inc.,
 As Its Investment
Advisor
 as a Term B Lender

  

			
		
	By:	 	/s/ Stephen Suo
	Name:	 	Stephen Suo
	Title:	 	Vice President

  

			
		
	By:	 	/s/ G. Wayne Hosang
	Name:	 	G. Wayne Hosang
	Title:	 	 Vice President

			
	FIRST 2004-I CLO, LTD.
	By: TCW Advisors, Inc.,
As Its Collateral Manager
	as a Term B Lender

  

			
		
	By:	 	/s/ Stephen Suo
	Name:	 	Stephen Suo
	Title:	 	Vice President

  

			
		
	By:	 	/s/ G. Wayne Hosang
	Name:	 	G. Wayne Hosang
	Title:	 	 Vice President

			
	 KNIGHT CBNA LOAN FUNDING LLC,

	 For itself or as agent for

	 KNIGHT CFPI LOAN FUNDING LLC,

	as a Term B Lender

  

			
		
	By:	 	/s/ Dominic Blea
	Name:	 	Dominic Blea
	Title:	 	Trust Officer

			
	HEWETT’S ISLAND CLO III, LTD.
	By: CypressTree Investment Management Company, Inc.,
	 As Portfolio Manager

	as a Term B Lender

  

			
	By:	 	/s/ Preston I. Carnes, Jr.
	Name:	 	Preston I. Carnes, Jr.
	Title:	 	Managing Director

			
	 BUSHNELL CBNA LOAN FUNDING LLC,

	 For itself or as agent for

	 BUSHNELL CFPI LOAN FUNDING LLC

	as a Term B Lender

  

			
		
	By:	 	/s/ Dominic Blea
	Name:	 	Dominic Blea
	Title:	 	Attorney-In-Fact

			
	 STEDMAN CBNA LOAN FUNDING LLC,

	 For itself or as agent for

	 STEDMAN CFPI LOAN FUNDING LLC

	as a Term B Lender

  

			
		
	By:	 	/s/ Dominic Blea
	Name:	 	Dominic Blea
	Title:	 	Attorney-In-Fact

			
	NEW YORK LIFE INSURANCE COMPANY
		
	By:	 	/s/ Robert H. Dial
	Name:	 	Robert H. Dial
	Title:	 	Vice President

  

			
	NEW YORK LIFE INSURANCE AND ANNUITY
	CORPORATION
	By: New York Life Investment Management LLC,
	Its Investment Manager
		
	By:	 	/s/ Robert H. Dial
	Name:	 	Robert H. Dial
	Title:	 	Managing Director

  

			
	NYLIM FLATIRON CLO 2003-1 LTD
	By: New York Life Investment Management LLC,
	As Collateral Manager and Attorney-In-Fact
		
	By:	 	/s/ Robert H. Dial
	Name:	 	Robert H. Dial
	Title:	 	Managing Director

  

			
	NYLIM FLATIRON CLO 2004-1 LTD
	By: New York Life Investment Management LLC,
	As Collateral Manager and Attorney-In-Fact
		
	By:	 	/s/ Robert H. Dial
	Name:	 	Robert H. Dial
	Title:	 	Managing Director

			
	NYLIM FLATIRON CLO 2005-1 LTD
	By: New York Life Investment Management LLC,
	As Collateral Manager and Attorney-In-Fact
		
	By:	 	/s/ Robert H. Dial
	Name:	 	Robert H. Dial
	Title:	 	Managing Director

  

			
	MAINSTAY FLOATING RATE FUND,
	A series of ECLIPSE FUNDS INC.
	By: New York Life Investment Management LLC
		
	By:	 	/s/ Robert H. Dial
	Name:	 	Robert H. Dial
	Title:	 	Managing Director

			
	NYLIM INSTITUTIONAL FLOATING RATE
	FUND L.P.
	By: New York Life Investment Management LLC,
	Its Investment Manager
		
	By:	 	/s/ Robert H. Dial
	Name:	 	Robert H. Dial
	Title:	 	Managing Director

			
	 NATEXIS BANQUES POPULAIRES

	As Term B Lender
		
	 By:
	 	 /s/ Tefta Ghilaga

	 Name:
	 	 Tefta Ghilaga

	 Title:
	 	 Vice President

		
	 By:
	 	 /s/ Kristen Brainard

	 Name:
	 	 Kristen Brainard

	 Title:
	 	 Assistant Vice President

			
	 KKR FINANCIAL CLO 2005-1, LTD.

	As Term B Lender
		
	 By:
	 	 /s/ Stefanie Rosenberg

	 Name:
	 	 Stefanie Rosenberg

	 Title:
	 	 Authorized Signatory

			
	 FORTRESS PORTFOLIO TRUST,

	 By: Four Corners Capital Management, LLC,

	 As Investment Manager

	As Term B Lender
		
	 By:
	 	 /s/ Vijay Srinivasan

	 Name:
	 	 Vijay Srinivasan

	 Title:
	 	 Assistant Vice President

			
	FOUR CORNERS CLO 2005-I, LTD.
	 By: Four Corners Capital Management, LLC,

	 As Collateral Manager

	As Term B Lender
		
	 By:
	 	 /s/ Vijay Srinivasan

	 Name:
	 	 Vijay Srinivasan

	 Title:
	 	 Assistant Vice President

			
	 FIRST TRUST/FOUR CORNERS SENIOR

	 FLOATING RATE INCOME FUND II,

	 By: Four Corners Capital Management, LLC,

	 As Sub Adviser

	As Term B Lender
		
	 By:
	 	 /s/ Vijay Srinivasan

	 Name:
	 	 Vijay Srinivasan

	 Title:
	 	 Assistant Vice President

			
	 CENTAURUS LOAN TRUST

	 By: Nomura Corporate Research and

	 Asset Management Inc.,

	 As Investment Adviser

	As Term B Lender
		
	 By:
	 	 /s/ Elizabeth MacLean

	 Name:
	 	 Elizabeth MacLean

	 Title:
	 	 Director

			
	 NCRAM LOAN TRUST

	 By: Nomura Corporate Research and

	 Asset Management Inc.,

	 As Investment Adviser

	As Term B Lender
		
	 By:
	 	 /s/ Elizabeth MacLean

	 Name:
	 	 Elizabeth MacLean

	 Title:
	 	 Director

			
	 CLYDESDALE CLO 2004, LTD.,

	 By: Nomura Corporate Research and

	 Asset Management Inc.,

	 As Investment Adviser

	As Term B Lender
		
	 By:
	 	 /s/ Elizabeth MacLean

	 Name:
	 	 Elizabeth MacLean

	 Title:
	 	 Director

			
	 CLYDESDALE STRATEGIC CLO 1, LTD.

	 By: Nomura Corporate Research and

	 Asset Management Inc.,

	 As Investment Adviser

	As Term B Lender
		
	 By:
	 	 /s/ Elizabeth MacLean

	 Name:
	 	 Elizabeth MacLean

	 Title:
	 	 Director

			
	 NOMURA BOND & LOAN FUND

	 By: UFJ Trust Bank Limited

	 As Trustee

	 By: Nomura Corporate Research and

	 Asset Management Inc.,

	 As Attorney-in-Fact

	As Term B Lender
		
	 By:
	 	 /s/ Elizabeth MacLean

	 Name:
	 	 Elizabeth MacLean

	 Title:
	 	 Director

			
	AVENUE CLO FUND, LIMITED
	As Term B Lender
		
	By:	 	/s/ Richard D’Addario
	Name:	 	Richard D’Addario
	Title:	 	Senior Portfolio Manager

			
	HARBOURVIEW CLO IV, LTD.
	As Term B Lender
		
	By:	 	/s/ Susanna Evans
	Name:	 	Susanna Evans
	Title:	 	Manager

			
	HARBOURVIEW CLO V, LTD.
	As Term B Lender
		
	By:	 	/s/ Susanna Evans
	Name:	 	Susanna Evans
	Title:	 	Manager

			
	 OPPENHEIMER SENIOR FLOATING
 RATE
FUND

	As Term B Lender
		
	By:	 	/s/ Susanna Evans
	Name:	 	Susanna Evans
	Title:	 	Manager

			
	VISTA LEVERAGED INCOME FUND
	By MJX Asset Management, LLC
	As its Investment Advisor
	As Term B Lender
		
	By:	 	/s/ Hans Christensen
	Name:	 	Hans Christensen
	Title:	 	Chief Investment Officer

			
	VENTURE IV CDO LIMITED
	By MJX Asset Management, LLC
	As its Investment Advisor
	As Term B Lender
		
	By:	 	/s/ Hans Christensen
	Name:	 	Hans Christensen
	Title:	 	Chief Investment Officer

			
	 VENTURE III CDO LIMITED
 By MJX Asset
Management, LLC
 As its Investment Advisor
 As Term B
Lender

		
	By:	 	/s/ Hans Christensen
	Name: Hans Christensen
	Title: Chief Investment Officer

			
	 VENTURE II CDO 2002, LIMITED
 By MJX Asset
Management, LLC
 As its Investment Advisor
 As Term B
Lender

		
	By:	 	/s/ Hans Christensen
	Name: Hans Christensen
	Title: Chief Investment Officer

			
	 VENTURE CDO 2002, LIMITED
 By MJX Asset
Management, LLC
 As its Investment Advisor
 As Term B
Lender

		
	By:	 	/s/ Hans Christensen
	Name: Hans Christensen
	Title: Chief Investment Officer

			
	 THE SUMITOMO TRUST & BANKING CO.,
 LTD., NEW YORK BRANCH
 As Term B Lender

		
	By:	 	/s/ Stephanie M. Fowler
	Name: Stephanie M. Fowler
	Title: Senior Director

			
	 VICTORIA FALLS CLO, LTD
 As Term B
Lender

		
	By:	 	/s/ Wade T. Winter
	Name: Wade T. Winter
	Title: S.V.P.

			
	 CASTLE HILL III CLO, LIMITED
 As Term
Lender
 By Sankaty Advisors, LLC
 As Collateral
Manager
 As Term B Lender

		
	By:	 	/s/ Diane J. Exter
	Name:	 	Diane J. Exter
	Title:	 	Managing Director, Portfolio Manager

			
	 LOAN FUNDING XI LLC
 As Term
Lender
 By Sankaty Advisors, LLC
 As Collateral
Manager
 As Term B Lender

		
	By:	 	/s/ Diane J. Exter
	Name:	 	Diane J. Exter
	Title:	 	Managing Director, Portfolio Manager

			
	 CHATHAM LIGHT II CLO, LIMITED
 By Sankaty
Advisors, LLC
 As Collateral Manager
 As Term B
Lender

		
	By:	 	/s/ Diane J. Exter
	Name:	 	Diane J. Exter
	Title:	 	Managing Director, Portfolio Manager

			
	 RACE POINT CLO, LIMITED
 As Term
Lender
 By Sankaty Advisors, LLC
 As Collateral
Manager
 As Term B Lender

		
	By:	 	/s/ Diane J. Exter
	Name:	 	Diane J. Exter
	Title:	 	Managing Director, Portfolio Manager

			
	 RACE POINT II CLO, LIMITED
 As Term
Lender
 By Sankaty Advisors, LLC
 As Collateral
Manager
 As Term B Lender

		
	By:	 	/s/ Diane J. Exter
	Name:	 	Diane J. Exter
	Title:	 	Managing Director, Portfolio Manager

			
	 SANKATY HIGH YIELD PARTNERS II, L.P.
 As
Term B Lender

		
	By:	 	/s/ Diane J. Exter
	Name:	 	Diane J. Exter
	Title:	 	Managing Director, Portfolio Manager

			
	 AVERY POINT CLO, LTD.,
 As Term
Lender
 By Sankaty Advisors, LLC
 As Collateral
Manager
 As Term B Lender

		
	By:	 	/s/ Diane J. Exter
	Name:	 	Diane J. Exter
	Title:	 	Managing Director, Portfolio Manager

			
	 MATTER SENIOR FLOATING RATE TRUST**
 As
Term B Lender

		
	By:	 	/s/ Joseph Matter
	Name:	 	Joseph Matter
	Title:	 	

			
	 AIB DEBT MANAGEMENT, LIMITED
 As Investment
Advisor
 As Term B Lender

		
	By:	 	/s/ Joseph Augustini
	Name:	 	Joseph Augustini
	Title:	 	Vice President
		
	By:	 	/s/ Roisin O’Connell
	Name:	 	Roisin O’Connell
	Title:	 	Assistant Vice President

			
	 LONG LANE MASTER TRUST IV
 As Term B
Lender

		
	By:	 	/s/ Ann E. Morris
	Name:	 	Ann E. Morris
	Title:	 	Authorized Agent

			
	 KALDI FUNDING LLC
 As Term B
Lender

		
	By:	 	/s/ M. Cristina Higgins
	Name:	 	M. Cristina Higgins
	Title:	 	Assistant Vice President

			
	 HARBOUR TOWN FUNDING LLC
 As Term B
Lender

		
	By:	 	/s/ M. Cristina Higgins
	Name:	 	M. Cristina Higgins
	Title:	 	Assistant Vice President

			
	 CYPRESSTREE CLAIF FUNDING LLC
 As Term B
Lender

		
	By:	 	/s/ M. Cristina Higgins
	Name:	 	M. Cristina Higgins
	Title:	 	Assistant Vice President

					
	 PIONEER FLOATING RATE TRUST

	 By: Highland Capital Management, L.P.

	 As its Sub-Advisor

	 By: Strand Advisors, Inc.

	 As its General Partner

	As Term B Lender
		
	By:	 	/s/ Joe Dougherty
	 Name:
	 	 Joe Dougherty

	 Title:
	 	 Senior Portfolio Manager of

		 	 Strand Advisors, Inc.; and

		 	 General Partner of

		 	 Highland Capital Management, L.P.

					
	 HIGHLAND FLOATING RATE LLC

	 By: Highland Capital Management, L.P.

	 As its Collateral Manager

	 By: Strand Advisors, Inc.

	 As its Investment Advisor

	As Term B Lender
		
	By:	 	/s/ Joe Dougherty
	 Name:
	 	 Joe Dougherty

	 Title:
	 	 Senior Vice President of

		 	 Strand Advisors, Inc.; and

		 	 General Partner of

		 	 Highland Capital Management, L.P.

					
	 HIGHLAND FLOATING RATE
 ADVANTAGE
FUND

	 By: Highland Capital Management, L.P.

	 As its Collateral Manager

	 By: Strand Advisors, Inc.

	 As its Investment Advisor

	As Term B Lender
		
	By:	 	/s/ Joe Dougherty
	 Name:
	 	 Joe Dougherty

	 Title:
	 	 Senior Vice President of

		 	 Strand Advisors, Inc.; and

		 	 General Partner of

		 	 Highland Capital Management, L.P.

					
	 SOUTHFORK CLO, LTD.

	 By: Highland Capital Management, L.P.

	 As its Collateral Manager

	 By: Strand Advisors, Inc.

	 As its Investment Advisor

	As Term B Lender
		
	By:	 	/s/ David W. Lancelot
	 Name:
	 	 David W. Lancelot

	 Title:
	 	 Treasurer of

		 	 Strand Advisors, Inc.; and

		 	 General Partner of

		 	 Highland Capital Management, L.P.

					
	 LOAN FUNDING IV LLC

	 By: Highland Capital Management, L.P.

	 As its Collateral Manager

	 By: Strand Advisors, Inc.

	 As its General Partner

	As Term B Lender
		
	By:	 	/s/ David W. Lancelot
	 Name:
	 	 David W. Lancelot

	 Title:
	 	 Treasurer of

		 	 Strand Advisors, Inc.; and

		 	 General Partner of

		 	 Highland Capital Management, L.P.

					
	 ING PRIME RATE TRUST

	 By: ING Investment Management Co,

	 As its Investment Manager

	As Term B Lender
		
	By:	 	/s/ Theordore M. Hoag
	 Name:
	 	 Theordore M. Hoag

	 Title:
	 	 Vice President

	
	 ING SENIOR INCOME FUND

	 By: ING Investment Management Co,

	 As its Investment Manager

	As Term B Lender
		
	By:	 	/s/ Theordore M. Hoag
	 Name:
	 	 Theordore M. Hoag

	 Title:
	 	 Vice President

			
	[INSERT NAME OF THE ADDITIONAL TERM B LENDER]
	            as Additional Term B Lender
		
	By:	 	 /s/ Vincent M. Ingato

	Name:	 	Vincent Ingato
	Title:	 	Managing Director

 [SIGNATURE PAGE TO AMENDMENT
NO. 2 TO CREDIT AGREEMENT] 

 CONSENT OF GUARANTORS 
 Dated as of August 12, 2005                     
 Each of the undersigned, as a Guarantor under its Guaranty dated as of November 18, 2004 (its “Guaranty”) under the Credit
Agreement referred to in the foregoing Amendment, and as a Loan Party under each Collateral Document to which it is a party, hereby consents to such Amendment and hereby confirms and agrees that notwithstanding the effectiveness of such Amendment,
its Guaranty and all Liens granted by it pursuant to the Collateral Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, except that, on and after the effectiveness of such
Amendment, each reference in its Guaranty and such Collateral Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the Credit
Agreement, as amended by such Amendment, and the obligations guaranteed by such Guaranty and secured by such Collateral Documents shall thereafter include any obligations with respect to the Additional Term B Loans resulting herefrom. 
  

			
	DOLLARAMA HOLDINGS L.P.,
	herein acting and represented by:
	 DOLLARAMA HOLDINGS GP INC.,
 its general
partner,
             as Guarantor

		
	By:	 	 /s/ Nicholas Nomicos

	Name:	 	Nicholas Nomicos
	Title:	 	 Senior Vice President, Interim Chief Financial
 Officer
and Secretary

	
	 DOLLARAMA L.P.,
 herein acting and
represented by:

	 DOLLARAMA GP INC.,
 its general
partner,
             as Guarantor

		
	By:	 	 /s/ Nicholas Nomicos

	Name:	 	Nicholas Nomicos
	Title:	 	 Senior Vice President, Interim Chief Financial
 Officer
and Secretary

 [SIGNATURE PAGE TO AMENDMENT
NO. 2 TO CREDIT AGREEMENT] 

			
	DOLLARAMA CORPORATION,
	            as Guarantor
		
	By:	 	 /s/ Nicholas Nomicos

	Name:	 	Nicholas Nomicos
	Title:	 	 Senior Vice President, Interim Chief Financial
 Officer
and Secretary

	
	 DOLLARAMA GP INC.,
             as Guarantor

		
	By:	 	 /s/ Nicholas Nomicos

	Name:	 	Nicholas Nomicos
	Title:	 	 Senior Vice President, Interim Chief Financial
 Officer
and Secretary

	
	 ARIS IMPORT INC.,
             as Guarantor

		
	By:	 	 /s/ Nicholas Nomicos

	Name:	 	Nicholas Nomicos
	Title:	 	 Senior Vice President, Interim Chief Financial
 Officer
and Secretary

	
	 DOLLARAMA GROUP L.P.,
 herein acting and
represented by:

	 DOLLARAMA GROUP GP INC.,
 its general
partner,
             as Guarantor

		
	By:	 	 /s/ Nicholas Nomicos

	Name:	 	Nicholas Nomicos
	Title:	 	 Senior Vice President, Interim Chief Financial
 Officer
and Secretary

	
	 DOLLARAMA GROUP GP INC.,
             as Guarantor

		
	By:	 	 /s/ Nicholas Nomicos

	Name:	 	Nicholas Nomicos
	Title:	 	 Senior Vice President, Interim Chief Financial
 Officer
and Secretary

 [SIGNATURE PAGE TO AMENDMENT
NO. 2 TO CREDIT AGREEMENT]Amendment No. 3 to the Credit Agreement, dated May 25, 2006

 Exhibit 10.12 
 AMENDMENT NO. 3 TO CREDIT AGREEMENT 
 This AMENDMENT NO. 3 to the
CREDIT AGREEMENT, dated as of May 25, 2006, among DOLLARAMA GROUP L.P., a limited partnership organized under the laws of Quebec, Canada (“Dollarama”), ARIS IMPORT INC., a corporation organized
under the Canada Business Corporations Act (“Aris”, and together with Dollarama, the “Borrowers” and each, a “Borrower”), DOLLARAMA HOLDINGS L.P., a limited partnership organized under the
laws of Quebec, Canada (“Holdings”), the Required Lenders, the Replacement Term B Lenders (as defined below), the Administrative Agent (as defined below) and CITIGROUP GLOBAL MARKETS INC. (“CGMI”) and J.P. MORGAN
SECURITIES INC., as Joint Lead Arrangers and Joint Book-Running Managers for the Replacement Term B Facility, amends certain provisions of the Credit Agreement dated as of November 18, 2004 (as amended by Amendment No.1, dated as of
December 20, 2004 and by Amendment No.2, dated as of August 12, 2005, as further amended, supplemented or otherwise modified, the “Credit Agreement”), among each Borrower, Holdings, each lender from time to time party
thereto (collectively, the “Lenders” and individually, a “Lender”), ROYAL BANK OF CANADA, as Administrative Agent, CITIBANK CANADA, as Syndication Agent, THE BANK OF NOVA SCOTIA and JPMORGAN CHASE BANK, as
Co-Documentation Agents, CGMI, as Joint Lead Arranger and Joint Book-Running Manager, RBC Capital Markets, as Joint Lead Arranger and Joint Book-Running Manager for the Term A Facility and Revolving Credit Facility and J.P. MORGAN SECURITIES INC.,
as Joint Lead Arranger and Joint Book-Running Manager for the Term B Facility. 
 PRELIMINARY STATEMENTS

 Capitalized terms defined in the Credit Agreement and not otherwise defined in this Amendment are used herein as therein defined.

 The Borrowers have requested that the rate of interest be reduced with respect to the Term B Loans. 
 In connection with such requested interest rate reduction and as further described herein, the Borrowers desire to refinance all outstanding Term B Loans
with Replacement Term B Loans (as defined below) under the Credit Agreement on the same terms as the outstanding Term B Loans (except with respect to pricing and otherwise as provided herein) in a principal amount equal to the principal amount of
all outstanding Term B Loans. 
 Pursuant to Section 10.01 (Amendments, Etc.) of the Credit Agreement, the Borrowers have
requested that the Administrative Agent, the Replacement Term B Lenders (as defined below) and such other Lenders which, together with the Replacement Term B Lenders constitute the Required Lenders, consent to the amendments to the Credit Agreement
set forth herein. 
 The parties hereto agree to amend the Credit Agreement on the terms and subject to the conditions set forth in this
Amendment as follows: 
 SECTION 1. Amendments. Subject to the satisfaction of the conditions precedent set forth in Section 2
hereof, the Credit Agreement is hereby amended as follows: 
 (a) Section 1.01 (Defined Terms) of the Credit Agreement is hereby
amended: 

 (i) by inserting the following definitions among the existing definitions set forth in such section in
alphabetical order: 
 “Amendment No. 3” means the Amendment No. 3, dated as of May 25, 2006
among the Borrowers, Holdings, the Required Lenders, the Replacement Term B Lenders and the Administrative Agent, to this Agreement. 
 “Replacement Term B Closing Date “ means the Effective Date (as defined in Amendment No. 3). 
 “Replacement Term B Commitment” means, with respect to each Replacement Term B Lender, the commitment of such Lender to make Replacement Term B Loans to Dollarama in the aggregate principal amount outstanding not to exceed
the amount set forth opposite such Lender’s name on Schedule 2.01B (Replacement Term B Commitments). 
 “Replacement Term B Facility” means the Replacement Term B Commitments and the provisions herein related to the Replacement Term B Loans. 
 “Replacement Term B Lender” means each Lender that has a Replacement Term B Commitment or holds a Replacement Term B
Loan. 
 “Replacement Term B Loans” has the meaning specified in Section 2.01(a)(iii).

 (ii) by deleting the definitions of “Term B Commitment”, “Term B Facility” and “Term B
Loan” in their entirety and replacing them, respectively, with the following: 
 “Term B Commitment”
means, with respect to each Term B Lender, the Original Term B Commitments, the Additional Term B Commitments and the Replacement Term B Commitments of such Term B Lender. 
 “Term B Facility” means each of the Original Term B Facility, the Additional Term B Facility and the Replacement Term B
Facility. 
 “Term B Loan” means any Original Term B Loan, any Additional Term B Loan or any Replacement Term
B Loan. 
 (iii) by deleting clause (a) in the definition of “Applicable Rate” in its entirety and replacing it with
the following: 
 (a) with respect to Term B Loans, the percentages per annum set forth under the applicable caption below,
based upon the Consolidated Adjusted Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(b). 
  

 2 

									
	 Applicable Rate
	 
	 Pricing Level
	  	Consolidated
Adjusted
Ratio	  	Eurodollar
Rate Loans	 	 	U.S. Base
Rate Loans	 
	 1
	  	<4.75:1	  	1.75	%	 	0.75	%
	 2
	  	34.75:1	  	2.00	%	 	1.00	%

 Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated
Adjusted Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b); provided that at the option of the Administrative Agent or the
Required Lenders, Pricing Level 2 shall apply (x) as of the first Business Day after the date on which a Compliance Certificate was required to have been delivered but was not delivered, and shall continue to so apply to and including the date
on which such Compliance Certificate is so delivered (and thereafter the Pricing Level otherwise determined in accordance with this clause (a) shall apply) and (y) as of the first Business Day after an Event of Default (except an Event of
Default under Sections 8.01(c) or 8.01(e)(B)) shall have occurred and be continuing, and shall continue to so apply to but excluding the date on which such Event of Default is cured or waived (and thereafter the Pricing Level otherwise
determined in accordance with this clause (a) shall apply); and 
 (b) Section 2.01(a) (The Term Loan Borrowings) is hereby
deleted in its entirety and replaced with the following: 
 (a) The Term Loan Borrowings. Subject to the terms and
conditions set forth herein, (i) each Term A Lender severally made to Dollarama on the Closing Date a single loan denominated in Canadian Dollars (each, a “Term A Loan” and, collectively, the “Term A Loans”) in
an amount equal to such Term A Lender’s Term A Commitment, (ii) each Original Term B Lender severally made to Dollarama on the Closing Date a single loan denominated in U.S. Dollars (each, a “Original Term B Loan” and,
collectively, the “Original Term B Loans”) in an amount equal to such Original Term B Lender’s Original Term B Commitment, (iii) each Additional Term B Lender severally made to Dollarama on the Additional Term B Closing
Date a single loan denominated in U.S. Dollars (each, an “Additional Term B Loan” and, collectively, the “Additional Term B Loans”) in an amount equal to such Additional Term B Lender’s Additional Term B
Commitment and (iv) each Replacement Term B Lender severally agrees to make to Dollarama on the Replacement Term B Closing Date a single loan denominated in U.S. Dollars (each, a “Replacement Term B Loan” and, collectively, the
“Replacement Term B Loans”) in an amount equal to such Replacement Term B Lender’s Replacement Term B Commitment. Upon each Replacement Term B Lender funding its Replacement Term B Loan, the proceeds thereof shall be applied to
prepay the existing Original Term B Loans and the existing Additional Term B Loans in full on the Replacement Term B Closing Date. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed. Term A Loans may
be BA Rate Loans or Canadian Prime Rate Loans and Term B Loans may be Eurodollar Rate Loans or U.S. Base Rate Loans. 
 (c)
Section 2.05(b)(vii) (Prepayments) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
  

 3 

 (vii) Each prepayment of Term Loans pursuant to this Section 2.05(b) shall be
applied (x) other than with respect to clause (vi), first, to repay the outstanding principal balance of the Term A Loans, until all Term A Loans shall have been prepaid in full; and second, to repay the outstanding
principal balance of the Term B Loans, until such Term B Loans shall have been repaid in full and (y) with respect to clause (vi) as directed by Dollarama. All such prepayments shall be applied (x) other than with respect to
clause (vi), to reduce ratably the remaining installments of such outstanding principal amounts of the Term Loans (provided that, at Dollarama’s election, such prepayments may first be applied to up to the next four quarterly
installments of the relevant Term Loan following the date of such prepayment, in the stated order of their maturities) and (y) with respect to clause (vi) as directed by Dollarama; provided, however, that (x) prior to
the fifth anniversary of the Replacement Term B Closing Date, such mandatory prepayments shall not be applied to prepayment of the Replacement Term B Loans to the extent that any such prepayment, when aggregated with all other scheduled or mandatory
principal payments made or required to be made thereunder prior to the fifth anniversary of such date, would exceed 25% of the aggregate principal amount of the Replacement Term B Loans on the Replacement Term B Closing Date and (y) such
mandatory prepayments, to the extent not applied to the Replacement Term B Loans pursuant to clause (x) above, (A) in the case of clause (vi) above shall be applied in prepayment of the Term A Loans to the extent
outstanding and (B) in all other cases, may be retained by Dollarama; provided, further however, that Dollarama shall, on the next Business Day following the date of the fifth anniversary of the Replacement Term B Closing Date, prepay
the Replacement Term B Loans, in an aggregate amount equal to all such amounts retained by Dollarama with respect to such Replacement Term B Loans pursuant to clause (y)(B) above. 
 (d) Section 2.07(b) (Term B Loans) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 (b) Term B Loans. Dollarama shall repay, to the Administrative Agent for the account of the Replacement Term B Lenders, the
Replacement Term B Loans in installments which are equal to 0.25% of the initial aggregate principal amount of the Replacement Term B Loans made on the Replacement Term B Closing Date to be applied to such Replacement Term B Loans, in each case on
the last business day of each January, April, July and October, commencing July 31, 2006 (which installments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in
Section 2.05); provided, that the final principal repayment installment of the Replacement Term B Loans shall be repaid on the Maturity Date for the Term B Facility and in any event shall be in an amount equal to the aggregate
principal amount of all Replacement Term B Loans outstanding on such date. 
 (e) Section 5.19 (Use of Proceeds) of the Credit
Agreement is hereby deleted in its entirety and replaced with the following: 
 Section 5.19. Use of Proceeds. All
proceeds of the Credit Extensions (other than the Replacement Term B Loans) are being used to (i) finance in part the Acquisition, (ii) to pay fees and expenses incurred in connection with the Transactions and (iii) to provide ongoing
working capital and for other general corporate purposes of Dollarama and its Subsidiaries (including Permitted Acquisitions). The Replacement Term B Loans are being used to refinance the outstanding Original Term B Loans and the Additional Term B
Loans in full on the Replacement Term B Closing Date. 
  

 4 

 (f) Section 6.11 (Use of Proceeds) of the Credit Agreement is hereby deleted in its entirety
and replaced with the following: 
 Section 6.11. Use of Proceeds. Use the proceeds of the Credit Extensions
(other than the Replacement Term B Loans) (i) to finance in part the Acquisition, (ii) to pay fees and expenses incurred in connection with the Transactions and (iii) to provide ongoing working capital and for other general corporate
purposes of Dollarama, as applicable, and its Subsidiaries (including Permitted Acquisitions). Use the proceeds of the Replacement Term B Loans to refinance the outstanding Original Term B Loans and the Additional Term B Loans in full. 

(g) Section 7.20 (Capital Expenditures) of the Credit Agreement is hereby amended by deleting the table set forth therein in its entirety
and replacing it with the following: 
  

			
	 Fiscal Year
	  	Amount
	 2007
	  	CA$40,000,000
	 2008
	  	CA$30,000,000
	 2009
	  	CA$30,000,000
	 2010
	  	CA$30,000,000
	 2011
	  	CA$30,000,000
	 2012
	  	CA$30,000,000

 (h) Section 10.07(b)(v) (Successors and Assigns) of the Credit Agreement is hereby
deleted in its entirety and replaced with the following: 
 (v) the parties (other than Dollarama unless its consent to such
assignment is required hereunder) to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption (which shall identify whether the assignment is with respect to the Revolving Credit Facility, the Term A
Facility or the Replacement Term B Facility), together with a processing and recordation fee of CA$3,500 (which fee Dollarama shall have no obligation to pay other than as provided for in Section 10.01), provided that only a
single processing and recordation fee shall be payable in respect of multiple contemporaneous assignments to Approved Funds with respect to any Lender. 
 (i) A new Schedule 2.01(B) (Replacement Term B Commitments) to the Credit Agreement, in the form attached hereto as Annex I, is hereby deemed inserted immediately after Schedule 2.01(A) (Additional Term B
Commitments) to the Credit Agreement. 
 SECTION 2. Conditions to Effectiveness. This Amendment shall become effective on the date
when each of the following conditions precedent have first been satisfied (the “Effective Date”) provided, however that the amendment set forth in Section 1(g) above shall be deemed effective immediately
following the repayment of the outstanding Original Term B Loans and Additional Term B Loans with the proceeds of the Replacement Term B Loans: 
 (a) the Administrative Agent and CGMI shall have received counterparts of this Amendment executed by each Borrower, Holdings, the Replacement Term B Lenders and such other Lenders which, together with the Replacement Term B Lenders
constitute the Required Lenders or, as to any of the Replacement Term B Lenders or such other Lenders, evidence satisfactory to the Administrative Agent that such Replacement Term B Lender or such other Lender has executed this Amendment;

  

 5 

 (b) the Administrative Agent and CGMI shall have received from each Guarantor its duly executed and
delivered consent to this Amendment in the form attached hereto; 
 (c) the Administrative Agent and CGMI shall have received, in form and
substance reasonably satisfactory to each of them, such certificates or resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent or CGMI may reasonably
require evidencing the identity, authority and capacity of each Loan Party and Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which such Loan Party is a party
or is to be a party; and 
 (d) all fees and expenses payable in connection with this Amendment or otherwise required to be paid pursuant to
the Credit Agreement shall have been paid in full. 
 Furthermore this Amendment is subject to the provisions of
Section 10.01 of the Credit Agreement. 
 SECTION 3. Funding Losses. 
 Any loss, cost or expense owing to any Lender pursuant to Section 3.05 (Funding Losses) of the Credit Agreement as a result of the prepayment
on the Effective Date of the Original Term B Loans and the Additional Term B Loans pursuant to this Amendment shall not be payable to any existing Original Term B Lender or any existing Additional Term B Lender that in each case becomes a
Replacement Term B Lender on the Effective Date to the extent that the principal amount of such prepayment is equal to the amount of the Replacement Term B Loan that such Lender will make in its capacity as a Replacement Term B Lender on the
Effective Date. 
 SECTION 4. Construction with the Loan Documents. 
 (a) On and after this Amendment becoming effective in accordance with Section 2, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan Documents to the Credit Agreement, shall mean and be a reference to the Credit
Agreement as amended hereby, and this Amendment and the Credit Agreement shall be read together and construed as a single instrument. The table of contents, signature pages and list of Exhibits and Schedules of the Credit Agreement shall be deemed
modified to reflect the changes made by this Amendment. 
 (b) Except as expressly amended hereby, all of the terms and provisions of the
Credit Agreement and all other Loan Documents are and shall remain in full force and effect and are hereby ratified and confirmed, including the respective guarantees and security interests granted pursuant to the respective Loan Documents.

 (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of the Lenders, the L/C Issuers, the Arrangers or the Agents under any of the Loan Documents, nor constitute a waiver or amendment of any provision of any of the Loan Documents or for any purpose except as expressly set forth
herein. 
  

 6 

 (d) This Amendment is a Loan Document. 
 (e) This Amendment shall not extinguish, discharge or release the Lien or priority of any Loan Document or any other security therefor or any guarantee
thereof. The Credit Agreement and each of the other Loan Documents (as defined in the Credit Agreement) shall remain in full force and effect, except as modified hereby or thereby in connection herewith or therewith. The Administrative Agent, for
itself and on behalf of the other Secured Parties and as fondé de pouvoir, hereby expressly reserves all the security interests and Liens constituted by the Hypothecs and each other Collateral Document, including, as applicable, in
accordance with Article 1662 of the Civil Code of Quebec. 
 (f) Each Replacement Term B Lender that executes this Amendment shall upon this
Amendment becoming effective in accordance with Section 2 hereof and thereafter be deemed to be a “Lender” under the Credit Agreement. 
 SECTION 5. Governing Law. This Amendment is governed by, and shall be construed in accordance with, the law of the State of New York. 
 SECTION 6. Representations And Warranties. Each of Dollarama and Holdings hereby represents and warrants that each of the representations and
warranties made by it in the Credit Agreement, as amended hereby, and the other Loan Documents to which it respectively is a party or by which it is bound, shall be true and correct in all material respects on and as of the date hereof (other than
representations and warranties in any such Loan Document which expressly speak as of a specific date, which shall have been true and correct in all material respects as of such specific date) and no Default or Event of Default has occurred and is
continuing as of the date hereof. 
 SECTION 7. Execution in Counterparts. This Amendment may be executed in any number of
counterparts and by different parties in separate 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. Signature pages may be detached from
multiple separate counterparts and attached to a single counterpart so that all signature pages are attached to the same document. Delivery of an executed counterpart by telecopy shall be effective as delivery of a manually executed counterpart of
this Amendment. 
 [SIGNATURE PAGES FOLLOW] 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  

			
	DOLLARAMA GROUP L.P.,
	herein acting and represented by:
	 DOLLARAMA GROUP GP INC.,
 its general
partner,
         as Borrower

		
	By:	 	 /s/ Larry Rossy

	Name:	 	Larry Rossy
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Robert Coallier

	Name:	 	Robert Coallier
	Title:	 	Chief Financial Officer
	
	 ARIS IMPORT INC.,
         as Borrower

		
	By:	 	 /s/ Larry Rossy

	Name:	 	Larry Rossy
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Robert Coallier

	Name:	 	Robert Coallier
	Title:	 	Chief Financial Officer
	
	 DOLLARAMA HOLDINGS L.P.,
 herein acting and
represented by:

	 DOLLARAMA HOLDINGS GP INC.,
 its general
partner,
         as Holdings

		
	By:	 	 /s/ Larry Rossy

	Name:	 	Larry Rossy
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Robert Coallier

	Name:	 	Robert Coallier
	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE TO AMENDMENT
NO. 3 TO CREDIT AGREEMENT] 

			
	ROYAL BANK OF CANADA,
	        as Administrative Agent
		
	By:	 	 David Wheatley

	Name:	 	David Wheatley
	Title:	 	Manager, Agency

 [SIGNATURE PAGE TO AMENDMENT
NO. 3 TO CREDIT AGREEMENT] 

			
	 [INSERT NAME OF REPLACEMENT TERM B
 LENDER]

	        as Replacement Term B Lender
		
	By:	 	  
  

	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO AMENDMENT
NO. 3 TO CREDIT AGREEMENT] 

 CONSENT OF GUARANTORS 
 Dated as of May 25, 2006 
 Each of the undersigned, as a Guarantor under its
Guaranty dated as of November 18, 2004 (its “Guaranty”) under the Credit Agreement referred to in the foregoing Amendment, and as a Loan Party under each Collateral Document to which it is a party, hereby consents to such
Amendment and hereby confirms and agrees that notwithstanding the effectiveness of such Amendment, its Guaranty and all Liens granted by it pursuant to the Collateral Documents are, and shall continue to be, in full force and effect and are hereby
ratified and confirmed in all respects, except that, on and after the effectiveness of such Amendment, each reference in its Guaranty and such Collateral Documents to the “Credit Agreement”, “thereunder”,
“thereof” or words of like import shall mean and be a reference to the Credit Agreement, as amended by such Amendment, and the obligations guaranteed by such Guaranty and secured by such Collateral Documents shall thereafter include
any obligations with respect to the Replacement Term B Loans resulting herefrom. 
  

			
	DOLLARAMA HOLDINGS L.P.,
	herein acting and represented by:
	 DOLLARAMA HOLDINGS GP INC.,
 its general
partner,
         as Guarantor

		
	By:	 	 /s/ Larry Rossy

	Name:	 	Larry Rossy
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Robert Coallier

	Name:	 	Robert Coallier
	Title:	 	Chief Financial Officer
	
	 DOLLARAMA L.P.,
 herein acting and
represented by:

	 DOLLARAMA GP INC.,
 its general
partner,
         as Guarantor

		
	By:	 	 /s/ Larry Rossy

	Name:	 	Larry Rossy
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Robert Coallier

	Name:	 	Robert Coallier
	Title:	 	Chief Financial Officer

			
	DOLLARAMA CORPORATION,
	        as Guarantor
		
	By:	 	 /s/ Larry Rossy

	Name:	 	Larry Rossy
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Robert Coallier

	Name:	 	Robert Coallier
	Title:	 	Chief Financial Officer
	
	 DOLLARAMA GP INC.,
         as Guarantor

		
	By:	 	 /s/ Larry Rossy

	Name:	 	Larry Rossy
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Robert Coallier

	Name:	 	Robert Coallier
	Title:	 	Chief Financial Officer
	
	 ARIS IMPORT INC.,
         as Guarantor

		
	By:	 	 /s/ Larry Rossy

	Name:	 	Larry Rossy
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Robert Coallier

	Name:	 	Robert Coallier
	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE TO AMENDMENT
NO. 3 TO CREDIT AGREEMENT] 

			
	DOLLARAMA GROUP L.P.,
	herein acting and represented by:
	 DOLLARAMA GROUP GP INC.,
 its general
partner,
         as Guarantor

		
	By:	 	 /s/ Larry Rossy

	Name:	 	Larry Rossy
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Robert Coallier

	Name:	 	Robert Coallier
	Title:	 	Chief Financial Officer
	
	 DOLLARAMA GROUP GP INC.,
         as Guarantor

		
	By:	 	 /s/ Larry Rossy

	Name:	 	Larry Rossy
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Robert Coallier

	Name:	 	Robert Coallier
	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE TO AMENDMENT
NO. 3 TO CREDIT AGREEMENT]

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